<SEC-DOCUMENT>0000950123-12-008305.txt : 20120926
<SEC-HEADER>0000950123-12-008305.hdr.sgml : 20120926

<ACCEPTANCE-DATETIME>20120518185813

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000950123-12-008305

CONFORMED SUBMISSION TYPE:	N-2

PUBLIC DOCUMENT COUNT:		45

FILED AS OF DATE:		20120521

DATE AS OF CHANGE:		20120518


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			JOHN HANCOCK INVESTORS TRUST

		CENTRAL INDEX KEY:			0000759828

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-2

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-04173

		FILM NUMBER:		12856849



	BUSINESS ADDRESS:	

		STREET 1:		C/O JOHN HANCOCK FUNDS

		STREET 2:		601 CONGRESS STREET

		CITY:			BOSTON

		STATE:			MA

		ZIP:			02210

		BUSINESS PHONE:		617-663-3000



	MAIL ADDRESS:	

		STREET 1:		C/O JOHN HANCOCK FUNDS

		STREET 2:		601 CONGRESS STREET

		CITY:			BOSTON

		STATE:			MA

		ZIP:			02210



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	HANCOCK JOHN INVESTORS TRUST

		DATE OF NAME CHANGE:	19920703




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			JOHN HANCOCK INVESTORS TRUST

		CENTRAL INDEX KEY:			0000759828

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-2

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-181550

		FILM NUMBER:		12856850



	BUSINESS ADDRESS:	

		STREET 1:		C/O JOHN HANCOCK FUNDS

		STREET 2:		601 CONGRESS STREET

		CITY:			BOSTON

		STATE:			MA

		ZIP:			02210

		BUSINESS PHONE:		617-663-3000



	MAIL ADDRESS:	

		STREET 1:		C/O JOHN HANCOCK FUNDS

		STREET 2:		601 CONGRESS STREET

		CITY:			BOSTON

		STATE:			MA

		ZIP:			02210



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	HANCOCK JOHN INVESTORS TRUST

		DATE OF NAME CHANGE:	19920703



</SEC-HEADER>

<DOCUMENT>
<TYPE>N-2
<SEQUENCE>1
<FILENAME>b90494a1nv2.htm
<DESCRIPTION>JOHN HANCOCK INVESTORS TRUST
<TEXT>
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<TITLE>nv2</TITLE>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt;margin-bottom:6pt">As filed with the Securities and Exchange Commission on May 18, 2012<BR>
1933 Act File No.&nbsp;333-108637<BR>
1940 Act File No.&nbsp;811-04173

</DIV>

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM N-2</B>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><b><FONT style="font-family: Wingdings">&#111;</FONT></b></TD>
    <TD>&nbsp;</TD>
    <TD><B>Pre-Effective Amendment No.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><b><FONT style="font-family: Wingdings">&#111;</FONT></b></TD>
    <TD>&nbsp;</TD>
    <TD><B>Post-Effective Amendment No.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><b>and/or</b></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><b><FONT face="Wingdings">&#254;</FONT></b></TD>
    <TD>&nbsp;</TD>
    <TD><B>Amendment No.&nbsp;17</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>JOHN HANCOCK INVESTORS TRUST</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>601 Congress Street, Boston, Massachusetts 02210-2805</B><BR>
(Address of Principal Executive Offices) (Zip Code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Registrant&#146;s Telephone Number, including Area Code: 1-800-225-6020</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Thomas M. Kinzler, Esq.<BR>
601 Congress Street, Boston, Massachusetts 02210-2805</B><BR>
Name and Address (of Agent for Service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Copies of Communications to:</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Mark P. Goshko, Esq.<BR>
K&#038;L Gates LLP<BR>
One Lincoln Street<BR>
Boston, Massachusetts 02111-2950</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Approximate Date of Proposed Public Offering: </B>As soon as practicable after the effective date of
this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If any of the securities being registered on this form are to be offered on a delayed or continuous
basis in reliance on Rule&nbsp;415 under the Securities Act of 1933, other than securities offered in
connection with a dividend reinvestment plan, check the following box. <FONT style="font-family: Wingdings">&#254;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is proposed that this filing will become effective (check appropriate box):
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center"><FONT style="font-family: Wingdings">&#111;</FONT>
</TD>

    <TD>when declared effective pursuant to Section&nbsp;8(c)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="66%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount Being</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering Price Per</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate Offering</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Securities Being Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Common Share</B> <SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Price</B> <SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registration Fee</B> <SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)(2)</B></SUP></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Shares of Beneficial
Interest, no par value per share</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">1,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$23.38</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$23.380</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$2.68</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR>
    <TD width="3%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the
registration fee in accordance with Rule 457(c) under the
Securities Act of 1933 based on the average of the high and low
sales prices of the Common Shares of beneficial interest on May 14, 2012 as reported on the NYSE.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Transmitted prior to filing.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Registrant hereby amends this Registration Statement on such date or dates as may be
necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states this Registration Statement shall thereafter become effective in accordance
with </B><B>Section 8(a)</B><B> of the Securities Act of 1933 or until the Registration Statement shall become
effective on such dates as the Commission, acting pursuant to said Section&nbsp;</B><B>8(a)</B><B>, may determine.</B>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="b90494a1b9049411.gif" alt="(JOHANHANCOCK)">
</DIV>

<DIV style="border: 3px double #000000; padding: 5px; font-size: 11pt; color: #FF0000; margin-top:10pt">The information in this prospectus is not complete and may be changed. We may not sell these
securities until the Registration Statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these securities and is not soliciting an offer
to buy these securities in any jurisdiction where the offer or sale is not permitted.
</DIV>
<DIV align="center" style="padding: 5px; border: 0px double #000000; font-size: 10pt; color: #FF0000; margin-top:10pt">SUBJECT TO COMPLETION, DATED MAY 18, 2012
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Base Prospectus</B></FONT>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>&#091;</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>&#093; Shares</B>
</DIV>


<DIV align="Center" style="font-size: 18pt; margin-top: 6pt"><B>John Hancock Investors Trust</B>
</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><B>Common Shares</B>
</DIV>
<DIV align="left" style="font-size: 9pt; margin-top: 6pt">John Hancock Investors Trust (the &#147;Fund&#148;) is a diversified, closed-end management investment
company. The Fund commenced operations in January&nbsp;1971 following an initial public offering.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>Investment Objectives. </B>The Fund&#146;s primary investment objective is to generate income for
distribution to its shareholders, with capital appreciation as a secondary objective. There can be
no assurance that the Fund will achieve its investment objectives.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>The Offering. </B>The Fund may offer, from time to time, in one or more offerings, the Fund&#146;s common
shares of beneficial interest, no par value (&#147;Common Shares&#148;). Common Shares may be offered at
prices and on terms to be set forth in one or more supplements to this Prospectus (each, a
&#147;Prospectus Supplement&#148;). You should read this Prospectus and the applicable Prospectus Supplement
carefully before you invest in Common Shares.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">Common Shares may be offered directly to one or more purchasers, through agents designated from
time to time by us, or to or through underwriters or dealers. The Prospectus Supplement relating
to the offering will identify any agents, underwriters or dealers involved in the offer or sale of
Common Shares, and will set forth any applicable offering price, sales, load, fee, commission or
discount arrangement between the Fund and its agents or underwriters, or among its underwriters, or
the basis upon which such amount may be calculated, net proceeds and use of proceeds, and the terms
of any sale. The Fund may not sell any Common Shares through agents, underwriters or dealers
without delivery of a Prospectus Supplement describing the method and terms of the particular
offering of the Common Shares.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>Investment Strategy. </B>The preponderance of the Fund&#146;s assets are invested in a diversified
portfolio of debt securities issued by U.S. and non-U.S. corporations and governments, some of
which may carry equity features. The Fund emphasizes corporate debt securities which pay interest
on a fixed or contingent basis and which may possess certain equity features, such as conversion or
exchange rights, warrants for the acquisition of the stock of the same or different issuers, or
participations based on revenues, sales or profits. The Fund also may purchase preferred
securities and may acquire common stock through the exercise of conversion or exchange rights
acquired in connection with other securities owned by the Fund. The Fund will not acquire any
additional preferred securities or common stock if as a result of that acquisition the value of all
preferred securities and common stocks in the Fund&#146;s portfolio would exceed 20% of its total
assets. Up to 50% of the value of the Fund&#146;s assets may be invested in restricted securities
acquired through private placements. The Fund also may invest in repurchase agreements.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>Investment Adviser and Subadviser. </B>The Fund&#146;s investment adviser is John Hancock Advisers, LLC
(the &#147;Adviser&#148; or &#147;JHA&#148;) and its subadviser is John Hancock Asset Management a division of Manulife
Asset
</DIV>



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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 9pt; margin-top: 6pt">Management (US)&nbsp;LLC (the &#147;Subadviser&#148;), formerly MFC Global Investment Management (U.S.), LLC
and Sovereign Asset Management LLC.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>Exchange listing. </B>The Common Shares are listed on the New York Stock Exchange (&#147;NYSE&#148;) under the
symbol &#147;JHI.&#148; Any new Common Shares offered and sold also will be listed on the NYSE and trade
under this symbol. As of May&nbsp;15, 2012 the last reported sale price for the Common Shares was
$23.48.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>Leverage. </B>The Fund may use leverage to the extent permitted by the Investment Company Act of 1940,
as amended (the &#147;1940 Act&#148;). The Fund currently utilizes leverage by borrowing pursuant
to a Committed Facilities Agreement. See &#147;&#151;Other Investment Policies&#151;Borrowing.&#148; In addition,
the Fund may use leverage by borrowing from other financial institutions or through the issuance of
preferred shares, reverse repurchase agreements or other leverage financing which, together with
borrowings, may be in an amount equal to
33<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>% of the Fund&#146;s managed assets immediately after giving
effect to the borrowing, issuance or transaction. The Fund also may borrow for temporary,
emergency or other purposes as permitted under the 1940 Act. Any such indebtedness would be in
addition to the combined effective leverage ratio of 33<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>% of the Fund&#146;s managed assets immediately
after giving effect to the borrowing. The Fund&#146;s leverage strategy may not be successful.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>The Common Shares have traded both at a premium and a discount to net asset value (&#147;NAV&#148;). The
Fund cannot predict whether Common Shares will trade in the future at a premium or discount to NAV.
The provisions of the Investment Company Act of 1940, as amended, generally require that the
public offering price of common shares (less any underwriting commissions and discounts) must equal
or exceed the NAV per share of a company&#146;s common stock (calculated within 48 hours of pricing).
The Fund&#146;s issuance of Common Shares may have an adverse effect on prices in the secondary market
for the Fund&#146;s Common Shares by increasing the number of Common Shares available, which may put
downward pressure on the market price for our Common Shares. Shares of common stock of closed-end
investment companies frequently trade at a discount from NAV, which may increase investors&#146; risk of
loss. The returns earned by holders of the Common Shares who purchase their shares in this
offering and sell their shares below NAV will be reduced.</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>Investing in the Fund&#146;s Common Shares involves certain risks. See &#147;Risk Factors&#148; beginning on page
&#091;25&#093;.</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>Neither the Securities and Exchange Commission (the &#147;SEC&#148;) nor any state securities commission has
approved or disapproved of these securities or determined whether this Prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">This Prospectus, together with any other applicable Prospectus Supplement, sets forth concisely the
information about the Fund that a prospective investor should know before investing. You should
read this Prospectus and the applicable Prospectus Supplement, which contain important information,
before deciding whether to invest in the Common Shares. You should retain the Prospectus and
Prospectus Supplement for future reference. A Statement of Additional Information (&#147;SAI&#148;), dated
&#091;DATE&#093;, containing additional information about the Fund, has been filed with the SEC and is
incorporated by reference in its entirety into this Prospectus. The Table of Contents for the SAI
is on page &#091;52&#093; of the Prospectus. A copy of the SAI may be obtained without charge by visiting
the Fund&#146;s website (www.jhfunds.com) or by calling 1-800-225-6020 (toll-free) or from the SEC&#146;s
website at www.sec.gov. Copies of the Fund&#146;s annual report and semi-annual report and other
information about the Fund may be obtained upon request by writing to the Fund, by calling
1-800-225-6020, or by visiting the Fund&#146;s website at www.jhfunds.com. You also may obtain a copy
of any information regarding the Fund filed with the SEC from the SEC&#146;s website (www.sec.gov).
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">The Fund&#146;s Common Shares do not represent a deposit or obligation of, and are not guaranteed or
endorsed by, any bank or other insured depository institution, and are not federally insured by the
Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Prospectus dated &#091;DATE&#093;
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>You should rely only on the information contained in, or incorporated by reference into, this
Prospectus and any related Prospectus Supplement in making your investment decisions. The Fund has
not authorized any person to provide you with different information. If anyone provides you with
different or inconsistent information, you should not rely on it. The Fund is not making an offer
to sell the Common Shares in any jurisdiction where the offer or sale is not permitted. You should
assume that the information in this Prospectus and any Prospectus Supplement is accurate only as of
the dates on their covers. The Fund&#146;s business, financial condition and prospects may have changed
since the date of its description in this Prospectus or the date of its description in any
Prospectus Supplement.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD style="font-weight: bold">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">Prospectus Summary</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">Summary of Fund Expenses</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">Financial Highlights</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">Market and Net Asset Value Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">The Fund</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">Use of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">Investment Objectives</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">Investment Strategies</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">Risk Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">Management of the Fund</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#111">Determination of Net Asset Value</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#112">Distribution Policy</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#113">Dividend Reinvestment Plan</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#114">Closed-End Fund Structure</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#115">U.S. Federal Income Tax Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#116">Plan of Distribution</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#117">Description of Capital Structure</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#118">Certain Provisions in the Declaration of Trust and By-Laws</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#119">Reports to Shareholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#120">Independent Registered Public Accounting Firm</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#121">Additional Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#122">Table of Contents of the Statement of Additional Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD style="font-weight: bold"><DIV style="margin-left:15px; text-indent:-15px"><A href="#123">The
Fund&#146;s Privacy Policy</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Until &#091;DATE&#043;25&#093; (25&nbsp;days after the date of this Prospectus), all dealers that buy, sell or trade
the Common Shares, whether or not participating in this offering, may be required to deliver a
Prospectus and the applicable Prospectus Supplement. This requirement is in addition to the
dealers&#146; obligation to deliver a Prospectus and the applicable Prospectus Supplement when acting as
underwriters and with respect to their unsold allotments or subscriptions.
</DIV>








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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV align="left">
<A name="101"></A>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Prospectus Summary</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This is only a summary. You should review the more detailed information elsewhere in this
prospectus (&#147;Prospectus&#148;), in any related supplement to this Prospectus (each, a &#147;Prospectus
Supplement&#148;), and in the Statement of Additional Information (the &#147;SAI&#148;) prior to making an
investment in the Fund. See &#147;Risk Factors.&#148;</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>The Fund</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John Hancock Investors Trust (the &#147;Fund&#148;) is a diversified,
closed-end management investment company. The Fund commenced
operations in January&nbsp;1971 following an initial public offering.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Fund&#146;s investment adviser is John Hancock Advisers, LLC (the
&#147;Adviser&#148; or &#147;JHA&#148;) and its subadviser is John Hancock Asset
Management a division of Manulife Asset Management (US)&nbsp;LLC (the
&#147;Subadviser&#148;), formerly MFC Global Investment Management (U.S.),
LLC and Sovereign Asset Management LLC.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Investment Objectives</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Fund&#146;s primary investment objective is to
generate income for distribution to its
shareholders, with capital appreciation as a
secondary objective. There can be no assurance that
the Fund will achieve its investment objectives.
The Fund&#146;s investment objectives are not fundamental
and may be changed without shareholder approval.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>The Offering</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Fund may offer, from time to time, in one or more
offerings, up to &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093; of common shares of the Fund
(&#147;Common Shares&#148;) on terms to be determined at the time of
the offering. The Common Shares may be offered at prices and
on terms to be set forth in one or more Prospectus
Supplements. You should read this Prospectus and the
applicable Prospectus Supplement carefully before you invest
in Common Shares. Common Shares may be offered directly to
one or more purchasers, through agents designated from time
to time by the Fund, or to or through underwriters or
dealers. The Prospectus Supplement relating to the offering
will identify any agents, underwriters or dealers involved in
the offer or sale of Common Shares, and will set forth any
applicable offering price, sales load, fee, commission or
discount arrangement between the Fund and its agents or
underwriters, or among its underwriters, or the basis upon
which such amount may be calculated, net proceeds and use of
proceeds, and the terms of any sale. See &#147;Plan of
Distribution.&#148; The Fund may not sell any of Common Shares
through agents, underwriters or dealers without delivery of a
Prospectus Supplement describing the method and terms of the
particular offering of Common Shares.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Listing and Symbol</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Common Shares are listed on the New York Stock
Exchange (&#147;NYSE&#148;) under the symbol &#147;JHI.&#148; Any new
Common Shares offered and sold also will be listed on
the NYSE and trade under this symbol. As of May&nbsp;15,
2012, the last reported sale price for the Common
Shares was $23.48.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Investment Strategy</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The preponderance of the Fund&#146;s assets are invested in
a diversified portfolio of debt securities issued by
U.S. and non-U.S. corporations and governments, some
of which may carry equity features. The Fund
emphasizes corporate debt securities which pay
interest on a fixed or contingent basis and which may
possess certain equity features, such as conversion or
exchange rights, warrants for the acquisition of the
stock of the same or different issuers, or
participations based on revenues, sales or profits.
The Fund also may purchase preferred securities and
may acquire common stock through the exercise of
conversion or exchange rights acquired in connection
with other securities owned by the Fund. The Fund
will not acquire any additional preferred securities
or common stock if as a result of that acquisition the
value of all preferred securities and common stocks in
the Fund&#146;s portfolio would exceed 20% of its total
assets. Up to 50% of the value of the Fund&#146;s assets
may be invested in restricted securities acquired
through private placements. The Fund also may invest
in repurchase agreements.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">At least 30% of Fund&#146;s total assets will be
represented by (a)&nbsp;debt securities which are rated, at
the time of acquisition, investment grade (<I>i.e.</I>, at
least &#147;Baa&#148; by Moody&#146;s Investors Service, Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV style="width: 99%; border: 1px solid black; padding: 11px;">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(&#147;Moody&#146;s&#148;) or &#147;BBB&#148; by Standard &#038; Poor&#146;s Rating Group
(&#147;S&#038;P&#148;)) or in unrated securities determined by the
Subadviser to be of comparable credit quality, (b)
securities issued or guaranteed by the U.S. government
or its agencies and instrumentalities, and (c)&nbsp;cash or
cash equivalents. The remaining 70% of the Fund&#146;s
total assets may be invested in debt securities of any
credit quality, including securities rated below
investment grade (<I>i.e.</I>, rated &#147;Ba&#148; or lower by Moody&#146;s
or &#147;BB&#148; or lower by S&#038;P). Debt securities of below
investment grade quality are regarded as having
predominantly speculative characteristics with respect
to the issuer&#146;s ability to pay interest and repay
principal and are commonly referred to as &#147;junk bonds&#148;
or &#147;high yield securities.&#148; While the Fund focuses on
intermediate and longer-term debt securities, the Fund
may acquire securities of any maturity and is not
subject to any limits as to the average maturity of
its overall portfolio.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities rated &#147;BBB&#148; by S&#038;P are regarded by S&#038;P as
having an adequate capacity to pay interest or
dividends and repay capital or principal, as the case
may be; whereas such securities normally exhibit
adequate protection parameters, adverse economic
conditions or changing circumstances are more likely,
in the opinion of S&#038;P, to lead to a weakened capacity
to pay interest or dividends and repay capital or
principal for securities in this category than in
higher rating categories. Securities rated &#147;Baa&#148; by
Moody&#146;s are considered by Moody&#146;s as medium to lower
medium grade securities; they are neither highly
protected nor poorly secured; interest or dividend
payments and capital or principal security, as the
case may be, appear to Moody&#146;s to be adequate for the
present but certain protective elements may be lacking
or may be characteristically unreliable over time;
and, in the opinion of Moody&#146;s, securities in this
rating category lack outstanding investment
characteristics and in fact have speculative
characteristics as well. Below investment grade
securities and comparable unrated securities involve
substantial risk of loss, are considered highly
speculative with respect to the issuer&#146;s ability to
pay interest and any required redemption or principal
payments and are susceptible to default or decline in
market value due to adverse economic and business
developments. Securities rated Ba or BB may face
significant ongoing uncertainties or exposure to
adverse business, financial or economic conditions
that could lead to the issuer being unable to meet its
financial commitments. The protection of interest and
principal may be moderate and not well safeguarded
during both good and bad times. Securities rated B
generally lack the characteristics of a desirable
investment. Assurance of interest and principal
payments over the long term may be low, and such
securities are more vulnerable to nonpayment than
obligations rated BB or Ba. Adverse business,
financial or economic conditions will likely impair
the issuer&#146;s capacity or willingness to meet its
financial commitments. The descriptions of the
investment grade rating categories by Moody&#146;s and S&#038;P,
including a description of their speculative
characteristics, are set forth in the SAI. All
references to securities ratings by Moody&#146;s and S&#038;P in
this Prospectus shall, unless otherwise indicated,
include all securities within each such rating
category (<I>e.g.</I>, &#147;Baa1&#148;, &#147;Baa2&#148; and &#147;Baa3&#148; in the case
of Moody&#146;s and &#147;BBB&#043;&#148;, &#147;BBB&#148; and &#147;BBB-&#148; in the case of
S&#038;P). All percentage and ratings limitations on
securities in which the Fund may invest apply at the
time of making an investment and shall not be
considered violated if an investment rating is
subsequently downgraded to a rating that would have
precluded the Fund&#146;s initial investment in such
security. In the event of such security downgrade,
the Fund will sell the portfolio security as soon as
the Subadviser believes it to be prudent to do so in
order to again cause the Fund to be within the
percentage and ratings limitations set forth in this
Prospectus. In the event that the Fund disposes of a
portfolio security subsequent to its being downgraded,
the Fund may experience a greater risk of loss than if
such security had been sold prior to such downgrading.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In managing the Fund&#146;s portfolio, the Subadviser
concentrates first on sector selection by deciding
which types of bonds and industries to emphasize at a
given time, and then which individual bonds to buy.
When making sector and industry allocations, the
Subadviser tries to anticipate shifts in the business
cycle, using top-down analysis to determine which
sectors and industries may benefit over the next 12
months. In choosing individual securities, the
Subadviser uses bottom-up research to find securities
that appear comparatively undervalued. The Subadviser
looks at bonds of all quality levels and maturities
from many different issuers,</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV style="width: 99%; border: 1px solid black; padding: 11px;">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">potentially including
U.S. dollar-denominated securities of foreign
corporations and governments. There can be no
assurance that the Fund will achieve its investment
objectives.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Investment Adviser
and Subadviser</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JHA, the Fund&#146;s investment adviser, is an indirect wholly-owned
subsidiary of Manulife Financial Corporation. The Adviser is
responsible for overseeing the management of the Fund, including
its day-to-day business operations and monitoring the
Subadviser. As of December&nbsp;31, 2011, the Adviser had total
assets under management of approximately $20.3&nbsp;billion.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Subadviser is responsible for the day-to-day management of
the Fund&#146;s portfolio investments. The Subadviser, organized in
1968, is a wholly owned subsidiary of John Hancock Life
Insurance Company (U.S.A.) (a subsidiary of Manulife Financial,
a publicly held, Canadian-based company). As of December&nbsp;31,
2011, the Subadviser had total assets under management of
approximately $116.4&nbsp;billion.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">See &#147;Management of the Fund&#151;The Adviser&#148; and &#147;&#151;The Subadviser.&#148;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Distributions</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Fund makes regular quarterly distributions to holders of
Common Shares (the &#147;Common Shareholders&#148;) sourced from the
Fund&#146;s cash available for distribution. &#147;Cash available for
distribution&#148; consists of the Fund&#146;s (i)&nbsp;investment company
taxable income, which includes among other things, dividend
and ordinary income after payment of Fund expenses, the
excess of net short-term capital gain over net long-term
capital loss, and income from certain hedging and interest
rate transactions, and (ii)&nbsp;net long-term capital gain (gain
from the sale of capital assets held longer than one year).
The Board of Trustees of the Fund (the &#147;Board&#148;) may modify
this distribution policy at any time without obtaining the
approval of Common Shareholders.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pursuant to the requirements of the Investment
Company Act of 1940, as amended (the &#147;1940 Act&#148;), in the
event the Fund makes distributions from sources other than
income, a notice will accompany each quarterly distribution
with respect to the estimated source of the distribution
made. Such notices will describe the portion, if any, of
the quarterly dividend which, in the Fund&#146;s good faith
judgment, constitutes long-term capital gain, short-term
capital gain, net investment income or a return of capital.
The actual character of such dividend distributions for U.S.
federal income tax purposes, however, will only be
determined finally by the Fund at the close of its fiscal
year, based on the Fund&#146;s full year performance and its
actual net investment company taxable income and net capital
gain for the year, which may result in a recharacterization
of amounts distributed during such fiscal year from the
characterization in the quarterly estimates.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If, for any calendar year, as discussed above, the total
distributions made exceed the Fund&#146;s net investment taxable
income and net capital gain, the excess generally will be
treated as a return of capital to each Common Shareholder
(up to the amount of the Common Shareholder&#146;s basis in his
or her Common Shares) and thereafter as gain from the sale
of Common Shares. The amount treated as a return of capital
reduces the Common Shareholder&#146;s adjusted basis in his or
her Common Shares, thereby increasing his or her potential
gain or reducing his or her potential loss on the subsequent
sale of his or her Common Shares. Distributions in any year
may include a substantial return of capital component.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Distribution rates are based on projected quarterly cash
available for distribution, which may result in fluctuations
in quarterly rates. As a result, the distributions paid by
the Fund for any particular quarter may be more or less than
the amount of cash available for distribution from that
quarterly period. In certain circumstances, the Fund may be
required to sell a portion of its investment portfolio to
fund distributions. Distributions will reduce the Common
Shares&#146; net asset value (&#147;NAV&#148;).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The 1940 Act currently limits the number of times the Fund
may distribute long-term capital gain in any tax year, which
may increase the variability of the Fund&#146;s distributions and
result in</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV style="width: 99%; border: 1px solid black; padding: 11px;">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">certain distributions being comprised more heavily
of long-term capital gain eligible for favorable income tax
rates. In the future, the Adviser may seek Board approval
to implement a managed distribution plan for the Fund. The
managed distribution plan would be implemented pursuant to
an exemptive order already granted by the Securities and
Exchange Commission (the &#147;SEC&#148;), which provides an exemption
from Section&nbsp;19(b) of the 1940 Act and Rule&nbsp;19b-1 thereunder
to permit the Fund to include long-term capital gain as a
part of its regular distributions to Common Shareholders
more frequently than would otherwise be permitted by the
1940 Act (generally once or twice per year). If the Fund
implements a managed distribution plan, it would do so
without a vote of the Common Shareholders.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Dividend Reinvestment <BR>
Plan</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Fund has established an automatic dividend
reinvestment plan (the &#147;Plan&#148;). Under the Plan,
distributions of dividends and capital gain are
automatically reinvested in Common Shares of the
Fund by Computershare Trust Company, N. A. Every
shareholder holding at least one full share of the
Fund will be automatically enrolled in the Plan.
Shareholders who do not participate in the Plan will
receive all distributions in cash. Common
Shareholders who intend to hold their Common Shares
through a broker or nominee should contact such
broker or nominee regarding the Plan. See &#147;Dividend
Reinvestment Plan.&#148;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Closed-End Fund Structure</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Closed-end funds differ from traditional,
open-end management investment companies (which
generally are referred to as &#147;mutual funds&#148;) in
that closed-end funds generally list their
shares for trading on a securities exchange and
do not redeem their shares at the option of the
shareholder. Mutual funds do not trade on
securities exchanges and issue securities
redeemable at the option of the shareholder.
The continuous outflows of assets in a mutual
fund can make it difficult to manage the fund&#146;s
investments. Closed-end funds generally are
able to stay more fully invested in securities
that are consistent with their investment
objectives and also have greater flexibility to
make certain types of investments and to use
certain investment strategies, such as financial
leverage and investments in illiquid securities.
The Fund&#146;s Common Shares are designed primarily
for long-term investors; you should not purchase
Common Shares if you intend to sell them shortly
after purchase.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Common shares of closed-end funds frequently
trade at prices lower than their NAV. Since
inception, the market price of the Common Shares
has fluctuated and at times has traded below the
Fund&#146;s NAV and at times has traded above the
Fund&#146;s NAV. The Fund cannot predict whether in
the future the Common Shares will trade at,
above or below NAV. In addition to NAV, the
market price of the Fund&#146;s Common Shares may be
affected by such factors as the Fund&#146;s dividend
stability, dividend levels, which are in turn
affected by expenses, and market supply and
demand.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In recognition of the possibility that the
Common Shares may trade at a discount from their
NAV, and that any such discount may not be in
the best interest of Common Shareholders, the
Board, in consultation with the Adviser, from
time to time may review possible actions to
reduce any such discount. There can be no
assurance that the Board will decide to
undertake any of these actions or that, if
undertaken, such actions would result in the
Common Shares trading at a price equal to or
close to NAV per Common Share. In the event
that the Fund conducts an offering of new Common
Shares and such offering constitutes a
&#147;distribution&#148; under Regulation&nbsp;M, the Fund and
certain of its affiliates may be subject to an
applicable restricted period that could limit
the timing of any repurchases by the Fund.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Summary of Risks</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Fund&#146;s main risk factors are listed below by general
risks and strategy risks. Before investing, be sure to
read the additional descriptions of these risks beginning
on page &#091;25&#093; of this Prospectus.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>General Risks</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Investment and Market Risk.</I></B> An investment in Common
Shares is subject to investment risk, including the
possible loss of the entire principal amount invested.
An investment in Common Shares represents an indirect
investment in the securities owned by the Fund, which
generally are traded on a securities exchange or in the
over-the-counter markets. The value of these</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV style="width: 99%; border: 1px solid black; padding: 11px;">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">securities,
like other market investments, may move up or down,
sometimes rapidly and unpredictably. Common Shares at
any point in time may be worth less than the original
investment, even after taking into account any
reinvestment of dividends and distributions.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Tax Risk.</I></B> To qualify for the special tax treatment available to regulated
investment companies, the Fund must: (i)&nbsp;derive at least 90% of its annual
gross income from certain kinds of investment income; (ii)&nbsp;meet certain asset
diversification requirements at the end of each quarter, and (iii)&nbsp;distribute
in each taxable year at least 90% of its net investment income (including net
interest income and net short term capital gain). If the Fund failed to meet
any of these requirements, subject to the opportunity to cure such failures
under applicable provisions of the Internal Revenue Code of 1986, as amended
(the &#147;Code&#148;), the Fund would be subject to U.S. federal income tax at regular
corporate rates on its taxable income, including its net capital gain, even if
such income were distributed to its shareholders. All distributions by the
Fund from earnings and profits, including distributions of net capital gain (if
any), would be taxable to the shareholders as ordinary income. In addition, in
order to requalify for taxation as a regulated investment company, the Fund
might be required to recognize unrealized gain, pay substantial taxes and
interest, and make certain distributions. See &#147;U.S. Federal Income Tax
Matters.&#148;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The tax treatment and characterization of the Fund&#146;s distributions may vary
significantly from time to time due to the nature of the Fund&#146;s investments.
The ultimate tax characterization of the Fund&#146;s distributions in a calendar
year may not finally be determined until after the end of that calendar year.
The Fund may make distributions during a calendar year that exceed the Fund&#146;s
net investment income and net realized capital gain for that year. In such a
situation, the amount by which the Fund&#146;s total distributions exceed net
investment income and net realized capital gain generally would be treated as a
return of capital up to the amount of the Common Shareholder&#146;s tax basis in his
or her Common Shares, with any amounts exceeding such basis treated as gain
from the sale of his or her Common Shares. The Fund&#146;s income distributions
that qualify for favorable tax treatment may be affected by the Internal
Revenue Service&#146;s (&#147;IRS&#148;) interpretations of the Code and future changes in tax
laws and regulations. For instance, Congress is considering numerous proposals
to decrease the federal budget deficit, some of which include increasing U.S.
federal income taxes or decreasing certain favorable tax treatments currently
included in the Code. See &#147;U.S. Federal Income Tax Matters.&#148;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No assurance can be given as to what percentage of the distributions paid on
the Common Shares, if any, will consist of long-term capital gain or what the
tax rates on various types of income will be in future years. The long-term
capital gain tax rate is currently 15%, and it is currently scheduled to
increase to 20% for tax years beginning after December&nbsp;31, 2012. See &#147;U.S.
Federal Income Tax Matters.&#148;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Distribution Risk.</I></B> There can be no assurance that quarterly distributions
paid by the Fund to shareholders will be maintained at current levels or
increase over time. The quarterly distributions shareholders receive from the
Fund are derived from the Fund&#146;s dividends and interest income after payment of
Fund expenses. The Fund&#146;s cash available for distribution may vary widely over
the short- and long-term. If, for any calendar year, the total distributions
made exceed the Fund&#146;s net investment taxable income and net capital gain, the
excess generally will be treated as a return of capital to each Common
Shareholder (up to the amount of the Common Shareholder&#146;s basis in his or her
Common Shares) and thereafter as gain from the sale of Common Shares. The
amount treated as a return of capital reduces the Common Shareholder&#146;s adjusted
basis in his or her Common Shares, thereby increasing his or her potential gain
or reducing his or her potential loss on the subsequent sale of his or her
Common Shares. Distributions in any year may include a substantial return of
capital component.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Portfolio Turnover Risk.</I></B> The Fund may engage in short-term trading
strategies, and securities may be sold without regard to the length of time
held when, in the opinion of the Subadviser, investment considerations warrant
such action. Higher rates of portfolio turnover</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV style="width: 99%; border: 1px solid black; padding: 11px;">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">likely would result in higher
brokerage commissions and may generate short-term capital gain taxable as
ordinary income, which may have a negative impact on the Fund&#146;s performance
over time. The portfolio turnover rate of the Fund may vary from year to year,
as well as within a year.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Defensive Positions Risk.</I></B> During periods of adverse market or economic
conditions, the Fund may temporarily invest all or a substantial portion of its
total assets in short-term money market instruments, securities with remaining
maturities of less than one year, cash or cash equivalents. The Fund will not
be pursuing its investment objectives in these circumstances and could miss
favorable market developments.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Interest Rate Risk.</I></B> Interest rate risk is the risk that fixed-income
securities such as debt securities and preferred securities will decline in
value because of changes in market interest rates. When market interest rates
rise, the market value of such securities generally will fall. The Fund&#146;s
investments in debt securities and preferred securities means that the NAV and
market price of the Common Shares will tend to decline if market interest rates
rise. Given the historically low level of interest rates in recent years and
the likelihood that interest rates will increase when the national economy
strengthens, the risk of the potentially negative impact of rising interest
rates on the value of the Fund&#146;s portfolio may be significant. In addition,
the longer the average maturity of the Fund&#146;s portfolio of debt securities, the
greater the potential impact of rising interest rates on the value of the
Fund&#146;s portfolio and the less flexibility the Fund may have to respond to the
decreasing spread between the yield on its portfolio securities. <BR>
<BR>

During periods of declining interest rates, an issuer may exercise its option
to prepay principal of debt securities or to redeem preferred securities
earlier than scheduled, forcing the Fund to reinvest in lower yielding
securities. This is known as call or prepayment risk. During periods of
rising interest rates, the average life of certain types of securities may be
extended because of slower than expected principal payments. This may lock in
a below market interest rate, increase the security&#146;s duration and reduce the
value of the security. This is known as extension risk.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Inflation Risk.</I></B> Inflation risk is the risk that the purchasing power of
assets or income from investments will be worth less in the future as inflation
decreases the value of money. As inflation increases, the real value of the
Common Shares and distributions thereon can decline.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Market Discount Risk.</I></B> The Fund&#146;s Common Shares will be offered only when
Common Shares of the Fund are trading at a price equal to or above the Fund&#146;s
NAV per Common Share plus the per Common Share amount of commissions. As with
any security, the market value of the Common Shares may increase or decrease
from the amount initially paid for the Common Shares. The Fund&#146;s Common Shares
have traded at both a premium and at a discount to NAV. The shares of
closed-end management investment companies frequently trade at a discount from
their NAV. This characteristic is a risk separate and distinct from the risk
that the Fund&#146;s NAV could decrease as a result of investment activities.
Investors bear a risk of loss to the extent that the price at which they sell
their shares is lower in relation to the Fund&#146;s NAV than at the time of
purchase, assuming a stable NAV.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Leverage Risk.</I></B> The Fund is authorized to utilize leverage through borrowings
and/or the issuance of preferred shares, including the issuance of debt
securities. The Fund currently utilizes leverage by borrowing pursuant
to a Committed Facility Agreement (&#147;CFA&#148;). See &#147;&#151;Other Investment
Policies&#151;Borrowing.&#148; The Fund
reserves the flexibility to utilize leverage by borrowing from other financial
institutions or through the issuance of preferred shares. There can be no
assurance that such a leveraging strategy will be successful during any period in
which it is employed.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Fund utilizes the CFA to increase its assets available for investment. When
the Fund leverages its assets, Common Shareholders bear the fees associated with
the credit facility and</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV style="width: 99%; border: 1px solid black; padding: 11px;">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">have the potential to benefit or be disadvantaged from
the use of leverage. In addition, the fee paid to the Adviser is calculated on
the basis of the Fund&#146;s average daily managed assets, including proceeds from
borrowings and/or the issuance of preferred shares, so the fee will be higher
when leverage is utilized, which may create an incentive for the Adviser to
employ financial leverage. Consequently, the Fund and the Adviser may have
differing interests in determining whether to leverage the Fund&#146;s assets.
Leverage creates risks that may adversely affect the return for the Common
Shareholders, including:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the likelihood of greater volatility of NAV and market price of Common Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fluctuations in the interest rate paid for the use of the credit facility;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increased operating costs, which may reduce the Fund&#146;s total return;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the potential for a decline in the value of an investment acquired through
leverage, while the Fund&#146;s obligations under such leverage remains fixed; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fund is more likely to have to sell securities in a volatile market in
order to meet asset coverage or other debt compliance requirements.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">To the extent the returns derived from securities purchased with proceeds
received from leverage exceeds the cost of leverage, the Fund&#146;s distributions may
be greater than if leverage had not been used. Conversely, if the returns from
the securities purchased with such proceeds are not sufficient to cover the cost
of leverage, the amount available for distribution to Common Shareholders will be
less than if leverage had not been used. In the latter case, the Adviser, in its
best judgment, may nevertheless determine to maintain the Fund&#146;s leveraged
position if it deems such action to be appropriate. The costs of a borrowing
program and/or an offering of preferred shares would be borne by Common
Shareholders and consequently would result in a reduction of the NAV of Common
Shares.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In addition to the risks created by the Fund&#146;s use of leverage, the Fund is
subject to the risk that it would be unable to timely, or at all, obtain
replacement financing if the CFA is terminated. Were this to happen, the Fund
would be required to de-leverage, selling securities at a potentially inopportune
time and incurring tax consequences. Further, the Fund&#146;s ability to generate
income from the use of leverage would be adversely affected.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Secondary Market for the Common Shares.</I></B> The issuance of new Common Shares
may have an adverse effect on the secondary market for the Common Shares. When the Common Shares are trading at a premium, the Fund may issue Common
Shares of the Fund that are sold through transactions effected on the NYSE. The
increase in the amount of the Fund&#146;s outstanding Common Shares resulting from
the offering of new Common Shares may put downward pressure on the market price
for the Common Shares of the Fund. Common Shares will not be issued at any
time when Common Shares are trading at a price lower than a price equal to the
Fund&#146;s NAV per Common Share plus the per Common Share amount of commissions. <BR>
<BR>

The Fund also issues Common Shares of the Fund through its dividend
reinvestment plan. Common Shares may be issued under the plan at a discount to
the market price for such Common Shares, which may put downward pressure on the
market price for Common Shares of the Fund.</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The voting power of current Common Shareholders will be diluted to the extent
that such shareholders do not purchase shares in any future Common Share
offerings or do not purchase sufficient shares to maintain their percentage
interest. In addition, if the proceeds of such offering are unable to be
invested as intended, the Fund&#146;s per Common Share distribution may decrease (or
may consist of return of capital) and the Fund may not participate in market
advances to the same extent as if such proceeds were fully invested as planned.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV style="width: 99%; border: 1px solid black; padding: 11px;">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Management Risk.</I></B> The Fund is subject to management risk because it relies on
the Subadviser&#146;s ability to pursue the Fund&#146;s investment objectives. The
Subadviser applies investment techniques and risk analyses in making investment
decisions for the Fund, but there can be no guarantee that it will produce the
desired results.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Market Disruption Risk.</I></B> Instability in the Middle East, the wars in
Afghanistan, Iraq and Libya, geopolitical tensions elsewhere and terrorist
attacks in the U.S. and around the world have resulted in market volatility and
may have long-term effects on the U.S. and worldwide financial markets and may
cause further economic uncertainties in the U.S. and worldwide. The Fund does
not know how long the securities markets will continue to be affected by these
events and cannot predict the effects of these or similar events in the future
on the economy or the securities markets.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Natural Disasters and Adverse Weather Conditions.</I></B> Certain areas of the world
historically have been prone to major natural disasters, such as hurricanes,
earthquakes, typhoons, flooding, tidal waves, tsunamis, erupting volcanoes,
wildfires or droughts, and have been economically sensitive to environmental
events. Such disasters, and the resulting damage, could have a severe and
negative impact on the Fund&#146;s investment portfolio and, in the longer term,
could impair the ability of issuers in which the Fund invests to conduct their
businesses in the manner normally conducted. Adverse weather conditions also
may have a particularly significant negative affect on issuers in the
agricultural sector and on insurance companies that insure against the impact
of natural disasters.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Recent Events Risk.</I></B> The debt and equity capital markets in the U.S. have
been negatively impacted by significant write-offs in the financial services
sector relating to sub-prime mortgages and the re-pricing of credit risk in the
broadly syndicated market, among other things. These events, along with the
deterioration of the housing market, the failure of major financial
institutions and the resulting U.S. federal government actions have led to a
decline in general economic conditions, which have materially and adversely
impacted the broader financial and credit markets and have reduced the
availability of debt and equity capital for the market as a whole and financial
firms in particular. These events have been adversely affecting the
willingness of some lenders to extend credit, in general, which may make it
more difficult for issuers of debt securities to obtain financings or
refinancings for their investment or lending activities or operations. There
is a risk that such issuers will be unable to successfully complete such
financings or refinancings. In particular, because of the current conditions
in the credit markets, issuers of debt securities may be subject to increased
cost for debt, tightening underwriting standards and reduced liquidity for
loans they make, securities they purchase and securities they issue.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">These events may increase the volatility of the value of securities owned by
the Fund and/or result in sudden and significant valuation increases or
declines in its portfolio. These events also may make it more difficult for
the Fund to accurately value its securities or to sell its securities on a
timely basis. A significant decline in the value of the Fund&#146;s portfolio
likely would result in a significant decline in the value of your investment in
the Fund. Prolonged continuation or further deterioration of current market
conditions could adversely impact the Fund&#146;s portfolio.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Changes in U.S. Law.</I></B> Changes in the state and U.S. federal laws applicable
to the Fund, including changes to state and U.S. federal tax laws, or
applicable to the Adviser, the Subadviser and other securities or instruments
in which the Fund may invest, may negatively affect the Fund&#146;s returns to
Common Shareholders. The Fund may need to modify its investment strategy in
the future in order to satisfy new regulatory requirements or to compete in a
changed business environment.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Anti-takeover Provisions.</I></B> The Fund&#146;s Agreement and Declaration of Trust
includes</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV style="width: 99%; border: 1px solid black; padding: 11px;">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">provisions that could limit the ability of other persons or entities
to acquire control of the Fund or to change the composition of its Board.
These provisions may deprive shareholders of opportunities to sell their Common
Shares at a premium over the then current market price of the Common Shares.
See &#147;Certain Provisions in the Declaration of Trust and By-Laws&#151;Anti-takeover
provisions.&#148;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Strategy Risks</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Issuer Risk.</I></B> An issuer of a security may perform
poorly and, therefore, the value of its stocks and bonds
may decline. An issuer of securities held by the Fund
could default or have its credit rating downgraded.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Credit and Counterparty Risk.</I></B> The issuer or guarantor of a fixed-income
security, the counterparty to an over-the-counter derivatives contract or a
borrower of the Fund&#146;s securities may be unable or unwilling to make timely
principal, interest or settlement payments, or otherwise honor its obligations.
Funds that invest in fixed-income securities are subject to varying degrees of
risk that the issuers of the securities will have their credit rating
downgraded or will default, potentially reducing the Fund&#146;s share price and
income level.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Corporate Debt Securities Risk.</I></B> Corporate debt obligations are subject to
the risk of an issuer&#146;s inability to meet principal and interest payments on
the obligations and also may be subject to price volatility due to such factors
as market interest rates, market perception of the creditworthiness of the
issuer and general market liquidity.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>U.S. Government Securities Risk.</I></B> No assurance can be given that the U.S.
government will provide financial support in the future to U.S. government
agencies, authorities or instrumentalities that are not supported by the full
faith and credit of the U.S. Securities guaranteed as to principal and
interest by the U.S. government, its agencies, authorities or instrumentalities
include: (i)&nbsp;securities for which the payment of principal and interest is
backed by an irrevocable letter of credit issued by the U.S. government or any
of its agencies, authorities or instrumentalities; and (ii)&nbsp;participations in
loans made to non-U.S. governments or other entities that are so guaranteed.
The secondary market for certain of these participations is limited and
therefore may be regarded as illiquid.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Fixed-income Securities Risk.</I></B> Fixed-income securities are affected by
changes in interest rates and credit quality. A rise in interest rates
typically causes bond prices to fall. The longer the average maturity of the
bonds held by the Fund, the more sensitive the Fund is likely to be to
interest-rate changes. There is the possibility that the issuer of the
security will not repay all or a portion of the principal borrowed and will not
make all interest payments.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Lower-rated Fixed-income Securities Risk and High-yield Securities Risk.</I></B>
Lower-rated fixed-income securities and high-yield fixed-income securities
(commonly known as &#147;junk bonds&#148;) are subject to greater credit quality risk and
risk of default than higher-rated fixed-income securities. These securities
may be considered speculative and the value of these securities can be more
volatile due to increased sensitivity to adverse issuer, political, regulatory,
market or economic developments and can be difficult to resell.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Mortgage-backed and Asset-backed Securities Risk.</I></B> Different types of
mortgage-backed securities and asset-backed securities are subject to different
combinations of prepayment, extension, interest-rate and/or other market risks.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Inverse interest-only securities</I>. Inverse interest-only securities that
are mortgage-backed securities are subject to the same risks as other
mortgage-backed securities. In addition, the coupon on an inverse
interest-only security can be extremely sensitive to changes in prevailing
interest rates.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Stripped mortgage securities. </I>Stripped mortgage securities are subject to
the same risks as other mortgage-backed securities, <I>i.e.</I>, different
combinations of prepayment, extension,</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV style="width: 99%; border: 1px solid black; padding: 11px;">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest rate and/or other market risks.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>TBA mortgage contracts. </I>TBA mortgage contracts involve a risk of loss if
the value of the underlying security to be purchased declines prior to delivery
date. The yield obtained for such securities may be higher or lower than
yields available in the market on delivery date.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Equity Securities Risk.</I></B> The value of a company&#146;s equity securities is
subject to changes in the company&#146;s financial condition, and overall market and
economic conditions. The securities of growth companies are subject to greater
price fluctuations than other types of stocks because their market prices tend
to place greater emphasis on future earnings expectations. The securities of
value companies are subject to the risk that the companies may not overcome the
adverse business developments or other factors causing their securities to be
underpriced or that the market may never come to recognize their fundamental
value.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Liquidity Risk.</I></B> Exposure exists when trading volume, lack of a market maker
or legal restrictions impair the ability to sell particular securities or close
derivative positions at an advantageous price.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Non-U.S. Investment Risk.</I></B> As compared to U.S. companies, there may be less
publicly available information relating to foreign companies. Non-U.S.
securities may be subject to foreign taxes. The value of non-U.S. securities
is subject to currency fluctuations and adverse political and economic
developments. Investments in emerging-market countries are subject to greater
levels of non-U.S. investment risk.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Sovereign Debt Obligations Risk.</I></B> An investment in debt obligations of
non-U.S. governments and their political subdivisions (sovereign debt), whether
denominated in U.S. dollars for a foreign currency, involves special risks that
are not present in corporate debt obligations. The non-U.S. issuer of the
sovereign debt or the non-U.S. governmental authorities that control the
repayment of the debt may be unable or unwilling to repay principal or pay
interest when due, and the Fund may have limited recourse in the event of a
default. During periods of economic uncertainty, the market prices of
sovereign debt may be more volatile than prices of debt obligations of U.S.
issuers. In the past, certain non-U.S. countries have encountered difficulties
in servicing their debt obligations, withheld payments of principal and
interest and declared moratoria on the payment of principal and interest on
their sovereign debt. A sovereign debtor&#146;s willingness or ability to repay
principal and pay interest in a timely manner may be affected by, among other
factors, its cash flow situation, the extent of its foreign currency reserves,
the availability of sufficient foreign exchange, the relative size of the debt
service burden, the sovereign debtor&#146;s policy toward its principal
international lenders and local political constraints. Sovereign debtors also
may be dependent on expected disbursements from non-U.S. governments,
multilateral agencies and other entities to reduce principal and interest
arrearages on their debt. The failure of a sovereign debtor to implement
economic reforms, achieve specified levels of economic performance or repay
principal or interest when due may result in the cancellation of third-party
commitments to lend funds to the sovereign debtor, which may further impair
such debtor&#146;s ability or willingness to service its debts.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Brady Bonds Risk.</I></B> Brady Bonds may involve a high degree of risk, may be in
default or present the risk of default. Agreements implemented under the Brady
Plan to date are designed to achieve debt and debt-service reduction through
specific options negotiated by a debtor nation with its creditors. As a
result, the financial packages offered by each country differ. The types of
options have included the exchange of outstanding commercial bank debt for
bonds issued at 100% of face value of such debt, bonds issued at a discount of
face value of such debt, bonds bearing an interest rate which increases over
time and bonds issued in exchange for the advancement of new money by existing
lenders. Certain Brady Bonds have been collateralized as to principal due at
maturity by U.S. Treasury zero coupon bonds with a maturity equal to the final
maturity of such Brady Bonds, although the collateral is not available to
investors until the final maturity of the Brady Bonds. Collateral purchases
are financed by the IMF, the World</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV style="width: 99%; border: 1px solid black; padding: 11px;">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank and the debtor nations&#146; reserves. In
addition, the first two or three interest payments on certain types of Brady
Bonds may be collateralized by cash or securities agreed upon by creditors.
Although Brady Bonds may be collateralized by U.S. government securities,
repayment of principal and interest is not guaranteed by the U.S. government.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Reverse Repurchase Agreement Risk.</I></B> Reverse repurchase agreement transactions
involve the risk that the market value of the securities that the Fund is
obligated to repurchase under such agreements may decline below the repurchase
price. Any fluctuations in the market value of either the securities
transferred to the other party or the securities in which the proceeds may be
invested would affect the market value of the Fund&#146;s assets, thereby
potentially increasing fluctuations in the market value of the Fund&#146;s assets.
In the event the buyer of securities under a reverse repurchase agreement files
for bankruptcy or becomes insolvent, the Fund&#146;s use of proceeds received under
the agreement may be restricted pending a determination by the other party, or
its trustee or receiver, whether to enforce the Fund&#146;s obligation to repurchase
the securities.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Hedging, Derivatives and Other Strategic Transactions Risk.</I></B> Hedging and
other strategic transactions may increase the volatility of the Fund and, if
the transaction is not successful, could result in a significant loss to the
Fund. The use of derivative instruments could produce disproportionate gain or
loss, more than the principal amount invested. Investing in derivative
instruments involves risks different from, or possibly greater than, the risks
associated with investing directly in securities and other traditional
investments and, in a down market, could become harder to value or sell at a
fair price. The following is a list of certain derivatives and other strategic
transactions in which the Fund may invest and the main risks associated with
each of them:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Currency options. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to
enter into closing transactions) and risk of disproportionate loss are the
principal risks of engaging in transactions involving options.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Credit default swaps. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability
to enter into closing transactions), interest-rate risk, risk of default of the
underlying reference obligation and risk of disproportionate loss are the
principal risks of engaging in transactions involving credit default swaps.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Equity-linked notes </I></B>are subject to risks similar to those related to
investing in the underlying securities. An equity-linked note is dependent on
the individual credit of the note&#146;s issuer. Equity-linked notes often are
privately placed and may not be rated. The secondary market for equity-linked
notes may be limited.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Foreign currency forward contracts. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>,
the inability to enter into closing transactions), foreign currency risk and
risk of disproportionate loss are the principal risks of engaging in
transactions involving foreign currency forward contracts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Foreign currency swaps. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the
inability to enter into closing transactions), foreign currency risk and risk
of disproportionate loss are the principal risks of engaging in transactions
involving foreign currency swaps.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Futures contracts. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to
enter into closing transactions) and risk of disproportionate loss are the
principal risks of engaging in transactions involving futures contracts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Interest-rate swaps. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability
to enter into closing transactions), interest-rate risk and risk of
disproportionate loss are the principal risks of engaging in transactions
involving interest-rate swaps.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV style="width: 99%; border: 1px solid black; padding: 11px;">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Options. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to enter
into closing transactions) and risk of disproportionate loss are the principal
risks of engaging in transactions involving options. Counterparty risk does
not apply to exchange-traded options.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="27%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Swaps. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to enter into
closing transactions), interest-rate risk, settlement risk, risk of default of
the underlying reference obligation and risk of disproportionate loss are the
principal risks of engaging in transactions involving swaps, including credit
default swaps and total return swaps.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Given the risks described above, an investment in Common Shares may not be
appropriate for all investors. You should carefully consider your ability to
assume these risks before making an investment in the Fund.</I></B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

</DIV>
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="102"></A>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Summary of Fund Expenses</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The purpose of the table below is to help you understand all fees and expenses that you, as a
Common Shareholder, would bear directly or indirectly. In accordance with SEC requirements, the
table below shows the Fund&#146;s expenses as a percentage of its average net assets as of &#091;DATE&#093;, and
not as a percentage of total assets. By showing expenses as a percentage of average net assets,
expenses are not expressed as a percentage of all of the assets the Fund invests. The offering
costs to be paid or reimbursed by the Fund are not included in the Annual Expenses table below.
However, these expenses will be borne by Common Shareholders and may result in a reduction in the
NAV of the Common Shares. See &#147;Management of the Fund&#148; and &#147;Dividend Reinvestment Plan.&#148; The
table and example are based on the Fund&#146;s capital structure as of &#091;DATE&#093;.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Shareholder Transaction Expenses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;Sales load paid by you (as a percentage of offering price) <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>&nbsp;&nbsp;&#151;%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;Offering expenses (as a percentage of offering price) <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&#151;%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;Dividend Reinvestment Plan fees <SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>


<TD align="right" valign="top" colspan="2">None&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Annual Expenses (Percentage of Net Assets Attributable to Common Shares)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;Management fees <SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;Interest payments on borrowed funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD nowrap>% <SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;Other expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD nowrap>% <SUP style="FONT-size: 85%; vertical-align: text-top">(5)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>&nbsp;&nbsp;&nbsp;&#091;</B>Acquired fees and expenses<B>&#093;</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;Total Annual Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>If Common Shares are sold to or through underwriters, the Prospectus Supplement will
set forth any applicable sales load and the estimated offering expenses.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Participants in the Fund&#146;s dividend reinvestment plan do not pay brokerage
charges with respect to Common Shares issued directly by the Fund. However, whenever
Common Shares are purchased or sold on the NYSE or otherwise on the open market, each
participant will pay a <I>pro rata </I>portion of brokerage trading fees, currently $0.05 per
share purchased or sold. Brokerage trading fees will be deducted from amounts to be
invested. Shareholders participating in the Plan may buy additional Common Shares of
the Fund through the Plan at any time and will be charged a $5 transaction fee plus
$0.05 per share brokerage trading fee for each order. See &#147;Distribution Policy&#148; and
&#147;Dividend Reinvestment Plan.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>See &#147;Management of the Fund&#151;The Adviser.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>The Fund may use leverage through borrowings. The Fund currently borrows under
a credit facility.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated expenses based on the current fiscal year.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>EXAMPLE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following example illustrates the expenses that Common Shareholders would pay on a $1,000
investment in Common Shares, assuming (i)&nbsp;total annual expenses of &#091;&#95;&#95;&#95;&#093;% of net assets
attributable to Common Shares in years 1 through 10; (ii)&nbsp;a 5% annual return; and (iii)&nbsp;all
distributions are reinvested at NAV:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>1 Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>3 Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>5 Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>10 Year</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The above table and example and the assumption in the example of a 5% annual return are required by
regulations of the SEC that are applicable to all investment companies; the assumed 5% annual
return is not a prediction of, and does not represent, the projected or actual performance of the
Fund&#146;s Common Shares. For more complete descriptions of certain of the Fund&#146;s costs and expenses,
see &#147;Management of the Fund.&#148; In addition, while the example assumes reinvestment of all dividends
and distributions at NAV, participants in the Fund&#146;s dividend reinvestment plan may receive Common
Shares purchased or issued at a price or value different from NAV. See
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Distribution Policy&#148; and &#147;Dividend Reinvestment Plan.&#148; The example does not include sales load or
estimated offering costs, which would cause the expenses shown in the example to increase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The example should not be considered a representation of past or future expenses, and the Fund&#146;s
actual expenses may be greater or less than those shown. Moreover, the Fund&#146;s actual rate of
return may be greater or less than the hypothetical 5% return shown in the example.</B>
</DIV>

<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Financial Highlights</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This table details the financial performance of the Common Shares, including total return
information showing how much an investment in the Fund has increased or decreased each period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;TO BE ADDED BY AMENDMENT&#093;
</DIV>

 <DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Market and Net Asset Value Information</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s Common Shares are listed on the New York Stock Exchange (&#147;NYSE&#148;) under the symbol
&#147;JHI.&#148; The Fund&#146;s Common Shares commenced trading on the NYSE in 1971.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s Common Shares have traded both at a premium and a discount to its net asset value
(&#147;NAV&#148;). The Fund cannot predict whether its shares will trade in the future at a premium or
discount to NAV. The provisions of the 1940 Act generally require that the public offering price
of common shares (less any underwriting commissions and discounts) must equal or exceed the NAV per
share of a company&#146;s common stock (calculated within 48 hours of pricing). The Fund&#146;s issuance of
Common Shares may have an adverse effect on prices in the secondary market for Common Shares by
increasing the number of Common Shares available, which may put downward pressure on the market
price for Common Shares. Shares of common stock of closed-end investment companies frequently
trade at a discount from NAV. See &#147;Risk Factors&#151;General Risks&#151;Market Discount Risk.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth for each of the periods indicated the high and low closing market
prices for Common Shares on the NYSE, and the corresponding NAV per share and the premium or
discount to NAV per share at which the Fund&#146;s Common Shares were trading as of such date. NAV is
determined once daily as of the close of regular trading of the NYSE (typically 4:00 P.M., Eastern
Time). See &#147;Determination of Net Asset Value&#148; for information as to the determination of the
Fund&#146;s NAV.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>NAV per Share on</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Premium/(Discount) on</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Date of Market Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Date of Market Price</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Market Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>High and Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>High and Low</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fiscal Quarter Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.53</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5.02)      </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April&nbsp;30, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.03)      </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">July&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">21.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.08</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.37</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">October&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">22.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.86</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.01</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January&nbsp;31, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">21.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3.60)      </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April&nbsp;30, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">22.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.99</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.74</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">July&nbsp;31, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">22.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.02</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.98</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">October&nbsp;31, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">22.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.39</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3.77)      </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January&nbsp;31, 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21.80</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.59</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April&nbsp;30, 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">22.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.61</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.13</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The last reported sale price, NAV per share and percentage premium to NAV per share of the Common
Shares as of May&nbsp;15, 2012 were $23.48, $19.51 and 20.35%, respectively. As of April&nbsp;30, 2012, the
Fund had 8,587,158 Common Shares outstanding and net assets of the Fund were $168,084,111.
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="105"></A>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>The Fund</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund is a diversified, closed-end management investment company registered under the 1940
Act. The Fund was organized on October&nbsp;26, 1970 as a Delaware corporation and was reorganized on
October&nbsp;5, 1984 as a Massachusetts business trust pursuant to an Agreement and Declaration of
Trust, which was amended and restated on August&nbsp;26, 2003, as amended (the &#147;Declaration of Trust&#148;).
The Fund commenced operations following an initial public offering on January&nbsp;29, 1971, pursuant to
which the Fund issued an aggregate of 5,500,000 Common Shares of beneficial interest, $1.00 par
value. The Fund&#146;s principal office is located at 601 Congress Street, Boston, Massachusetts 02210
and its phone number is 800-225-6020.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following provides information about the Fund&#146;s outstanding securities as of April&nbsp;30, 2012.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount Held by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>the Fund or for</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Title of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Authorized</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>its Account</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount Outstanding</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Shares, no par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">unlimited</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">8,587,158</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="106"></A>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Use of Proceeds</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the remainder of this section, and unless otherwise specified in a Prospectus
Supplement, the Fund currently intends to invest substantially all of the net proceeds of any sales
of Common Shares pursuant to this Prospectus in accordance with its investment objectives and
policies as described under &#147;Investment Objectives&#148; and &#147;Investment Strategies&#148; within three months
of receipt of such proceeds. Such investments may be delayed if suitable investments are
unavailable at the time or for other reasons. Pending such investment, the Fund anticipates that
it will invest the proceeds in short-term money market
instruments securities with remaining maturities of less than one
year, cash or cash equivalents. A delay in the anticipated use of proceeds could lower returns and reduce the Fund&#146;s
distribution to Common Shareholders or result in a distribution consisting principally of a return
of capital.
</DIV>

<DIV align="left">
<A name="107"></A>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Investment Objectives</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s primary investment objective is to generate income for distribution to its
shareholders, with capital appreciation as a secondary objective. There can be no assurance that
the Fund will achieve its investment objectives. The Fund&#146;s investment objectives are not
fundamental policies and may be changed without the approval of a majority of the outstanding
voting securities (as defined in the 1940 Act) of the Fund.
</DIV>

<DIV align="left">
<A name="108"></A>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Investment Strategies</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The preponderance of the Fund&#146;s assets are invested in a diversified portfolio of debt
securities issued by U.S. and non-U.S. corporations and governments, some of which may carry equity
features. The Fund emphasizes corporate debt securities which pay interest on a fixed or
contingent basis and which may possess certain equity features, such as conversion or exchange
rights, warrants for the acquisition of the stock of the same or different issuers, or
participations based on revenues, sales or profits. The Fund also may purchase preferred
securities and may acquire common stock through the exercise of conversion or exchange rights
acquired in connection with other securities owned by the Fund. The Fund will not acquire any
additional preferred securities or common stock if as a result of that acquisition the value of all
preferred securities and common stocks in the Fund&#146;s portfolio would exceed 20% of its total
assets. Up to 50% of the value of the Fund&#146;s assets may be invested in restricted securities
acquired through private placements. The Fund also may invest in repurchase agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At least 30% of Fund&#146;s total assets will be represented by (a)&nbsp;debt securities which are rated, at
the time of acquisition, investment grade (<I>i.e.</I>, at least &#147;Baa&#148; by Moody&#146;s Investors Service, Inc.
(&#147;Moody&#146;s&#148;) or &#147;BBB&#148; by
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Standard &#038; Poor&#146;s Rating Group (&#147;S&#038;P&#148;)) or in unrated securities determined by the Subadviser to be
of comparable credit quality, (b)&nbsp;securities issued or guaranteed by the U.S. government or its
agencies and instrumentalities, and (c)&nbsp;cash or cash equivalents. The remaining 70% of the Fund&#146;s
total assets may be invested in debt securities of any credit quality, including securities rated
below investment grade (<I>i.e.</I>, rated &#147;Ba&#148; or lower by Moody&#146;s or &#147;BB&#148; or lower by S&#038;P). Debt
securities of below investment grade quality are regarded as having predominantly speculative
characteristics with respect to the issuer&#146;s ability to pay interest and repay principal and are
commonly referred to as &#147;junk bonds&#148; or &#147;high yield securities.&#148; While the Fund focuses on
intermediate and longer-term debt securities, the Fund may acquire securities of any maturity and
is not subject to any limits as to the average maturity of its overall portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities rated &#147;BBB&#148; by S&#038;P are regarded by S&#038;P as having an adequate capacity to pay interest or
dividends and repay capital or principal, as the case may be; whereas such securities normally
exhibit adequate protection parameters, adverse economic conditions or changing circumstances are
more likely, in the opinion of S&#038;P, to lead to a weakened capacity to pay interest or dividends and
repay capital or principal for securities in this category than in higher rating categories.
Securities rated &#147;Baa&#148; by Moody&#146;s are considered by Moody&#146;s as medium to lower medium grade
securities; they are neither highly protected nor poorly secured; interest or dividend payments and
capital or principal security, as the case may be, appear to Moody&#146;s to be adequate for the present
but certain protective elements may be lacking or may be characteristically unreliable over time;
and, in the opinion of Moody&#146;s, securities in this rating category lack outstanding investment
characteristics and in fact have speculative characteristics as well. Below investment grade
securities and comparable unrated securities involve substantial risk of loss, are considered
highly speculative with respect to the issuer&#146;s ability to pay interest and any required redemption
or principal payments and are susceptible to default or decline in market value due to adverse
economic and business developments. Securities rated Ba or BB may face significant ongoing
uncertainties or exposure to adverse business, financial or economic conditions that could lead to
the issuer being unable to meet its financial commitments. The protection of interest and
principal may be moderate and not well safeguarded during both good and bad times. Securities
rated B generally lack the characteristics of a desirable investment. Assurance of interest and
principal payments over the long term may be low, and such securities are more vulnerable to
nonpayment than obligations rated BB or Ba. Adverse business, financial or economic conditions
will likely impair the issuer&#146;s capacity or willingness to meet its financial commitments. The
descriptions of the investment grade rating categories by Moody&#146;s and S&#038;P, including a description
of their speculative characteristics, are set forth in the SAI. All references to securities
ratings by Moody&#146;s and S&#038;P in this Prospectus shall, unless otherwise indicated, include all
securities within each such rating category (<I>e.g.</I>, &#147;Baa1&#148;, &#147;Baa2&#148; and &#147;Baa3&#148; in the case of Moody&#146;s
and &#147;BBB&#043;&#148;, &#147;BBB&#148; and &#147;BBB-&#148; in the case of S&#038;P). All percentage and ratings limitations on
securities in which the Fund may invest apply at the time of making an investment and shall not be
considered violated if an investment rating is subsequently downgraded to a rating that would have
precluded the Fund&#146;s initial investment in such security. In the event of such security downgrade,
the Fund will sell the portfolio security as soon as the Subadviser believes it to be prudent to do
so in order to again cause the Fund to be within the percentage and ratings limitations set forth
in this Prospectus. In the event that the Fund disposes of a portfolio security subsequent to its
being downgraded, the Fund may experience a greater risk of loss than if such security had been
sold prior to such downgrading.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In managing the Fund&#146;s portfolio, the Subadviser concentrates first on sector selection by deciding
which types of bonds and industries to emphasize at a given time, and then which individual bonds
to buy. When making sector and industry allocations, the Subadviser tries to anticipate shifts in
the business cycle, using top-down analysis to determine which sectors and industries may benefit
over the next 12&nbsp;months. In choosing individual securities, the Subadviser uses bottom-up research
to find securities that appear comparatively undervalued. The Subadviser looks at bonds of all
quality levels and maturities from many different issuers, potentially including U.S.
dollar-denominated securities of foreign corporations and governments. There can be no assurance
that the Fund will achieve its investment objectives.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PORTFOLIO INVESTMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Corporate debt securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund invests in corporate debt obligations. Corporate debt obligations are subject to the risk
of an issuer&#146;s inability to meet principal and interest payments on the obligations and also may be
subject to price volatility due to
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such factors as market interest rates, market perception of the creditworthiness of the issuer and
general market liquidity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>U.S. government and foreign government securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U.S. government securities in which the Fund invests include debt obligations of varying maturities
issued by the U.S. Treasury or issued or guaranteed by an agency or instrumentality of the U.S.
government. U.S. government securities include securities issued or guaranteed by the U.S.
government or its authorities, agencies, or instrumentalities. Foreign government securities
include securities issued or guaranteed by foreign governments (including political subdivisions)
or their authorities, agencies, or instrumentalities or by supra-national agencies. Different
kinds of U.S. government securities and foreign government securities have different kinds of
government support. For example, some U.S. government securities (<I>e.g.</I>, U.S. Treasury bills,
Treasury notes and Treasury bonds, which differ only in their interest rates, maturities and times
of issuance) are supported by the full faith and credit of the U.S. Other U.S. government
securities are issued or guaranteed by federal agencies or government-chartered or -sponsored
enterprises, but are neither guaranteed nor insured by the U.S. government (<I>e.g.</I>, debt securities
issued by the Federal Home Loan Mortgage Corporation (&#147;Freddie Mac&#148;), Federal National Mortgage
Association Bonds (&#147;Fannie Mae&#148;), and Federal Home Loan Banks (&#147;FHLBs&#148;)). Others may be supported
by: (i)&nbsp;the right of the issuer to borrow from the U.S. Treasury; (ii)&nbsp;the discretionary authority
of the U.S. government to purchase the agency&#146;s obligations; or (iii)&nbsp;only the credit of the
issuer. Similarly, some foreign government securities are supported by the full faith and credit
of a foreign national government or political subdivision and some are not. Foreign government
securities of some countries may involve varying degrees of credit risk as a result of financial or
political instability in those countries and the possible inability of a Fund to enforce its rights
against the foreign government issuer. As with other fixed-income securities, sovereign issuers
may be unable or unwilling to make timely principal or interest payments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Supra-national agencies are agencies whose member nations make capital contributions to support the
agencies&#146; activities, and include the International Bank for Reconstruction and Development (the
&#147;World Bank&#148;), the Asian Development Bank, the European Coal and Steel Community, and the
Inter-American Development Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Like other fixed-income securities, U.S. government securities are subject to market risk and their
market values typically will change as interest rates fluctuate. For example, the value of a
Fund&#146;s investment in U.S. government securities may fall during times of rising interest rates.
Yields on U.S. government securities tend to be lower than those of corporate securities of
comparable maturities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to investing directly in U.S. government securities and foreign government securities,
a Fund may purchase certificates of accrual or similar instruments evidencing undivided ownership
interests in interest payments and/or principal payments of U.S. government securities and foreign
government securities. Certificates of accrual and similar instruments may be more volatile than
other government securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mortgage-backed securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may invest in mortgage-backed securities which represent participation interests in pools
of adjustable and fixed rate mortgage loans which are guaranteed by agencies or instrumentalities
of the U.S. government. Unlike conventional debt obligations, mortgage-backed securities provide
monthly payments derived from the monthly interest and principal payments (including any
prepayments) made by the individual borrowers on the pooled mortgage loans. The mortgage loans
underlying mortgage-backed securities are generally subject to a greater rate of principal
prepayments in a declining interest rate environment and to a lesser rate of principal prepayments
in an increasing interest rate environment. Under certain interest and prepayment scenarios, the
Fund may fail to recover the full amount of its investment in mortgage-backed securities
notwithstanding any direct or indirect governmental or agency guarantee. Since faster than
expected prepayments must usually be invested in lower yielding securities, mortgage-backed
securities are less effective than conventional bonds in &#147;locking in&#148; a specified interest rate.
In a rising interest rate environment, a declining prepayment rate may extend the average life of
many mortgage-backed securities. Extending the average life of a mortgage-backed security
increases the risk of depreciation due to future increases in market interest rates. Government
sponsored entities such as the FHLMC, FNMA and FHLB, although chartered or sponsored by Congress,
are not funded by congressional appropriations and the debt and mortgage-backed securities issued
by them are neither guaranteed nor issued by the U.S. government.
</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s investments in mortgage-backed securities may include conventional mortgage pass through
securities and certain classes of multiple class collateralized mortgage obligations (&#147;CMOs&#148;). In
order to reduce the risk of prepayment for investors, CMOs are issued in multiple classes, each
having different maturities, interest rates, payment schedules and allocations of principal and
interest on the underlying mortgages. Senior CMO classes will typically have priority over
residual CMO classes as to the receipt of principal and/or interest payments on the underlying
mortgages. The CMO classes in which the Fund may invest include but are not limited to sequential
and parallel pay CMOs, including planned amortization class (&#147;PAC&#148;) and target amortization class
(&#147;TAC&#148;) securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Different types of mortgage-backed securities are subject to different combinations of prepayment,
extension, interest rate and/or other market risks. Conventional mortgage pass through securities
and sequential pay CMOs are subject to all of these risks, but are typically not leveraged. PACs,
TACs and other senior classes of sequential and parallel pay CMOs involve less exposure to
prepayment, extension and interest rate risk than other mortgage-backed securities, provided that
prepayment rates remain within expected prepayment ranges or &#147;collars.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Illiquid securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may invest up to 20% of its total assets in illiquid securities (<I>i.e.</I>, securities that are
not readily marketable). For this purpose, &#147;illiquid securities&#148; may include certain securities
that are not registered (&#147;restricted securities&#148;) under the Securities Act of 1933, as amended (the
&#147;1933 Act&#148;), including commercial paper issued in reliance on Section&nbsp;4(2) of the 1933 Act and
securities offered and sold to &#147;qualified institutional buyers&#148; under Rule&nbsp;144A under the 1933 Act.
If the Board of Trustees (the &#147;Board&#148;) determines, based upon a continuing review of the trading
markets for specific Section&nbsp;4(2) commercial paper or Rule&nbsp;144A securities, that these instruments
are liquid, they will not be subject to the 20% limit on illiquid investments. The Board has
adopted guidelines and delegated to the Adviser the daily function of determining the monitoring
and liquidity of restricted securities. The Board will, however, retain sufficient oversight and
be ultimately responsible for these determinations. The Board will carefully monitor the Fund&#146;s
investments in these securities, focusing on such important factors, among others, as valuation,
liquidity and availability of information. This investment practice could have the effect of
increasing the level of illiquidity in the Fund if qualified institutional buyers become for a time
uninterested in purchasing these restricted securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repurchase agreements maturing in more than seven days are considered illiquid, unless an agreement
can be terminated after a notice period of seven days or less.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As long as the SEC maintains the position that most swap contracts, caps, floors, and collars are
illiquid, the Fund will continue to designate these instruments as illiquid for purposes of its 20%
illiquid limitation unless the instrument includes a termination clause or has been determined to
be liquid based on a case-by-case analysis pursuant to procedures approved by the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Equity securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may invest up to 20% of its assets in preferred securities and common stocks. The Fund
may purchase preferred securities and may acquire common stock through the exercise of conversion
or exchange rights acquired in connection with other securities owned by the Fund. The Fund
normally will invest in such securities when the Subadviser believes that they will provide a
sufficiently high yield to attain the Fund&#146;s investment objectives. The Fund also may purchase
income producing securities which are convertible into or come with rights to purchase preferred
securities and common stocks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fixed rate preferred securities have fixed dividend rates. They can be perpetual, with no
mandatory redemption date, or issued with a fixed mandatory redemption date. Certain issues of
preferred securities are convertible into other equity securities. Perpetual preferred securities
provide a fixed dividend throughout the life of the issue, with no mandatory retirement provisions,
but may be callable. Sinking fund preferred securities provide for the redemption of a portion of
the issue on a regularly scheduled basis with, in most cases, the entire issue being retired as of
a future date. The value of fixed rate preferred securities can be expected to vary inversely with
interest rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Adjustable rate preferred securities have a variable dividend rate which is determined
periodically, typically quarterly, according to a formula based on a specified premium or discount
to the yield on particular U.S. Treasury securities, typically the highest base-rate yield of one
of three U.S. Treasury securities: the 90-day Treasury bill; the 10-year Treasury note; and either
the 20-year or 30-year Treasury bond or other index. The premium or discount to
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">be added to or subtracted from this base-rate yield is fixed at the time of issuance and cannot be
changed without the approval of the holders of the adjustable rate preferred securities. Some
adjustable rate preferred securities have a maximum and a minimum rate and in some cases are
convertible into common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Auction rate preferred securities pay dividends that adjust based upon periodic auctions. Such
preferred securities are similar to short-term corporate money market instruments in that an
auction rate preferred stockholder has the opportunity to sell the preferred securities at its
liquidation value in an auction, normally conducted at least every 49&nbsp;days, through which buyers
set the dividend rate in a bidding process for the next period. The dividend rate set in the
auction depends upon market conditions and the credit quality of the particular issuer. Typically,
the auction rate preferred securities&#146; dividend rate is limited to a specified maximum percentage
of an external commercial paper index as of the auction date. Further, the terms of auction rate
preferred securities generally provide that they are redeemable by the issuer at certain times or
under certain conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Common stocks are shares of a corporation or other entity that entitle the holder to a <I>pro rata</I>
share of the profits, if any, of the corporation without preference over any other shareholder or
class of shareholders, including holders of such entity&#146;s preferred securities and other senior
equity securities. Common stock usually carries with it the right to vote and frequently an
exclusive right to do so. In selecting common stocks for investment, the Fund expects generally to
focus more on the security&#146;s dividend paying capacity than on its potential for capital
appreciation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Non-U.S. securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While the Fund primarily invests in the securities of U.S. issuers, the Fund may invest in
securities of corporate and governmental issuers located outside the U.S., including emerging
market issuers. The Fund may invest up to 30% of its total assets in securities that are
denominated in foreign currencies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sovereign debt obligations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may invest in sovereign debt obligations, which involve special risks that are not present
in corporate debt obligations. The foreign issuer of the sovereign debt or the foreign
governmental authorities that control the repayment of the debt may be unable or unwilling to repay
principal or interest when due, and a fund may have limited recourse in the event of a default.
During periods of economic uncertainty, the market prices of sovereign debt, and the Fund&#146;s NAV, to
the extent it invests in such securities, may be more volatile than prices of debt obligations of
U.S. issuers. In the past, certain foreign countries have encountered difficulties in servicing
their debt obligations, withheld payments of principal and interest and declared moratoria on the
payment of principal and interest on their sovereign debt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Money market instruments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Money market instruments include short-term U.S. government securities, U.S. dollar-denominated,
high quality commercial paper (unsecured promissory notes issued by corporations to finance their
short-term credit needs), certificates of deposit, bankers&#146; acceptances and repurchase agreements
relating to any of the foregoing. U.S. government securities include Treasury notes, bonds and
bills, which are direct obligations of the U.S. government backed by the full faith and credit of
the U.S., and securities issued by agencies and instrumentalities of the U.S. government, which may
be guaranteed by the U.S. Treasury, may be supported by the issuer&#146;s right to borrow from the U.S.
Treasury or may be backed only by the credit of the U.S. federal agency or instrumentality itself.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Hedging and interest rate transactions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may, but is not required to, use various hedging and interest rate transactions described
below to mitigate risks or facilitate portfolio management. Such transactions are generally
accepted under modern portfolio management and are regularly used by many mutual funds and other
institutional investors. Although the Subadviser seeks to use these practices to further the
Fund&#146;s investment objectives, no assurance can be given that these practices will achieve this
result.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may purchase and sell derivative instruments such as exchange-listed and over-the-counter
put and call options on securities, financial futures, fixed-income, interest rate and equity
indices, and other financial instruments, purchase and sell financial futures contracts and options
thereon, and enter into various interest rate transactions such as swaps, caps, floors or collars
or credit transactions and credit default swaps. The Fund also may purchase derivative instruments
that combine features of these instruments. Collectively, all of the above are referred to as
&#147;Strategic Transactions.&#148; The Fund generally seeks to use Strategic Transactions as a portfolio
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">management or hedging technique to seek to protect against possible adverse changes in the market
value of securities held in or to be purchased for the Fund&#146;s portfolio, protect the value of the
Fund&#146;s portfolio, facilitate the sale of certain securities for investment purposes, manage the
effective interest rate exposure of the Fund, including the effective yield paid on any preferred
shares issued by the Fund, manage the effective maturity or duration of the Fund&#146;s portfolio or
establish positions in the derivatives markets as a temporary substitute for purchasing or selling
particular securities. The Fund does not engage in these transactions for speculative purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Strategic Transactions have risks, including the imperfect correlation between the value of such
instruments and the underlying assets, the possible default of the other party to the transaction
or illiquidity of the derivative instruments. Furthermore, the ability to use successfully
Strategic Transactions depends on the Subadviser&#146;s ability to predict pertinent market movements,
which cannot be assured. Thus, the use of Strategic Transactions may result in a loss greater than
if they had not been used, may require the Fund to sell or purchase portfolio securities at
inopportune times or for prices other than current market values, may limit the amount of
appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it
might otherwise sell. Additionally, amounts paid by the Fund as premiums and cash or other assets
held in margin accounts with respect to Strategic Transactions are not otherwise available to the
Fund for investment purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A more complete discussion of Strategic Transactions and their risks is contained in the SAI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>TEMPORARY DEFENSIVE STRATEGIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There may be times when, in the Subadviser&#146;s judgment, conditions in the securities market would
make pursuit of the Fund&#146;s investment strategy inconsistent with achievement of the Fund&#146;s
investment objectives. At such times, the Subadviser may employ alternative strategies primarily
to seek to reduce fluctuations in the value of the Fund&#146;s assets. In implementing these temporary
defensive strategies, depending on the circumstances, the Fund may invest an unlimited portion of
its portfolio in short-term money market instruments, securities with remaining maturities of less
than one year, cash or cash equivalents. It is impossible to predict when, or for how long, the
Fund may use these alternative strategies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ADDITIONAL PORTFOLIO INVESTMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Structured securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may invest in structured securities including notes, bonds or debentures, the value of the
principal of and/or interest on which is to be determined by reference to changes in the value of
specific currencies, interest rates, commodities, indices or other financial indicators (the
&#147;Reference&#148;) or the relative change in two or more References. The interest rate or the principal
amount payable upon maturity or redemption may be increased or decreased depending upon changes in
the applicable Reference. The terms of the structured securities may provide that in certain
circumstances no principal is due at maturity and, therefore, may result in the loss of the Fund&#146;s
investment. Structured securities may be positively or negatively indexed, so that appreciation of
the Reference may produce an increase or decrease in the interest rate or value of the security at
maturity. In addition, the change in interest rate or the value of the security at maturity may be
a multiple of the change in the value of the Reference. Consequently, structured securities entail
a greater degree of market risk than other types of debt obligations. Structured securities also
may be more volatile, less liquid and more difficult to price accurately than less complex
fixed-income investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>When-Issued and Forward Commitment Securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may purchase securities on a when-issued or forward commitment basis. &#147;When-issued&#148;
refers to securities whose terms are available and for which a market exists, but which have not
been issued. The Fund will engage in when-issued transactions with respect to securities purchased
for its portfolio in order to obtain what is considered to be an advantageous price and yield at
the time of the transaction. For when-issued transactions, no payment is made until delivery is
due, often a month or more after the purchase. In a forward commitment transaction, the Fund
contracts to purchase securities for a fixed price at a future date beyond customary settlement
time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When the Fund engages in a forward commitment or when-issued transaction, the Fund relies on the
issuer or seller to consummate the transaction. The failure of the issuer or seller to consummate
the transaction may result in the
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fund&#146;s losing the opportunity to obtain a price and yield considered to be advantageous. The
purchase of securities on a when-issued or forward commitment basis also involves a risk of loss if
the value of the security to be purchased declines prior to the settlement date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the date that the Fund enters into an agreement to purchase securities on a when-issued or
forward commitment basis, the Fund will segregate in a separate account cash or liquid securities,
of any type or maturity, equal in value to the Fund&#146;s commitment. These assets will be valued
daily at market, and additional cash or securities will be segregated in a separate account to the
extent that the total value of the assets in the account declines below the amount of the
when-issued commitments. Alternatively, the Fund may enter into offsetting contracts for the
forward sale of other securities that it owns.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Repurchase agreements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may enter into repurchase agreements. In a repurchase agreement the Fund would buy a
security for a relatively short period (usually not more than 7&nbsp;days) subject to the obligation to
sell it back to the seller at a fixed time and price plus accrued interest. The Fund will enter
into repurchase agreements only with member banks of the Federal Reserve System and with &#147;primary
dealers&#148; in U.S. government securities. When the Fund enters into a repurchase agreement, it
receives collateral which is held in a segregated account by the Fund&#146;s custodian. The collateral
amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in
an amount not less than the principal amount of the repurchase agreement plus any accrued interest.
In the event of a default by the counterparty, realization of the collateral proceeds could be
delayed, during which time the collateral value may decline.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reverse repurchase agreements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may engage in reverse repurchase agreement transactions to the extent permitted under the
1940 Act, and related guidance of the SEC and its staff. Reverse repurchase agreements involve the
sale of U.S. government securities held in its portfolio to a bank with an agreement that the Fund
will buy back the securities at a fixed future date at a fixed price plus an agreed amount of
&#147;interest&#148; which may be reflected in the repurchase price. Reverse repurchase agreements are
considered to be borrowings by the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to use reverse repurchase agreements to obtain investment leverage either alone
and/or in combination with other forms of investment leverage. The Fund also may use reverse
repurchase agreement transactions for temporary or emergency purposes. In a reverse repurchase
agreement transaction, the Fund temporarily transfers possession of a portfolio instrument to
another party in return for cash. At the same time, the Fund agrees to repurchase the instrument
at an agreed upon time and price, which reflects an interest payment. The value of the portfolio
securities transferred may substantially exceed the purchase price received by the Fund under the
reverse repurchase agreement transaction and, during the life of the reverse repurchase agreement
transaction, the Fund may be required to transfer additional securities if the market value of
those securities initially transferred declines. In engaging in a reverse repurchase transaction,
the Fund may transfer (&#147;sell&#148;) any of its portfolio securities to a broker-dealer, bank or another
financial institution counterparty as determined by the Subadviser to be appropriate. In
accordance with guidance from the SEC and its staff from time to time in effect, the Fund will
earmark or segregate liquid assets equal to repayment obligations under the reverse repurchase
agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reverse repurchase agreements involve the risk that the market value of securities purchased by the
Fund with proceeds of the transaction may decline below the repurchase price of the securities sold
by the Fund which it is obligated to repurchase. The Fund also will continue to be subject to the
risk of a decline in the market value of the securities sold under the agreements because it will
reacquire those securities upon effecting their repurchase. To minimize various risks associated
with reverse repurchase agreements, the Fund will establish and maintain a separate account
consisting of liquid securities, of any type or maturity, in an amount at least equal to the
repurchase prices of the securities (plus any accrued interest thereon) under such agreements. In
addition, the Fund will not enter into reverse repurchase agreements, except from banks as a
temporary measure for extraordinary emergency purposes in amounts not to exceed 33<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>% of the Fund&#146;s
total assets (including the amount borrowed) taken at market value immediately after giving effect
to the reverse repurchase agreement. The Fund will enter into reverse repurchase agreements only
with federally insured banks which are approved in advance as being creditworthy by the Trustees.
Under the procedures established by the Trustees, the Adviser will monitor the creditworthiness of
the banks involved.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mortgage &#147;dollar roll&#148; transactions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may enter into mortgage &#147;dollar roll&#148; transactions with selected banks and broker-dealers
pursuant to which the Fund sells mortgage-backed securities and simultaneously contracts to
repurchase substantially similar (same type, coupon and maturity) securities on a specified future
date. The Fund will only enter into covered rolls. A &#147;covered roll&#148; is a specific type of dollar
roll for which there is an offsetting cash position or a cash equivalent security position which
matures on or before the forward settlement date of the dollar roll transaction. Covered rolls are
not treated as a borrowing or other senior security and will be excluded from the calculation of
the Fund&#146;s borrowings and other senior securities. For financial reporting and tax purposes, the
Fund treats mortgage dollar rolls as two separate transactions; one involving the purchase of a
security and a separate transaction involving a sale.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Asset-backed securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may invest in asset-backed securities. Asset-backed securities are often subject to more
rapid repayment than their stated maturity date would indicate as a result of the pass-through of
prepayments of principal on the underlying loans. During periods of declining interest rates,
prepayment of loans underlying asset-backed securities can be expected to accelerate. Accordingly,
the Fund&#146;s ability to maintain positions in these securities will be affected by reductions in the
principal amount of such securities resulting from prepayments, and its ability to reinvest the
returns of principal at comparable yields is subject to generally prevailing interest rates at that
time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Brady bonds</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may invest in Brady Bonds and other sovereign debt securities of countries that have
restructured or are in the process of restructuring sovereign debt pursuant to the Brady Plan.
Brady Bonds are debt securities described as part of a restructuring plan created by U.S. Treasury
Secretary Nicholas F. Brady in 1989 as a mechanism for debtor nations to restructure their
outstanding external indebtedness (generally, commercial bank debt). In restructuring its external
debt under the Brady Plan framework, a debtor nation negotiates with its existing bank lenders as
well as multilateral institutions such as the World Bank and the International Monetary Fund (the
&#147;IMF&#148;). The Brady Plan facilitates the exchange of commercial bank debt for newly issued bonds
(known as Brady Bonds). The World Bank and the IMF provide funds pursuant to loan agreements or
other arrangements which enable the debtor nation to collateralize the new Brady Bonds or to
repurchase outstanding bank debt at a discount. Under these arrangements the IMF debtor nations
are required to implement domestic monetary and fiscal reforms. These reforms have included the
liberalization of trade and foreign investment, the privatization of state-owned enterprises and
the setting of targets for public spending and borrowing. These policies and programs seek to
promote the debtor country&#146;s ability to service its external obligations and promote its economic
growth and development. The Brady Plan only sets forth general guiding principles for economic
reform and debt reduction, emphasizing that solutions must be negotiated on a case-by-case basis
between debtor nations and their creditors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>REITs</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may invest in common and preferred interests in real estate investment trusts (&#147;REITs&#148;).
REITs primarily invest in income producing real estate or real estate related loans or interests.
REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and
mortgage REITs. Equity REITs invest the majority of their assets directly in real property and
derive income primarily from the collection of rents. Equity REITs also can realize capital gain
by selling properties that have appreciated in value. Mortgage REITs invest the majority of their
assets in real estate mortgages and derive income from the collection of interest payments. REITs
are not taxed on income distributed to shareholders provided they comply with the applicable
requirements of the Code. The Fund will in some cases indirectly bear its proportionate share of
any management and other expenses paid by REITs in which it invests in addition to the expenses
paid by the Fund. Debt securities issued by REITs are, for the most part, general and unsecured
obligations and are subject to risks associated with REITs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other investment companies</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may invest in the securities of other investment companies to the extent that such
investments are consistent with the Fund&#146;s investment objectives and policies and permissible under
the 1940 Act. As a stockholder in an investment company, the Fund will bear its ratable share of
that investment company&#146;s expenses, and would remain subject to payment of the Fund&#146;s investment
management fees and other expenses with respect to the assets so invested. Common Shareholders
would therefore be subject to duplicative expenses to the extent the Fund invests in other
investment companies. In addition, these other investment companies may utilize leverage, in which
case an investment would subject the Fund to additional risks associated with leverage. See &#147;Risk
Factors&#151;
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Leverage Risk.&#148; The Fund, as a holder of the securities of other investment companies, will bear
its <I>pro rata </I>portion of the other investment companies&#146; expenses, including advisory fees. These
expenses are in addition to the direct expenses of the Fund&#146;s own operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>OTHER INVESTMENT POLICIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Borrowing</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund has entered into a Committed Facility Agreement (&#147;CFA&#148;)
 that allows it to borrow up to $91&nbsp;million and to invest the borrowings in accordance with
its investment practices.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Borrowings
under the CFA are secured by certain assets of the Fund as disclosed in the Fund&#146;s
investments. Interest charged is at the rate of one-month LIBOR plus
0.70%. Prior to April 29, 2011, the interest rate was one-month LIBOR
plus 0.95%. See &#147;&#151;Use of Leverage
by the Fund.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may terminate the agreement with 30&nbsp;days&#146; notice. In addition, if certain asset coverage
and collateral requirements, minimum net assets or other covenants are not met, the CFA could be
deemed in default and result in termination. Absent a default or a
facility termination event, the lender
is required to provide the Fund with 360&nbsp;days&#146; notice prior to terminating or amending the CFA.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Portfolio turnover</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may engage in short-term trading strategies, and securities may be sold without regard to
the length of time held when, in the opinion of the Subadviser, investment considerations warrant
such action. Short term trading may have the effect of increasing portfolio turnover rate. A high
turnover rate (100% or more) necessarily involves greater trading costs to the Fund and may result
in the realization of net short term capital gain. The portfolio turnover rate for the Fund for
the fiscal years ended October&nbsp;31, 2011 and October&nbsp;31, 2010 was 45% and 71%, respectively. The
success of short-term trading will depend upon the ability of the Subadviser to evaluate particular
securities, to anticipate relevant market factors, including trends of interest rates and earnings
and variations from such trends, to obtain relevant information, to evaluate it promptly, and to
take advantage of its evaluations by completing transactions on a favorable basis. There can be no
assurance that the Subadviser will be successful in that evaluation. If securities are not held
for the applicable holding periods, dividends paid on them will not qualify for the advantageous
U.S. federal tax rates. See &#147;Investment Strategies&#148; and &#147;U.S. Federal Income Tax Matters.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Lending of securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may lend portfolio securities to brokers, dealers and financial institutions if the loan
is collateralized by cash or U.S. government securities according to applicable regulatory
requirements. The Fund may reinvest any cash collateral in short-term securities and money market
funds. When the Fund lends portfolio securities, there is a
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">risk that the borrower may fail to return the securities involved in the transaction. As a result,
the Fund may incur a loss or, in the event of the borrower&#146;s bankruptcy, the Fund may be delayed in
or prevented from liquidating the collateral. The Fund may not lend portfolio securities having a
total value exceeding 33<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>% of its total assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Foreign currency transactions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The value of non-U.S. assets as measured in U.S. dollars may be affected favorably or unfavorably
by changes in foreign currency rates and exchange control regulations. Currency exchange rates
also can be affected unpredictably by intervention by U.S. or foreign governments or central banks,
or the failure to intervene, or by currency controls or political developments in the U.S. or
abroad. The Fund may (but is not required to) engage in transactions to hedge against changes in
foreign currencies, and will use such hedging techniques when the Adviser or the Subadviser deems
appropriate. Foreign currency exchange transactions may be conducted on a spot (<I>i.e.</I>, cash) basis
at the spot rate prevailing in the foreign currency exchange market or through entering into
derivative currency transactions. Currency futures contracts are exchange-traded and change in
value to reflect movements of a currency or a basket of currencies. Settlement must be made in a
designated currency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Forward foreign currency exchange contracts are individually negotiated and privately traded so
they are dependent upon the creditworthiness of the counterparty. Such contracts may be used when
a security denominated in a foreign currency is purchased or sold, or when the receipt in a foreign
currency of dividend or interest payments on such a security is anticipated. A forward contract
can then &#147;lock in&#148; the U.S. dollar price of the security or the U.S. dollar equivalent of such
dividend or interest payment, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additionally, when the Adviser or the Subadviser believes that the currency of a particular foreign
country may suffer a substantial decline against the U.S. dollar, it may enter into a forward
contract to sell, for a fixed amount of dollars, the amount of foreign currency approximating the
value of some or all of the securities held that are denominated in such foreign currency. The
precise matching of the forward contract amounts and the value of the securities involved generally
will not be possible. In addition, it may not be possible to hedge against long-term currency
changes. Cross-hedging may be performed by using forward contracts in one currency (or basket of
currencies) to hedge against fluctuations in the value of securities denominated in a different
currency if the Adviser or the Subadviser determines that there is an established historical
pattern of correlation between the two currencies (or the basket of currencies and the underlying
currency). Use of a different foreign currency magnifies exposure to foreign currency exchange
rate fluctuations. Forward contracts also may be used to shift exposure to foreign currency
exchange rate changes from one currency to another. Short-term hedging provides a means of fixing
the dollar value of only a portion of portfolio assets. Income or gain earned on any of the Fund&#146;s
foreign currency transactions generally will be treated as fully taxable income (<I>i.e.</I>, income other
than tax-advantaged dividends).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Currency transactions are subject to the risk of a number of complex political and economic factors
applicable to the countries issuing the underlying currencies. Furthermore, unlike trading in most
other types of instruments, there is no systematic reporting of last sale information with respect
to the foreign currencies underlying the derivative currency transactions. As a result, available
information may not be complete. In an over-the-counter trading environment, there are no daily
price fluctuation limits. There may be no liquid secondary market to close out options purchased
or written, or forward contracts entered into, until their exercise, expiration or maturity. There
also is the risk of default by, or the bankruptcy of, the financial institution serving as
counterparty.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>USE OF LEVERAGE BY THE FUND</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may use leverage to the extent permitted by the 1940 Act. The Fund currently utilizes
leverage by borrowing pursuant the CFA as described above in &#147;&#151;Other Investment
Policies&#151;Borrowing.&#148; In addition, the Fund may use leverage by borrowing from other financial
institutions or through the issuance of preferred shares, reverse repurchase agreements or other
leverage financing which, together with borrowings, may be in an amount equal to 33<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>% of the Fund&#146;s
managed assets immediately after giving effect to the borrowing, issuance or transaction. The Fund
also may borrow for temporary, emergency or other purposes as permitted under the 1940 Act. Any
such indebtedness would be in addition to the combined effective leverage ratio of 33<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>% of the
Fund&#146;s managed assets immediately after giving effect to the borrowing. The Fund&#146;s leverage
strategy may not be successful. By leveraging its investment portfolio, the Fund creates an
opportunity for increased net income or capital appreciation. However, the use of leverage also
involves risks, which can be significant. These risks include the possibility that the value of
the assets acquired with such borrowing decreases although the Fund&#146;s liability is
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">fixed, greater volatility in the Fund&#146;s NAV and the market price of the Fund&#146;s Common Shares and
higher expenses. Because the Adviser&#146;s fee is based upon a percentage of the Fund&#146;s managed
assets, the Adviser&#146;s fee will be higher if the Fund is leveraged and the Adviser will have an
incentive to leverage the Fund. The Adviser intends only to leverage the Fund when it believes
that the potential return on the additional investments acquired through the use of leverage is
likely to exceed the costs incurred in connection with the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At October&nbsp;31, 2011, the Fund had
loans outstanding under the Fund&#146;s CFA of $87,700,000.
During the year ended October&nbsp;31, 2011, the Fund had borrowings under the CFA as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Average Daily Loan Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Weighted Average Interest Rate%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Maximum Daily Loan Outstanding</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">$83,752,055</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.05%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;&#95;&#95;&#95;&#093;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s borrowings under its credit facility at
October&nbsp;31, 2011 equaled approximately &#091;&#95;&#95;&#95;&#093;% of
the Fund&#146;s total assets (including the proceeds of such leverage). The Fund&#146;s asset coverage ratio
as of October&nbsp;31, 2011 was &#091;&#95;&#95;&#95;&#093;%. See &#147;&#151;Other Investment Policies&#151;Borrowing&#148; for a brief
description of the Fund&#146;s CFA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Assuming the utilization of leverage in the amount of &#091;&#95;&#95;&#95;&#093;% of the Fund&#146;s total assets and an
annual interest rate of &#091;&#95;&#95;&#95;&#093;% payable on such leverage based on market rates as of the date of
this Prospectus, the additional income that the Fund must earn (net of expenses) in order to cover
such leverage is approximately $&#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;. Actual costs of leverage may be higher or lower than
that assumed in the previous example.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following an offering of additional Common Shares from time to time, the Fund may increase the
amount of leverage outstanding. The Fund may engage in additional borrowings in order to maintain
the Fund&#146;s desired leverage ratio. Leverage creates a greater risk of loss, as well as a potential
for more gain, for the Common Shares than if leverage were not used. Interest on borrowings may be
at a fixed or floating rate and generally will be based on short-term rates. The costs associated
with the Fund&#146;s use of leverage, including the issuance of such leverage and the payment of
dividends or interest on such leverage, will be borne entirely by the Common Shareholders. As long
as the rate of return, net of applicable Fund expenses, on the Fund&#146;s investment portfolio
investments purchased with leverage exceeds the costs associated with such leverage, the Fund will
generate more return or income than will be needed to pay such costs. In this event, the excess
will be available to pay higher dividends to Common Shareholders. Conversely, if the Fund&#146;s return
on such assets is less than the cost of leverage and other Fund expenses, the return to the Common
Shareholders will diminish. To the extent that the Fund uses leverage, the NAV and market price of
the Common Shares and the yield to Common Shareholders will be more volatile. The Fund&#146;s
leveraging strategy may not be successful. See &#147;Risk Factors&#151;Leverage Risk.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table is designed to illustrate the effect on the return to a holder of the Fund&#146;s
Common Shares of leverage in the amount of approximately &#091;&#95;&#95;&#95;&#093;% of the Fund&#146;s total assets,
assuming hypothetical annual returns of the Fund&#146;s investment portfolio of minus 10% to plus 10%.
As the table shows, leverage generally increases the return to Common Shareholders when portfolio
return is positive and greater than the cost of leverage and decreases the return when the
portfolio return is negative or less than the cost of leverage. The figures appearing in the table
are hypothetical. Actual returns may be greater or less than those appearing in the table.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Assumed Portfolio Return</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(10.00)%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(5.00)%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>0.00%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>5.00%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>10.00%</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corresponding Common Shares Total Return</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Risk Factors</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are descriptions of the main factors that may play a role in shaping the Fund&#146;s overall
risk profile. The descriptions of are grouped by general risks and strategy risks. For further
details about Fund risks, including additional risk factors that are not discussed in this
Prospectus because they are not considered primary factors, see the Fund&#146;s SAI.
</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>General Risks</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>INVESTMENT AND MARKET RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An investment in Common Shares is subject to investment risk, including the possible loss of the
entire principal amount invested. An investment in Common Shares represents an indirect investment
in the securities owned by the Fund, which generally are traded on a securities exchange or in the
over-the-counter markets. The value of these securities, like other market investments, may move
up or down, sometimes rapidly and unpredictably. Common Shares at any point in time may be worth
less than the original investment, even after taking into account any reinvestment of dividends and
distributions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>TAX RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To qualify for the special tax treatment available to regulated investment companies, the Fund
must: (i)&nbsp;derive at least 90% of its annual gross income from certain kinds of investment income;
(ii)&nbsp;meet certain asset diversification requirements at the end of each quarter, and (iii)
distribute in each taxable year at least 90% of its net investment income (including net interest
income and net short term capital gain). If the Fund failed to meet any of these requirements,
subject to the opportunity to cure such failures under applicable provisions of the Code, the Fund
would be subject to U.S. federal income tax at regular corporate rates on its taxable income,
including its net capital gain, even if such income were distributed to its shareholders. All
distributions by the Fund from earnings and profits, including distributions of net capital gain
(if any), would be taxable to the shareholders as ordinary income. In addition, in order to
requalify for taxation as a regulated investment company, the Fund might be required to recognize
unrealized gain, pay substantial taxes and interest, and make certain distributions. See &#147;U.S.
Federal Income Tax Matters.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tax treatment and characterization of the Fund&#146;s distributions may vary significantly from time
to time due to the nature of the Fund&#146;s investments. The ultimate tax characterization of the
Fund&#146;s distributions in a calendar year may not finally be determined until after the end of that
calendar year. The Fund may make distributions during a calendar year that exceed the Fund&#146;s net
investment income and net realized capital gain for that year. In such a situation, the amount by
which the Fund&#146;s total distributions exceed net investment income and net realized capital gain
generally would be treated as a return of capital up to the amount of the Common Shareholder&#146;s tax
basis in his or her Common Shares, with any amounts exceeding such basis treated as gain from the
sale of his or her Common Shares. See &#147;U.S. Federal Income Tax Matters.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No assurance can be given as to what percentage of the distributions paid on Common Shares, if any,
will consist of long-term capital gain or what the tax rates on various types of income will be in
future years. See &#147;U.S. Federal Income Tax Matters.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DISTRIBUTION RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There can be no assurance that quarterly distributions paid by the Fund to shareholders will be
maintained at current levels or increase over time. The quarterly distributions shareholders
receive from the Fund are derived from the Fund&#146;s dividends and interest income after payment of
Fund expenses, net option premiums and net realized gain on equity securities investments. If
stock market volatility and/or stock prices decline, the premiums available from writing call
options and writing put options on individual stocks likely will decrease as well. Payments to
purchase put options and to close written call and put options will reduce amounts available for
distribution. Net realized gain on the Fund&#146;s stock investments will be determined primarily by
the direction and movement of the stock market and the equity securities held. The Fund&#146;s cash
available for distribution may vary widely over the short- and long-term. If, for any calendar
year, the total distributions made exceed the Fund&#146;s net investment taxable income and net capital
gain, the excess generally will be treated as a return of capital to each Common Shareholder (up to
the amount of the Common Shareholder&#146;s basis in his or her Common Shares) and thereafter as gain
from the sale of Common Shares. The amount treated as a return of capital reduces the Common
Shareholder&#146;s adjusted basis in his or her Common Shares, thereby increasing his or her potential
gain or reducing his or her potential loss on the subsequent sale of his or her Common Shares.
Distributions in any year may include a substantial return of capital component. Dividends on
common stocks are not fixed but are declared at the discretion of the issuer&#146;s board of directors.
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PORTFOLIO TURNOVER RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may engage in short-term trading strategies, and securities may be sold without regard to
the length of time held when, in the opinion of the Subadviser, investment considerations warrant
such action. Higher rates of portfolio turnover likely would result in higher brokerage
commissions and may generate short-term capital gain taxable as ordinary income, which may have a
negative impact on the Fund&#146;s performance over time. The portfolio turnover rate of the Fund may
vary from year to year, as well as within a year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DEFENSIVE POSITIONS RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During periods of adverse market or economic conditions, the Fund may temporarily invest all or a
substantial portion of its total assets in short-term money market instruments, securities with
remaining maturities of less than one year, cash or cash equivalents. The Fund will not be
pursuing its investment objectives in these circumstances and could miss favorable market
developments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>INTEREST RATE RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest rate risk is the risk that fixed-income securities such as debt securities and preferred
securities will decline in value because of changes in market interest rates. When market interest
rates rise, the market value of such securities generally will fall. The Fund&#146;s investments in
debt securities and preferred securities means that the NAV and market price of the Common Shares
will tend to decline if market interest rates rise. Given the historically low level of interest
rates in recent years and the likelihood that interest rates will increase when the national
economy strengthens, the risk of the potentially negative impact of rising interest rates on the
value of the Fund&#146;s portfolio may be significant. In addition, the longer the average maturity of
the Fund&#146;s portfolio of debt securities, the greater the potential impact of rising interest rates
on the value of the Fund&#146;s portfolio and the less flexibility the Fund may have to respond to the
decreasing spread between the yield on its portfolio securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During periods of declining interest rates, an issuer may exercise its option to prepay principal
of debt securities or to redeem preferred securities earlier than scheduled, forcing the Fund to
reinvest in lower yielding securities. This is known as call or prepayment risk. During periods
of rising interest rates, the average life of certain types of securities may be extended because
of slower than expected principal payments. This may lock in a below market interest rate,
increase the security&#146;s duration and reduce the value of the security. This is known as extension
risk.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>INFLATION RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inflation risk is the risk that the purchasing power of assets or income from investments will be
worth less in the future as inflation decreases the value of money. As inflation increases, the
real value of Common Shares and distributions thereon can decline.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>LEVERAGE RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund is authorized to utilize leverage through borrowings and/or the issuance of preferred
shares, including the issuance of debt securities. The Fund currently utilizes leverage
through borrowings under a credit facility. The Fund
 reserves the flexibility to utilize leverage by borrowing from other financial institutions or
through the issuance of preferred shares. There can be no assurance that such a leveraging
strategy will be successful during any period in which it is employed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund utilizes a CFA to increase its assets available for investment. When the Fund leverages
its assets, Common Shareholders bear the fees associated with the credit facility and have the
potential to benefit or be disadvantaged from the use of leverage. In addition, the fee paid to
the Adviser is calculated on the basis of the Fund&#146;s average daily managed assets, including
proceeds from borrowings and/or the issuance of preferred shares, so the fee will be higher when
leverage is utilized, which may create an incentive for the Adviser to employ financial leverage.
Consequently, the Fund and the Adviser may have differing interests in determining whether to
leverage the Fund&#146;s assets. Leverage creates risks that may adversely affect the return for the
Common Shareholders, including:
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the likelihood of greater volatility of NAV and market price of Common Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fluctuations in the interest rate paid for the use of the credit facility;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increased operating costs, which may reduce the Fund&#146;s total return;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the potential for a decline in the value of an investment acquired through leverage,
while the Fund&#146;s obligations under such leverage remains fixed; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fund is more likely to have to sell securities in a volatile market in order to meet
asset coverage or other debt compliance requirements.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the extent the returns derived from securities purchased with proceeds received from leverage
exceeds the cost of leverage, the Fund&#146;s distributions may be greater than if leverage had not been
used. Conversely, if the returns from the securities purchased with such proceeds are not
sufficient to cover the cost of leverage, the amount available for distribution to Common
Shareholders will be less than if leverage had not been used. In the latter case, the Adviser, in
its best judgment, may nevertheless determine to maintain the Fund&#146;s leveraged position if it deems
such action to be appropriate. The costs of a borrowing program and/or an offering of preferred
shares would be borne by Common Shareholders and consequently would result in a reduction of the
NAV of Common Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the risks created by the Fund&#146;s use of leverage, the Fund is subject to the risk
that it would be unable to timely, or at all, obtain replacement financing if the CFA is
terminated. Were this to happen, the Fund would be required to de-leverage, selling securities at
a potentially inopportune time and incurring tax consequences. Further, the Fund&#146;s ability to
generate income from the use of leverage would be adversely affected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MARKET DISCOUNT RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s Common Shares will be offered only when Common Shares of the Fund are trading at a price
equal to or above the Fund&#146;s NAV per Common Share plus the per Common Share amount of commissions.
As with any security, the market value of the Common Shares may increase or decrease from the
amount initially paid for the Common Shares. The Fund&#146;s Common Shares have traded at both a
premium and at a discount to NAV. The shares of closed-end management investment companies
frequently trade at a discount from their NAV. This characteristic is a risk separate and distinct
from the risk that the Fund&#146;s NAV could decrease as a result of investment activities. Investors
bear a risk of loss to the extent that the price at which they sell their shares is lower in
relation to the Fund&#146;s NAV than at the time of purchase, assuming a stable NAV.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECONDARY MARKET FOR THE COMMON SHARES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The issuance of new Common Shares may have an adverse effect on the secondary market for the Common
Shares. When the Common Shares are trading at a premium, the Fund may issue Common Shares of the Fund
that are sold through transactions effected on the NYSE. The increase in the amount of the Fund&#146;s outstanding Common Shares resulting from the
offering of new Common Shares may put downward pressure on the market price for the Common Shares
of the Fund. Common Shares will not be issued at any time when Common Shares are trading at a
price lower than a price equal to the Fund&#146;s NAV per Common Share plus the per Common Share amount
of commissions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund also issues Common Shares of the Fund through its dividend reinvestment plan. Common
Shares may be issued under the plan at a discount to the market price for such Common Shares, which
may put downward pressure on the market price for Common Shares of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The voting power of current Common Shareholders will be diluted to the extent that such
shareholders do not purchase shares in any future Common Share offerings or do not purchase
sufficient shares to maintain their percentage interest. In addition, if the proceeds of such
offering are unable to be invested as intended, the Fund&#146;s per Common Share distribution may
decrease (or may consist of return of capital) and the Fund may not participate in market advances
to the same extent as if such proceeds were fully invested as planned.
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MANAGEMENT RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund is subject to management risk because it relies on the Subadviser&#146;s ability to pursue the
Fund&#146;s investment objectives. The Subadviser applies investment techniques and risk analyses in
making investment decisions for the Fund, but there can be no guarantee that it will produce the
desired results. The Subadviser&#146;s securities selections and other investment decisions might
produce a loss or cause the Fund to underperform when compared to other funds with similar
investment goals. If one or more key individuals leave the employ of the Subadviser, then the
Subadviser may not be able to hire qualified replacements, or may require an extended time to do
so. This could prevent the Fund from achieving its investment objectives.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MARKET DISRUPTION RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Instability in the Middle East, the wars in Afghanistan, Iraq and Libya, geopolitical tensions
elsewhere and terrorist attacks in the U.S. and around the world have resulted in market volatility
and may have long-term effects on the U.S. and worldwide financial markets and may cause further
economic uncertainties in the U.S. and worldwide. The Fund does not know how long the securities
markets will continue to be affected by these events and cannot predict the effects of these or
similar events in the future on the economy or the securities markets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NATURAL DISASTERS AND ADVERSE WEATHER CONDITIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain areas of the world historically have been prone to major natural disasters, such as
hurricanes, earthquakes, typhoons, flooding, tidal waves, tsunamis, erupting volcanoes, wildfires
or droughts, and have been economically sensitive to environmental events. Such disasters, and the
resulting damage, could have a severe and negative impact on the Fund&#146;s investment portfolio and,
in the longer term, could impair the ability of issuers in which the Fund invests to conduct their
businesses in the manner normally conducted. Adverse weather conditions also may have a
particularly significant negative affect on issuers in the agricultural sector and on insurance
companies that insure against the impact of natural disasters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>RECENT EVENTS RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The debt and equity capital markets in the U.S. have been negatively impacted by significant
write-offs in the financial services sector relating to sub-prime mortgages and the re-pricing of
credit risk in the broadly syndicated market, among other things. These events, along with the
deterioration of the housing market, the failure of major financial institutions and the resulting
U.S. federal government actions have led to a decline in general economic conditions, which have
materially and adversely impacted the broader financial and credit markets and have reduced the
availability of debt and equity capital for the market as a whole and financial firms in
particular. These events have been adversely affecting the willingness of some lenders to extend
credit, in general, which may make it more difficult for issuers of debt securities to obtain
financings or refinancings for their investment or lending activities or operations. There is a
risk that such issuers will be unable to successfully complete such financings or refinancings. In
particular, because of the current conditions in the credit markets, issuers of debt securities may
be subject to increased cost for debt, tightening underwriting standards and reduced liquidity for
loans they make, securities they purchase and securities they issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These events may increase the volatility of the value of securities owned by the Fund and/or result
in sudden and significant valuation increases or declines in its portfolio. These events also may
make it more difficult for the Fund to accurately value its securities or to sell its securities on
a timely basis. A significant decline in the value of the Fund&#146;s portfolio likely would result in
a significant decline in the value of your investment in the Fund. Prolonged continuation or
further deterioration of current market conditions could adversely impact the Fund&#146;s portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CHANGES IN U.S. LAW</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Changes in the state and U.S. federal laws applicable to the Fund, including changes to state and
U.S. federal tax laws, or applicable to the Adviser, the Subadviser and other securities or
instruments in which the Fund may invest, may negatively affect the Fund&#146;s returns to Common
Shareholders. The Fund may need to modify its investment strategy in the future in order to
satisfy new regulatory requirements or to compete in a changed business environment.
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ANTI-TAKEOVER PROVISIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Declaration of Trust includes provisions that could limit the ability of other persons or
entities to acquire control of the Fund or to change the composition of its Board. These
provisions may deprive shareholders of opportunities to sell their Common Shares at a premium over
the then current market price of the Common Shares. See &#147;Certain Provisions in the Declaration of
Trust and By-Laws&#151;Anti-takeover provisions.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Strategy Risks</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ISSUER RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An issuer of a security purchased by the Fund may perform poorly and, therefore, the value of its
stocks and bonds may decline and the issuer may default on its obligations. Poor performance may
be caused by poor management decisions, competitive pressures, breakthroughs in technology,
reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent
disclosures or other factors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CREDIT AND COUNTERPARTY RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter
derivatives contract or a borrower of the Fund&#146;s securities may be unable or unwilling to make
timely principal, interest or settlement payments, or otherwise honor its obligations. Funds that
invest in fixed-income securities are subject to varying degrees of risk that the issuers of the
securities will have their credit rating downgraded or will default, potentially reducing the
Fund&#146;s share price and income level.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CORPORATE DEBT SECURITIES RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Corporate debt obligations are subject to the risk of an issuer&#146;s inability to meet principal and
interest payments on the obligations and also may be subject to price volatility due to such
factors as market interest rates, market perception of the creditworthiness of the issuer and
general market liquidity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>U.S. GOVERNMENT SECURITIES RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No assurance can be given that the U.S. government will provide financial support in the future to
U.S. government agencies, authorities or instrumentalities that are not supported by the full faith
and credit of the U.S. Securities guaranteed as to principal and interest by the U.S. government,
its agencies, authorities or instrumentalities include: (i)&nbsp;securities for which the payment of
principal and interest is backed by an irrevocable letter of credit issued by the U.S. government
or any of its agencies, authorities or instrumentalities; and (ii)&nbsp;participations in loans made to
non-U.S. governments or other entities that are so guaranteed. The secondary market for certain of
these participations is limited and therefore may be regarded as illiquid.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FIXED-INCOME SECURITIES RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fixed-income securities are generally subject to two principal types of risks: (i)&nbsp;interest-rate
risk and (ii)&nbsp;credit quality risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Interest-rate Risk. </I></B>Fixed-income securities are affected by changes in interest rates. When
interest rates decline, the market value of fixed-income securities generally can be expected to
rise. Conversely, when interest rates rise, the market value of fixed-income securities generally
can be expected to decline. The longer the duration or maturity of a fixed-income security, the
more susceptible it is to interest-rate risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Credit Quality Risk. </I></B>Fixed-income securities are subject to the risk that the issuer of the
security will not repay all or a portion of the principal borrowed and will not make all interest
payments. If the credit quality of a fixed-income security deteriorates after the Fund has
purchased the security, the market value of the security may decrease and lead to a decrease in the
value of the Fund&#146;s investments. Funds that may invest in lower-rated fixed-income
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">securities, commonly referred to as &#147;junk&#148; securities, are riskier than funds that may invest in
higher-rated fixed-income securities. Additional information on the risks of investing in
investment-grade fixed-income securities in the lowest rating category and lower-rated fixed-income
securities is set forth below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Investment-grade Fixed-income Securities in the Lowest Rating Category Risk. </I></B>Investment-grade
fixed-income securities in the lowest rating category (rated &#147;Baa&#148; by Moody&#146;s or &#147;BBB&#148; by S&#038;P and
comparable unrated securities) involve a higher degree of risk than fixed-income securities in the
higher rating categories. While such securities are considered investment-grade quality and are
deemed to have adequate capacity for payment of principal and interest, such securities lack
outstanding investment characteristics and have speculative characteristics as well. For example,
changes in economic conditions or other circumstances are more likely to lead to a weakened
capacity to make principal and interest payments than is the case with higher-grade securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Prepayment of Principal. </I></B>Many types of debt securities, including floating-rate loans, are subject
to prepayment risk. Prepayment risk occurs when the issuer of a security can repay principal prior
to the security&#146;s maturity. Securities subject to prepayment risk can offer less potential for
gain when the credit quality of the issuer improves.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>LOWER-RATED FIXED-INCOME SECURITIES RISK AND HIGH-YIELD SECURITIES RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lower-rated fixed-income securities are defined as securities rated below investment grade (rated
&#147;Ba&#148; and below by Moody&#146;s, and &#147;BB&#148; and below by S&#038;P) (also called &#147;junk bonds&#148;). The general
risks of investing in these securities are as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Risk to principal and income. </I></B>Investing in lower-rated fixed-income securities is
considered speculative. While these securities generally provide greater income potential
than investments in higher-rated securities, there is a greater risk that principal and
interest payments will not be made. Issuers of these securities may even go into default
or become bankrupt.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Price volatility. </I></B>The price of lower-rated fixed-income securities may be more
volatile than securities in the higher-rating categories. This volatility may increase
during periods of economic uncertainty or change. The price of these securities is
affected more than higher-rated fixed-income securities by the market&#146;s perception of their
credit quality, especially during times of adverse publicity. In the past, economic
downturns or increases in interest rates have, at times, caused more defaults by issuers of
these securities and may do so in the future. Economic downturns and increases in interest
rates have an even greater effect on highly leveraged issuers of these securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Liquidity. </I></B>The market for lower-rated fixed-income securities may have more limited
trading than the market for investment-grade fixed-income securities. Therefore, it may be
more difficult to sell these securities, and these securities may have to be sold at prices
below their market value in order to meet redemption requests or to respond to changes in
market conditions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Dependence on Subadviser&#146;s own credit analysis. </I></B>While the Subadviser may rely on
ratings by established credit-rating agencies, it also will supplement such ratings with
its own independent review of the credit quality of the issuer. Therefore, the assessment
of the credit risk of lower-rated fixed-income securities is more dependent on the
Subadviser&#146;s evaluation than the assessment of the credit risk of higher-rated securities.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Additional Risks Regarding Lower-rated Corporate Fixed-income Securities. </I></B>Lower-rated corporate
fixed-income securities (and comparable unrated securities) tend to be more sensitive to individual
corporate developments and changes in economic conditions than higher-rated corporate fixed-income
securities. Issuers of lower-rated corporate fixed-income securities also may be highly leveraged,
increasing the risk that principal and income will not be repaid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Additional Risks Regarding Lower-rated Foreign Government Fixed-income Securities. </I></B>Lower-rated
non-U.S. government fixed-income securities are subject to the risks of investing in foreign
countries described under &#147;&#151;Non-U.S. Investment Risk.&#148; In addition, the ability and willingness
of a non-U.S. government to make payments on debt when due may be affected by the prevailing
economic and political conditions within the country. Emerging-
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">market countries may experience high inflation, interest rates and unemployment, as well as
exchange-rate trade difficulties and political uncertainty or instability. These factors increase
the risk that a non-U.S. government will not make payments when due.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MORTGAGE-BACKED AND ASSET BACKED SECURITIES RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Mortgage-backed Securities. </I></B>Mortgage-backed securities represent participating interests in pools
of residential mortgage loans, which are guaranteed by the U.S. government, its agencies or
instrumentalities. However, the guarantee of these types of securities relates to the principal
and interest payments, and not to the market value of such securities. In addition, the guarantee
only relates to the mortgage-backed securities held by the Fund and not the purchase of shares of
the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mortgage-backed securities are issued by lenders, such as mortgage bankers, commercial banks and
savings and loan associations. Such securities differ from conventional debt securities, which
provide for the periodic payment of interest in fixed amounts (usually semiannually) with principal
payments at maturity or on specified dates. Mortgage-backed securities provide periodic payments
which are, in effect, a &#147;pass-through&#148; of the interest and principal payments (including any
prepayments) made by the individual borrowers on the pooled mortgage loans. A mortgage-backed
security will mature when all the mortgages in the pool mature or are prepaid. Therefore,
mortgage-backed securities do not have a fixed maturity and their expected maturities may vary when
interest rates rise or fall.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When interest rates fall, homeowners are more likely to prepay their mortgage loans. An increased
rate of prepayments on the Fund&#146;s mortgage-backed securities will result in an unforeseen loss of
interest income to the Fund as the Fund may be required to reinvest assets at a lower interest
rate. Because prepayments increase when interest rates fall, the prices of mortgage-backed
securities do not increase as much as other fixed-income securities when interest rates fall.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When interest rates rise, homeowners are less likely to prepay their mortgage loans. A decreased
rate of prepayments lengthens the expected maturity of a mortgage-backed security. Therefore, the
prices of mortgage-backed securities may decrease more than prices of other fixed-income securities
when interest rates rise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The yield of mortgage-backed securities is based on the average life of the underlying pool of
mortgage loans. The actual life of any particular pool may be shortened by unscheduled or early
payments of principal and interest. Principal prepayments may result from the sale of the
underlying property, or the refinancing or foreclosure of underlying mortgages. The occurrence of
prepayments is affected by a wide range of economic, demographic and social factors and,
accordingly, it is not possible to accurately predict the average life of a particular pool. The
actual prepayment experience of a pool of mortgage loans may cause the yield realized by the Fund
to differ from the yield calculated on the basis of the average life of the pool. In addition, if
the Fund purchases mortgage-backed securities at a premium, the premium may be lost in the event of
early prepayment, which may result in a loss to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Prepayments tend to increase during periods of falling interest rates, while during periods of
rising interest rates, prepayments are likely to decline. Monthly interest payments received by
the Fund have a compounding effect, which will increase the yield to shareholders as compared to
debt obligations that pay interest semiannually. Because of the reinvestment of prepayments of
principal at current rates, mortgage-backed securities may be less effective than Treasury bonds of
similar maturity at maintaining yields during periods of declining interest rates. Also, although
the value of debt securities may increase as interest rates decline, the value of these
pass-through type of securities may not increase as much, due to their prepayment feature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Collateralized Mortgage Obligations. </I></B>The Fund may invest in mortgage-backed securities called
collateralized mortgage obligations (&#147;CMOs&#148;). CMOs are issued in separate classes with different
stated maturities. As the mortgage pool experiences prepayments, the pool pays off investors in
classes with shorter maturities first. By investing in CMOs, the Fund may manage the prepayment
risk of mortgage-backed securities. However, prepayments may cause the actual maturity of a CMO to
be substantially shorter than its stated maturity.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Asset-backed Securities. </I></B>Asset-backed securities include interests in pools of debt securities,
commercial or consumer loans, or other receivables. The value of these securities depends on many
factors, including changes in interest rates, the availability of information concerning the pool
and its structure, the credit quality of the underlying assets, the market&#146;s perception of the
servicer of the pool and any credit enhancement provided. In addition, asset-backed securities
have prepayment risks similar to mortgage-backed securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>EQUITY SECURITIES RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Common and preferred stocks represent equity ownership in a company. Stock markets are volatile.
The price of equity securities will fluctuate, and can decline and reduce the value of the Fund
investing in equities. The price of equity securities fluctuates based on changes in a company&#146;s
financial condition, and overall market and economic conditions. The value of equity securities
purchased by the Fund could decline if the financial condition of the companies in which the Fund
is invested declines, or if overall market and economic conditions deteriorate. Even a fund that
invests in high-quality or &#147;blue chip&#148; equity securities, or securities of established companies
with large market capitalizations (which generally have strong financial characteristics), can be
negatively impacted by poor overall market and economic conditions. Companies with large market
capitalizations also may have less growth potential than smaller companies and may be less able to
react quickly to changes in the marketplace.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may maintain substantial exposure to equities and generally does not attempt to time the
market. Because of this exposure, the possibility that stock market prices in general will decline
over short or extended periods subjects the Fund to unpredictable declines in the value of its
investments, as well as periods of poor performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Preferred and Convertible Securities Risk. </I></B>Unlike interest on debt securities, preferred
securities dividends are payable only if declared by the issuer&#146;s board. Also, preferred
securities may be subject to optional or mandatory redemption provisions. The value of convertible
preferred securities can depend heavily upon the value of the security into which such convertible
preferred securities is converted, depending on whether the market price of the underlying security
exceeds the conversion price.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>LIQUIDITY RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund is exposed to liquidity risk when trading volume, lack of a market maker or legal
restrictions impair the Fund&#146;s ability to sell particular securities or close derivative positions
at an advantageous market price. Funds with principal investment strategies that involve
investments in securities of companies with smaller market capitalizations, foreign securities,
derivatives or securities with substantial market and/or credit risk tend to have the greatest
exposure to liquidity risk. Exposure to liquidity risk may be heightened for funds that invest in
emerging markets and related derivatives that are not widely traded, and that may be subject to
purchase and sale restrictions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NON-U.S. INVESTMENT RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Funds that invest in securities traded principally in securities markets outside the U.S. are
subject to additional and more varied risks, as the value of non-U.S. securities may change more
rapidly and extremely than the value of U.S. securities. The securities markets of many foreign
countries are relatively small, with a limited number of companies representing a small number of
industries. Additionally, issuers of non-U.S. securities may not be subject to the same degree of
regulation as U.S. issuers. Reporting, accounting and auditing standards of foreign countries
differ, in some cases significantly, from U.S. standards. There generally are higher commission
rates on non-U.S. portfolio transactions, transfer taxes, higher custodial costs and the
possibility that non-U.S. taxes will be charged on dividends and interest payable on non-U.S.
securities, some or all of which may not be reclaimable. Also, for lesser-developed countries,
nationalization, expropriation or confiscatory taxation, adverse changes in investment or exchange
control regulations (which may include suspension of the ability to transfer currency or assets
from a country), political changes or diplomatic developments could adversely affect the Fund&#146;s
investments. In the event of nationalization, expropriation or other confiscation, the Fund could
lose its entire investment in a non-U.S. security. All funds that invest in non-U.S. securities
are subject to these risks. Some of the non-U.S. investment risks also are applicable to funds
that invest a material portion of their assets in securities of non-U.S. issuers traded in the U.S.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Currency Risk. </I></B>Currency risk is the risk that fluctuations in exchange rates may adversely affect
the U.S. dollar value of the Fund&#146;s investments. Currency risk includes both the risk that
currencies in which the Fund&#146;s investments are traded, or currencies in which the Fund has taken an
active investment position, will decline in value relative to the U.S. dollar and, in the case of
hedging positions, that the U.S. dollar will decline in value relative to the currency being
hedged. Currency rates in foreign countries may fluctuate significantly for a number of reasons,
including the forces of supply and demand in the foreign exchange markets, actual or perceived
changes in interest rates and intervention (or the failure to intervene) by U.S. or foreign
governments or central banks or by currency controls or political developments in the U.S. or
abroad. All funds with foreign currency holdings and/or that invest or trade in securities
denominated in foreign currencies or related derivative instruments may be adversely affected by
changes in foreign currency exchange rates. Derivative foreign currency transactions (such as
futures, forwards and swaps) also may involve leveraging risk, in addition to currency risk.
Leverage may disproportionately increase the Fund&#146;s portfolio loss and reduce opportunities for
gain when interest rates, stock prices or currency rates are changing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SOVEREIGN DEBT OBLIGATIONS RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An investment in debt obligations of non-U.S. governments and their political subdivisions
(sovereign debt), whether denominated in U.S. dollars for a foreign currency, involves special
risks that are not present in corporate debt obligations. The non-U.S. issuer of the sovereign
debt or the non-U.S. governmental authorities that control the repayment of the debt may be unable
or unwilling to repay principal or pay interest when due, and the Fund may have limited recourse in
the event of a default. During periods of economic uncertainty, the market prices of sovereign
debt may be more volatile than prices of debt obligations of U.S. issuers. In the past, certain
non-U.S. countries have encountered difficulties in servicing their debt obligations, withheld
payments of principal and interest and declared moratoria on the payment of principal and interest
on their sovereign debt. A sovereign debtor&#146;s willingness or ability to repay principal and pay
interest in a timely manner may be affected by, among other factors, its cash flow situation, the
extent of its foreign currency reserves, the availability of sufficient foreign exchange, the
relative size of the debt service burden, the sovereign debtor&#146;s policy toward its principal
international lenders and local political constraints. Sovereign debtors also may be dependent on
expected disbursements from non-U.S. governments, multilateral agencies and other entities to
reduce principal and interest arrearages on their debt. The failure of a sovereign debtor to
implement economic reforms, achieve specified levels of economic performance or repay principal or
interest when due may result in the cancellation of third-party commitments to lend funds to the
sovereign debtor, which may further impair such debtor&#146;s ability or willingness to service its
debts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BRADY BONDS RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Brady Bonds may involve a high degree of risk, may be in default or present the risk of default.
Agreements implemented under the Brady Plan to date are designed to achieve debt and debt-service
reduction through specific options negotiated by a debtor nation with its creditors. As a result,
the financial packages offered by each country differ. The types of options have included the
exchange of outstanding commercial bank debt for bonds issued at 100% of face value of such debt,
bonds issued at a discount of face value of such debt, bonds bearing an interest rate which
increases over time and bonds issued in exchange for the advancement of new money by existing
lenders. Certain Brady Bonds have been collateralized as to principal due at maturity by U.S.
Treasury zero coupon bonds with a maturity equal to the final maturity of such Brady Bonds,
although the collateral is not available to investors until the final maturity of the Brady Bonds.
Collateral purchases are financed by the IMF, the World Bank and the debtor nations&#146; reserves. In
addition, the first two or three interest payments on certain types of Brady Bonds may be
collateralized by cash or securities agreed upon by creditors. Although Brady Bonds may be
collateralized by U.S. government securities, repayment of principal and interest is not guaranteed
by the U.S. government.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>REVERSE REPURCHASE AGREEMENT RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reverse repurchase agreement transactions involve the risk that the market value of the securities
that the Fund is obligated to repurchase under such agreements may decline below the repurchase
price. Any fluctuations in the market value of either the securities transferred to the other
party or the securities in which the proceeds may be invested would affect the market value of the
Fund&#146;s assets, thereby potentially increasing fluctuations in the market value of the Fund&#146;s
assets. In the event the buyer of securities under a reverse repurchase agreement files for
bankruptcy or becomes insolvent, the Fund&#146;s use of proceeds received under the agreement may be
restricted
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">pending a determination by the other party, or its trustee or receiver, whether to enforce the
Fund&#146;s obligation to repurchase the securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HEDGING, DERIVATIVES AND OTHER STRATEGIC TRANSACTIONS RISK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ability of the Fund to utilize hedging, derivatives and other strategic transactions
successfully will depend in part on the Subadviser&#146;s ability to predict pertinent market movements
and market risk, counterparty risk, credit risk, interest-rate risk and other risk factors, none of
which can be assured. The skills required to successfully utilize hedging and other strategic
transactions are different from those needed to select the Fund&#146;s securities. Even if the
Subadviser only uses hedging and other strategic transactions in the Fund primarily for hedging
purposes or to gain exposure to a particular securities market, if the transaction is not
successful, it could result in a significant loss to the Fund. The amount of loss could be more
than the principal amount invested. These transactions also may increase the volatility of the
Fund and may involve a small investment of cash relative to the magnitude of the risks assumed,
thereby magnifying the impact of any resulting gain or loss. For example, the potential loss from
the use of futures can exceed the Fund&#146;s initial investment in such contracts. In addition, these
transactions could result in a loss to the Fund if the counterparty to the transaction does not
perform as promised.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may invest in derivatives, which are financial contracts with a value that depends on, or
is derived from, the value of underlying assets, reference rates or indexes. Examples of
derivative instruments include options, futures contracts, options on futures contracts, foreign
currency forward contracts and swap agreements (including, but not limited to, interest-rate swaps,
credit default swaps and swaps on exchange-traded funds). Examples of derivative instruments
include currency forwards, currency futures, credit default swaps and options. Examples of
derivative instruments include options, futures, currency forwards and market access products
including zero strike options and zero strike warrants. Examples of derivative instruments include
currency forwards and currency options. Derivatives may relate to stocks, bonds, interest rates,
currencies or currency exchange rates and related indexes. The Fund may use derivatives for many
purposes, including for hedging, and as a substitute for direct investment in securities or other
assets. Derivatives may be used in a way to efficiently adjust the exposure of the Fund to various
securities, markets and currencies without the Fund actually having to sell existing investments
and make new investments. This generally will be done when the adjustment is expected to be
relatively temporary or in anticipation of effecting the sale of fund assets and making new
investments over time. Further, since many derivatives have a leverage component, adverse changes
in the value or level of the underlying asset, reference rate or index can result in a loss
substantially greater than the amount invested in the derivative itself. Certain derivatives have
the potential for unlimited loss, regardless of the size of the initial investment. When the Fund
uses derivatives for leverage, investments in the Fund will tend to be more volatile, resulting in
larger gain or loss in response to market changes. To limit leverage risk, the Fund may segregate
assets determined to be liquid or, as permitted by applicable regulation, enter into certain
offsetting positions to cover its obligations under derivative instruments. For a description of
the various derivative instruments the Fund may utilize, refer to the SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The use of derivative instruments may involve risks different from, or potentially greater than,
the risks associated with investing directly in securities and other more traditional assets. In
particular, the use of derivative instruments exposes the Fund to the risk that the counterparty to
an over-the-counter (&#147;OTC&#148;) derivatives contract will be unable or unwilling to make timely
settlement payments or otherwise to honor its obligations. OTC derivatives transactions typically
can only be closed out with the other party to the transaction, although either party may engage in
an offsetting transaction that puts that party in the same economic position as if it had closed
out the transaction with the counterparty or may obtain the other party&#146;s consent to assign the
transaction to a third party. If the counterparty defaults, the Fund will have contractual
remedies, but there is no assurance that the counterparty will meet its contractual obligations or
that, in the event of default, the Fund will succeed in enforcing them. For example, because the
contract for each OTC derivatives transaction is individually negotiated with a specific
counterparty, the Fund is subject to the risk that a counterparty may interpret contractual terms
(<I>e.g.</I>, the definition of default) differently than the Fund when the Fund seeks to enforce its
contractual rights. If that occurs, the cost and unpredictability of the legal proceedings
required for the Fund to enforce its contractual rights may lead it to decide not to pursue its
claims against the counterparty. The Fund, therefore, assumes the risk that it may be unable to
obtain payments owed to it under OTC derivatives contracts or that those payments may be delayed or
made only after the Fund has incurred the costs of litigation. While the Subadviser intends to
monitor the creditworthiness of counterparties, there can be no assurance that a counterparty will
meet its obligations, especially during unusually adverse market conditions. To the extent the
Fund contracts with a limited number of counterparties, the Fund&#146;s risk
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">will be concentrated and events that affect the creditworthiness of any of those counterparties may
have a pronounced effect on the Fund. Derivatives also are subject to a number of other risks,
including market risk and liquidity risk. Since the value of derivatives is calculated and derived
from the value of other assets, instruments or references, there is a risk that they will be
improperly valued. Derivatives also involve the risk that changes in their value may not correlate
perfectly with the assets, rates or indexes they are designed to hedge or closely track. Suitable
derivatives transactions may not be available in all circumstances. The Fund also is subject to
the risk that the counterparty closes out the derivatives transactions upon the occurrence of
certain triggering events. In addition, the Subadviser may determine not to use derivatives to
hedge or otherwise reduce risk exposure. A detailed discussion of various hedging and other
strategic transactions appears in the SAI. To the extent the Fund utilizes hedging and other
strategic transactions, it will be subject to the same risks. The following is a list of certain
derivatives and other strategic transactions in which the Fund may invest and the main risks
associated with each of them:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Credit default swaps. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to enter
into closing transactions), interest-rate risk, risk of default of the underlying reference
obligation and risk of disproportionate loss are the principal risks of engaging in
transactions involving credit default swaps.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Currency options. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to enter into
closing transactions) and risk of disproportionate loss are the principal risks of engaging
in transactions involving options.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Foreign currency forward contracts</I></B>. Counterparty risk, liquidity risk (<I>i.e.</I>, the
inability to enter into closing transactions), foreign currency risk and risk of
disproportionate loss are the principal risks of engaging in transactions involving foreign
currency forward contracts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Foreign currency swaps. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to
enter into closing transactions), foreign currency risk and risk of disproportionate loss
are the principal risks of engaging in transactions involving foreign currency swaps.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Futures contracts. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to enter
into closing transactions) and risk of disproportionate loss are the principal risks of
engaging in transactions involving futures contracts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Interest-rate swaps. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to enter
into closing transactions), interest-rate risk and risk of disproportionate loss are the
principal risks of engaging in transactions involving interest-rate swaps.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Options. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to enter into closing
transactions) and risk of disproportionate loss are the principal risks of engaging in
transactions involving options. Counterparty risk does not apply to exchange-traded
options.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Swaps. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to enter into closing
transactions), interest-rate risk, settlement risk, risk of default of the underlying
reference obligation and risk of disproportionate loss are the principal risks of engaging
in transactions involving swaps, including credit default swaps and total return swaps.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Given the risks described above, an investment in Common Shares may not be appropriate for all
investors. You should carefully consider your ability to assume these risks before making an
investment in the Fund.</I>
</DIV>

<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Management of the Fund</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>TRUSTEES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The overall management of the Fund, including supervision of the duties performed by the Adviser
and the Subadviser, is the responsibility of the Board, under the laws of The Commonwealth of
Massachusetts and the 1940 Act. The Trustees are responsible for the Fund&#146;s overall management,
including adopting the investment and other policies of the Fund, electing and replacing officers
and selecting and supervising the Fund&#146;s Adviser and
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subadviser. The names and business addresses of the Trustees and officers of the Fund and their
principal occupations and other affiliations during the past five years, as well as a description
of committees of the Board, are set forth under &#147;Those Responsible for Management&#148; in the SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A discussion regarding the basis for the Trustees&#146; approval of the Advisory Agreement and the
Subadvisory Agreements (each, as defined below) is available in the Fund&#146;s October&nbsp;31, 2011 annual
shareholder report.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>THE ADVISER</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Adviser is a Delaware limited liability company whose principal offices are located at 601
Congress Street, Boston, Massachusetts 02210 and serves as the Fund&#146;s investment adviser. The
Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of
1940, as amended (the &#147;Advisers Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Founded in 1968, the Adviser is a wholly owned subsidiary of John Hancock Life Insurance Company
(U.S.A.), a subsidiary of Manulife Financial Corporation (&#147;Manulife Financial&#148; or the &#147;Company&#148;).
Manulife Financial is the holding company of The Manufacturers Life Insurance Company (the &#147;Life
Company&#148;) and its subsidiaries. John Hancock Life Insurance Company (U.S.A.) and its subsidiaries
(&#147;John Hancock&#148;) today offer a broad range of financial products and services, including whole,
term, variable, and universal life insurance, as well as college savings products, mutual funds,
fixed and variable annuities, long-term care insurance and various forms of business insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Adviser&#146;s parent company has been helping individuals and institutions work toward their
financial goals since 1862. The Adviser offers investment solutions managed by institutional money
managers, taking a disciplined team approach to portfolio management and research, leveraging the
expertise of seasoned investment professionals. The Adviser has been managing closed-end funds
since 1971. As of December&nbsp;31, 2011, the Adviser had total assets under management of
approximately $20.3&nbsp;billion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Established in 1887, Manulife Financial is a Canada-based financial services group with principal
operations in Asia, Canada and the U.S. Its international network of employees, agents and
distribution partners offers financial protection and wealth management products and services to
millions of clients. It also provides asset management services to institutional customers. Funds
under management by Manulife Financial and its subsidiaries were C$500&nbsp;billion (US$491&nbsp;billion) as
of December&nbsp;31, 2011. The Company operates as Manulife Financial in Canada and Asia and primarily
as John Hancock in the U.S.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Advisory Agreement. </I></B>The Fund entered into an investment management contract dated July&nbsp;1, 2009
(the &#147;Advisory Agreement&#148;) with the Adviser. As compensation for its advisory services under the
Advisory Agreement, the Adviser receives a fee from the Fund, calculated and paid daily, at an
annual rate of the Fund&#146;s average daily managed assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Advisory Agreement and subject to the general supervision of the Trustees, the
Adviser selects, contracts with, and compensates the Subadviser to manage the investments and
determine the composition of the assets of the Fund. The Adviser does not itself manage any of the
Fund&#146;s portfolio assets but has ultimate responsibility to oversee the Subadviser and recommend
their hiring, termination and replacement. In this connection, the Adviser monitors the
Subadviser&#146;s management of the Fund&#146;s investment operations in accordance with the investment
objectives and related investment policies of the Fund, reviews the performance of the Subadviser
and reports periodically on such performance to the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Service Agreement. </I></B>The Fund entered into a management-related service contract dated July&nbsp;1,
2009 (the &#147;Service Agreement&#148;) with JHA, under which the Fund receives Non-Advisory Services.
These &#147;Non-Advisory Services&#148; include, but are not limited to, legal, tax, accounting, valuation,
financial reporting and performance, compliance, service provider oversight, portfolio and cash
management, project management office, EDGAR conversion and filing, graphic design, and other
services that are not investment advisory in nature. JHA is reimbursed for its costs in providing
Non-Advisory Services to the Fund under the Service Agreement.
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>THE SUBADVISER</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Subadvisory Agreement. </I></B>The Adviser entered into a Subadvisory Agreement dated December&nbsp;31, 2005
with the Subadviser (the &#147;Subadvisory Agreement&#148;). The Subadviser is responsible for the
day-to-day management of the Fund&#146;s portfolio investments. The Subadviser, organized in 1968, is a
wholly owned subsidiary of John Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife
Financial, a publicly held, Canadian-based company). As of December&nbsp;31, 2011, the Subadviser had
total assets under management of approximately $116.4&nbsp;billion. The Subadviser is located at 101
Huntington Avenue, Boston, Massachusetts 02199.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the terms of the Subadvisory Agreement, the Subadviser is responsible for managing the
investment and reinvestment of the assets of the Fund, subject to the supervision and control of
the Board and the Adviser. For services rendered by the Subadviser under the Subadvisory
Agreement, the Adviser (and not the Fund) pays the Subadviser a fee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PORTFOLIO MANAGERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below is a list of the Fund&#146;s investment management team at the Subadviser, listed in alphabetical
order, which includes a brief summary of their business careers during the past five years. These
managers share portfolio management responsibilities. For more details about these individuals,
including information about their compensation, other accounts they manage and any investments they
may have in the Fund, see the SAI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Barry H. Evans, CFA</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">President, Chief Fixed Income Officer and Chief Operating Officer, John Hancock Asset Management since 2005<BR>
Senior Vice President, Chief Fixed Income Officer and Chief Operating Officer, John Hancock Advisers LLC (1986&#151;2005)<BR>
Began business career in 1986<BR>
Joined Fund team in 2002
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Jeffrey N. Given, CFA</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Vice President, John Hancock Asset Management since 2005<BR>
Second Vice President, John Hancock Advisers LLC (1993&#151;2005)<BR>
Began business career in 1993<BR>
Joined Fund team in 1999
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>John F. Iles</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Vice President, John Hancock Asset Management since 2005<BR>
Vice President, John Hancock Advisers LLC (1999&#151;2005)<BR>
Began business career in 1984<BR>
Joined Fund team in 2005
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CUSTODIAN AND TRANSFER AGENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s portfolio securities are held pursuant to a custodian agreement between the Fund and
State Street Bank and Trust Company (&#147;State Street&#148;), Lafayette Corporate Center, Two Avenue de
Lafayette, Boston, Massachusetts 02111. Under the custodian agreement, State Street performs
custody, foreign custody manager and fund accounting services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Computershare Shareowner Services LLC, 480 Washington Boulevard, Jersey City, New Jersey,
07310-1900, is the transfer agent and dividend disbursing agent of the Fund.
</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="111"></A>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Determination of Net Asset Value</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The NAV of the Common Shares is determined once daily as of the close of regular trading of
the NYSE (typically 4:00 P.M., Eastern Time) on each business day that the NYSE is open. On
holidays or other days when the NYSE is closed, the NAV is not calculated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The NAV is computed by dividing the total assets, minus liabilities by the number of Fund shares
outstanding.
</DIV>

<DIV align="left">
<A name="112"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Distribution Policy</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund makes regular quarterly distributions to Common Shareholders sourced from the Fund&#146;s
cash available for distribution. &#147;Cash available for distribution&#148; consists of the Fund&#146;s (i)
investment company taxable income, which includes among other things, dividend and ordinary income
after payment of Fund expenses, the excess of net short-term capital gain over net long-term
capital loss, and income from certain hedging and interest rate transactions and (ii)&nbsp;net long-term
capital gain (gain from the sale of capital assets held longer than one year). The Board may
modify this distribution policy at any time without obtaining the approval of Common Shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Expenses of the Fund are accrued each day. To the extent that the Fund&#146;s net investment income for
any year exceeds the total quarterly distributions paid during the year, the Fund may make a
special distribution at or near year-end of such excess amount as may be required. If it does,
over time, all of the Fund&#146;s investment company taxable income will be distributed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If, for any calendar year, as discussed above, the total distributions made exceed the Fund&#146;s net
investment taxable income and net capital gain, the excess generally will be treated as a return of
capital to each Common Shareholder (up to the amount of the Common Shareholder&#146;s basis in his or
her Common Shares) and thereafter as gain from the sale of Common Shares. The amount treated as a
return of capital reduces the Common Shareholder&#146;s adjusted basis in his or her Common Shares,
thereby increasing his or her potential gain or reducing his or her potential loss on the
subsequent sale of his or her Common Shares. Distributions in any year may include a substantial
return of capital component.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the 1940 Act, in the event the Fund makes distributions from
sources other than income, a notice will accompany each quarterly distribution with respect to the
estimated source of the distribution made. Such notices will describe the portion, if any, of the
quarterly dividend which, in the Fund&#146;s good faith judgment, constitutes long-term capital gain,
short-term capital gain, net investment income or a return of capital. The actual character of
such dividend distributions for U.S. federal income tax purposes, however, will only be determined
finally by the Fund at the close of its fiscal year, based on the Fund&#146;s full year performance and
its actual net investment company taxable income and net capital gain for the year, which may
result in a recharacterization of amounts distributed during such fiscal year from the
characterization in the quarterly estimates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At least annually, the Fund intends to distribute any net capital gain (which is the excess of net
long-term capital gain over net short-term capital loss) or, alternatively, to retain all or a
portion of the year&#146;s net capital gain and pay U.S. federal income tax on the retained gain. As
provided under U.S. federal tax law, Common Shareholders of record as of the end of the Fund&#146;s
taxable year will include their attributable share of the retained gain in their income for the
year as a long-term capital gain, and will be entitled to a tax credit or refund for the tax deemed
paid on their behalf by the Fund. The Fund may treat the cash value of tax credit and refund
amounts in connection with retained capital gain as a substitute for equivalent cash distributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tax treatment and characterization of the Fund&#146;s distributions may vary substantially from time
to time because of the varied nature of the Fund&#146;s investments. If the Fund&#146;s total quarterly
distributions in any year exceed the amount of its net investment taxable income for the year, any
such excess would be characterized as a return of capital for U.S. federal income tax purposes to
the extent not designated as a capital gain dividend. Distributions in any year may include a
substantial return of capital component. Under the 1940 Act, for any distribution that includes
amounts from sources other than net income (calculated on a book basis), the Fund is required to
provide Common Shareholders a written statement regarding the components of such distribution.
Such a statement will be provided at the time of any distribution believed to include any such
amounts. A return of capital is a distribution to
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Common Shareholders that is not attributable to the Fund&#146;s earnings but, represents a return of
part of the Common Shareholder&#146;s investment. If the Fund&#146;s distributions exceed the Fund&#146;s current
and accumulated earnings and profits, such excess will be treated first as a return of capital to
the extent of the shareholder&#146;s tax basis in Common Shares (thus reducing a shareholder&#146;s adjusted
tax basis in his or her Common Shares), and thereafter as capital gain assuming Common Shares are
held as a capital asset. Upon the sale of Common Shares, a shareholder generally will recognize
capital gain or loss equal to the difference between the amount realized on the sale and the
shareholder&#146;s adjusted tax basis in Common Shares sold. For example, in year one, a Common
Shareholder purchased 100 shares of the Fund at $10 per Share. In year two, the Common Shareholder
received a $1-per-share return of capital distribution, which reduced the basis in each share by
$1, to give the Common Shareholder an adjusted basis of $9 per share. In year three, the Common
Shareholder sells the 100 shares for $15 per Share. Assuming no other transactions during this
period, a Common Shareholder would have a capital gain in year three of $6 per share ($15 minus $9)
for a total capital gain of $600.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 1940 Act currently limits the number of times the Fund may distribute long-term capital gain in
any tax year, which may increase the variability of the Fund&#146;s distributions and result in certain
distributions being comprised more heavily of long-term capital gain eligible for favorable income
tax rates. In the future, the Adviser may seek Board approval to implement a managed distribution
plan for the Fund. The managed distribution plan would be implemented pursuant to an exemptive
order already granted by the SEC, which provides an exemption from Section 19(b) of the 1940 Act
and Rule&nbsp;19b-1 thereunder to permit the Fund to include long-term capital gain as a part of its
regular distributions to Common Shareholders more frequently than would otherwise be permitted by
the 1940 Act (generally once or twice per year). If the Fund implements a managed distribution
plan, it would do so without a vote of the Common Shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Distribution rates are based on projected quarterly cash available for distribution, which may
result in fluctuations in quarterly rates. As a result, the distributions paid by the Fund for any
particular quarter may be more or less than the amount of cash available for distribution from that
quarterly period. In certain circumstances, the Fund may be required to sell a portion of its
investment portfolio to fund distributions. Distributions will reduce the Common Shares&#146; NAV.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Common Shareholders may automatically reinvest some or all of their distributions in additional
Common Shares under the Fund&#146;s dividend reinvestment plan. See &#147;Dividend Reinvestment Plan.&#148;
</DIV>

<DIV align="left">
<A name="113"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Dividend Reinvestment Plan</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Fund&#146;s Dividend Reinvestment Plan (the &#147;Plan&#148;), distributions of dividends and
capital gain are automatically reinvested in Common Shares by Computershare Trust Company, N.A.
(the &#147;Plan Agent&#148;). Every shareholder holding at least one full share of the Fund is automatically
enrolled in the Plan. Shareholders who do not participate in the Plan will receive all
distributions in cash.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Fund declares a dividend or distribution payable either in cash or in Common Shares and the
market price of shares on the payment date for the distribution or dividend equals or exceeds the
Fund&#146;s NAV per share, the Fund will issue Common Shares to participants at a value equal to the
higher of NAV or 95% of the market price. The number of additional Common Shares to be credited to
each participant&#146;s account will be determined by dividing the dollar amount of the distribution or
dividend by the higher of NAV or 95% of the market price. If the market price is lower than NAV,
or if dividends or distributions are payable only in cash, then participants will receive Common
Shares purchased by the Plan Agent on participants&#146; behalf on the NYSE or otherwise on the open
market. If the market price exceeds NAV before the Plan Agent has completed its purchases, the
average per share purchase price may exceed NAV, resulting in fewer Common Shares being acquired
than if the Fund had issued new Common Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are no brokerage charges with respect to Common Shares issued directly by the Fund. However,
whenever shares are purchased or sold on the NYSE or otherwise on the open market, each participant
will pay a <I>pro rata </I>portion of brokerage trading fees, currently $0.05 per share purchased or sold.
Brokerage trading fees will be deducted from amounts to be invested.
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The reinvestment of dividends and net capital gain distributions does not relieve participants of
any income tax that may be payable on such dividends or distributions even though cash is not
received by the participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shareholders participating in the Plan may buy additional Common Shares of the Fund through the
Plan at any time in amounts of at least $50 per investment, up to a maximum of $10,000, with a
total calendar year limit of $100,000. Shareholders will be charged a $5 transaction fee plus
$0.05 per share brokerage trading fee for each order. Purchases of additional shares of the Fund
will be made on the open market. Shareholders who elect to utilize monthly electronic fund
transfers to buy additional shares of the Fund will be charged a $2 transaction fee plus $0.05 per
share brokerage trading fee for each automatic purchase. Shareholders also can sell Fund shares
held in the Plan account at any time by contacting the Plan Agent by telephone, in writing or by
visiting the Plan Agent&#146;s website at www.computershare.com and clicking &#147;EquityAccess &#038; More.&#148; The
Plan Agent will mail a check to you (less applicable brokerage trading fees) on settlement date,
which is three business days after your shares have been sold. If you choose to sell your shares
through your stockbroker, you will need to request that the Plan Agent electronically transfer your
shares to your stockbroker through the Direct Registration System.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shareholders participating in the Plan may withdraw from the Plan at any time by contacting the
Plan Agent by telephone, in writing or by visiting the Plan Agent&#146;s website at
www.computershare.com and clicking &#147;EquityAccess &#038; More.&#148; Such termination will be effective
immediately if the notice is received by the Plan Agent prior to any dividend or distribution
record date; otherwise, such termination will be effective on the first trading day after the
payment date for such dividend or distribution, with respect to any subsequent dividend or
distribution. If you withdraw, your shares will be credited to your account; or, if you wish, the
Plan Agent will sell your full and fractional shares and send you the proceeds, less a transaction
fee of $5.00 and less brokerage trading fees of $0.05 per share. If a shareholder does not
maintain at least one whole share of common stock in the Plan account, the Plan Agent may terminate
such shareholder&#146;s participation in the Plan after written notice. Upon termination, shareholders
will be sent a check for the cash value of any fractional share in the Plan account, less any
applicable broker commissions and taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shareholders who hold at least one full share of the Fund may join the Plan by notifying the Plan
Agent by telephone, in writing or by visiting the Plan Agent&#146;s website at www.computershare.com and
clicking &#147;EquityAccess &#038; More.&#148; If received in proper form by the Plan Agent before the record
date of a dividend, the election will be effective with respect to all dividends paid after such
record date. If you wish to participate in the Plan and your shares are held in the name of a
brokerage firm, bank or other nominee, please contact your nominee to see if it will participate in
the Plan for you. If you wish to participate in the Plan, but your brokerage firm, bank or other
nominee is unable to participate on your behalf, you will need to request that your shares be
re-registered in your own name, or you will not be able to participate. The Plan Agent will
administer the Plan on the basis of the number of shares certified from time to time by you as
representing the total amount registered in your name and held for your account by your nominee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Experience under the Plan may indicate that changes are desirable. Accordingly, the Fund and the
Plan Agent reserve the right to amend or terminate the Plan. Participants generally will receive
written notice at least 90&nbsp;days before the effective date of any amendment. In the case of
termination, participants will receive written notice at least 90&nbsp;days before the record date for
the payment of any dividend or distribution by the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All correspondence or additional information about the Plan should be directed to Computershare
Trust Company, N.A., (Telephone: 1-800-852-0218 (within the U.S. and Canada), 1-201-680-6578
(International Telephone Inquiries), and 1-201-680-6610 (For the Hearing Impaired (TDD)).
</DIV>

<DIV align="left">
<A name="114"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Closed-End Fund Structure</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Closed-end funds differ from traditional, open-end management investment companies (which
generally are referred to as &#147;mutual funds&#148;) in that closed-end funds generally list their shares
for trading on a securities exchange and do not redeem their shares at the option of the
shareholder. Mutual funds do not trade on securities exchanges and issue securities redeemable at
the option of the shareholder. The continuous outflows of assets in a mutual fund can make it
difficult to manage the fund&#146;s investments. Closed-end funds generally are able to stay more fully
invested in
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">securities that are consistent with their investment objectives and also have greater flexibility
to make certain types of investments and to use certain investment strategies, such as financial
leverage and investments in illiquid securities. The Fund&#146;s Common Shares are designed primarily
for long-term investors; you should not purchase Common Shares if you intend to sell them shortly
after purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Common shares of closed-end funds frequently trade at prices lower than their NAV. Since
inception, the market price of the Common Shares has fluctuated and at times has traded below the
Fund&#146;s NAV and at times has traded above the Fund&#146;s NAV. The Fund cannot predict whether in the
future the Common Shares will trade at, above or below NAV. In addition to NAV, the market price
of the Fund&#146;s Common Shares may be affected by such factors as the Fund&#146;s dividend stability,
dividend levels, which are in turn affected by expenses, and market supply and demand.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In recognition of the possibility that Common Shares may trade at a discount from their NAV, and
that any such discount may not be in the best interest of Common Shareholders, the Board, in
consultation with the Adviser, from time to time may review possible actions to reduce any such
discount. There can be no assurance that the Board will decide to undertake any of these actions
or that, if undertaken, such actions would result in Common Shares trading at a price equal to or
close to NAV per Common Share. In the event that the Fund conducts an offering of new Common
Shares and such offering constitutes a &#147;distribution&#148; under Regulation&nbsp;M, the Fund and certain of
its affiliates may be subject to an applicable restricted period that could limit the timing of any
repurchases by the Fund.
</DIV>

<DIV align="left">
<A name="115"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>U.S. Federal Income Tax Matters</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following discussion of U.S. federal income tax matters is based on the advice of &#091;&#95;&#95;&#95;&#95;&#95;&#093;.
The Fund has elected to be treated and to qualify each year as a regulated investment company (a
&#147;RIC&#148;) under the Code. Accordingly, the Fund intends to satisfy certain requirements relating to
sources of its income and diversification of its total assets and to distribute substantially all
of its net income and net short-term capital gain (after reduction by net long-term capital loss
and any available capital loss carryforwards) in accordance with the timing requirements imposed by
the Code, so as to maintain its RIC status and to avoid paying U.S. federal income or excise tax
thereon. To the extent it qualifies for treatment as a RIC and satisfies the above-mentioned
distribution requirements, the Fund will not be subject to U.S. federal income tax on income paid
to its shareholders in the form of dividends or capital gain distributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At least annually, the Fund intends to distribute any net capital gain (which is the excess of net
long-term capital gain over net short-term capital loss) or, alternatively, to retain all or a
portion of the year&#146;s net capital gain and pay U.S. federal income tax on the retained gain. As
provided under U.S. federal tax law, Common Shareholders of record as of the end of the Fund&#146;s
taxable year will include their attributable share of the retained gain in their income for the
year as long-term capital gain (regardless of holding period in Common Shares), and will be
entitled to a tax credit or refund for the tax paid on their behalf by the Fund. Common
Shareholders of record for the retained capital gain also will be entitled to increase their tax
basis in their Common Shares by an amount equal to the deemed distribution less the tax credit.
Distributions of the Fund&#146;s net capital gain (&#147;capital gain distributions&#148;), if any, are taxable to
Common Shareholders as long-term capital gain, regardless of their holding period in Common Shares.
Distributions of the Fund&#146;s net realized short-term capital gain will be taxable as ordinary
income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If, for any calendar year, the Fund&#146;s total distributions exceed the Fund&#146;s current and accumulated
earnings and profits, the excess will be treated as a return of capital to each Common Shareholder
(up to the amount of the Common Shareholder&#146;s basis in his or her Common Shares) and thereafter as
gain from the sale of Common Shares (assuming Common Shares are held as a capital asset). The
amount treated as a return of capital reduces the Common Shareholder&#146;s adjusted basis in his or her
Common Shares, thereby increasing his or her potential gain or reducing his or her potential loss
on the subsequent sale or other disposition of his or her Common Shares. See below for a summary
of the current maximum tax rates applicable to long-term capital gain (including capital gain
distributions).
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To qualify as a RIC for income tax purposes, the Fund must derive at least 90% of its annual gross
income from dividends, interest, payments with respect to securities loans, gain from the sale or
other disposition of stock, securities or foreign currencies, or other income (including, but not
limited to, gain from options, futures or forward contracts) derived with respect to its business
of investing in stock, securities and currencies, and net income derived from an interest in a
qualified publicly traded partnership. A &#147;qualified publicly traded partnership&#148; is a publicly
traded partnership that meets certain requirements with respect to the nature of its income. To
qualify as a RIC, the Fund must also satisfy certain requirements with respect to the
diversification of its assets. The Fund must have, at the close of each quarter of the taxable
year, at least 50% of the value of its total assets represented by cash, cash items, U.S.
government securities, securities of other regulated investment companies, and other securities
that, in respect of any one issuer, do not represent more than 5% of the value of the assets of the
Fund nor more than 10% of the voting securities of that issuer. In addition, at those times not
more than 25% of the value of the Fund&#146;s assets can be invested in securities (other than U.S.
government securities or the securities of other regulated investment companies) of any one issuer,
or of two or more issuers, which the Fund controls and which are engaged in the same or similar
trades or businesses or related trades or businesses, or of one or more qualified publicly traded
partnerships. If the Fund fails to meet the annual gross income test described above, the Fund
will nevertheless be considered to have satisfied the test if (i) (a)&nbsp;such failure is due to
reasonable cause and not due to willful neglect and (b)&nbsp;the Fund reports the failure pursuant to
Treasury Regulations to be adopted, and (ii)&nbsp;the Fund pays an excise tax equal to the excess
non-qualifying income. If the Fund fails to meet the asset diversification test described above
with respect to any quarter, the Fund will nevertheless be considered to have satisfied the
requirements for such quarter if the Fund cures such failure within 6&nbsp;months and either (i)&nbsp;such
failure is <I>de minimis </I>or (ii) (a)&nbsp;such failure is due to reasonable cause and not due to willful
neglect and (b)&nbsp;the Fund reports the failure under Treasury Regulations to be adopted and pays an
excise tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a RIC, the Fund generally will not be subject to federal income tax on its investment company
taxable income (as that term is defined in the Code, but without regard to the deductions for
dividend paid) and net capital gain (the excess of net long-term capital gain over net short-term
capital loss), if any, that it distributes in each taxable year to its shareholders, provided that
it distributes at least 90% of its investment company taxable income and 90% of its net tax-exempt
interest income for such taxable year. The Fund intends to distribute to its shareholders, at
least annually, substantially all of its investment company taxable income, net tax-exempt income
and net capital gain. In order to avoid incurring a nondeductible 4% federal excise tax
obligation, the Code requires that the Fund distribute (or be deemed to have distributed) by
December&nbsp;31 of each calendar year an amount at least equal to the sum of (i)&nbsp;98% of its ordinary
income for such year, (ii)&nbsp;98.2% of its capital gain net income (which is the excess of its
realized net long-term capital gain over its realized net short-term capital loss), generally
computed on the basis of the one-year period ending on October&nbsp;31 of such year, after reduction by
any available capital loss carryforwards and (iii)&nbsp;100% of any ordinary income and capital gain net
income from the prior year (as previously computed) that were not paid out during such year and on
which the Fund paid no U.S. federal income tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Fund does not qualify as a RIC for any taxable year, the Fund&#146;s taxable income will be
subject to corporate income taxes, and all distributions from earnings and profits, including
distributions of net capital gain (if any), will be taxable to the shareholder as ordinary income.
Such distributions generally would be eligible (i)&nbsp;to be treated as qualified dividend income in
the case of individual and other non-corporate shareholders and (ii)&nbsp;for the dividends received
deduction (&#147;DRD&#148;) in the case of corporate shareholders. In addition, in order to requalify for
taxation as a RIC, the Fund may be required to recognize unrealized gain, pay substantial taxes and
interest, and make certain distributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain of the Fund&#146;s investment practices are subject to special and complex U.S. federal income
tax provisions that may, among other things, (i)&nbsp;convert dividends that would otherwise constitute
qualified dividend income into ordinary income, (ii)&nbsp;treat dividends that would otherwise be
eligible for the corporate DRD as ineligible for such treatment, (iii)&nbsp;disallow, suspend or
otherwise limit the allowance of certain loss or deductions, (iv)&nbsp;convert long-term capital gain
into short-term capital gain or ordinary income, (v)&nbsp;convert an ordinary loss or deduction into a
capital loss (the deductibility of which is more limited), (vi)&nbsp;cause the Fund to recognize income
or gain without a corresponding receipt of cash, (vii)&nbsp;adversely affect when a purchase or sale of
stock or securities is deemed to occur, (viii)&nbsp;adversely alter the characterization of certain
complex financial transactions, and (ix)&nbsp;produce income that will not qualify as good income for
purposes of the income requirement that applies to RICs. While it may not always be successful in
doing so, the Fund will seek to avoid or minimize the adverse tax consequences of its investment
practices.
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may recognize gain (but not loss) from a constructive sale of certain &#147;appreciated
financial positions&#148; if the Fund enters into a short sale, offsetting notional principal contract,
or forward contract transaction with respect to the appreciated position or substantially identical
property. Appreciated financial positions subject to this constructive sale treatment include
interests (including options and forward contracts and short sales) in stock and certain other
instruments. Constructive sale treatment does not apply if the transaction is closed out not later
than thirty days after the end of the taxable year in which the transaction was initiated, and the
underlying appreciated securities position is held unhedged for at least the next sixty days after
the hedging transaction is closed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gain or loss from a short sale of property generally is considered as capital gain or loss to the
extent the property used to close the short sale constitutes a capital asset in the Fund&#146;s hands.
Except with respect to certain situations where the property used to close a short sale has a
long-term holding period on the date the short sale is entered into, gain on short sales generally
are short-term capital gain. A loss on a short sale will be treated as a long-term capital loss
if, on the date of the short sale, &#147;substantially identical property&#148; has been held by the Fund for
more than one year. In addition, entering into a short sale may result in suspension of the
holding period of &#147;substantially identical property&#148; held by the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gain or loss on a short sale generally will not be realized until such time as the short sale is
closed. However, as described above in the discussion of constructive sales, if the Fund holds a
short sale position with respect to securities that have appreciated in value, and it then acquires
property that is the same as or substantially identical to the property sold short, the Fund
generally will recognize gain on the date it acquires such property as if the short sale were
closed on such date with such property. Similarly, if the Fund holds an appreciated financial
position with respect to securities and then enters into a short sale with respect to the same or
substantially identical property, the Fund generally will recognize gain as if the appreciated
financial position were sold at its fair market value on the date it enters into the short sale.
The subsequent holding period for any appreciated financial position that is subject to these
constructive sale rules will be determined as if such position were acquired on the date of the
constructive sale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund will inform Common Shareholders of the source and tax status of all distributions promptly
after the close of each calendar year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Selling Common Shareholders generally will recognize gain or loss in an amount equal to the
difference between the amount realized on the sale and the Common Shareholder&#146;s adjusted tax basis
in the Common Shares sold. If Common Shares are held as a capital asset, the gain or loss will be
a capital gain or loss. The maximum tax rate applicable to net capital gain recognized by
individuals and other non-corporate taxpayers is (i)&nbsp;the same as the maximum ordinary income tax
rate for gain recognized on the sale of capital assets held for one year or less (in 2012, 35%), or
(ii)&nbsp;15% for gain recognized on the sale of capital assets held for more than one year (as well as
any capital gain distributions) (currently 0% for individuals in the 10% or 15% tax brackets). The
maximum individual tax rate for long-term capital gain is scheduled to increase to 20% for taxable
years beginning after December&nbsp;31, 2012. Any loss on a disposition of Common Shares held for six
months or less will be treated as a long-term capital loss to the extent of any capital gain
distributions received with respect to those Common Shares. For purposes of determining whether
Common Shares have been held for six months or less, the holding period is suspended for any
periods during which the Common Shareholder&#146;s risk of loss is diminished as a result of holding one
or more other positions in substantially similar or related property, or through certain options or
short sales. Any loss realized on a sale or exchange of Common Shares will be disallowed to the
extent those Common Shares are replaced by other Common Shares within a period of 61&nbsp;days beginning
30&nbsp;days before and ending 30&nbsp;days after the date of disposition of Common Shares (whether through
the reinvestment of distributions or otherwise). In that event, the basis of the replacement
Common Shares will be adjusted to reflect the disallowed loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An investor should be aware that, if Common Shares are purchased shortly before the record date for
any taxable distribution (including a capital gain distribution), the purchase price likely will
reflect the value of the distribution and the investor then would receive a taxable distribution
that is likely to reduce the trading value of such Common Shares, in effect resulting in a taxable
return of some of the purchase price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Taxable distributions to certain individuals and certain other non-corporate Common Shareholders,
including those who have not provided their correct taxpayer identification number and other
required certifications, may be subject
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to &#147;backup&#148; U.S. federal income tax withholding at the fourth lowest rate of tax applicable to a
single individual (in 2012, 28%, but scheduled to increase to 31% in 2013). Backup withholding is
not an additional tax. Any amounts withheld may be refunded or credited against such shareholder&#146;s
U.S. federal income tax liability, if any, provided that the required information is furnished to
the Internal Revenue Service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An investor also should be aware that the benefits of the reduced tax rate applicable to long-term
capital gain and qualified dividend income may be impacted by the application of the alternative
minimum tax to individual shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s investments in non-U.S. securities may be subject to foreign withholding taxes on
dividends, interest, or capital gain, which will decrease the Fund&#146;s yield. Foreign withholding
taxes may be reduced under income tax treaties between the U.S. and certain foreign jurisdictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Depending on the number of non-U.S. shareholders in the Fund, however, such reduced foreign
withholding tax rates may not be available for investments in certain jurisdictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing briefly summarizes some of the important U.S. federal income tax consequences to
Common Shareholders of investing in Common Shares, reflects the U.S. federal tax law as of the date
of this Prospectus, and does not address special tax rules applicable to certain types of
investors, such as corporate and non-U.S. investors. A more complete discussion of the tax rules
applicable to the Fund and the Common Shareholders can be found in the SAI that is incorporated by
reference into this Prospectus. Unless otherwise noted, this discussion assumes that an investor
is a U.S. person and holds Common Shares as a capital asset. This discussion is based upon current
provisions of the Code, the regulations promulgated thereunder, and judicial and administrative
ruling authorities, all of which are subject to change or differing interpretations by the courts
or the IRS retroactively or prospectively. Investors should consult their tax advisors regarding
other U.S. federal, state or local tax considerations that may be applicable in their particular
circumstances, as well as any proposed tax law changes.
</DIV>

<DIV align="left">
<A name="116"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Plan of Distribution</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may sell the Common Shares being offered under this Prospectus in any one or more of
the following ways: (i)&nbsp;directly to purchasers; (ii)&nbsp;through agents; (iii)&nbsp;to or through
underwriters; or (iv)&nbsp;through dealers. The Prospectus Supplement relating to the offering will
identify any agents, underwriters or dealers involved in the offer or sale of Common Shares, and
will set forth any applicable offering price, sales load, fee, commission or discount arrangement
between the Fund and its agents or underwriters, or among its underwriters, or the basis upon which
such amount may be calculated, net proceeds and use of proceeds, and the terms of any sale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may distribute Common Shares from time to time in one or more transactions at: (i)&nbsp;a
fixed price or prices, which may be changed; (ii)&nbsp;market prices prevailing at the time of sale;
(iii)&nbsp;prices related to prevailing market prices; or (iv)&nbsp;negotiated prices; provided, however,
that in each case the offering price per Common Share (less any underwriting commission or
discount) must equal or exceed the NAV per Common Share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund from time to time may offer its Common Shares through or to certain broker-dealers,
including UBS Securities LLC, that have entered into selected dealer agreements relating to
at-the-market offerings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may directly solicit offers to purchase Common Shares, or the Fund may designate agents to
solicit such offers. The Fund will, in a Prospectus Supplement relating to such offering, name any
agent that could be viewed as an underwriter under the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;), and describe any commissions the Fund must pay. Any such agent will be acting
on a best efforts basis for the period of its appointment or, if indicated in the applicable
Prospectus Supplement or other offering materials, on a firm commitment basis. Agents, dealers and
underwriters may be customers of, engage in transactions with, or perform services for the Fund in
the ordinary course of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If any underwriters or agents are used in the sale of Common Shares in respect of which this
Prospectus is delivered, the Fund will enter into an underwriting agreement or other agreement with
them at the time of sale to them, and the
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fund will set forth in the Prospectus Supplement relating to such offering their names and the
terms of the Fund&#146;s agreement with them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If a dealer is utilized in the sale of Common Shares in respect of which this Prospectus is
delivered, the Fund will sell such Common Shares to the dealer, as principal. The dealer may then
resell such Common Shares to the public at varying prices to be determined by such dealer at the
time of resale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may engage in at-the-market offerings to or through a market maker or into an existing
trading market, on an exchange or otherwise, in accordance with Rule&nbsp;415(a)(4) under the Securities
Act. An at-the-market offering may be through an underwriter or underwriters acting as principal
or agent for the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Agents, underwriters and dealers may be entitled under agreements which they may enter into with
the Fund to indemnification by the Fund against certain civil liabilities, including liabilities
under the Securities Act, and may be customers of, engage in transactions with or perform services
for the Fund in the ordinary course of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In order to facilitate the offering of Common Shares, any underwriters may engage in transactions
that stabilize, maintain or otherwise affect the price of Common Shares or any other Common Shares
the prices of which may be used to determine payments on the Common Shares. Specifically, any
underwriters may over-allot in connection with the offering, creating a short position for their
own accounts. In addition, to cover over-allotments or to stabilize the price of Common Shares or
of any such other Common Shares, the underwriters may bid for, and purchase, Common Shares or any
such other Common Shares in the open market. Finally, in any offering of Common Shares through a
syndicate of underwriters, the underwriting syndicate may reclaim selling concessions allowed to an
underwriter or a dealer for distributing Common Shares in the offering if the syndicate repurchases
previously distributed Common Shares in transactions to cover syndicate short positions, in
stabilization transactions or otherwise. Any of these activities may stabilize or maintain the
market price of Common Shares above independent market levels. Any such underwriters are not
required to engage in these activities and may end any of these activities at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may enter into derivative transactions with third parties, or sell Common Shares not
covered by this Prospectus to third parties in privately negotiated transactions. If the
applicable Prospectus Supplement indicates, in connection with those derivatives, the third parties
may sell Common Shares covered by this Prospectus and the applicable Prospectus Supplement or other
offering materials, including in short sale transactions. If so, the third parties may use Common
Shares pledged by the Fund or borrowed from the Fund or others to settle those sales or to close
out any related open borrowings of securities, and may use Common Shares received from the Fund in
settlement of those derivatives to close out any related open borrowings of securities. The third
parties in such sale transactions will be underwriters and, if not identified in this Prospectus,
will be identified in the applicable Prospectus Supplement or other offering materials (or a
post-effective amendment).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund or one of the Fund&#146;s affiliates may loan or pledge Common Shares to a financial
institution or other third party that in turn may sell Common Shares using this Prospectus. Such
financial institution or third party may transfer its short position to investors in Common Shares
or in connection with a simultaneous offering of other Common Shares offered by this Prospectus or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The maximum amount of compensation to be received by any member of the Financial Industry
Regulatory Authority, Inc. will not exceed 8% of the initial gross proceeds from the sale of any
security being sold with respect to each particular offering of Common Shares made under a single
Prospectus Supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any underwriter, agent or dealer utilized in the initial offering of Common Shares will not confirm
sales to accounts over which it exercises discretionary authority without the prior specific
written approval of its customer.
</DIV>

<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Description of Capital Structure</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund was reorganized as a business trust established under the laws of The Commonwealth of
Massachusetts by the Declaration of Trust. The Declaration of Trust provides that the Board may
authorize separate classes of shares
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of beneficial interest. The Board has authorized an unlimited number of Common Shares. The Fund
holds annual meetings of Common Shareholders in compliance with the requirements of the NYSE.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>COMMON SHARES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Declaration of Trust permits the Fund to issue an unlimited number of full and fractional
Common Shares of beneficial interest, with or without par value. Each Common Share represents an
equal proportionate interest in the assets of the Fund with each other Common Share in the Fund.
Common Shareholders will be entitled to the payment of distributions when, and if declared by the
Board. The 1940 Act or the terms of any future borrowings or issuance of preferred shares may
limit the payment of distributions to the Common Shareholders. Each whole Common Share is entitled
to one vote and each fractional Common Share is entitled to a proportionate fractional vote as to
matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust. Upon
liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of
the Fund and the liquidation preference with respect to any outstanding preferred shares, and upon
receipt of such releases, indemnities and refunding agreements as they deem necessary for their
protection, the Board may distribute the remaining assets of the Fund among the Common
Shareholders. The Declaration of Trust provides that Common Shareholders are not liable for any
liabilities of the Fund, and requires inclusion of a clause to that effect in agreements entered
into by the Fund and indemnifies shareholders against any such liability. Although shareholders of
a business trust established under Massachusetts law, in certain limited circumstances, may be held
personally liable for the obligations of the business trust as though they were general partners,
the provisions of the Declaration of Trust and By-laws described in the foregoing sentence make the
likelihood of such personal liability remote. The Fund will not issue Common Share certificates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund has no current intention to issue preferred shares. However, if at some future time there
are any preferred shares outstanding, subject to certain exceptions, the Fund might not be
permitted to declare any cash distribution on its Common Shares, unless at the time of such
declaration, (i)&nbsp;all accrued distributions on preferred shares or accrued interest on borrowings
have been paid and (ii)&nbsp;the value of the Fund&#146;s total assets (determined after deducting the amount
of such distribution), less all liabilities and indebtedness of the Fund not represented by senior
securities, is at least 300% of the aggregate amount of such securities representing indebtedness
and at least 200% of the aggregate amount of securities representing indebtedness plus the
aggregate liquidation value of the outstanding preferred shares. In addition to the requirements
of the 1940 Act, the Fund may be required to comply with other asset coverage requirements under a
credit facility as a condition of the Fund obtaining a rating of preferred shares from a nationally
recognized statistical rating organization (a &#147;Rating Agency&#148;). These requirements may include an
asset coverage test more stringent than under the 1940 Act. This limitation on the Fund&#146;s ability
to make distributions on its Common Shares could in certain circumstances impair the ability of the
Fund to maintain its qualification for taxation as a RIC for U.S. federal income tax purposes. If
the Fund were in the future to issue preferred shares, it would intend, however, to the extent
possible, to purchase or redeem preferred shares from time to time to maintain compliance with such
asset coverage requirements and may pay special distributions to the holders of the preferred
shares in certain circumstances in connection with any potential impairment of the Fund&#146;s status as
a RIC. Depending on the timing of any such redemption or repayment, the Fund may be required to
pay a premium in addition to the liquidation preference of the preferred shares to the holders
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund has no present intention of offering additional Common Shares, except as described herein.
Other offerings of its Common Shares, if made, will require approval of the Board. Any additional
offering will not be sold at a price per Common Share below the then current NAV (exclusive of
underwriting discounts and commissions) except in connection with an offering to existing Common
Shareholders or with the consent of a majority of the Fund&#146;s outstanding Common Shares. Common
Shares have no preemptive rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CREDIT FACILITY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund currently utilizes leverage by borrowing pursuant to the CFA as described in
&#147;&#151;Other Investment Policies&#151;Borrowing.&#148; In addition, the Fund may use leverage by borrowing from
other financial institutions or through the issuance of preferred shares, reverse repurchase
agreements or other leverage financing. The Fund intends to limit its combined effective leverage
ratio (measured by the aggregate dollar amount of all leverage facilities to managed assets) to
33<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>% of the Fund&#146;s managed assets at the time of borrowing. In addition, the Fund may borrow for
temporary, emergency or other purposes as permitted under the 1940 Act. Any such
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">indebtedness would be in addition to the combined effective leverage ratio of 33<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>% of managed
assets immediately after giving effect to the borrowing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s leverage strategy may not be successful. By leveraging its investment portfolio, the
Fund creates an opportunity for increased net income or capital appreciation. However, the use of
leverage also involves risks, which can be significant. These risks include the possibility that
the value of the assets acquired with such borrowing decreases although the Fund&#146;s liability is
fixed, greater volatility in the Fund&#146;s NAV and the market price of the Fund&#146;s Common Shares and
higher expenses. Since the Adviser&#146;s fee is based upon a percentage of the Fund&#146;s managed assets,
the Adviser&#146;s fee will be higher if the Fund is leveraged and the Adviser will have an incentive to
leverage the Fund. The Board will monitor this potential conflict. The Adviser intends to
leverage the Fund only when it believes that the potential return on the additional investments
acquired through the use of leverage is likely to exceed the costs incurred in connection with the
offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Leverage creates risks which may adversely affect the return for the Common Shareholders,
including:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the likelihood of greater volatility of NAV and market price of Common Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fluctuations in the dividend rates on any preferred shares or in interest rates on
borrowings and short-term debt;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increased operating costs, which may reduce the Fund&#146;s total return to the Common
Shareholders. The fees and expenses attributed to leverage, including all offering and
operating expenses relating to any preferred shares, will be borne by Common Shareholders;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the potential for a decline in the value of an investment acquired through leverage,
while the Fund&#146;s obligations under such leverage remains fixed.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the extent the income or capital appreciation derived from securities purchased with funds
received from leverage exceeds the cost of leverage, the Fund&#146;s return will be greater than if
leverage had not been used. Conversely, if the income or capital appreciation from the securities
purchased with such funds is not sufficient to cover the cost of leverage or if the Fund incurs
capital loss, the return of the Fund will be less than if leverage had not been used, and therefore
the amount available for distribution to shareholders as dividends and other distributions will be
reduced or potentially eliminated. The Adviser may determine to maintain the Fund&#146;s leveraged
position if it expects that the long-term benefits to the Fund&#146;s shareholders of maintaining the
leveraged position will outweigh the current reduced return. The Fund may be required to maintain
minimum average balances in connection with borrowings or to pay a commitment or other fee to
maintain a line of credit; either of these requirements will increase the cost of borrowing over
the stated interest rate. To the extent that the Fund borrows through the use of reverse
repurchase agreements, it would be subject to a risk that the value of the portfolio securities
transferred may substantially exceed the purchase price received by the Fund under the reverse
repurchase agreement transaction. Alternatively, during the life of any reverse repurchase
agreement transaction, the Fund may be required to transfer additional securities if the market
value of those securities initially transferred declines. In addition, capital raised through
borrowing or the issuance of preferred shares will be subject to interest costs or dividend
payments that may or may not exceed the income and appreciation on the assets purchased. The
issuance of additional classes of preferred shares involves offering expenses and other costs,
which will be borne by the Common Shareholders, and may limit the Fund&#146;s freedom to pay dividends
on Common Shares or to engage in other activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may be subject to certain restrictions on investments imposed by guidelines of one or more
nationally recognized statistical rating organizations which may issue ratings for the preferred
shares or short-term debt instruments issued by the Fund. These guidelines may impose asset
coverage or portfolio composition requirements that are more stringent than those imposed by the
1940 Act. Certain types of borrowings may result in the Fund being subject to covenants in credit
agreements, including those relating to asset coverage, borrowing base and portfolio composition
requirements and additional covenants that may affect the Fund&#146;s ability to pay dividends and
distributions on Common Shares in certain instances. The Fund also may be required to pledge its
assets to the lenders in connection with certain types of borrowing. The Adviser does not
anticipate that these covenants or restrictions will adversely affect its ability to manage the
Fund&#146;s portfolio in accordance with the Fund&#146;s investment
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">objectives and principal investment strategies. Due to these covenants or restrictions, the Fund
may be forced to liquidate investments at times and at prices that are not favorable to the Fund,
or the Fund may be forced to forego investments that the Adviser otherwise views as favorable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The extent that the Fund employs leverage, if any, will depend on many factors, the most important
of which are investment outlook, market conditions and interest rates. Successful use of a
leveraging strategy depends on the Adviser&#146;s ability to predict correctly interest rates and market
movements. There is no assurance that a leveraging strategy will be successful during any period
in which it is employed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>REPURCHASE OF SHARES AND OTHER DISCOUNT MEASURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Because shares of closed-end management investment companies frequently trade at a discount to
their NAVs, the Board has determined that from time to time it may be in the interest of the Common
Shareholders to take certain actions intended to reduce such discount. The Board, in consultation
with the Adviser, review at least annually the possibility of open market repurchases and/or tender
offers for the Common Shares and consider such factors as the market price of the Common Shares,
the NAV of the Common Shares, the liquidity of the assets of the Fund, effect on the Fund&#146;s
expenses, whether such transactions would impair the Fund&#146;s status as a RIC or result in a failure
to comply with applicable asset coverage requirements, general economic conditions and such other
events or conditions, which may have a material effect on the Fund&#146;s ability to consummate such
transactions. There are no assurances that the Board will, in fact, decide to undertake either of
these actions or, if undertaken, that such actions will result in the Fund&#146;s Common Shares trading
at a price which is equal to or approximates their NAV.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In recognition of the possibility that Common Shares might trade at a discount to NAV and that any
such discount may not be in the interest of the Fund&#146;s shareholders, the Board, in consultation
with the Adviser, from time to time may review possible actions to reduce any such discount. In
the event that the Fund conducts an offering of new Common Shares and such offering constitutes a
&#147;distribution&#148; under Regulation&nbsp;M, the Fund and certain of its affiliates may be subject to an
applicable restricted period that could limit the timing of any repurchases by the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PREFERRED SHARES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial
interest with preference rights, including preferred shares (&#147;Preferred Shares&#148;), having no par
value per share or such other amount as the Board may establish, in one or more series, with rights
as determined by the Board, by action of the Board without the approval of the Common Shareholders.
The Board has no current intention to issue Preferred Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the requirements of the 1940 Act, the Fund must, immediately after the issuance of any
Preferred Shares, have an &#147;asset coverage&#148; of at least 200%. Asset coverage means the ratio which
the value of the total assets of the Fund, less all liability and indebtedness not represented by
senior securities (as defined in the 1940 Act), bears to the aggregate amount of senior securities
representing indebtedness of the Fund, if any, plus the aggregate liquidation preference of the
Preferred Shares. If the Fund seeks a rating of the Preferred Shares, asset coverage requirements,
in addition to those set forth in the 1940 Act, may be imposed. The liquidation value of the
Preferred Shares is expected to equal their aggregate original purchase price plus redemption
premium, if any, together with any accrued and unpaid dividends thereon (on a cumulative basis),
whether or not earned or declared. The terms of the Preferred Shares, including their dividend
rate, voting rights, liquidation preference and redemption provisions, will be determined by the
Board (subject to applicable law and the Declaration of Trust) if and when it authorizes the
Preferred Shares. The Fund may issue Preferred Shares that provide for the periodic
redetermination of the dividend rate at relatively short intervals through an auction or
remarketing procedure, although the terms of the Preferred Shares also may enable the Fund to
lengthen such intervals. At times, the dividend rate as redetermined on the Fund&#146;s Preferred
Shares may approach or exceed the Fund&#146;s return after expenses on the investment of proceeds from
the Preferred Shares and the Fund&#146;s leveraged capital structure would result in a lower rate of
return to Common Shareholders than if the Fund were not so structured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund,
the terms of any Preferred Shares may entitle the holders of Preferred Shares to receive a
preferential liquidating distribution
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(expected to equal the original purchase price per share plus redemption premium, if any, together
with accrued and unpaid dividends, whether or not earned or declared and on a cumulative basis)
before any distribution of assets is made to Common Shareholders. After payment of the full amount
of the liquidating distribution to which they are entitled, the holders of Preferred Shares would
not be entitled to any further participation in any distribution of assets by the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the 1940 Act, if at any time dividends on the Preferred Shares are unpaid in an amount equal
to two full years&#146; dividends thereon, the holders of all outstanding Preferred Shares, voting as a
class, will be allowed to elect a majority of the Fund&#146;s Trustees until all dividends in default
have been paid or declared and set apart for payment. In addition, if required by the Rating
Agency rating the Preferred Shares or if the Board determines it to be in the best interests of the
Common Shareholders, issuance of the Preferred Shares may result in more restrictive provisions
than required by the 1940 Act being imposed. In this regard, holders of the Preferred Shares may
be entitled to elect a majority of the Board in other circumstances, for example, if one payment on
the Preferred Shares is in arrears.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Fund were to issue Preferred Shares, it is expected that the Fund would seek a credit rating
for the Preferred Shares from a Rating Agency. In that case, as long as Preferred Shares are
outstanding, the composition of its portfolio would reflect guidelines established by such Rating
Agency. Although, as of the date hereof, no such Rating Agency has established guidelines relating
to any such Preferred Shares, based on previous guidelines established by such Rating Agencies for
the securities of other issuers, the Fund anticipates that the guidelines with respect to the
Preferred Shares would establish a set of tests for portfolio composition and asset coverage that
supplement (and in some cases are more restrictive than) the applicable requirements under the 1940
Act. Although, at this time, no assurance can be given as to the nature or extent of the
guidelines, which may be imposed in connection with obtaining a rating of the Preferred Shares, the
Fund currently anticipates that such guidelines will include asset coverage requirements, which are
more restrictive than those under the 1940 Act, restrictions on certain portfolio investments and
investment practices, requirements that the Fund maintain a portion of its total assets in
short-term, high-quality, fixed-income securities and certain mandatory redemption requirements
relating to the Preferred Shares. No assurance can be given that the guidelines actually imposed
with respect to the Preferred Shares by such Rating Agency will be more or less restrictive than as
described in this Prospectus.
</DIV>

<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Certain Provisions in the Declaration of Trust and By-Laws</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under Massachusetts law, shareholders, in certain circumstances, could be held personally
liable for the obligations of the Fund. However, the Declaration of Trust contains an express
disclaimer of shareholder liability in connection with Fund property or the acts, obligations or
affairs of the Fund and requires that notice of such limited liability be given in each note, bond,
contract, instrument, certificate or undertaking made or issued by the Fund or the Board. The
Declaration of Trust further provides for indemnification out of the assets of the Fund for all
loss and expense of any shareholder held personally liable for the obligations of the Fund. Thus,
the risk of a shareholder incurring financial loss on account of shareholder liability is limited
to circumstances in which the Fund would be unable to meet its obligations. The Fund believes that
the likelihood of such circumstances is remote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Declaration of Trust provides that the Trustees may amend the Declaration of Trust when
authorized by a vote of a majority of the outstanding voting securities (&#147;Majority Shareholder
Vote&#148;). The Declaration of Trust does not permit amendments that impair the exemption from
personal liability of the shareholders, Trustees, officers, employees and agents of the Fund or
permit assessments upon shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Declaration of Trust and By-laws provide that the Trustees have the power, to the exclusion of
shareholders, to make, alter, amend or repeal any of the By-laws, except for any By-law that
requires a vote of the shareholders to be amended, adopted or repealed by the terms of the
Declaration of Trust, By-laws or applicable law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ANTI-TAKEOVER PROVISIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Declaration of Trust and By-laws include provisions that could have the effect of limiting the
ability of other entities or persons to acquire control of the Fund or to change the composition of
its Board and could have the effect of depriving Common Shareholders of an opportunity to sell
their Common Shares at a premium over prevailing
</DIV>




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</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">market prices by discouraging a third party from seeking to obtain control of the Fund. These
provisions may have the effect of discouraging attempts to acquire control of the Fund, which
attempts could have the effect of increasing the expenses of the Fund and interfering with the
normal operation of the Fund. They provide, however, the advantage of potentially requiring
persons seeking control of the Fund to negotiate with its management regarding the price to be paid
and facilitating the continuity of the Fund&#146;s investment objectives and policies. The Board has
considered the following anti-takeover provisions and concluded that they are in the best interests
of the Fund. The following is only a summary and is qualified in its entirety by reference to the
Declaration of Trust and By-laws on file with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The number of Trustees is currently nine, but by action of a majority of the Trustees, the Board
may from time to time be increased or decreased. If the Fund issues Preferred Shares, the Fund may
establish a separate class for the Trustees elected by the holders of the Preferred Shares.
Subject to applicable provisions of the 1940 Act, vacancies on the Board may be filled by a
majority action of the remaining Trustees. The Declaration of Trust provides that Trustees and
officers are entitled to indemnification and that the Fund may pay or reimburse expenses of
Trustees and officers. Such provisions may work to delay a change in the majority of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Generally, the shareholders have power to vote only: (a)&nbsp;for the election of Trustees; (b)&nbsp;with
respect to any investment advisory or management contract entered into; (c)&nbsp;with respect to any
termination of the Fund; (d)&nbsp;with respect to any amendment of the Declaration of Trust; (e)&nbsp;with
respect to any merger, consolidation or sale of assets of the Fund; (f)&nbsp;with respect to
incorporation of the Fund; (g)&nbsp;to the same extent as the stockholders of a Massachusetts business
corporation as to whether or not a court action, proceeding or claim should or should not be
brought or maintained derivatively or as a class action on behalf of the Fund or the shareholders;
and (h)&nbsp;with respect to such additional matters relating to the Fund as may be required by the
Declaration of Trust or the By-Laws or by reason of the registration of the Fund or the shares with
the SEC or any State or by any applicable law or any regulation or order of the SEC or any State or
as the Trustees may consider necessary or desirable. On any matter required or permitted to be
voted on by the shareholders, all shares then entitled to vote shall be voted in the aggregate as a
single class without regard to class, except (i)&nbsp;when required by the Declaration of Trust, the
By-Laws, the 1940 Act, or when the Trustees have determined that any matter to be submitted to a
vote of the shareholders affects the rights or interests of the shareholders of one or more
classes, if any, materially differently, shares shall be voted by each such affected class
individually; and (ii)&nbsp;when the Trustees shall have determined that the matter affects only the
interests of one or more classes, then only the shareholders of such affected class shall be
entitled to vote thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additionally, the Fund&#146;s By-laws contain certain provisions that may tend to make a change of
control of the Fund more difficult. For example, the By-laws (i)&nbsp;require a shareholder to give
written advance notice and other information to the Fund of the shareholder&#146;s nominees for Trustees
and proposals for other business to be considered at shareholders meetings; (ii)&nbsp;require any notice
by a shareholder be accompanied by certain information as provided in the By-laws; and (iii)
reserve to the Trustees the exclusive power to alter, amend or repeal any provision of the By-laws
or to make new By-laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>POTENTIAL CONVERSION TO OPEN-END FUND</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Conversion of the Fund to an open-end investment company would require an amendment to the Fund&#146;s
Declaration of Trust. Such amendment would require approval by each of the following: (i)&nbsp;a
majority of the Trustees then in office, (ii)&nbsp;a majority of the outstanding voting securities, and
(iii)&nbsp;by such vote or votes of the holders of any class or classes or series of shares as may be
required by the 1940 Act. In the event of conversion, the Common Shares would cease to be listed
on the NYSE or other national securities exchange or market system. The Board believes, however,
that the closed-end structure is desirable, given the Fund&#146;s investment objective and policies.
Investors should assume, therefore, that it is unlikely that the Board would vote to convert the
Fund to an open-end management investment company. Shareholders of an open-end management
investment company may require the company to redeem their shares at any time (except in certain
circumstances as authorized by or under the 1940 Act) at their NAV, less such redemption charge, if
any, as might be in effect at the time of a redemption. The Fund would expect to pay all such
redemption requests in cash, but intends to reserve the right to pay redemption requests in a
combination of cash or securities. If such partial payment in securities were made, investors may
incur brokerage costs in converting such securities to cash. If the Fund were converted to an
open-end fund, it is likely that new Common Shares would be sold at NAV plus a sales load.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="119"></A>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Reports to Shareholders</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund sends to its shareholders unaudited semi-annual and audited annual reports, including
a list of investments held.
</DIV>

<DIV align="left">
<A name="120"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Independent Registered Public Accounting Firm</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;FIRM&#093;, Boston, Massachusetts, is the independent registered public accounting firm for the
Fund and audits the Fund&#146;s financial statements.
</DIV>

<DIV align="left">
<A name="121"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Additional Information</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Prospectus and the SAI do not contain all of the information set forth in the
Registration Statement that the Fund has filed with the SEC (file No.&nbsp;333-108637). The complete
Registration Statement may be obtained from the SEC at www.sec.gov. See the cover page of this
Prospectus for information about how to obtain a paper copy of the Registration Statement or SAI
without charge.
</DIV>
<DIV align="left">
<A name="122"></A>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Table of Contents of the Statement of Additional Information</B></FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Organization of the Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional Investment Policies and Risks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment Restrictions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Portfolio Turnover</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Those Responsible for Management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders of the Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment Advisory and Other Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Determination of Net Asset Value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brokerage Allocation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional Information Concerning Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Custodian and Transfer Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Independent Registered Public Accounting Firm</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reports to Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Legal and Regulatory Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Codes of Ethics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Appendix&nbsp;A: Description of Ratings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">A-1&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Appendix&nbsp;B: Proxy Voting Policies and Procedures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">B-1&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left">
<A name="123"></A>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>The Fund&#146;s Privacy Policy</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund is committed to maintaining the privacy of its shareholders and to safeguarding their
non-public personal information. The following information is provided to help you understand what
personal information the Fund
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">collects, how the Fund protects that information and why, in certain cases, the Fund may share
information with select other parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Generally, the Fund does not receive any non-public personal information relating to its
shareholders, although certain non-public personal information of its shareholders may become
available to the Fund. The Fund does not disclose any non-public personal information about its
shareholders or former shareholders to anyone, except as permitted by law (which includes
disclosure to employees necessary to service your account). The Fund may share information with
unaffiliated third parties that perform various required services, such as transfer agents,
custodians and broker/dealers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund restricts access to non-public personal information about its shareholders to employees of
the Fund&#146;s investment adviser and its affiliates with a legitimate business need for the
information. The Fund maintains physical, electronic and procedural safeguards designed to protect
the non-public personal information of its shareholders.
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="b90494a1b9049412.gif" alt="(JOHNHANCOCK)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>&#091;</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>&#093; Shares</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Investors Trust</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Common Shares</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROSPECTUS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;, 2012
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Until &#091;DATE&#043;25&#093;, 2012 (25&nbsp;days after the date of this Prospectus), all dealers that buy, sell or
trade the Common Shares, whether or not participating in this offering, may be required to deliver
a prospectus and the applicable prospectus supplement. This delivery requirement is in addition to
the dealers&#146; obligation to deliver a prospectus and the applicable prospectus supplement when
acting as underwriters and with respect to their unsold allotments or subscriptions.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P style="padding: 5px; border: 3px double #000000; font-size: 11pt; color: #FF0000">The information in this Statement of Additional Information is not complete and may be
changed. We may not sell these securities until the Registration Statement filed with the
Securities and Exchange Commission is effective. This preliminary Statement of Additional
Information is not an offer to sell these securities and is not soliciting an offer to buy these
securities in any jurisdiction where the offer or sale is not permitted. This Statement of
Additional Information is not a prospectus.


<DIV align="center" style="font-size: 10pt; margin-top: 18pt; color: #FF0000">SUBJECT TO COMPLETION, DATED MAY 18, 2012
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>JOHN HANCOCK INVESTORS TRUST</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Statement of Additional Information
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;SAI DATE&#093;
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">601 Congress Street<BR>
Boston, Massachusetts 02210<BR>
1-800-225-6020
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#201">Organization of the Fund</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#202">Additional Investment Policies and Risks</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#203">Investment Restrictions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#204">Portfolio Turnover</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#205">Those Responsible for Management</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#206">Shareholders of the Fund</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#207">Investment Advisory and Other Services</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#208">Determination of Net Asset Value</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#209">Brokerage Allocation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#210">Additional Information Concerning Taxes</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#211">Other Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#212">Custodian and Transfer Agent</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#213">Independent Registered Public Accounting Firm</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#214">Reports to Shareholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#215">Legal and Regulatory Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#216">Codes of Ethics</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#217">Additional Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#218">Appendix&nbsp;A: Description of Ratings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">A-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#219">Appendix&nbsp;B: Proxy Voting Policies and Procedures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">B-1</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Statement of Additional Information (&#147;SAI&#148;) is not a prospectus and is authorized for
distribution to prospective investors only if preceded or accompanied by the prospectus of John
Hancock Investors Trust (the &#147;Fund&#148;) dated &#091;PROSPECTUS DATE&#093; (the &#147;Prospectus&#148;) and any related
supplement thereto (&#147;Prospectus Supplements&#148;), which are incorporated herein by reference. This
SAI should be read in conjunction with such Prospectus and any related Prospectus Supplements,
copies of which may be obtained without charge by contacting your financial intermediary or calling
the Fund at 1-800-225-6020.
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Capitalized terms used in this SAI and not otherwise defined have the meanings given them in the
Fund&#146;s Prospectus and any related Prospectus Supplements.
</DIV>

<DIV align="left">
<A name="201"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Organization of the Fund</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund is a diversified, closed-end management investment company registered under the
Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;). The Fund was organized on October&nbsp;26,
1970 as a Delaware corporation and was reorganized on October&nbsp;5, 1984 as a Massachusetts business
trust pursuant to an Agreement and Declaration of Trust, which was amended and restated on August
26, 2003, as amended (the &#147;Declaration of Trust&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">John Hancock Advisers, LLC (the &#147;Adviser&#148; or &#147;JHA&#148;) is the Fund&#146;s investment adviser and is
registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as
amended (the &#147;Advisers Act&#148;). The Adviser is responsible for overseeing the management of the
Fund, including its day-to-day business operations and monitoring the subadviser. The Adviser has
been managing closed-end funds since 1971.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Founded in 1968, the Adviser is a wholly owned subsidiary of John Hancock Life Insurance Company
(U.S.A.), a subsidiary of Manulife Financial Corporation (&#147;Manulife Financial&#148; or the &#147;Company&#148;).
John Hancock Life Insurance Company (U.S.A.) and its subsidiaries (&#147;John Hancock&#148;) today offer a
broad range of financial products and services, including whole, term, variable, and universal life
insurance, as well as college savings products, mutual funds, fixed and variable annuities,
long-term care insurance and various forms of business insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Adviser&#146;s parent company has been helping individuals and institutions work toward their
financial goals since 1862. The Adviser offers investment solutions managed by institutional money
managers, taking a disciplined team approach to portfolio management and research, leveraging the
expertise of seasoned investment professionals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Established in 1887, Manulife Financial is a Canada-based financial services group with principal
operations in Asia, Canada and the United States. Its international network of employees, agents
and distribution partners offers financial protection and wealth management products and services
to millions of clients. It also provides asset management services to institutional customers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s subadviser is John Hancock Asset Management a division of Manulife Asset Management (US)
LLC (the &#147;Subadviser&#148;), formerly MFC Global Investment Management (U.S.), LLC and Sovereign Asset
Management LLC. The Subadviser is responsible for the day-to-day management of the Fund&#146;s
portfolio investments. The Subadviser, organized in 1968, is a wholly owned subsidiary of John
Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife Financial).
</DIV>

<DIV align="left">
<A name="202"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Additional Investment Policies and Risks</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s primary investment strategies are described in the Prospectus. The following is a
description of the various investment policies that may be engaged in, whether as a primary or
secondary strategy, and a summary of certain attendant risks. The Subadviser may not buy any of
the following instruments or use any of the following techniques unless they believe that doing so
will help to achieve the Fund&#146;s investment objective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ratings as Investment Criteria. </B>In general, the ratings of Moody&#146;s and S&#038;P represent the opinions
of these agencies as to the quality of the securities which they rate. It should be emphasized,
however, that ratings are relative and subjective and are not absolute standards of quality. There
is no guarantee that these institutions will continue to provide ratings. These ratings will be
used by the Fund as initial criteria for the selection of debt securities. Among the factors which
will be considered are the long-term ability of the issuer to pay principal and interest and
general economic trends. Appendix&nbsp;A contains further information concerning the rating of Moody&#146;s
and S&#038;P and their significance. Subsequent to its purchase by the Fund, an issue of securities may
cease to be rated or its rating may be reduced below the minimum required for purchase by the Fund.
Neither of these events will require the sale of the securities by the Fund.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Short-Term Bank and Corporate Obligations. </B>The Fund may invest in depository-type obligations of
banks and savings and loan associations and other high quality money market instruments consisting
of short-term obligations of the U.S. government or its agencies and commercial paper. Commercial
paper represents short-term unsecured promissory notes issued in bearer form by banks or bank
holding companies, corporations and finance companies. Depository-type obligations in which the
Fund may invest include certificates of deposit, bankers&#146; acceptances and fixed time deposits.
Certificates of deposit are negotiable certificates issued against funds deposited in a commercial
bank for a definite period of time and earning a specified return.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bankers&#146; acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or
exporter to pay for specific merchandise, which are &#147;accepted&#148; by a bank, meaning, in effect, that
the bank unconditionally agrees to pay the face value of the instrument at maturity. Fixed time
deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed
rate. Fixed time deposits may be withdrawn on demand by the investor, but may be subject to early
withdrawal penalties which vary depending upon market conditions and the remaining maturity of the
obligation. There are no contractual restrictions on the right to transfer a beneficial interest
in a fixed time deposit to a third party, although there is no market for such deposits. Bank
notes and bankers&#146; acceptances rank junior to domestic deposit liabilities of the bank and <I>pari
passu </I>with other senior, unsecured obligations of the bank. Bank notes are not insured by the
Federal Deposit Insurance Corporation or any other insurer. Deposit notes are insured by the
Federal Deposit Insurance Corporation only to the extent of $100,000 per depositor per bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Preferred Securities. </B>The Fund may invest in preferred securities. Preferred securities, like
common stock, represent an equity ownership in an issuer. Generally, preferred securities have a
priority of claim over common stock in dividend payments and upon liquidation of the issuer.
Unlike common stock, preferred securities do not usually have voting rights. Preferred securities
in some instances are convertible into common stock. Although they are equity securities,
preferred securities have characteristics of both debt and common stock. Like debt, their promised
income is contractually fixed. Like common stock, they do not have rights to precipitate
bankruptcy proceedings or collection activities in the event of missed payments. Other equity
characteristics are their subordinated position in an issuer&#146;s capital structure and that their
quality and value are heavily dependent on the profitability of the issuer rather than on any legal
claims to specific assets or cash flows.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Distributions on preferred securities must be declared by the board of directors and may be subject
to deferral, and thus they may not be automatically payable. Income payments on preferred
securities may be cumulative, causing dividends and distributions to accrue even if not declared by
the board or otherwise made payable, or they may be non-cumulative, so that skipped dividends and
distributions do not continue to accrue. There is no assurance that dividends on preferred
securities in which the Fund invests will be declared or otherwise made payable. The Fund may
invest in non-cumulative preferred securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shares of preferred securities have a liquidation value that generally equals the original purchase
price at the date of issuance. The market values of preferred securities may be affected by
favorable and unfavorable changes impacting the issuers&#146; industries or sectors, including companies
in the utilities and financial services sectors, which are prominent issuers of preferred
securities. They may also be affected by actual and anticipated changes or ambiguities in the tax
status of the security and by actual and anticipated changes or ambiguities in tax laws, such as
changes in corporate and individual income tax rates, and in the dividends received deduction for
corporate taxpayers or the characterization of dividends as tax-advantaged as described herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Because the claim on an issuer&#146;s earnings represented by preferred securities may become onerous
when interest rates fall below the rate payable on the stock or for other reasons, the issuer may
redeem preferred securities, generally after an initial period of call protection during which the
stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund&#146;s
holdings of higher dividend-paying preferred securities may be reduced and the Fund may be unable
to acquire securities paying comparable rates with the redemption proceeds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Investments in Non-U.S. Securities. </B>The Fund may invest directly in the securities of non-U.S.
issuers as well as securities in the form of sponsored or unsponsored American Depository Receipts
(&#147;ADRs&#148;), European Depository Receipts (&#147;EDRs&#148;) and Global Depository Receipts (&#147;GDRs&#148;) or other
securities convertible into non-U.S. securities. The Fund may invest up to 30% of its total assets
in securities denominated in non-U.S. currencies. ADRs are receipts typically issued by a U.S.
bank or trust company which evidence ownership of underlying
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">securities issued by a non-U.S. corporation. EDRs are receipts issued in Europe which evidence a
similar ownership arrangement. Issuers of unsponsored ADRs are not contractually obligated to
disclose material information, including financial information, in the United States. Generally,
ADRs are designed for use in the United States securities markets and EDRs are designed for use in
European securities markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An investment in non-U.S. securities including ADRs may be affected by changes in currency rates
and in exchange control regulations. Issuers of unsponsored ADRs are not contractually obligated
to disclose material information, including financial information, in the United States and,
therefore, there may not be a correlation between such information and the market value of the
unsponsored ADR. Non-U.S. companies may not be subject to accounting standards or government
supervision comparable to U.S. companies, and there is often less publicly available information
about their operations. Non-U.S. companies may also be affected by political or financial
instability abroad. These risk considerations may be intensified in the case of investments in
ADRs of non-U.S. companies that are located in emerging market countries. ADRs of companies
located in these countries may have limited marketability and may be subject to more abrupt or
erratic price movements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Risks of Non-U.S. Securities</I></B>. Investments in non-U.S. securities may involve a greater degree of
risk than those in domestic securities. There is generally less publicly available information
about non-U.S. companies in the form of reports and ratings similar to those that are published
about issuers in the United States. Also, non-U.S. issuers generally are not subject to uniform
accounting, auditing and financial reporting requirements comparable to those applicable to United
States issuers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Because non-U.S. securities may be denominated in currencies other than the U.S. dollar, changes in
foreign currency exchange rates may affect the Fund&#146;s net asset value (&#147;NAV&#148;), the value of
dividends and interest earned, gains and losses realized on the sale of securities, and any net
investment income and gains that the Fund distributes to shareholders. Securities transactions
undertaken in some non-U.S. markets may not be settled promptly so that the Fund&#146;s investments on
non-U.S. exchanges may be less liquid and subject to the risk of fluctuating currency exchange
rates pending settlement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Non-U.S. securities will be purchased in the best available market, whether through OTC markets or
exchanges located in the countries where principal offices of the issuers are located. Non-U.S.
securities markets generally are not as developed or efficient as those in the United States.
While growing in volume, they usually have substantially less volume than the NYSE, and securities
of some non-U.S. issuers are less liquid and more volatile than securities of comparable United
States issuers. Fixed commissions on non-U.S. exchanges generally are higher than negotiated
commissions on United States exchanges; nevertheless, the Fund will endeavor to achieve the most
favorable net results on its portfolio transactions. There is generally less government
supervision and regulation of securities exchanges, brokers and listed issuers than in the United
States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to certain non-U.S. countries, there is the possibility of adverse changes in
investment or exchange control regulations, expropriation, nationalization or confiscatory taxation
limitations on the removal of funds or other assets of the Fund, political or social instability,
or diplomatic developments, which could affect United States investments in those countries.
Moreover, individual non-U.S. economies may differ favorably or unfavorably from the United States&#146;
economy in terms of growth of gross national product, rate of inflation, capital reinvestment,
resource self-sufficiency and balance of payments position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The dividends, in some cases capital gains and interest payable on certain of the Fund&#146;s non-U.S.
portfolio securities, may be subject to non-U.S. withholding or other non-U.S. taxes, thus reducing
the net amount of income or gains available for distribution to the Fund&#146;s shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These risks may be intensified in the case of investments in emerging markets or countries with
limited or developing capital markets. See &#147;Securities of Emerging Market Issuers or Countries&#148;
below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s ability and decision to purchase or sell portfolio securities may be affected by laws or
regulations relating to the convertibility and repatriation of assets. Under present conditions,
it is not believed that this consideration will have any significant effect on the Fund&#146;s portfolio
strategies.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>European Markets Risk</I></B>. Countries in Europe may be significantly affected by fiscal and monetary
controls implemented by the European Union (&#147;EU&#148;) and European Economic and Monetary Union (&#147;EMU&#148;),
which require member countries to comply with restrictions on inflation rates, deficits, interest
rates, debt levels and fiscal and monetary controls. Decreasing imports or exports, changes in
governmental or other regulations on trade, changes in the exchange rate of the Euro, the default
or threat of default by one or more EU member countries on its sovereign debt, and/or an economic
recession in one or more EU member countries may have a significant adverse effect on the economies
of these and other EU member countries and major trading partners outside Europe.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The European financial markets have recently experienced volatility and adverse trends due to
concerns about economic downturns, rising government debt levels and the possible default of
government debt in several European countries, including Greece, Ireland, Italy, Portugal and
Spain. Several countries, including Greece and Italy, have agreed to multi-year bailout loans from
the European Central Bank, International Monetary Fund, and other institutions. A default or debt
restructuring by any European country, such as the recent restructuring of Greece&#146;s outstanding
sovereign debt, can adversely impact holders of that country&#146;s debt and sellers of credit default
swaps linked to that country&#146;s creditworthiness, which may be located in countries other than those
listed above, and can affect exposures to other EU countries and their financial companies as well.
The manner in which the EU and EMU responded to the global recession and sovereign debt issues
raised questions about their ability to react quickly to rising borrowing costs and the potential
default by Greece and other countries of their sovereign debt and revealed a lack of cohesion in
dealing with the fiscal problems of member states. To address budget deficits and public debt
concerns, a number of European countries have imposed strict austerity measures and comprehensive
financial and labor market reforms, which could increase political or social instability. Many
European countries continue to suffer from high unemployment rates and are projected to experience
similar, double-digit unemployment rates in 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Investing in the securities of Eastern European issuers is highly speculative and involves risks
not usually associated with investing in the more developed markets of Western Europe. Securities
markets of Eastern European countries typically are less efficient and have lower trading volume,
lower liquidity, and higher volatility than more developed markets. Eastern European economies
also may be particularly susceptible to the international credit market due to their reliance on
bank related inflows of capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may be exposed to these risks through its direct investments in European securities,
including sovereign debt, or indirectly through investments in money market funds and financial
institutions with significant investments in such securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Emerging Markets Risk. </I></B>In addition, the Fund may invest in the securities of issuers based in
countries with &#147;emerging market&#148; economies. Funds that invest a significant portion of their
assets in the securities of issuers based in countries with &#147;emerging market&#148; economies are subject
to greater levels of foreign investment risk than funds investing primarily in more-developed
foreign markets, since emerging market securities may present market, credit, currency, liquidity,
legal, political and other risks greater than, or in addition to, the risks of investing in
developed foreign countries. These risks include: high currency exchange-rate fluctuations;
increased risk of default (including both government and private issuers); greater social, economic
and political uncertainty and instability (including the risk of war); more substantial
governmental involvement in the economy; less governmental supervision and regulation of the
securities markets and participants in those markets; controls on foreign investment and
limitations on repatriation of invested capital and on the Fund&#146;s ability to exchange local
currencies for U.S. dollars; unavailability of currency hedging techniques in certain emerging
market countries; the fact that companies in emerging market countries may be newly organized,
smaller and less seasoned; the difference in, or lack of, auditing and financial reporting
standards, which may result in the unavailability of material information about issuers; different
clearance and settlement procedures, which may be unable to keep pace with the volume of securities
transactions or otherwise make it difficult to engage in such transactions; difficulties in
obtaining and/or enforcing legal judgments in foreign jurisdictions; and significantly smaller
market capitalizations of emerging market issuers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Hedging and Other Strategies. </B>Hedging is an attempt to establish with more certainty than would
otherwise be possible the effective price or rate of return on portfolio securities or securities
that the Fund proposes to acquire or the exchange rate of currencies in which the portfolio
securities are quoted or denominated. When securities prices are falling, the Fund can seek to
offset a decline in the value of its current portfolio securities through the sale of
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">futures contracts. When securities prices are rising, the Fund, through the purchase of futures
contracts, can attempt to secure better rates or prices than might later be available in the market
when it effects anticipated purchases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If, in the opinion of the Adviser, there is a sufficient degree of correlation between price trends
for the Fund&#146;s portfolio securities and futures contracts based on other financial instruments,
securities indices or other indices, the Fund may also enter into such futures contracts as part of
its hedging strategy. Although under some circumstances prices of securities in the Fund&#146;s
portfolio may be more or less volatile than prices of such futures contracts, the Adviser will
attempt to estimate the extent of this volatility difference based on historical patterns and
compensate for any differential by having the Fund enter into a greater or lesser number of futures
contracts or by attempting to achieve only a partial hedge against price changes affecting the
Fund&#146;s portfolio securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When a short hedging position is successful, any depreciation in the value of portfolio securities
will be substantially offset by appreciation in the value of the futures position. On the other
hand, any unanticipated appreciation in the value of the Fund&#146;s portfolio securities would be
substantially offset by a decline in the value of the futures position. On other occasions, the
Fund may take a &#147;long&#148; position by purchasing futures contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Options on Securities and Securities Indices. </B>The Fund may purchase and write (sell)&nbsp;call and put
options on any securities and securities indices. These options may be listed on national domestic
securities exchanges or foreign securities exchanges or traded in the over-the-counter market. The
Fund may write covered put and call options and purchase put and call options as a substitute for
the purchase or sale of securities or to protect against declines in the value of portfolio
securities and against increases in the cost of securities to be acquired.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Writing Covered Options. </I>A call option on securities written by the Fund obligates the Fund to
sell specified securities to the holder of the option at a specified price if the option is
exercised at any time before the expiration date. A put option on securities written by the Fund
obligates the Fund to purchase specified securities from the option holder at a specified price if
the option is exercised at any time before the expiration date. Options on securities indices are
similar to options on securities, except that the exercise of securities index options requires
cash settlement payments and does not involve the actual purchase or sale of securities. In
addition, securities index options are designed to reflect price fluctuations in a group of
securities or segment of the securities market rather than price fluctuations in a single security.
Writing covered call options may deprive the Fund of the opportunity to profit from an increase in
the market price of the securities in its portfolio. Writing covered put options may deprive the
Fund of the opportunity to profit from a decrease in the market price of the securities to be
acquired for its portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All call and put options written by the Fund are covered. A written call option or put option may
be covered by (i)&nbsp;maintaining cash or liquid securities in a segregated account with a value at
least equal to the Fund&#146;s obligation under the option, (ii)&nbsp;entering into an offsetting forward
commitment and/or (iii)&nbsp;purchasing an offsetting option or any other option which, by virtue of its
exercise price or otherwise, reduces the Fund&#146;s net exposure on its written option position. A
written call option on securities is typically covered by maintaining the securities that are
subject to the option in a segregated account. The Fund may cover call options on a securities
index by owning securities whose price changes are expected to be similar to those of the
underlying index.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may terminate its obligations under an exchange traded call or put option by purchasing an
option identical to the one it has written. Obligations under over-the-counter options may be
terminated only by entering into an offsetting transaction with the counterparty to such option.
Such purchases are referred to as &#147;closing purchase transactions.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Purchasing Options. </I>The Fund would normally purchase call options in anticipation of an increase,
or put options in anticipation of a decrease (&#147;protective puts&#148;), in the market value of securities
of the type in which it may invest. The Fund may also sell call and put options to close out its
purchased options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The purchase of a call option would entitle the Fund, in return for the premium paid, to purchase
specified securities or currency at a specified price during the option period. The Fund would
ordinarily realize a gain on the purchase of a call option if, during the option period, the value
of such securities or currency exceeded the sum of the exercise price, the premium paid and
transaction costs; otherwise the Fund would realize either no gain or a loss on the purchase of the
call option.
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The purchase of a put option would entitle the Fund, in exchange for the premium paid, to sell
specified securities at a specified price during the option period. The purchase of protective
puts is designed to offset or hedge against a decline in the market value of the Fund&#146;s portfolio
securities. Put options may also be purchased by the Fund for the purpose of affirmatively
benefiting from a decline in the price of securities which it does not own. The Fund would
ordinarily realize a gain if, during the option period, the value of the underlying securities
decreased below the exercise price sufficiently to cover the premium and transaction costs;
otherwise the Fund would realize either no gain or a loss on the purchase of the put option. Gains
and losses on the purchase of put options may be offset by countervailing changes in the value of
the Fund&#146;s portfolio securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s options transactions will be subject to limitations established by each of the
exchanges, boards of trade or other trading facilities on which such options are traded. These
limitations govern the maximum number of options in each class which may be written or purchased by
a single investor or group of investors acting in concert, regardless of whether the options are
written or purchased on the same or different exchanges, boards of trade or other trading
facilities or are held or written in one or more accounts or through one or more brokers. Thus,
the number of options which the Fund may write or purchase may be affected by options written or
purchased by other investment advisory clients of the Adviser. An exchange, board of trade or
other trading facility may order the liquidation of positions found to be in excess of these
limits, and it may impose certain other sanctions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Risks Associated with Options Transactions. </I>There is no assurance that a liquid secondary market
on a domestic or foreign options exchange will exist for any particular exchange-traded option or
at any particular time. If the Fund is unable to effect a closing purchase transaction with
respect to covered options it has written, the Fund will not be able to sell the underlying
securities or dispose of assets held in a segregated account until the options expire or are
exercised. Similarly, if the Fund is unable to effect a closing sale transaction with respect to
options it has purchased, it would have to exercise the options in order to realize any profit and
will incur transaction costs upon the purchase or sale of underlying securities or currencies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reasons for the absence of a liquid secondary market on an exchange include the following: (i)
there may be insufficient trading interest in certain options; (ii)&nbsp;restrictions may be imposed by
an exchange on opening transactions or closing transactions or both; (iii)&nbsp;trading halts,
suspensions or other restrictions may be imposed with respect to particular classes or series of
options; (iv)&nbsp;unusual or unforeseen circumstances may interrupt normal operations on an exchange;
(v)&nbsp;the facilities of an exchange or the Options Clearing Corporation may not at all times be
adequate to handle current trading volume; or (vi)&nbsp;one or more exchanges could, for economic or
other reasons, decide or be compelled at some future date to discontinue the trading of options (or
a particular class or series of options). If trading were discontinued, the secondary market on
that exchange (or in that class or series of options) would cease to exist. However, outstanding
options on that exchange that had been issued by the Options Clearing Corporation as a result of
trades on that exchange would continue to be exercisable in accordance with their terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s ability to terminate over-the-counter options is more limited than with exchange-traded
options and may involve the risk that broker-dealers participating in such transactions will not
fulfill their obligations. The Adviser will determine the liquidity of each over-the-counter
option in accordance with guidelines adopted by the Board of Trustees of the Fund (the &#147;Board&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The writing and purchase of options is a highly specialized activity which involves investment
techniques and risks different from those associated with ordinary portfolio securities
transactions. The successful use of options depends in part on the Adviser&#146;s ability to predict
future price fluctuations and, for hedging transactions, the degree of correlation between the
options and securities or currency markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Futures Contracts and Options on Futures Contracts. </B>The Fund may purchase and sell futures
contracts based on various securities (such as U.S. government securities) and securities indices,
and any other financial instruments and indices and purchase and write call and put options on
these futures contracts. The Fund may also enter into closing purchase and sale transactions with
respect to any of these contracts and options. All futures contracts entered into by a Fund are
traded on U.S. or foreign exchanges or boards of trade that are licensed, regulated or approved by
the Commodity Futures Trading Commission (&#147;CFTC&#148;).
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Futures Contracts. </I>A futures contract may generally be described as an agreement between two
parties to buy and sell particular financial instruments or currencies for an agreed price during a
designated month (or to deliver the final cash settlement price, in the case of a contract relating
to an index or otherwise not calling for physical delivery at the end of trading in the contract).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Positions taken in the futures markets are not normally held to maturity but are instead liquidated
through offsetting transactions, which may result in a profit or a loss. While futures contracts
on securities will usually be liquidated in this manner, the Fund may instead make, or take,
delivery of the underlying securities or currency whenever it appears economically advantageous to
do so. A clearing corporation associated with the exchange on which futures contracts are traded
guarantees that, if still open, the sale or purchase will be performed on the settlement date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Fund may, for example, take a &#147;short&#148; position in the futures market by selling futures contracts
in an attempt to hedge against an anticipated decline in market prices that would adversely affect
the value of the Fund&#146;s portfolio securities. Such futures contracts may include contracts for the
future delivery of securities held by a Fund or securities with characteristics similar to those of
the Fund&#146;s portfolio securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Options on Futures Contracts. </I>The purchase of put and call options on futures contracts will give
the Fund the right (but not the obligation) for a specified price to sell or to purchase,
respectively, the underlying futures contract at any time during the option period. As the
purchaser of an option on a futures contract, the Fund obtains the benefit of the futures position
if prices move in a favorable direction but limits its risk of loss in the event of an unfavorable
price movement to the loss of the premium and transaction costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The writing of a call option on a futures contract generates a premium which may partially offset a
decline in the value of the Fund&#146;s assets. By writing a call option, the Fund becomes obligated,
in exchange for the premium (upon exercise of the option) to sell a futures contract if the option
is exercised, which may have a value higher than the exercise price. Conversely, the writing of a
put option on a futures contract generates a premium which may partially offset an increase in the
price of securities that the Fund intends to purchase. However, a Fund becomes obligated (upon
exercise of the option) to purchase a futures contract if the option is exercised, which may have a
value lower than the exercise price. The loss incurred by each Fund in writing options on futures
is potentially unlimited and may exceed the amount of the premium received.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The holder or writer of an option on a futures contract may terminate its position by selling or
purchasing an offsetting option of the same series. There is no guarantee that such closing
transactions can be effected. A Fund&#146;s ability to establish and close out positions on such
options will be subject to the development and maintenance of a liquid market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Other Considerations. </B>The Fund will engage in futures and related options transactions either for
<I>bona fide </I>hedging or to facilitate portfolio management. The Fund will not engage in futures or
related options for speculative purposes. To the extent that the Fund is using futures and related
options for hedging purposes, futures contracts will be sold to protect against a decline in the
price of securities that the Fund owns or futures contracts will be purchased to protect the Fund
against an increase in the price of securities it intends to purchase. The Fund will determine
that the price fluctuations in the futures contracts and options on futures used for hedging
purposes are substantially related to price fluctuations in securities held by the Fund or
securities or instruments which it expects to purchase. To the extent that the Fund engages in
non-hedging transactions in futures contracts and options on futures to facilitate portfolio
management, the aggregate initial margin and premiums required to establish these nonhedging
positions will not exceed 5% of the net asset value of the Fund&#146;s portfolio, after taking into
account unrealized profits and losses on any such positions and excluding the amount by which such
options were in-the-money at the time of purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Transactions in futures contracts and options on futures involve brokerage costs, require margin
deposits and, in the case of contracts and options obligating the Fund to purchase securities,
require the Fund to establish a segregated account consisting of cash or liquid securities in an
amount equal to the underlying value of such contracts and options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While transactions in futures contracts and options on futures may reduce certain risks, these
transactions themselves entail certain other risks. For example, unanticipated changes in interest
rates or securities prices may
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">result in a poorer overall performance for the Fund than if it had not entered into any futures
contracts or options transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Perfect correlation between the Fund&#146;s futures positions and portfolio positions will be impossible
to achieve. In the event of an imperfect correlation between a futures position and a portfolio
position which is intended to be protected, the desired protection may not be obtained and the Fund
may be exposed to risk of loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some futures contracts or options on futures may become illiquid under adverse market conditions.
In addition, during periods of market volatility, a commodity exchange may suspend or limit trading
in a futures contract or related option, which may make the instrument temporarily illiquid and
difficult to price. Commodity exchanges may also establish daily limits on the amount that the
price of a futures contract or related option can vary from the previous day&#146;s settlement price.
Once the daily limit is reached, no trades may be made that day at a price beyond the limit. This
may prevent the Fund from closing out positions and limiting its losses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Interest Rate Swaps, Collars, Caps and Floors. </B>In order to hedge the value of the Fund&#146;s portfolio
against interest rate fluctuations or to facilitate portfolio management, the Fund may, but is not
required to, enter into various interest rate transactions such as interest rate swaps and the
purchase or sale of interest rate caps and floors. To the extent that the Fund enters into these
transactions, the Fund expects to do so primarily to preserve a return or spread on a particular
investment or portion of its portfolio, to protect against any increase in the price of securities
the Fund anticipates purchasing at a later date or to manage the Fund&#146;s interest rate exposure on
any debt securities or preferred shares issued by the Fund for leverage purposes. The Fund intends
to use these transactions only as a hedge or to facilitate portfolio management. The Fund is not
required to hedge its portfolio and may choose not to do so. The Fund cannot guarantee that any
hedging strategies it uses will work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Interest Rate Swaps. </I></B>In an interest rate swap, the Fund exchanges with another party their
respective commitments to pay or receive interest (<I>e.g.</I>, an exchange of fixed rate payments for
floating rate payments). For example, if the Fund holds a debt instrument with an interest rate
that is reset only once each year, it may swap the right to receive interest at this fixed rate for
the right to receive interest at a rate that is reset every week. This would enable the Fund to
offset a decline in the value of the debt instrument due to rising interest rates but would also
limit its ability to benefit from falling interest rates. Conversely, if the Fund holds a debt
instrument with an interest rate that is reset every week and it would like to lock in what it
believes to be a high interest rate for one year, it may swap the right to receive interest at this
variable weekly rate for the right to receive interest at a rate that is fixed for one year. Such
a swap would protect the Fund from a reduction in yield due to falling interest rates and may
permit the Fund to enhance its income through the positive differential between one week and one
year interest rates, but would preclude it from taking full advantage of rising interest rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund usually will enter into interest rate swaps on a net basis (<I>i.e.</I>, the two payment streams
are netted out with the trust receiving or paying, as the case may be, only the net amount of the
two payments). The net amount of the excess, if any, of the Fund&#146;s obligations over its
entitlements with respect to each interest rate swap will be accrued on a daily basis, and an
amount of cash or liquid instruments having an aggregate net asset value at least equal to the
accrued excess will be maintained in a segregated account by the Fund&#146;s custodian. If the interest
rate swap transaction is entered into on other than a net basis, the full amount of the Fund&#146;s
obligations will be accrued on a daily basis, and the full amount of the Fund&#146;s obligations will be
maintained in a segregated account by the Fund&#146;s custodian.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Interest Rate Collars, Caps and Floors. </I></B>The Fund also may engage in interest rate transactions in
the form of purchasing or selling interest rate caps or floors. The Fund will not sell interest
rate caps or floors that it does not own. The purchase of an interest rate cap entitles the
purchaser, to the extent that a specified index exceeds a predetermined interest rate, to receive
payments of interest equal to the difference of the index and the predetermined rate on a notional
principal amount (<I>i.e.</I>, the reference amount with respect to which interest obligations are
determined although no actual exchange of principal occurs) from the party selling such interest
rate cap. The purchase of an interest rate floor entitles the purchaser, to the extent that a
specified index falls below a predetermined interest rate, to receive payments of interest at the
difference of the index and the predetermined rate on a notional principal amount from the party
selling such interest rate floor.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Typically, the parties with which the Fund will enter into interest rate transactions will be
broker-dealers and other financial institutions. The Fund will not enter into any interest rate
swap, cap or floor transaction unless the unsecured senior debt or the claims-paying ability of the
other party thereto is rated investment grade quality by at least one nationally recognized
statistical rating organization at the time of entering into such transaction or whose
creditworthiness is believed by the Adviser to be equivalent to such rating. If there is a default
by the other party to such a transaction, the Fund will have contractual remedies pursuant to the
agreements related to the transaction. The swap market has grown substantially in recent years
with a large number of banks and investment banking firms acting both as principals and as agents
utilizing standardized swap documentation. As a result, the swap market has become relatively
liquid in comparison with other similar instruments traded in the interbank market. Caps and
floors, however, are less liquid than swaps. Certain federal income tax requirements may limit the
Fund&#146;s ability to engage in interest rate swaps.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Credit Default Swap Agreements. </I></B>The Fund may enter into credit default swap agreements. The
&#147;buyer&#148; in a credit default contract is obligated to pay the &#147;seller&#148; a periodic stream of payments
over the term of the contract provided that no event of default on an underlying reference
obligation has occurred. If an event of default occurs, the seller must pay the buyer the &#147;par
value&#148; (full notional value) of the reference obligation in exchange for the reference obligation.
The Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no event
of default occurs, the Fund loses its investment and recovers nothing. However, if an event of
default occurs, the buyer receives full notional value for a reference obligation that may have
little or no value. As a seller, the Fund receives a fixed rate of income throughout the term of
the contract, which can run between six months and ten years but are typically structured between
three and five years, provided that there is no default event. If an event of default occurs, the
seller must pay the buyer the full notional value of the reference obligation. Credit default
swaps involve greater risks than if the Fund had invested in the reference obligation directly. In
addition to general market risks, credit default swaps are subject to illiquidity risk,
counterparty risk and credit risks. The Fund will enter into swap agreements only with
counterparties who are rated investment grade by at least one nationally recognized statistical
rating organization at the time of entering into such transaction or whose creditworthiness is
believed by the Adviser to be equivalent to such rating. A buyer also will lose its investment and
recover nothing should an event of default occur. If an event of default were to occur, the value
of the reference obligation received by the seller, coupled with the periodic payments previously
received, may be less than the full notional value it pays to the buyer, resulting in a loss of
value to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Fund enters into a credit default swap, the Fund may be required to report the swap as a
&#147;listed transaction&#148; for tax shelter reporting purposes on the Fund&#146;s federal income tax return.
If the Internal Revenue Service (the &#147;IRS&#148;) were to determine that the credit default swap is a tax
shelter, the Fund could be subject to penalties under the Internal Revenue Code of 1986, as amended
(the &#147;Code&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may in the future employ new or additional investment strategies and hedging instruments
if those strategies and instruments are consistent with the Fund&#146;s investment objectives and are
permissible under applicable regulations governing the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Additional Regulatory Limitations on the Use of Futures and Related Options, Interest Rate Floors,
Caps and Collars and Interest Rate and Currency Swap Contracts</I></B><B>. </B>The Fund has claimed an exclusion
from the definition of &#147;commodity pool operator&#148; under the CEA and, therefore, is not subject to
registration or regulation as a pool operator under the CEA. It should be noted, however, that the
CFTC has adopted certain rules that significantly affect the exemptions available to the Fund.
These rules are not yet effective and their scope of application is still uncertain. As of the
date of this SAI, there is no certainty that the Fund, the Adviser, the Subadviser or other parties
will be able to rely on these exclusions and exemptions in the future. Additional CFTC regulation
(or a choice to no longer use strategies that trigger additional regulation) may cause the Fund to
change its investment strategies or to incur additional expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Risk of Potential Government Regulation of Derivatives. </I></B>It is possible that government regulation
of various types of derivative instruments, including futures and swap agreements, may limit or
prevent the Fund from using such instruments as part of its investment strategy, which could
negatively impact the Fund. For example, some legislative and regulatory proposals, such as those
in the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#147;Dodd-Frank Act&#148;) (which was
enacted in July&nbsp;2010), would, upon implementation, impose limits on the
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">maximum position that could be held by a single trader in certain contracts and would subject some
derivatives transactions to new forms of regulation that could create barriers to some types of
investment activity. Other provisions would require many swaps to be cleared and traded on an
exchange, expand entity registration requirements, impose business conduct requirements on dealers
that enter into swaps with a pension plan, endowment, retirement plan or government entity, and
require banks to move some derivatives trading units to a non-guaranteed affiliate separate from
the deposit-taking bank or divest them altogether. While many provisions of the Dodd-Frank Act
must be implemented through future rulemaking, and any regulatory or legislative activity may not
necessarily have a direct, immediate effect upon the Fund, it is possible that, upon implementation
of these measures or any future measures, they could potentially limit or completely restrict the
ability of the Fund to use these instruments as a part of its investment strategy, increase the
costs of using these instruments or make them less effective. Limits or restrictions applicable to
the counterparties with which the Fund engages in derivative transactions could also prevent the
Fund from using these instruments or affect the pricing or other factors relating to these
instruments, or may change availability of certain investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Short-Term Trading and Portfolio Turnover. </B>Short-term trading means the purchase and subsequent
sale of a security after it has been held for a relatively brief period of time. The Fund may
engage in short-term trading in response to stock market conditions, changes in interest rates or
other economic trends and developments, or to take advantage of yield disparities between various
fixed-income securities in order to realize capital gains or improve income. Short-term trading
may have the effect of increasing portfolio turnover rate. A high rate of portfolio turnover (100%
or greater) involves correspondingly greater brokerage expenses. The portfolio turnover rate for
the Fund for the fiscal years ended October&nbsp;31, 2011 and October&nbsp;31, 2010 was 45% and 71%,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Real estate securities. </B>Investing in securities of companies in the real estate industry subjects
the Fund to the risks associated with the direct ownership of real estate. These risks include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Declines in the value of real estate;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Risks related to general and local economic conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Possible lack of availability of mortgage funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Overbuilding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Extended vacancies of properties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Increased competition;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Increases in property taxes and operating expenses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Changes in zoning laws;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Losses due to costs resulting from the cleanup of environmental problems;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liability to third parties for damages resulting from environmental problems;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Casualty or condemnation losses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Limitations on rents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Changes in neighborhood values and the appeal of properties to tenants; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Changes in interest rates.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Therefore, for the Fund investing a substantial amount of its assets in securities of companies in
the real estate industry, the value of the Fund&#146;s shares may change at different rates compared to
the value of shares of the Fund with investments in a mix of different industries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities of companies in the real estate industry include equity real estate investment trusts
(&#147;REITs&#148;) and mortgage REITs. Equity REITs may be affected by changes in the value of the
underlying property owned by the REIT, while mortgage REITs may be affected by the quality of any
credit extended. Further, equity and mortgage REITs are dependent upon management skills and
generally may not be diversified. Equity and mortgage REITs are also subject to heavy cash flow
dependency, defaults by borrowers and self-liquidations. In addition, equity and mortgage REITs
could possibly fail to qualify for tax-free pass-through of income under the Code, as amended, or
to maintain their exemptions form registration under the 1940 Act. The above factors may also
adversely affect a borrower&#146;s or a lessee&#146;s ability to meet its obligations to a REIT. In the
event of a default by a borrower or lessee, a REIT may experience delays in enforcing its rights as
a mortgagee or lessor and may incur substantial costs associated with protecting its investments.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, even the larger REITs in the industry tend to be small- to medium-sized companies in
relation to the equity markets as a whole. Moreover, shares of REITs may trade less frequently
and, therefore, are subject to more erratic price movements, than securities of larger issuers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Gaming-Tribal Authority Investments. </B>The Fund may invest in securities issued by gaming companies,
including gaming facilities operated by Indian (Native American) tribal authorities. The value of
the Fund&#146;s investments in gaming companies is subject to legislative or regulatory changes, adverse
market conditions, and/or increased competition affecting the gaming sector. Securities of gaming
companies may be considered speculative, and generally exhibit greater volatility than the overall
market. The market value of gaming company securities may fluctuate widely due to unpredictable
earnings, due in part to changing consumer tastes and intense competition, strong reaction to
technological developments, and the threat of increased government regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities issued by Indian tribal authorities are subject to particular risks. Indian tribes
enjoy sovereign immunity, which is the legal privilege by which the United States federal, state,
and tribal governments cannot be sued without their consent. In order to sue an Indian tribe (or
an agency or instrumentality thereof), the tribe must have effectively waived its sovereign
immunity with respect to the matter in dispute. Certain Indian tribal authorities have agreed to
waive their sovereign immunity in connection with their outstanding debt obligations. Generally,
waivers of sovereign immunity have been held to be enforceable against Indian tribes.
Nevertheless, if a waiver of sovereign immunity is held to be ineffective, claimants, including
investors in Indian tribal authority securities (such as the Fund), could be precluded from
judicially enforcing their rights and remedies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further, in most commercial disputes with Indian tribes, it may be difficult or impossible to
obtain federal court jurisdiction. A commercial dispute may not present a federal question, and an
Indian tribe may not be considered a citizen of any state for purposes of establishing diversity
jurisdiction. The U.S. Supreme Court has held that jurisdiction in a tribal court must be
exhausted before any dispute can be heard in an appropriate federal court. In cases where the
jurisdiction of the tribal forum is disputed, the tribal court first must rule as to the limits of
its own jurisdiction. Such jurisdictional issues, as well as the general view that Indian tribes
are not considered to be subject to ordinary bankruptcy proceedings, may be disadvantageous to
holders of obligations issued by Indian tribal authorities, including the Fund.
</DIV>

<DIV align="left">
<A name="203"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Investment Restrictions</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The investment policies and strategies of the Fund described in this SAI and the Prospectus,
except for the nine investment restrictions designated as fundamental policies under this caption,
are not fundamental and may be changed by the Board without shareholder approval.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fundamental Investment Restrictions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As referred to above, the following nine investment restrictions of the Fund are designated as
fundamental policies and as such cannot be changed without the approval of the holders of a
majority of the Fund&#146;s outstanding voting securities, which as used in this SAI means the lesser of
(a)&nbsp;67% of the shares of the Fund present or represented by proxy at a meeting if the holders of
more than 50% of the outstanding shares are present or represented at the meeting or (b)&nbsp;more than
50% of outstanding shares of the Fund. As a matter of fundamental policy, the Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, except as permitted by the Investment Company Act of 1940 Act,
as amended (the &#147;1940 Act&#148;) and the rules and interpretive positions of the Securities and
Exchange Commission (the &#147;SEC&#148;) thereunder. Senior securities that the Fund may issue in
accordance with the 1940 Act include preferred shares, borrowing, futures, when-issued and
delayed delivery securities and forward foreign currency exchange transactions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except as permitted by the 1940 Act and the rules and interpretive
positions of the SEC thereunder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter, except to the extent that the Fund may be deemed to be an
underwriter for the purposes of the Securities Act of 1933, as amended (the &#147;1933 Act&#148;), in
connection with the disposition of</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>portfolio securities or purchase any security which is subject to legal or contractual
delays in or restrictions on resale if after such purchase more than 50% of the Fund&#146;s total
assets would be invested in such securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase real estate or any interest therein, except through the purchase of corporate
or certain government securities (including securities secured by mortgage or a leasehold
interest or other interest in real estate and securities of companies investing in real
estate) in accordance with the Fund&#146;s investment objectives.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans except through the lending of portfolio securities
and the purchase
of securities in accordance with the Fund&#146;s investment objectives. The Fund does not for
this purpose consider repurchase agreements and bank obligations to be the making of a
loan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in commodities or in commodity contracts or in puts, calls or combinations of
both except options on securities and securities indices, and futures contracts on
securities and securities indices and options on such futures.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of its total assets taken at market value at the time of purchase
in securities of any one issuer, other than obligations of the United States government and
its agencies and instrumentalities and repurchase agreements collateralized by such
obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities of any issuer if such purchase would at the time result in more
than 10% of the outstanding voting securities of such issuer being held by the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities of issuers conducting their principal business activity in the same
industry if immediately after such purchase the value of its investment in such industry
would exceed 25% of its total assets taken at market value.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund does not have a fundamental policy with respect to short sales and purchases on margin.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In regard to restriction (2), the Fund may borrow money as a temporary measure for extraordinary or
emergency purposes, including the payment of dividends and the settlement of securities
transactions which otherwise might require untimely dispositions of Fund securities. The 1940 Act
currently requires that the Fund have 300% asset coverage at the time of borrowing with respect to
all borrowings other than temporary borrowings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of construing restriction (9), securities of the U.S. government, its agencies, or
instrumentalities are not considered to represent industries. Municipal obligations backed by the
credit of a governmental entity also are not considered to represent industries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Whenever an investment policy or investment restriction set forth in the Prospectus or this SAI
states a maximum percentage of assets that may be invested in any security or other asset or
describes a policy regarding quality standards, such percentage limitation or standard shall be
determined immediately after and as a result of the Fund&#146;s acquisition of such security or asset.
Accordingly, any later increase or decrease resulting from a change in values, assets or other
circumstances or any subsequent rating change made by a rating agency (or as determined by the
Subadviser if the security is not rated by a rating agency) will not compel the Fund to dispose of
such security or other asset. Notwithstanding the foregoing, the Fund must always be in compliance
with the borrowing policies set forth above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Non-fundamental Investment Restrictions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund has adopted the following non-fundamental investment policies, which may be changed by the
Board without approval of the Fund&#146;s shareholders:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund intends to purchase securities through private placements, but no purchase
will be made if as a result more than 20% of the value of the Fund&#146;s total assets would be
invested in such securities.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a percentage restriction on investment or utilization of assets as set forth above
is adhered to at the time an investment is made, a later change in percentage resulting
from changes in the value of the Fund&#146;s assets will not be considered a violation of the
restriction.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may also be subject to certain restrictions and guidelines imposed by lenders
if the Fund engages in borrowings. The Fund does not anticipate that such guidelines would
have a material adverse effect on its common shareholders or the Fund&#146;s ability to achieve
its investment objectives.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund will invest only in countries on the Adviser&#146;s Approved Country Listing. The
Approved Country Listing is a list maintained by the Adviser&#146;s investment department that
outlines all countries, including the United States, that have been approved for investment
by funds managed by the Adviser.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If allowed by the Fund&#146;s other investment policies and restrictions, the Fund may
invest up to 5% of its total assets in Russian equity securities and up to 10% of its total
assets in Russian fixed-income securities. All Russian securities must be: (a)
denominated in U.S. dollars; (b)&nbsp;traded on a major exchange; and (c)&nbsp;held physically
outside of Russia.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left">
<A name="204"></A>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Portfolio Turnover</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s annual rate of portfolio turnover may vary from year to year as well as within a
year. A high rate of portfolio turnover (100% or more) generally involves correspondingly greater
brokerage commission expenses, which must be borne directly by the Fund. Portfolio turnover is
calculated by dividing the lesser of purchases or sales of fund securities during the fiscal year
by the monthly average of the value of the Fund&#146;s securities. (Excluded from the computation are
all securities, including options, with maturities at the time of acquisition of one year or less.)
The portfolio turnover rate for the Fund for the fiscal years ended October&nbsp;31, 2011 and October
31, 2010 was 45% and 71%, respectively.
</DIV>

<DIV align="left">
<A name="205"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Those Responsible for Management</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The business of the Fund is managed by the Board, including certain trustees of the Fund
(&#147;Trustees&#148;) who are not &#147;interested persons&#148; (as defined by the 1940 Act) of the Fund (the
&#147;Independent Trustees&#148;). The Board elects officers who are responsible for the day-to-day
operations of the Fund and who execute policies formulated by the Board. Several of the officers
and Trustees of the Fund also are officers or directors of the Adviser. Each Trustee serves in a
similar capacity for other John Hancock funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board consists of nine members. Each Trustee holds office until his or her successor is
elected and qualified, or until the Trustee&#146;s death, retirement, resignation or removal.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="CENTER" colspan="9" style="border-bottom: 0px solid #000000"><B><U>Interested
Trustees</U></B></TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Funds in John</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Hancock Fund</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) and Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER" style="border-bottom: 1px solid #000000"><B>(Birth Year)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Directorships During the Past 5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Trustee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hugh McHaffie<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP><BR>

(1959)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee<BR>
(since 2010)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, John
Hancock Financial Services (since
2006, including prior positions);
President of John Hancock Variable
Insurance Trust and John Hancock
Funds II (since 2009); Trustee, John
Hancock retail funds<SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP>
(since 2010); Chairman and Director,
John Hancock Advisers, LLC, John
Hancock Investment Management
Services, LLC and John Hancock
Funds, LLC (since 2010).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">48</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="CENTER" colspan="9" style="border-bottom: 0px solid #000000"><B><U>Interested
Trustees</U></B></TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Funds in John</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Hancock Fund</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) and Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER" style="border-bottom: 1px solid #000000"><B>(Birth Year)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Directorships During the Past 5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Trustee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John G.
Vrysen<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP>
(1955)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee<BR>
(since 2009)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President, John Hancock
Financial Services (since 2006);
Director, Executive Vice President
and Chief Operating Officer, John
Hancock Advisers, LLC, John Hancock
Investment Management Services, LLC
and John Hancock Funds, LLC (since
2005); Chief Operating Officer, John
Hancock Funds II and John Hancock
Variable Insurance Trust (since
2007); Chief Operating Officer, John
Hancock retail funds<SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP>
(until 2009); Trustee, John Hancock
retail funds (since 2009).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">48</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="CENTER" colspan="9" style="border-bottom: 0px solid #000000"><B><U>Independent
Trustees</U></B></TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Funds in John</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Hancock Fund</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) and Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER" style="border-bottom: 1px solid #000000"><B>(Birth Year)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Directorships During the Past 5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Trustee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">William H.
Cunningham<BR>

(1944)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee<BR>
(since 2005)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Professor, University of Texas,
Austin, Texas (since 1971); former
Chancellor, University of Texas
System and former President of the
University of Texas, Austin, Texas;
Director of the following: LIN
Television (since 2009); Lincoln
National Corporation (insurance)
(Chairman since 2009 and Director
since 2006); Resolute Energy
Corporation (since 2009);
Nanomedical Systems, Inc.
(biotechnology company) (Chairman
since 2008); Yorktown Technologies,
LP (tropical fish) (Chairman since
2007); Greater Austin Crime
Commission (since 2001); Southwest
Airlines (since 2000); former
Director of the following: Introgen
(manufacturer of biopharmaceuticals)
(until 2008); Hicks Acquisition
Company I, Inc. (until 2007);
Jefferson-Pilot Corporation
(diversified life insurance company)
(until 2006); and former Advisory
Director, JP Morgan Chase Bank
(formerly Texas Commerce
Bank&#151;Austin) (until 2009).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">48</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deborah C. Jackson
(1952)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee<BR>
(since 2008)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Cambridge College,
Cambridge, Massachusetts (since May
2011); Chief Executive Officer,
American Red Cross of Massachusetts
Bay (2002-May&nbsp;2011); Board of
Directors of Eastern Bank
Corporation (since 2001); Board of
Directors of Eastern Bank Charitable
Foundation (since 2001); Board of
Directors of American Student
Assistance Corporation (1996-2009);
Board of Directors of Boston Stock
Exchange (2002&#151;2008); Board of
Directors of Harvard Pilgrim
Healthcare (health benefits company)
(2007-2011).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">48</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stanley Martin<BR>
(1947)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee<BR>
(since 2008)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, The St. Joe Company (real
estate development) (since May
2012); Senior Vice President/Audit
Executive, Federal Home Loan
Mortgage Corporation (2004&#151;2006);
Executive Vice President/Consultant,
HSBC Bank USA (2000&#151;2003); Chief
Financial Officer/Executive Vice
President, Republic New York
Corporation &#038; Republic National Bank
of New York (1998&#151;2000); Partner,
KPMG LLP (1971&#151;1998).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">48</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="CENTER" colspan="9" style="border-bottom: 0px solid #000000"><B><U>Independent
Trustees</U></B></TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Funds in John</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Hancock Fund</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) and Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER" style="border-bottom: 1px solid #000000"><B>(Birth Year)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Directorships During the Past 5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Trustee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Patti McGill
Peterson<BR>
(1943)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee<BR>
(since 1996)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Presidential Advisor for Global
Initiatives, American Council on
Education (since 2011); Chairman of
the Board of the Fund (2009-2010);
Principal, PMP Globalinc
(consulting) (2007-2011); Senior
Associate, Institute for Higher
Education Policy (2007-2011);
Executive Director, CIES
(international education agency)
(until 2007); Vice President,
Institute of International Education
(until 2007); Former President Wells
College, St. Lawrence University and
the Association of Colleges and
Universities of the State of New
York. Director of the following: Niagara Mohawk Power Corporation
(until 2003); Security Mutual Life
(insurance) (until 1997); ONBANK
(until 1993). Trustee of the
following: Board of Visitors, The
University of Wisconsin, Madison
(since 2007); Ford Foundation,
International Fellowships Program
(until 2007); UNCF, International
Development Partnerships (until
2005); Roth Endowment (since 2002);
Council for International
Educational Exchange (since 2003).</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">48</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John A.
Moore<SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP>
(1939)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee<BR>
(since 1996)<BR>
Vice Chairman<BR>
(since 2012)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive
Officer, Institute for Evaluating
Health Risks, (nonprofit
institution) (1989-2001); Senior
Scientist, Sciences International
(health research) (2000-2003);
Former Assistant Administrator &#038;
Deputy Administrator, Environmental
Protection Agency (1983-1989);
Principal, Hollyhouse (consulting)
(since 2000); Director, CIIT Center
for Health Science Research
(nonprofit research) (until 2007).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">48</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steven R. Pruchansky
(1944)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee<BR>
(since 2005)<BR>
Chairman<BR>
(since 2011)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman and Chief Executive
Officer, Greenscapes of Southwest
Florida, Inc. (since 2000); Director
and President, Greenscapes of
Southwest Florida, Inc. (until
2000); Member, Board of Advisors,
First American Bank (until 2010);
Managing Director, Jon James, LLC
(real estate) (since 2000);
Director, First Signature Bank &#038;
Trust Company (until 1991);
Director, Mast Realty Trust (until
1994); President, Maxwell Building
Corp. (until 1991).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">48</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gregory A. Russo
(1949)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee<BR>
(since 2008)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member, Audit Committee and Finance
Committee of NCH Healthcare System,
Inc. (since 2011); Vice Chairman,
Risk &#038; Regulatory Matters, KPMG LLP
(&#147;KPMG&#148;) (2002&#151;2006); Vice
Chairman, Industrial Markets, KPMG
(1998&#151;2002).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">48</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The Trustee is an Interested Trustee due to his position with the Adviser and certain of
its affiliates.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&#147;John Hancock retail funds&#148; is comprised of ten closed-end funds (including the Fund), as
well as the series of John Hancock Funds III and 12 other investment companies.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Dr.&nbsp;Moore&#146;s term of office will end when he retires as a Trustee on December&nbsp;31, 2012.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Correspondence intended for any of the Trustees may be sent to the attention of the individual
Trustee or to the Board c/o the Secretary of the Fund at 601 Congress Street, Boston, Massachusetts
02210. All communications addressed to the Board or individual Trustee will be logged and sent to
the Board or individual Trustee. The Secretary may determine not to forward any letter to Trustees
that does not relate to the business of the Fund.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD nowrap align="CENTER" colspan="9" style="border-bottom: 0px solid #000000"><B><U>Principal
Officers who are not Trustees</U></B></TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER"><B>Name,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s) with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Officer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER" style="border-bottom: 1px solid #000000"><B>(Birth Year)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>since</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation(s) During Past 5 Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Keith F. Hartstein
(1956)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief
Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2005</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President, John Hancock
Financial Services (since 2004); Director,
President and Chief Executive Officer,
John Hancock Advisers, LLC and John
Hancock Funds, LLC (since 2005); Director,
John Hancock Asset Management a division
of Manulife Asset Management (US), LLC
(since 2005); Director, John Hancock
Investment Management Services, LLC (since
2006); President and Chief Executive
Officer, John Hancock retail funds (since
2005); Member, Investment Company
Institute Sales Force Marketing Committee
(since 2003).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Thomas M. Kinzler
(1955)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary and Chief
Legal Officer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, John Hancock Financial
Services (since 2006); Secretary and Chief
Legal Counsel, John Hancock Advisers, LLC,
John Hancock Investment Management
Services, LLC and John Hancock Funds, LLC
(since 2007); and Secretary and Chief
Legal Officer, John Hancock retail funds,
John Hancock Funds II and John Hancock
Variable Insurance Trust (since 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Francis V. Knox, Jr.
(1947)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Compliance Officer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2005</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, John Hancock Financial
Services (since 2005); Chief Compliance
Officer, John Hancock retail funds, John
Hancock Funds II, John Hancock Variable
Insurance Trust, John Hancock Advisers,
LLC and John Hancock Investment Management
Services, LLC (since 2005); Vice President
and Chief Compliance Officer, John Hancock
Asset Management a division of Manulife
Asset Management (US)&nbsp;LLC(2005&#151;2008).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Andrew G. Arnott
(1971)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President and Chief
Operating Officer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2009</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President, John Hancock
Financial Services (since 2009); Executive
Vice President, John Hancock Advisers, LLC
(since 2005); Executive Vice President,
John Hancock Investment Management
Services, LLC (since 2006); Executive Vice
President, John Hancock Funds, LLC (since
2004); Chief Operating Officer, John
Hancock retail funds (since 2009); Senior
Vice President, John Hancock retail funds
(since 2010); Vice President, John Hancock
Funds II and John Hancock Variable
Insurance Trust (since 2006); Senior Vice
President, Product Management and
Development, John Hancock Funds, LLC
(until 2009).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Charles A. Rizzo
(1957)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2007</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, John Hancock Financial
Services (since 2008); Senior Vice
President, John Hancock Advisers, LLC and
John Hancock Investment Management
Services, LLC (since 2008); Chief
Financial Officer, John Hancock retail
funds, John Hancock Funds II and John
Hancock Variable Insurance Trust (since
2007); Assistant Treasurer, Goldman Sachs
Mutual Fund Complex (2005&#151;2007); Vice
President, Goldman Sachs (2005&#151;2007).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD nowrap align="CENTER" colspan="9" style="border-bottom: 0px solid #000000"><B><U>Principal
Officers who are not Trustees</U></B></TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER"><B>Name,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s) with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Officer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER" style="border-bottom: 1px solid #000000"><B>(Birth Year)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>since</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation(s) During Past 5 Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Salvatore Schiavone<BR>
(1965)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Treasurer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2009</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Vice President, John Hancock
Financial Services (since 2007); Vice
President, John Hancock Advisers, LLC and
John Hancock Investment Management
Services, LLC (since 2007); Treasurer,
John Hancock retail funds (since 2010);
Treasurer, John Hancock closed-end funds
(since 2009); Assistant Treasurer, John
Hancock Funds II and John Hancock Variable
Insurance Trust (since 2010) and
(2007-2009); Assistant Treasurer, John
Hancock retail funds (2007-2009);
Assistant Treasurer, Fidelity Group of
Funds (2005&#151;2007); Vice President,
Fidelity Management Research Company
(2005&#151;2007).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All of the officers listed are officers or employees of the Adviser or affiliated companies.
Some of the Trustees and officers also may be officers and/or directors and/or trustees of one or
more of the other funds for which the Adviser or an affiliate of the Adviser serves as investment
adviser.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional Information about the Trustees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the description of each Trustee&#146;s Principal Occupation(s) and Other Directorships
set forth above, the following provides further information about each Trustee&#146;s specific
experience, qualifications, attributes or skills. The information in this section should not be
understood to mean that any of the Trustees is an &#147;expert&#148; within the meaning of the U.S. federal
securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although the Board&#146;s Nominating, Governance and Administration Committee has general criteria that
guides its choice of candidates to serve on the Board (as discussed below under &#147;&#151;Board
Committees&#148;), there are no specific required qualifications for Board membership. In considering
nominees, although this Committee does not have a formal policy to consider diversity when
identifying candidates for the position of Independent Trustee, as a matter of practice, this
Committee considers the overall diversity of the Board with respect to backgrounds, professional
experience, education, skill, and viewpoint. In addition, as part of its annual self-evaluation,
the Board has an opportunity to consider the diversity of its members, including specifically
whether the Board&#146;s members have the right mix of characteristics, experiences and skills. The
results of the self-evaluation are considered by this Committee in its decision-making process with
respect to candidates for the position of Independent Trustee. The Board believes that the
different perspectives, viewpoints, professional experience, education, and individual qualities of
each Trustee represent a diversity of experiences and a variety of complementary skills. Each
Trustee has experience as a Trustee of the Fund, as well as experience as a Trustee of other John
Hancock funds. It is the Trustees&#146; belief that this allows the Board, as a whole, to oversee the
business of the Fund in a manner consistent with the best interests of the Fund&#146;s shareholders.
When considering potential nominees to fill vacancies on the Board, and as part of its annual
self-evaluation, the Board reviews the mix of skills and other relevant experiences of the
Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>William H. Cunningham </I>&#151; Mr.&nbsp;Cunningham has management and operational oversight experience as a
former Chancellor and President of a major university. Mr.&nbsp;Cunningham has expertise in corporate
governance as a Professor of business ethics. He also has oversight and corporate governance
experience as a current and former director of a number of operating companies, including an
insurance company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Deborah C. Jackson </I>&#151; Ms.&nbsp;Jackson has management and operational oversight experience as the
president of a college and as the former chief executive officer of a major charitable
organization. She also has oversight and corporate governance experience as a current and former
director of various corporate organizations, including a bank, an insurance company and a regional
stock exchange, and nonprofit entities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Stanley Martin </I>&#151; As a certified public accountant and former partner in a major independent
certified public accounting firm, Mr.&nbsp;Martin has accounting and executive experience. Mr.&nbsp;Martin
also has experience as a former senior officer of a federal government-sponsored entity and of two
major banks.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Hugh McHaffie </I>&#151; Through his positions as a senior executive of Manulife Financial&#146;s U.S. Wealth
Management division, his prior position as a senior executive of MetLife, and membership in the
Society of Actuaries and American Academy of Actuaries, Mr.&nbsp;McHaffie has experience in the
development and management of registered investment companies, variable annuities and retirement
products, enabling him to provide management input to the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Patti McGill Peterson </I>&#151; Ms.&nbsp;McGill Peterson has planning and management advisory experience as
principal of a consulting firm. She also has management and operational oversight experience as a
former college and university president. She also has oversight and corporate governance
experience as a current and former director of various corporate organizations, including a bank
and an insurance company, and nonprofit entities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>John A. Moore </I>&#151; Dr.&nbsp;Moore has management and operational oversight experience from his current and
former positions as a senior executive of scientific research organizations and as a senior
administrator of the Environmental Protection Agency. He also has oversight and corporate
governance experience as a director of a scientific research organization. Dr.&nbsp;Moore, an
Independent Trustee, serves as the Board&#146;s Vice Chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Steven R. Pruchansky </I>&#151; Mr.&nbsp;Pruchansky has entrepreneurial, executive and financial experience as a
chief executive officer of an operating services company and a current and former director of real
estate and banking companies. Mr.&nbsp;Pruchansky, an Independent Trustee, serves as the Board&#146;s
Chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Gregory A. Russo </I>&#151; As a certified public accountant and former partner in a major independent
registered public accounting firm, Mr.&nbsp;Russo has accounting and executive experience.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>John G. Vrysen </I>&#151; Through his positions as Director, Executive Vice President and Chief Operating
Officer of the Adviser, position as a senior executive of Manulife Financial, the Adviser&#146;s parent
company, positions with other affiliates of the Adviser, and current and former memberships in the
Society of Actuaries, Canadian Institute of Actuaries and American Academy of Actuaries, Mr.&nbsp;Vrysen
has experience in the development and management of registered investment companies, variable
annuities and retirement products, enabling him to provide management input to the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Duties of Trustees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund is organized as a Massachusetts business trust. Under the Declaration of Trust, the
Trustees are responsible for managing the affairs of the Fund, including the appointment of
advisers and subadvisers. Each Trustee has the experience, skills, attributes or qualifications
described above (see &#147;&#151;Principal Occupation(s) and Other Directorships&#148; and &#147;&#151;Additional
Information about the Trustees&#148; above). The Board appoints officers who assist in managing the
day-to-day affairs of the Fund. The Board met six times during the latest fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board has appointed an Independent Trustee as Chairman. The Chairman presides at meetings of
the Trustees and may call meetings of the Board and any Board committee whenever he deems it
necessary. The Chairman participates in the preparation of the agenda for meetings of the Board
and the identification of information to be presented to the Board with respect to matters to be
acted upon by the Board. The Chairman also acts as a liaison with the Fund&#146;s management, officers,
attorneys, and other Trustees generally between meetings. The Chairman may perform such other
functions as may be requested by the Board from time to time. The Board has also designated a Vice
Chairman to serve in the absence of the Chairman. Except for any duties specified in this SAI or
pursuant to the Fund&#146;s Declaration of Trust or By-laws, or as assigned by the Board, the
designation of a Trustee as Chairman or Vice Chairman does not impose on that Trustee any duties,
obligations or liability that are greater than the duties, obligations or liability imposed on any
other Trustee, generally. The Board has designated a number of standing committees as further
described below, each of which has a Chairman. The Board also designates working groups or ad hoc
committees as it deems appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board believes that this leadership structure is appropriate because it allows the Board to
exercise informed and independent judgment over matters under its purview, and it allocates areas
of responsibility among committees or working groups of Trustees and the full Board in a manner
that enhances effective oversight. The Board considers
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">leadership by an Independent Trustee as Chairman to be integral to promoting effective independent
oversight of the Fund&#146;s operations and meaningful representation of the shareholders&#146; interests,
given the number of funds offered by the complex and the amount of assets that these funds
represent. The Board also believes that having a super-majority of Independent Trustees is
appropriate and in the best interest of the Fund&#146;s shareholders. Nevertheless, the Board also
believes that having interested persons serve on the Board brings corporate and financial
viewpoints that are, in the Board&#146;s view, helpful elements in its decision-making process. In
addition, the Board believes that Mr.&nbsp;McHaffie and Mr.&nbsp;Vrysen, each of whom is a senior executive
of the Adviser, Manulife Financial (the Adviser&#146;s parent company), and of other affiliates of the
Adviser, provide the Board with the Adviser&#146;s perspective in managing and sponsoring the Fund. The
leadership structure of the Board may be changed, at any time and in the discretion of the Board,
including in response to changes in circumstances or the characteristics of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Board Committees</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board has five standing committees: the Audit Committee; the Compliance Committee; the
Nominating, Governance and Administration Committee; Investment Performance Committee A; and the
Contracts/Operations Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The current membership of each committee is set forth below. As Chairman of the Board, Mr.
Pruchansky is considered an <I>ex officio </I>member of each committee and, therefore, is able to attend
and participate in any committee meeting, as appropriate. As Chairman for the two-year period
ended December&nbsp;31, 2010, Ms.&nbsp;McGill Peterson was an <I>ex officio </I>member of each committee.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Nominating,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Governance and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Contracts/</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Audit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Compliance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Administration</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Performance A</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Operations</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mr. Martin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Cunningham
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Independent
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ms. Jackson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Independent</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ms. McGill Peterson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ms. Jackson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustees
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ms. McGill Peterson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustees</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dr. Moore
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Russo
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Russo</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Vrysen</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Audit Committee. </B>Each member of this Committee is a financially literate Independent Trustee and
at least one member has accounting or related financial management expertise. The Board has
adopted a written charter for the Committee. This Committee recommends to the full Board
independent registered public accounting firms for the Fund, oversees the work of the independent
registered public accounting firm in connection with the Fund&#146;s audit, communicates with the
independent registered public accounting firm on a regular basis and provides a forum for the
independent registered public accounting firm to report and discuss any matters it deems
appropriate at any time. Mr.&nbsp;Martin serves as Chairman of this Committee. The Audit Committee
held eight meetings during the last fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Compliance Committee. </B>The primary role of this Committee is to oversee the activities of the
Fund&#146;s Chief Compliance Officer; the implementation and enforcement of the Fund&#146;s compliance
policies and procedures; and compliance with the Fund&#146;s and the Independent Trustees&#146; Codes of
Ethics. Mr.&nbsp;Russo serves as Chairman of this Committee. This Committee held four meetings during
the last fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Nominating, Governance and Administration Committee. </B>This Committee is comprised of all of the
Independent Trustees. The purpose of this Committee is to make determinations and recommendations
to the Board on issues related to the composition and operation of the Board, corporate governance
matters applicable to the Independent Trustees, and issues related to complex-wide matters and
practices designed to facilitate uniformity and administration of the Board&#146;s oversight of the
Fund. This Committee is solely responsible for the selection and recommendation to the Board of
Independent Trustee candidates. Mr.&nbsp;Pruchansky serves as Chairman of this Committee. This
Committee held three meetings during the last fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In reviewing a potential nominee and in evaluating the renomination of current Independent
Trustees, this Committee generally will apply the following criteria: (i)&nbsp;the nominee&#146;s reputation
for integrity, honesty and adherence to high ethical standards; (ii)&nbsp;the nominee&#146;s business acumen,
experience and ability to exercise sound
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">judgments; (iii)&nbsp;a commitment to understand the Fund and the responsibilities of a trustee of an
investment company; (iv)&nbsp;a commitment to regularly attend and participate in meetings of the Board
and its committees; (v)&nbsp;the ability to understand potential conflicts of interest involving
management of the Fund and to act in the interests of all shareholders; and (vi)&nbsp;the absence of a
real or apparent conflict of interest that would impair the nominee&#146;s ability to represent the
interests of all the shareholders and to fulfill the responsibilities of an Independent Trustee.
This Committee does not necessarily place the same emphasis on each criteria and each nominee may
not have each of these qualities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As long as a current Independent Trustee continues, in the opinion of this Committee, to satisfy
these criteria, the Fund anticipates that the Committee would favor the renomination of a current
Independent Trustee rather than a new candidate. Consequently, while this Committee will consider
nominees recommended by shareholders to serve as Independent Trustees, the Committee may only act
upon such recommendations if there is a vacancy on the Board or a committee determines that the
selection of a new or additional Independent Trustee is in the best interests of the Fund. In the
event that a vacancy arises or a change in Board membership is determined to be advisable, this
Committee will, in addition to any shareholder recommendations, consider candidates identified by
other means, including candidates proposed by members of this Committee. This Committee may retain
a consultant to assist it in a search for a qualified candidate. The Committee has adopted
Procedures for the Selection of Independent Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While this Committee is solely responsible for the selection and recommendation to the Board of
Independent Trustee candidates, the Committee may consider nominees recommended by any source,
including fund shareholders, management and Committee members, as it deems appropriate. Any such
recommendations from shareholders shall be directed to the Secretary of the Fund at 601 Congress
Street, Boston, Massachusetts 02210-2805. Recommendations from management may be submitted to the
Committee Chairman. All recommendations shall include all information relating to such person that
is required to be disclosed in solicitations of proxies for the election of Board members and as
specified in the Fund&#146;s By-Laws, and must be accompanied by a written consent of the proposed
candidate to stand for election if nominated for the Board and to serve if elected by shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Investment Performance Committee A. </B>This Committee monitors and analyzes the performance of the
Fund generally, consults with the Adviser as necessary if the Fund requires special attention, and
reviews peer groups and other comparative standards as necessary. Ms.&nbsp;Jackson serves as Chairman
of Investment Performance Committee A. This Committee held seven meetings during the last fiscal
year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Contracts/Operations Committee. </B>This Committee is comprised of all of the Independent Trustees.
This Committee oversees the initiation, operation, and renewal of the various contracts between the
Fund and other entities. These contracts include advisory and subadvisory agreements, custodial
and transfer agency agreements and arrangements with other service providers. Dr.&nbsp;Moore serves as
Chairman of this Committee. As indicated above, Dr.&nbsp;Moore will retire as a Trustee on December&nbsp;31,
2012. This Committee held three meetings during the last fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Annually, the Board evaluates its performance and that of its Committees, including the
effectiveness of the Board&#146;s Committee structure.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Risk Oversight</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a registered investment company, the Fund is subject to a variety of risks, including investment
risks, financial risks, compliance risks, and operational risks. As part of its overall
activities, the Board oversees the management of the Fund&#146;s risk management structure by various
departments of the Adviser, including: Investment Management Services Group (which oversees the
Subadviser and investment management operations) (&#147;IMS&#148;), Fund Administration, Legal, the Product
Group (which oversees new product development and marketplace positioning), and Internal Audit; as
well as by the Fund&#146;s Chief Compliance Officer (&#147;CCO&#148;). The responsibility to manage the Fund&#146;s
risk management structure on a day-to-day basis is subsumed within the Adviser&#146;s overall investment
management responsibilities. The Adviser has its own, independent interest in risk management. In
this regard, the Adviser has appointed a Risk and Investment Operations Committee, consisting of
senior personnel from each of the Adviser&#146;s functional departments. The Adviser&#146;s risk management
program is part of the overall risk management
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">program of John Hancock, the Adviser&#146;s parent company. John Hancock&#146;s Chief Risk Officer supports
the Adviser&#146;s risk management program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While the Adviser has responsibility for identifying and managing the Fund&#146;s exposure to risk on a
daily basis, the Board plays an active role in overseeing the processes established to assess,
monitor and mitigate that exposure. The Board, acting through its Committees, has charged the
Adviser with (i)&nbsp;identifying events or circumstances the occurrence of which could have adverse
effects on the Funds&#146; business and/or reputation; (ii)&nbsp;implementing processes and controls to
lessen the possibility that such events or circumstances occur or to mitigate the effects of such
events or circumstances if they do occur; and (iii)&nbsp;creating and maintaining a system designed to
evaluate continuously business and market conditions in order to facilitate the identification and
implementation of processes and controls described in (i)&nbsp;and (ii)&nbsp;above. The Board, directly and
indirectly through its Committees, routinely discusses with management the significant risks facing
the Funds and reviews the processes and controls in place to address those risks. The Board
regularly receives materials and information, including in-depth and in-person presentations from
third-party experts, with respect to specific areas of risk, and the Board engages in comprehensive
analyses and dialogues regarding those risks. Because the day-to-day operations and activities of
the Funds are carried out by or through the Adviser and other service providers, the Board
recognizes that it is not possible for it to identify all of the risks that may affect a Fund or to
develop processes and controls to eliminate or mitigate their occurrence or effects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board discharges risk oversight as part of its overall activities, with the assistance of its
Investment Performance, Audit, Compliance, and Contracts/Operations Committees. The Committee
system facilitates the timely and efficient consideration of matters by the Board, and facilitates
effective oversight of compliance with legal and regulatory requirements and of the Funds&#146;
activities and associated risks. In addressing issues regarding the Fund&#146;s risk management between
meetings, appropriate representatives of the Adviser communicate with the Chairman of the Board,
the relevant Committee Chair or the Fund&#146;s CCO, who is directly accountable to the Board. As
appropriate, the Chairman of the Board and the Committee Chairs confer among themselves, with the
Fund&#146;s CCO, the Adviser, other service providers, external fund counsel, and counsel to the
Independent Trustees, to identify and review risk management issues that may be placed on the full
Board&#146;s agenda and/or that of an appropriate Committee for review and discussion with management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Audit Committee assists the Board in reviewing with the independent auditors, at various times
throughout the year, matters relating to financial reporting matters. In addition, this Committee
oversees the process of the Fund&#146;s valuation of its portfolio securities, with day-to-day
responsibility for valuation determinations having been delegated to the Fund&#146;s Pricing Committee
(comprised of officers of the Fund).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Investment Performance Committee A assists the Board in overseeing the significant investment
policies of the Fund. The Adviser monitors these policies and may recommend changes to this
Committee in response to subadviser requests or other circumstances. On a quarterly basis, this
Committee reviews reports from IMS and the Product Group regarding the Fund&#146;s investment
performance, which include information about investment risks and how they are managed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Compliance Committee assists the Board in overseeing the activities of the Fund&#146;s CCO with
respect to the compliance programs of the Fund, the Adviser, the Subadviser, and certain of the
Fund&#146;s other service providers. This Committee and the Board receive and consider the CCO&#146;s annual
written report, which, among other things, summarizes material compliance issues that arose during
the previous year and any remedial action taken to address these issues, as well as any material
changes to the compliance programs. This Committee and the Board also receive and consider reports
from the Fund&#146;s CCO throughout the year. As part of its oversight responsibilities, the Board has
approved various compliance policies and procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each of the above Board Committees meets at least quarterly. Each Committee presents reports to
the Board, which may prompt further discussion of issues concerning the oversight of the Fund&#146;s
risk management. The Board also may discuss particular risks that are not addressed in the
Committee process. In addition to the Committee meetings, the Adviser&#146;s Risk and Investment
Operations Committee described above, reports periodically to the full Board on risk management
matters. Finally, John Hancock&#146;s Chief Risk Officer, who as noted above supports the Adviser&#146;s
risk management program, at the Board&#146;s request will from time-to-time report on risk management
matters.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Contracts/Operations Committee assists the Board in overseeing the Adviser&#146;s management of the
Fund&#146;s operational risks, particularly as it regards vendor management and the quality of services
provided by various service providers. This Committee periodically reviews reports from Fund
Administration on these issues and discusses its findings with the Board. Among other things, in
its annual review of the Fund&#146;s advisory and subadvisory agreements, this Committee and the Board
receive and review information provided by the Adviser and the Subadviser relating to their
operational capabilities, financial condition and resources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board also has a Nominating, Governance and Administration Committee that, among other matters,
periodically reviews the Board&#146;s committee structure and the charters of the Board&#146;s committees,
and recommends to the Board such changes as it deems appropriate. This Committee also coordinates
and administers an annual self-evaluation of the Board that includes a review of its effectiveness
in overseeing the number of funds in the fund complex and the effectiveness of its committee
structure. The Board may, at any time and in its discretion, change the manner in which it
conducts its risk oversight role.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As stated above, the Adviser also has its own, independent interest in risk management. In this
regard, the Adviser has appointed a Risk and Investment Operations Committee, consisting of senior
personnel from each of the Adviser&#146;s functional departments. This Committee reports periodically
to the Board on risk management matters. The Adviser&#146;s risk management program is part of the
overall risk management program of John Hancock, the Adviser&#146;s parent company. John Hancock&#146;s
Chief Risk Officer supports the Adviser&#146;s risk management program, and at the Board&#146;s request will
report on risk management matters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Independent Trustee Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below sets forth the compensation paid by the Fund and certain other investment companies
in the John Hancock Fund Complex to the Independent Trustees of the Fund for their services for the
fiscal year ended October&nbsp;31, 2011. These Trustees oversee 48 series in the John Hancock Fund
complex, which consists of 255 series. Each Trustee is reimbursed for travel and other out of
pocket expenses incurred in attending meetings. The Fund pays fees only to its Independent
Trustees. The Fund does not pay any remuneration to any Trustee who is an officer or employee of
the Adviser or its affiliates. Of the Fund&#146;s officers, the President is furnished to the Fund
pursuant to the Advisory Agreement described below and receives no compensation from the Fund. The
other named officers receive no compensation from the Fund, and are compensated by the Adviser
and/or affiliates for their services. The officers of the Fund may spend only a portion of their
time on the affairs of the Fund.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Independent Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>John Hancock Fund Complex</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James F. Carlin*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">188,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William H. Cunningham</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">218,071</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deborah C. Jackson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">203,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charles L. Ladner**</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">232,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stanley Martin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">234,624</TD>
    <TD nowrap>***</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Patti McGill Peterson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">211,314</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John A. Moore</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">229,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steven R. Pruchansky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">280,149</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gregory A. Russo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">227,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Effective February&nbsp;29, 2012, Mr.&nbsp;Carlin no longer serves as a Trustee of the Fund.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Effective December&nbsp;31, 2011, Mr.&nbsp;Ladner no longer serves as a Trustee of the Fund.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">***</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Martin&#146;s John Hancock Fund Complex compensation includes $19,000 of fees
contributed to the John Hancock Deferred Compensation Plan.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund does not have a pension or retirement plan for any of its Trustees or officers. The
Fund participates in the John Hancock Deferred Compensation Plan for Independent Trustees (the
&#147;Plan&#148;). Under the Plan, an Independent Trustee may elect to have his or her deferred fees
invested in shares of one or more funds in the John Hancock Fund Complex and the amount paid to the
Independent Trustees under the Plan will be determined based upon the performance of such
investments. Deferral of Trustees&#146; fees does not obligate the Fund to retain the services of any
Trustee or obligate the Fund to pay any particular level of compensation to the Trustee. Under
these circumstances,
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Trustee is not the legal owner of the underlying shares, but does participate in any positive
or negative return on those shares to the same extent as all other shareholders. As of October&nbsp;31,
2011, the value of the aggregate accrued deferred compensation amount from all funds in the John
Hancock Fund Complex for Mr.&nbsp;Cunningham was $247,659; Mr.&nbsp;Ladner was $81,197; Mr.&nbsp;Martin was
$69,973; Ms.&nbsp;McGill Peterson was $270,374; Dr.&nbsp;Moore was $322,934; and Mr.&nbsp;Pruchansky was $389,739
under the Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trustee Ownership of Shares of John Hancock Funds</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below sets forth the aggregate dollar range of equity securities beneficially owned by
the Trustees in the Fund and in all John Hancock funds overseen by each Trustee as of December&nbsp;31,
2011. For each Trustee, the amounts reflected include share equivalents of certain John Hancock
funds in which the Trustee is deemed to be invested pursuant to the Deferred Compensation Plan for
Independent Trustees, as more fully described under &#147;&#151;Compensation of Trustees and Officers.&#148; The
information as to beneficial ownership is based on statements furnished to the Fund by the
Trustees. Each of the Trustees has all voting and investment powers with respect to the shares
indicated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Trustees</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>John Hancock Fund Complex</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Independent Trustees</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James F. Carlin *</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap align="right" valign="top">10,001-$50,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William H. Cunningham</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap align="right" valign="top">1-$10,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deborah C. Jackson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap align="right" valign="top">10,001-$50,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charles L. Ladner**</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap align="right" valign="top">1-$10,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stanley Martin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap align="right" valign="top">1-$10,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Patti McGill Peterson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap align="right" valign="top">1-$10,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John A. Moore</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap align="right" valign="top">1-$10,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steven R. Pruchansky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap align="right" valign="top">1-$10,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gregory A. Russo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap align="right" valign="top">10,001-$50,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Non-Independent Trustees</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hugh McHaffie</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap align="right" valign="top">10,001-$50,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John G. Vrysen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap align="right" valign="top">10,001-$50,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Effective February&nbsp;29, 2012, Mr.&nbsp;Carlin no longer serves as a Trustee of the Fund.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Effective December&nbsp;31, 2011, Mr.&nbsp;Ladner no longer serves as a Trustee of the Fund.
</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="206"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Shareholders of the Fund</B></FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#091;</B>As of &#091;DATE&#093;, the officers and Trustees of the Fund as a group owned beneficially less than
1% of the outstanding shares of the Fund. <B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#091;</B>To the best knowledge of the Fund, no shareholder owned 5% or more of the outstanding shares of
the Fund as of the date of this SAI. &#093;
</DIV>

<DIV align="left">
<A name="207"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Investment Advisory and Other Services</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A discussion regarding the basis for the Trustees&#146; approval of the Advisory Agreement and the
Subadvisory Agreements is available in the Fund&#146;s October&nbsp;31, 2011 annual shareholder report.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>THE ADVISER</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Adviser is a Delaware limited liability company whose principal offices are located at 601
Congress Street, Boston, Massachusetts 02210 and serves as the Fund&#146;s investment adviser. The
Adviser is registered with the SEC as an investment adviser under the Advisers Act.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Founded in 1968, the Adviser is a wholly owned subsidiary of John Hancock Life Insurance Company
(U.S.A.), a subsidiary of Manulife Financial Corporation (&#147;Manulife Financial&#148; or the &#147;Company&#148;).
Manulife Financial is the holding company of The Manufacturers Life Insurance Company (the &#147;Life
Company&#148;) and its subsidiaries. John Hancock Life Insurance Company (U.S.A.) and its subsidiaries
(&#147;John Hancock&#148;) today offer a broad range of financial products and services, including whole,
term, variable, and universal life insurance, as well as college savings products, mutual funds,
fixed and variable annuities, long-term care insurance and various forms of business insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Adviser&#146;s parent company has been helping individuals and institutions work toward their
financial goals since 1862. The Adviser offers investment solutions managed by institutional money
managers, taking a disciplined team approach to portfolio management and research, leveraging the
expertise of seasoned investment professionals. The Adviser has been managing closed-end funds
since 1971. As of December&nbsp;31, 2011, the Adviser had total assets under management of
approximately $20.3&nbsp;billion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Established in 1887, Manulife Financial is a Canada-based financial services group with principle
operations in Asia, Canada and the United States. Its international network of employees, agents
and distribution partners offers financial protection and wealth management products and services
to millions of clients. It also provides asset management services to institutional customers.
Funds under management by Manulife Financial and its subsidiaries were C$500&nbsp;billion (US$491
billion) as of December&nbsp;31, 2011. The Company operates as Manulife Financial in Canada and Asia
and primarily as John Hancock in the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Adviser serves as investment adviser to the Fund and is responsible for monitoring the
Subadviser&#146;s services to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Advisory Agreement. </I></B>The Fund has entered into an investment management contract dated July&nbsp;1, 2009
(the &#147;Advisory Agreement&#148;) with the Adviser. As compensation for its advisory services under the
Advisory Agreement, the Adviser receives a fee from the Fund, calculated and paid daily, at an
annual rate of the Fund&#146;s average daily managed assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the advisory fee that the Fund incurred and paid to the Adviser for the
last three fiscal years ended October&nbsp;31, 2011, October&nbsp;31, 2010, and October&nbsp;31, 2009.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">October 31, 2011</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">October 31, 2010</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">October 31, 2009</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">$1,352,247</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1,282,090</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1,102,458*</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The amount disclosed for the October&nbsp;31, 2009 fiscal year includes the
advisory fee in the amount of $703,563 paid to the Adviser under the previous advisory
agreement for the period from November&nbsp;1, 2008 to June&nbsp;30, 2009 and the advisory fee in
the amount of $398,895 paid to the Adviser under the current Advisory Agreement for the
period from July&nbsp;1, 2009 to October&nbsp;31, 2009.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Advisory Agreement and subject to the general supervision of the Trustees, the
Adviser selects, contracts with, and compensates the Subadviser to manage the investments and
determine the composition of the assets of the Fund; provided, that any contract with a Subadviser
(a &#147;Subadvisory Agreement&#148;) shall be in compliance with and approved as required by the 1940 Act,
except for such exemptions therefrom as may be granted to the Fund or the Adviser. The Adviser
monitors the Subadviser&#146;s management of the Fund&#146;s investment operations in accordance with the
investment objectives and related investment policies of the Fund, reviews the performance of the
Subadviser and reports periodically on such performance to the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Advisory Agreement, the Adviser has entered into a Subadvisory Agreement with the
Subadviser to provide day-to-day portfolio management of the Fund and to implement the Fund&#146;s
portfolio management strategies and investment objective. The Advisory Agreement provides that the
Adviser may terminate the Subadvisory Agreement entered into and directly assume any functions
performed by the Subadviser, upon approval of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund pays all expenses of its organization, operations and business.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Advisory Agreement had an initial period of two years and continues from year to year so long
as such continuance is approved at least annually: (i)&nbsp;by the vote of a majority of the
Independent Trustees; and (ii)&nbsp;either by the Board or by the vote of a majority of the outstanding
shares of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Advisory Agreement may be terminated at any time without penalty upon sixty (60)&nbsp;days&#146; written
notice by the Board or the Advisor, as applicable, or by the vote of the majority of the
outstanding shares of the Fund. The Advisory Agreement will terminate automatically in the event
of its assignment. The Subadvisory Agreement terminates automatically upon the termination of the
Advisory Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Advisory Agreement provides that, in the absence of willful misfeasance, bad faith, gross
negligence or reckless disregard of its obligations or duties to the Fund under such agreements on
the part of the Adviser, the Adviser shall not be liable to the Fund or to any shareholder for any
loss sustained in connection with the purchase, holding, redemption or sale of any security on
behalf of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Service Agreement. </I></B>The Fund has entered into a management-related service contract dated July&nbsp;1,
2009 (the &#147;Service Agreement&#148;) with JHA, under which the Fund receives Non-Advisory Services.
These &#147;Non-Advisory Services&#148; include, but are not limited to, legal, tax, accounting, valuation,
financial reporting and performance, compliance, service provider oversight, portfolio and cash
management, project management office, EDGAR conversion and filing, graphic design, and other
services that are not investment advisory in nature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">JHA is reimbursed by the Fund for its costs in providing Non-Advisory Services to the Fund under
the Service Agreement. The following table shows the expenses incurred by JHA in providing
services under the Services Agreement for the last three fiscal years ended October&nbsp;31, 2011,
October&nbsp;31, 2010, and October&nbsp;31, 2009.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">October 31, 2011</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">October 31, 2010</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">October 31, 2009</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">$21,564</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$26,280</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$26,824*</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The amount disclosed for the October&nbsp;31, 2009 fiscal year includes the
service fees in the amount of $16,744 paid to JHA under the previous Accounting &#038; Legal
Services Agreement, EDGAR Services Agreement and Graphic Design Agreement for the
period from November&nbsp;1, 2008 to June&nbsp;30, 2009 and the service fee in the amount of
$10,080 paid to JHA under the current Service Agreement for the period from July&nbsp;1,
2009 to October&nbsp;31, 2009.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Service Agreement had an initial period of two years and continues from year to year so
long as such continuance is specifically approved at least annually by a majority of the Board and
a majority of the Independent Trustees. The Fund or JHA may terminate the Service Agreement at any
time without penalty upon 60&nbsp;days&#146; written notice to the other party. The Service Agreement may be
amended by mutual written agreement of the parties, without obtaining shareholder approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">JHA is not liable for any error of judgment or mistake of law or for any loss suffered by the Fund
in connection with the matters to which the Service Agreement relates, except losses resulting from
willful misfeasance, bad faith or negligence by JHA in the performance of its duties or from
reckless disregard by JHA of its obligations under the Service Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>THE SUBADVISER</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Subadvisory Agreement. </I></B>The Adviser entered into a Subadvisory Agreement dated December&nbsp;31, 2005
with the Subadviser (the &#147;Subadvisory Agreement&#148;). The Subadviser is responsible for the
day-to-day management of the Fund&#146;s portfolio investments. The Subadviser, organized in 1968, is a
wholly owned subsidiary of John Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife
Financial, a publicly held, Canadian-based company). As of December&nbsp;31, 2011, the Subadviser had
total assets under management of approximately $116.4&nbsp;billion. The Subadviser is located at 101
Huntington Avenue, Boston, Massachusetts 02199.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the terms of the Subadvisory Agreement, the Subadviser is responsible for managing the
investment and reinvestment of the assets of the Fund, subject to the supervision and control of
the Board and the Adviser.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Subadvisory Agreement had an initial period of two years and continues from year to year so
long as such continuance is approved at least annually: (i)&nbsp;by the Board or by the holders of a
majority of its outstanding voting securities and (ii)&nbsp;by a majority of the Trustees who are not
&#147;interested persons&#148; (as defined in the 1940 Act) of any party to the Subadvisory Agreement. The
Subadvisory Agreement terminates automatically in the event of its assignment or upon termination
of the Advisory Agreement and may be terminated without penalty upon 60&nbsp;days&#146; written notice at the
option of the Adviser, the Subadviser, by the Board or by a vote of a majority of the Fund&#146;s
outstanding shares. As discussed above, the Adviser may terminate the Subadvisory Agreement and
directly assume responsibility for the services provided by the Subadviser upon approval by the
Board without the need for approval of the shareholders of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Subadvisory Agreement provides that in the absence of willful misfeasance, bad faith, gross
negligence or reckless disregard for its obligations and duties thereunder, the Subadviser is not
liable for any error or judgment or mistake of law or for any loss suffered by the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Both the Adviser and the Subadviser are controlled by Manulife Financial. Advisory arrangements
involving an affiliated subadviser may present certain potential conflicts of interest. Manulife
Financial benefits not only from the net advisory fee retained by the Adviser, but also from the
subadvisory fee paid by the Adviser to the Subadviser. Consequently, Manulife may be viewed as
benefiting financially from the appointment of or continued service of the Subadviser to manage the
Fund. However, both the Adviser, in recommending to the Board the appointment or continued service
of an affiliated subadviser, and the Subadviser have a fiduciary duty to act in the best interests
of the Fund and its shareholders. The Independent Trustees are aware of and monitor these
potential conflicts of interest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PORTFOLIO MANAGERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Day-to-day management of the Fund is the responsibility of the investment professionals associated
with the Subadviser. The individuals responsible for managing the implementation and monitoring
the overall portfolio management of the Fund are listed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following charts reflect information regarding accounts other than the Fund for which each
portfolio manager has day-to-day management responsibilities. Accounts are grouped into three
categories: (i)&nbsp;other investment companies, (ii)&nbsp;other pooled investment vehicles, and (iii)&nbsp;other
accounts. To the extent that any of these accounts pay advisory fees based on account performance,
information on those accounts is specifically broken out. In addition, any assets denominated in
foreign currencies have been converted into U.S. dollars using the exchange rates as of the
applicable date. Also shown below the chart is each portfolio manager&#146;s investment in the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table reflects approximate information as of October&nbsp;31, 2011:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Other Registered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Other Pooled Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Investment Companies</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Vehicles</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Other Accounts</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Portfolio Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Barry H. Evans, CFA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>$12.0 billion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>$326 million</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jeffrey N. Given, CFA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>$11.6 billion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>$279.7 million</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>$2.3 billion</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John F. Iles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$6.8 billion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$3.2 billion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>$552.0 million</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Performance-Based Fees for Other Accounts Managed</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Of the accounts listed in the table above, those for which the advisory fee is based on investment
performance are listed in the table below.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Other Registered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Other Pooled Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Investment Companies</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Vehicles</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Other Accounts</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Portfolio Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Barry H. Evans, CFA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jeffrey N. Given, CFA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John F. Iles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>$245.1 million</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Portfolio Manager Ownership of Shares of the Fund</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below sets forth the aggregate dollar range of equity securities beneficially owned by
each portfolio manager in the Fund as of October&nbsp;31, 2011. The information as to beneficial
ownership is based on statements furnished to the Fund by the portfolio managers.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Portfolio Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Barry H. Evans, CFA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>$10,001-$50,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jeffrey N. Given, CFA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>$1-$10,0000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John F. Iles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$0</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conflicts of Interest</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When a portfolio manager is responsible for the management of more than one account, the potential
arises for the portfolio manager to favor one account over another. The principal types of
potential conflicts of interest that may arise are discussed below. For the reasons outlined
below, the Fund does not believe that any material conflicts are likely to arise out of a portfolio
manager&#146;s responsibility for the management of the Fund as well as one or more other accounts. The
Subadviser has adopted procedures that are intended to monitor compliance with the policies
referred to in the following paragraphs. Generally, the risks of such conflicts of interests are
increased to the extent that a portfolio manager has a financial incentive to favor one account
over another. The Subadviser has structured its compensation arrangements in a manner that is
intended to limit such potential for conflicts of interests. See &#147;&#151;Compensation&#148; below.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A portfolio manager could favor one account over another in allocating new investment
opportunities that have limited supply, such as initial public offerings (&#147;IPOs&#148;) and
private placements. If, for example, an IPO that was expected to appreciate in value
significantly shortly after the offering was allocated to a single account, that account
may be expected to have better investment performance than other accounts that did not
receive an allocation on the IPO. The Subadviser has policies that require a portfolio
manager to allocate such investment opportunities in an equitable manner and generally to
allocate such investments proportionately among all accounts with similar investment
objectives.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A portfolio manager could favor one account over another in the order in which trades
for the accounts are placed. If a portfolio manager determines to purchase a security for
more than one account in an aggregate amount that may influence the market price of the
security, accounts that purchased or sold the security first may receive a more favorable
price than accounts that made subsequent transactions. The less liquid the market for the
security or the greater the percentage that the proposed aggregate purchases or sales
represent of average daily trading volume, the greater the potential for accounts that
make subsequent purchases or sales to receive a less favorable price. When a portfolio
manager intends to trade the same security for more than one account, the policies of the
Subadviser generally require that such trades be &#147;bunched,&#148; which means that the trades
for the individual accounts are aggregated and each account receives the same price.
There are some types of accounts as to which bunching may not be possible for contractual
reasons (such as directed brokerage arrangements). Circumstances also may arise where the
trader believes that bunching the orders may not result in the best possible price. Where
those accounts or circumstances are involved, the Subadviser will place the order in a
manner intended to result in as favorable a price as possible for such client.</TD>
</TR>




</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A portfolio manager could favor an account if the portfolio manager&#146;s compensation is
tied to the performance of that account rather than all accounts managed by the portfolio
manager. If, for example, the portfolio manager receives a bonus based upon the
performance of certain accounts relative to a benchmark while other accounts are
disregarded for this purpose, the portfolio manager will have a financial incentive to
seek to have the accounts that determine the portfolio manager&#146;s bonus achieve the best
possible performance to the possible detriment of other accounts. Similarly, if the
Subadviser receives a performance-based advisory fee, the portfolio manager may favor that
account, whether or not the performance of that account directly determines the portfolio
manager&#146;s compensation. The investment performance on specific accounts is not a factor
in determining the portfolio manager&#146;s compensation. See &#147;Compensation of Portfolio
Managers&#148; below. The Subadviser does not receive a performance-based fee with respect to
any of the other accounts managed by the portfolio managers of the Fund described in this
SAI.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A portfolio manager could favor an account if the portfolio manager has a beneficial
interest in the account, in order to benefit a large client or to compensate a client that
had poor returns. For example, if the portfolio manager held an interest in an investment
partnership that was one of the accounts managed by the portfolio manager, the portfolio
manager would have an economic incentive to favor the account in which the portfolio
manager held an interest. The Subadviser imposes certain trading restrictions and
reporting requirements for accounts in which a portfolio manager or certain family members
have a personal interest in order to confirm that such accounts are not favored over other
accounts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the different accounts have materially and potentially conflicting investment
objectives or strategies, a conflict of interest may arise. For example, if a portfolio
manager purchases a security for one account and sells the same security short for another
account, such trading pattern could disadvantage either the account that is long or short.
In making portfolio manager assignments, the Subadviser seeks to avoid such potentially
conflicting situations. However, where a portfolio manager is responsible for accounts
with differing investment objectives and policies, it is possible that the portfolio
manager will conclude that it is in the best interest of one account to sell a portfolio
security while another account continues to hold or increase the holding in such security.
While these accounts have many similarities, the investment performance of each account
will be different due to differences in fees, expenses and cash flows.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Subadviser has adopted a system of compensation for portfolio managers and others involved in
the investment process that is applied systematically among investment professionals. At the
Subadviser, investment professionals are compensated with a combination of base salary and
performance bonuses (<I>e.g.</I>, cash and deferral awards). The following describes each component of
the compensation package for the individuals identified as a portfolio manager for the Fund.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Base salaries. </B>Base salaries are market-based and fixed. Salary ranges are reviewed
and adjusted annually. Individual salary adjustments are based on individual performance
against mutually-agreed-upon objectives and development of technical and experiential
skills.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Performance Bonuses. </B>Performance bonuses take the form of cash and deferred
incentives.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#167;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Short-Term Cash Incentives</B>. Short-term incentives take the form of annual cash
awards. Individual targets are market-based and actual awards are tied to performance
against various objective measures and on overall personal performance ratings. These
include:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#151;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Investment Performance. </I></B>The majority of the bonus considered under the
plan is based on investment performance of accounts managed by the investment
professional over one, three and five year periods are considered (to the extent
applicable). The pre-tax performance of each account is measured relative to an
appropriate benchmark or universe. The benchmark for the Fund is Barclays Capital
U.S. Government/Credit Index.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#151;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Financial Performance of the Subadviser. </I></B>The financial performance of
the Subadviser and its parent corporation are also considered in determining bonus
awards.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#151;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Non-Investment Performance. </I></B>The more intangible contributions of an
investment professional to the Subadviser&#146;s business, including new strategy idea
generation, professional growth and development, and management, where applicable,
are evaluated in determining the amount of any bonus award.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#167;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Long-Term Incentives</B>. All investment professionals are eligible for participation
in a deferred incentive plan. 100% of the eligible awards are invested in the
strategies that the team manages as well as other strategies managed by other teams at
the Subadviser. The Subadviser believes that owning units in the same strategies a
team manages aligns the performance goals of both client and manager giving the team
added incentive to act in the best interest of the Subadviser&#146;s clients.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As an added incentive, certain investment professionals (considered officers of Manulife Financial)
may receive a portion of their award in Manulife Restricted Share Units (&#147;RSUs&#148;) or stock options.
This plan is based on the value of the underlying common shares of Manulife Financial.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other Services</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Proxy voting</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s proxy voting policies and procedures (the &#147;Fund&#146;s Procedures&#148;) delegate to the
Subadviser the responsibility to vote all proxies relating to securities held by the Fund in
accordance with the Subadviser&#146;s proxy voting policies and procedures. The Subadviser has a duty
to vote such proxies in the best interests of the Fund and its shareholders. Complete descriptions
of the Fund&#146;s Procedures and the proxy voting procedures of the Subadviser are set forth in
Appendix&nbsp;A to this SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is possible that conflicts of interest could arise for the Subadviser when voting proxies. Such
conflicts could arise, for example, when the Subadviser or its affiliate has a client or other
business relationship with the issuer of the security being voted or with a third party that has an
interest in the vote. A conflict of interest also could arise when the Fund, its investment
adviser or principal underwriter or any of their affiliates has an interest in the vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that the Subadviser becomes aware of a material conflict of interest, the Fund&#146;s
Procedures generally require the Subadviser to follow any conflicts procedures that may be included
in the Subadviser&#146;s proxy voting procedures. The conflict procedures generally will include one or
more of the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>voting pursuant to the recommendation of a third party voting service;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>voting pursuant to pre-determined voting guidelines; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>referring voting to a special compliance or oversight committee.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The specific conflicts procedures of the Subadviser are set forth in the Subadviser&#146;s proxy voting
procedures included in Appendix&nbsp;A. While these conflicts procedures may reduce, they will not
necessarily eliminate, any influence on proxy voting of conflicts of interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although the Subadviser has a duty to vote all proxies on behalf of the Fund, it is possible that
the Subadviser may not be able to vote proxies under certain circumstances. For example, it may be
impracticable to translate in a timely manner voting materials that are written in a foreign
language or to travel to a foreign country when voting in person rather than by proxy is required.
In addition, if the voting of proxies for shares of a security prohibits the Subadviser from
trading the shares in the marketplace for a period of time, the Subadviser may determine that it is
not in the best interests of the Fund to vote the proxies. The Subadviser also may choose not to
recall securities that have been lent in order to vote proxies for shares of the security since the
Fund would lose security lending income if the securities were recalled.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Information regarding how the Fund voted proxies relating to portfolio securities during the most
recent 12-month period ended June&nbsp;30th is available (i)&nbsp;without charge, upon request, by calling
1-800-225-6020 and (ii)&nbsp;on the SEC&#146;s website at http://www.sec.gov.
</DIV>
<DIV align="left">
<A name="208"></A>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Determination of Net Asset Value</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s net asset value per Common Share (&#147;NAV&#148;) is determined each business day at the
close of regular trading on the NYSE (typically 4:00 p.m. Eastern Time) by dividing the Fund&#146;s net
assets by the number of Common Shares outstanding. On any day the NYSE is closed, the NAV is not
calculated. Trading of foreign securities may take place on Saturdays and U.S. business holidays
on which the Fund&#146;s NAV is not calculated. Consequently, the Fund&#146;s portfolio securities may trade
and the NAV of the Fund&#146;s Common Shares may be significantly affected on days when a shareholder
has no access to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Portfolio securities are valued by various methods which are generally described below. As noted
in the Prospectus, portfolio securities also may be fair valued by the Fund&#146;s Pricing Committee in
certain instances. Most equity securities that are traded on a stock exchange or in the OTC market
are valued at the last sale price as of the close of the exchange in the principal market on which
the security trades, or, lacking any sales, at the closing bid prices. Certain exceptions exist,
for example, securities traded on the London Stock Exchange and NASDAQ are valued at the official
closing price. Debt securities with remaining maturities of one year or more at the time of
acquisition are valued on the using prices provided by a pricing service, or by prices furnished by
recognized dealers in such securities. Debt securities with remaining maturities of less than one
year at the time of acquisition are generally valued at amortized cost. Shares of open-end
investment companies held by the Fund are valued based on the NAV of the underlying fund. The
value of securities denominated in foreign currencies are converted into U.S. dollars at the
prevailing exchange rate at the close of the NYSE. Exchange-traded options are valued at the mean
of the bid and ask prices. Futures contracts are valued at the most recent settlement price.
Shares of open-end investments companies held by the Fund are valued based on the NAV of the
underlying fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In certain instances, the Fund&#146;s Pricing Committee may determine that a reported valuation does not
reflect fair value, based on additional information available or other factors, and accordingly may
determine in good faith the fair value of the assets, which may differ from the reported valuation.
</DIV>
<DIV align="left">
<A name="209"></A>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Brokerage Allocation</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Subadvisory Agreement, the Subadviser is responsible for placing all orders
for the purchase and sale of portfolio securities of the Fund. The Subadviser has no formula for
the distribution of the Fund&#146;s brokerage business; rather it places orders for the purchase and
sale of securities with the primary objective of obtaining the most favorable overall results for
the Fund and the Subadviser&#146;s other clients. The cost of securities transactions for the Fund
primarily consists of brokerage commissions or dealer or underwriter spreads. Fixed-income
securities and money market instruments generally are traded on a net basis and normally do not
involve either brokerage commissions or transfer taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Occasionally, securities may be purchased directly from the issuer. For securities traded
primarily in the OTC market, the Subadviser will, where possible, deal directly with dealers who
make a market in the securities unless better prices and execution are available elsewhere. Such
dealers usually act as principals for their own account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Brokerage Commissions Paid</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the aggregate amount of brokerage commissions paid by the Fund for the
last three fiscal years ended October&nbsp;31, 2011, October&nbsp;31, 2010, and October&nbsp;31, 2009.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">October 31, 2011</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">October 31, 2010</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">October 31, 2009</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">$649</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$534</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$560</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No brokerage commissions paid by the Fund during the last three fiscal years were to any broker
that: (i)&nbsp;is an affiliated person of the Fund; (ii)&nbsp;is an affiliated person of an affiliated
person of the Fund; or (iii)&nbsp;has an affiliated person that is an affiliated person of the Fund,
Adviser, Subadviser, or principal underwriter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Approved Trading Counterparties</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Subadviser maintains and periodically updates a list of approved trading counterparties.
Portfolio managers may execute trades only with pre-approved broker-dealer/counterparties. A
sub-group of the Subadviser&#146;s Brokerage Practices Committee, through a delegation from the
Subadviser&#146;s Senior Investment Policy Committee, reviews and approves all
broker-dealers/counterparties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Selection of Brokers, Dealers, and Counterparties</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In placing orders for purchase and sale of securities and selecting trading counterparties
(including banks or broker-dealers) to effect these transactions, the Subadviser seeks prompt
execution of orders at the most favorable prices reasonably obtainable. The Subadviser will
consider a number of factors when selecting trading counterparties, including the overall direct
net economic result to the Fund (including commissions, which may not be the lowest available, but
which ordinarily will not be higher than the generally prevailing competitive range), the financial
strength, reputation and stability of the counterparty, the efficiency with which the transaction
is effected, the ability to effect the transaction when a large block trade is involved, the
availability of the counterparty to stand ready to execute possibly difficult transactions in the
future, and other matters involved in the receipt of brokerage and research services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Subadviser periodically prepares and maintains a list of broker-dealer firms that have been
deemed to provide valuable research as determined periodically by the investment staff, together
with a suggested non-binding amount of brokerage commissions (&#147;non-binding target&#148;) to be allocated
to each of these research firms, subject to certain requirements. Neither the Subadviser nor any
client has an obligation to any research firm if the amount of brokerage commissions paid to the
research firms is less than the applicable non-binding target.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In seeking best execution, traders have a variety of venues available for execution. Traders may,
in their discretion, use algorithmic strategies through direct market access (&#147;DMA&#148;) tools and
electronic crossing networks (&#147;ECNs&#148;). DMA allows the trader to act in the market without a full
service or other broker. ECNs give the trader additional options when searching for liquidity and
the ability to trade block positions in a more efficient manner. In selecting a broker, dealer or
trading venue, traders consider the full range of available trading platforms in seeking best
execution.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Best Execution</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Subadviser owes a duty to its clients to seek best execution when executing trades on behalf of
clients. &#147;Best execution&#148; generally is understood to mean the most favorable cost or net proceeds
reasonably obtainable under the circumstances. The Subadviser is not obligated to choose the
broker-dealer offering the lowest available commission rate if, in the Subadviser&#146;s reasonable
judgment, there is a material risk that the total cost or proceeds from the transaction might be
less favorable than may be obtained elsewhere, or, if a higher commission is justified by the
trading provided by the broker-dealer, or if other considerations dictate using a different
broker-dealer. Negotiated commission rates generally will reflect overall execution requirements
of the transaction without regard to whether the broker may provide other services in addition to
execution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Subadviser may pay higher or lower commissions to different brokers that provide different
categories of services. Under this approach, the Subadviser periodically may classify different
brokers in different categories based on execution abilities, the quality of research, brokerage
services, block trading capability, speed and responsiveness, or other services provided by the
brokers. Some examples of these categories may include, without limitation, full service brokers,
alternative trading systems, client commission and execution-only brokers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The reasonableness of brokerage commission is evaluated on an ongoing basis and at least annually
on a formal basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When more than one broker-dealer is believed to be capable of providing the best combination of
price and execution with respect to a particular portfolio transaction, the Subadviser often
selects a broker-dealer that furnishes research and other related services or products. The amount
of brokerage allotted to a particular broker-
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">dealer is not made pursuant to any binding agreement or commitment with any selected broker-dealer.
However, the Subadviser maintain an internal allocation procedure to identify those broker-dealers
who have provided us with effective research and the amount of research provided, and the
Subadviser endeavor to direct sufficient commissions to them to ensure the continued receipt of
research that the Subadviser believe is useful.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Soft Dollar Considerations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Subadviser may pay for research and brokerage services with the commission dollars generated by
Fund account transactions (known as &#147;soft dollar benefits&#148;), subject to certain conditions.
Further, the Subadviser may cause the Fund to pay up in return for soft dollar benefits (pay
commissions, markups or markdowns higher than those charged by other broker-dealers).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The research provided may be either proprietary (created and provided by the broker-dealer,
including tangible research products as well as access to analysts, traders and issuers) or
third-party (created by a third party, but provided by broker-dealer). Proprietary research is
generally part of a &#147;bundle&#148; of brokerage and research and the research is not separately priced.
In the case of third party research, the cost of products and services is generally more
transparent, and payment is made by the broker to the preparer in &#147;hard dollars.&#148; The Subadviser
may receive both proprietary and third party research and execution services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Subadviser considers three factors with respect to all third-party research and execution
services received through soft dollars:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether the product or service is eligible research or brokerage under SEC rules and
regulations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether an eligible product or service actually provides &#147;lawful and appropriate
assistance&#148; in the performance of the Subadviser&#146;s investment decision-making
responsibilities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether the amount of the commission paid is reasonable in light of the value of the
product or service provided by the broker-dealer (viewed in terms of the particular
transaction or the Subadviser&#146;s overall responsibilities with respect to the Subadviser&#146;s
client accounts).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Research services currently purchased with soft dollars include: reports on the economy,
industries, sectors and individual companies or issuers; introduction to issuers, invitations to
trade conferences, statistical information; statistical models; political and country analyses;
reports on legal developments affecting portfolio securities; information on technical market
actions; and credit analyses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The overriding consideration in selecting brokers to execute trade orders is the maximization of
client profits through a combination of controlling transaction and securities costs and seeking
the most effective use of brokers&#146; proprietary research and execution capabilities, while
maintaining relationships with those broker-dealers who consistently provide superior service.
When the Subadviser uses client brokerage commissions (or markups or markdowns) to obtain research
or other products or services, the Subadviser receives a soft dollar benefit because the Subadviser
does not have to produce or pay for the research, products or services. The Subadviser may have an
incentive to select a broker-dealer based on the Subadviser&#146;s interest in receiving research or
other products or services, rather than on the Subadviser&#146;s clients&#146; interest in receiving most
favorable execution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any research received is used to service all clients to which it is applicable, whether or not the
client&#146;s commissions were used to obtain the research. For example, commissions of equity clients
may be used to obtain research that is used with respect to fixed-income clients. The Subadviser
does not attempt to allocate the relative costs or benefits of research among client accounts
because the Subadviser believe that, in the aggregate, the research the Subadviser receives
benefits clients and assists the Subadviser in fulfilling its overall duty to its clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Subadviser does not enter into any agreement or understanding with any broker-dealer which
would obligate it to direct a specific amount of brokerage transactions or commissions in return
for such services. However, certain broker-dealers may state in advance the amount of brokerage
commissions they expect for certain services and the applicable cash equivalent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Subadviser may seek to obtain client commission benefits through client commission arrangements
in compliance with applicable laws and regulations. Under these types of arrangements, the
Subadviser can request that executing brokers allocate a portion of total commissions paid to a
pool of &#147;credits&#148; maintained by the broker
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">that can be used to obtain client commission benefits. After accumulating a number of credits
within the pool, the Subadviser may subsequently direct that those credits be used to pay
appropriate parties in return for eligible client commission benefits provided by the broker to the
Subadviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In summary, as noted above, the Subadviser has three types of soft dollar arrangements through
which the Subadviser received soft dollar benefits in 2011:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Full service brokers </I>- In addition to receiving execution services, the Subadviser
also received a variety of research and related services from these brokers, including, for
example, proprietary research reports on companies, markets or investment related reports,
meetings with senior management teams of companies, and discussions with the broker&#146;s
analysts and market experts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Client commission arrangements </I>(&#147;CCA&#148;) &#151; Through CCA arrangements with eight brokers
with whom the Subadviser placed equity trades for execution, the Subadviser generated
commission credits with these CCA brokers that the Subadviser can direct and use to
compensate third party research providers, including other brokers, for research received.
The level of compensation to such research providers is determined by the equity portfolio
management teams using a quarterly voting process. The number of votes determined the
level of compensation paid to a research provider.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Soft dollar arrangements </I>- The Subadviser had one soft dollar arrangement in 2011.
Under the arrangement, the Subadviser identified research services that it wanted to obtain
and subject to the approval of the soft dollar broker, the soft dollar broker directly
contracted with the research providers for services provided to the Subadviser. The
Subadviser has no financial or other contractual obligations with the research providers
under this arrangement. When the Subadviser executes equity trades with the soft dollar
broker, the soft dollar broker allocated and paid a portion of the commission to the
research providers.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trade Aggregation by the Subadviser</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Because investment decisions often affect more than one client, the Subadviser frequently will
attempt to acquire or dispose of the same security for more than one client at the same time. The
Subadviser, to the extent permitted by applicable law, regulations and advisory contracts, may
aggregate purchases and sales of securities on behalf of its various clients for which it has
discretion, provided that in the Subadviser&#146;s opinion, all client accounts are treated equitably
and fairly and that block trading will result in a more favorable overall execution. Trades will
not be combined when a client has directed transactions to a particular broker-dealer or when the
Subadviser determines that combined orders would not be efficient or practical.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When appropriate, the Subadviser will allocate such block orders at the average price obtained or
according to a system that the Subadviser considers to be fair to all clients over time. Generally
speaking, such allocations are made on the basis of proportional capital under management in the
respective client accounts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Affiliated Underwriting Transactions by the Subadviser</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board has approved procedures in conformity with Rule&nbsp;10f-3 under the 1940 Act whereby the Fund
may purchase securities that are offered in underwritings in which an affiliate of the Adviser or a
Subadviser participates. These procedures prohibit the Fund from directly or indirectly benefiting
an Adviser or Subadviser affiliate in connection with such underwritings. In addition, for
underwritings where an Adviser or Subadviser affiliate participates as a principal underwriter,
certain restrictions may apply that could, among other things, limit the amount of securities that
the Fund could purchase.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Commission Recapture Program</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board has approved the Fund&#146;s participation in a commission recapture program. Commission
recapture is a form of institutional discount brokerage that returns commission dollars directly to
the Fund. It provides a way to gain control over the commission expenses incurred by the
Subadviser, which can be significant over time and thereby reduces expenses, improves cash flow and
conserves assets. The Fund can derive commission recapture dollars from both equity trading
commissions and fixed-income (commission equivalent) spreads. From time to time, the Board reviews
whether participation in the recapture program is in the best interests of the Fund.
</DIV>






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</DIV>

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<DIV align="left">
<A name="210"></A>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Additional Information Concerning Taxes</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following discussion of U.S. federal income tax matters is based on the advice of &#091;&#95;&#95;&#95;&#95;&#95;&#093;.
The Fund intends to elect to be treated and to qualify each year as a regulated investment company
(&#147;RIC&#148;) under the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To qualify as a RIC for income tax purposes, the Fund must derive at least 90% of its annual gross
income from dividends, interest, payments with respect to securities loans, gains from the sale or
other disposition of stock, securities or foreign currencies, or other income (including, but not
limited to, gains from options, futures or forward contracts) derived with respect to its business
of investing in stock, securities and currencies, and net income derived from an interest in a
qualified publicly traded partnership. A &#147;qualified publicly traded partnership&#148; is a publicly
traded partnership that meets certain requirements with respect to the nature of its income. To
qualify as a RIC, the Fund must also satisfy certain requirements with respect to the
diversification of its assets. The Fund must have, at the close of each quarter of the taxable
year, at least 50% of the value of its total assets represented by cash, cash items, U.S.
government securities, securities of other regulated investment companies, and other securities
that, in respect of any one issuer, do not represent more than 5% of the value of the assets of the
Fund nor more than 10% of the voting securities of that issuer. In addition, at those times not
more than 25% of the value of the Fund&#146;s assets can be invested in securities (other than United
States government securities or the securities of other regulated investment companies) of any one
issuer, or of two or more issuers, which the Fund controls and which are engaged in the same or
similar trades or businesses or related trades or businesses, or of one or more qualified publicly
traded partnerships. If the Fund fails to meet the annual gross income test described above, the
Fund will nevertheless be considered to have satisfied the test if (i) (a)&nbsp;such failure is due to
reasonable cause and not due to willful neglect and (b)&nbsp;the Fund reports the failure pursuant to
Treasury Regulations to be adopted, and (ii)&nbsp;the Fund pays an excise tax equal to the excess
non-qualifying income. If the Fund fails to meet the asset diversification test described above
with respect to any quarter, the Fund will nevertheless be considered to have satisfied the
requirements for such quarter if the Fund cures such failure within 6&nbsp;months and either (i)&nbsp;such
failure is <I>de minimis </I>or (ii) (a)&nbsp;such failure is due to reasonable cause and not due to willful
neglect and (b)&nbsp;the Fund reports the failure under Treasury Regulations to be adopted and pays an
excise tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a RIC, the Fund generally will not be subject to U.S. federal income tax on its investment
company taxable income (as that term is defined in the Code, but without regard to the deductions
for dividends paid) and net capital gain (the excess of net long-term capital gain over net
short-term capital loss), if any, that it distributes in each taxable year to its shareholders;
provided that it distributes at least 90% of its investment company taxable income and 90% of its
net tax-exempt interest income for such taxable year. The Fund intends to distribute to its
shareholders, at least annually, substantially all of its investment company taxable income, net
tax-exempt interest income and net capital gain. In order to avoid incurring a nondeductible 4%
U.S. federal excise tax obligation, the Code requires that the Fund distribute (or be deemed to
have distributed) by December&nbsp;31 of each calendar year an amount at least equal to the sum of (i)
98% of its ordinary income for such year, (ii)&nbsp;98.2% of its capital gain net income (which is the
excess of its realized net long-term capital gain over its realized net short-term capital loss),
generally computed on the basis of the one-year period ending on October&nbsp;31 of such year, after
reduction by any available capital loss carryforwards and (iii)&nbsp;100% of any ordinary income and
capital gain net income from the prior year (as previously computed) that were not paid out during
such year and on which the Fund paid no U.S. federal income tax. Under current law, provided that
the Fund qualifies as a RIC for U.S. federal income tax purposes, the Fund should not be liable for
any income, corporate excise or franchise tax in the Commonwealth of Massachusetts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Fund does not qualify as a RIC or fails to satisfy the 90% distribution requirement for any
taxable year, subject to the opportunity to cure such failures under applicable provisions of the
Code as described above, the Fund&#146;s taxable income will be subject to corporate income taxes, and
all distributions from earnings and profits, including distributions of net capital gain (if any),
will be taxable to the shareholder as ordinary income. Such distributions generally would be
eligible (i)&nbsp;to be treated as qualified dividend income in the case of individual and other
noncorporate shareholders and (ii)&nbsp;for the dividends received deduction (&#147;DRD&#148;) in the case of
corporate shareholders. In addition, in order to requalify for taxation as a RIC, the Fund may be
required to recognize unrealized gains, pay substantial taxes and interest, and make certain
distributions.
</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For U.S. federal income tax purposes, distributions paid out of the Fund&#146;s current or accumulated
earnings and profits will, except in the case of distributions of qualified dividend income and
capital gain dividends described below, be taxable as ordinary dividend income. Certain income
distributions paid by the Fund (whether paid in cash or reinvested in additional Fund shares) to
individual taxpayers are taxed at rates applicable to net long-term capital gains (15%, or 0% for
individuals in the 10% or 15% tax brackets). This tax treatment applies only if certain holding
period requirements and other requirements are satisfied by the shareholder and the dividends are
attributable to qualified dividend income received by the Fund itself. For this purpose,
&#147;qualified dividend income&#148; means dividends received by the Fund from United States corporations
and &#147;qualified foreign corporations,&#148; provided that the Fund satisfies certain holding period and
other requirements in respect of the stock of such corporations. These special rules relating to
the taxation of ordinary income dividends paid by RICs generally apply to taxable years beginning
before January&nbsp;1, 2013. Thereafter, the Fund&#146;s dividends, other than capital gain dividends, will
be fully taxable at ordinary income tax rates unless further Congressional action is taken. Thus,
no assurance can be given that current law applicable to qualified dividend income will continue
after December&nbsp;31, 2012. There can be no assurance as to what portion of the Fund&#146;s dividend
distributions will qualify for favorable treatment as qualified dividend income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shareholders receiving any distribution from the Fund in the form of additional shares pursuant to
the dividend reinvestment plan will be treated as receiving a taxable distribution in an amount
equal to the fair market value of the shares received, determined as of the reinvestment date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Distributions of net capital gain, if any, reported as capital gains dividends are taxable to a
shareholder as long-term capital gains, regardless of how long the shareholder has held Fund
shares. A distribution of an amount in excess of the Fund&#146;s current and accumulated earnings and
profits will be treated by a shareholder as a return of capital which is applied against and
reduces the shareholder&#146;s basis in his or her shares. To the extent that the amount of any such
distribution exceeds the shareholder&#146;s basis in his or her shares, the excess will be treated by
the shareholder as gain from a sale or exchange of the shares. Distributions of gains from the
sale of investments that the Fund owned for one year or less will be taxable as ordinary income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may elect to retain its net capital gain or a portion thereof for investment and be taxed
at corporate rates on the amount retained. In such case, it may designate the retained amount as
undistributed capital gains in a notice to its shareholders who will be treated as if each received
a distribution of his <I>pro rata </I>share of such gain, with the result that each shareholder will (i)
be required to report his <I>pro rata </I>share of such gain on his tax return as long-term capital gain,
(ii)&nbsp;receive a refundable tax credit for his <I>pro rata </I>share of tax paid by the Fund on the gain and
(iii)&nbsp;increase the tax basis for his shares by an amount equal to the deemed distribution less the
tax credit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Selling shareholders generally will recognize gain or loss in an amount equal to the difference
between the shareholder&#146;s adjusted tax basis in the shares sold and the sale proceeds. If the
shares are held as a capital asset, the gain or loss will be a capital gain or loss. The current
maximum tax rate applicable to net capital gains recognized by individuals and other non-corporate
taxpayers is (i)&nbsp;the same as the maximum ordinary income tax rate for gains recognized on the sale
of capital assets held for one year or less, or (ii)&nbsp;15% for gains recognized on the sale of
capital assets held for more than one year (as well as certain capital gain distributions) (0% for
individuals in the 10% or 15% tax brackets) but only for taxable years beginning on or before
December&nbsp;31, 2012. Thereafter, the maximum rate will increase to 20%, unless Congress enacts
legislation providing otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any loss realized upon the sale or exchange of Fund shares with a holding period of six months or
less will be treated as a long-term capital loss to the extent of any capital gain distributions
received (or amounts designated as undistributed capital gains) with respect to such shares. In
addition, all or a portion of a loss realized on a sale or other disposition of Fund shares may be
disallowed under &#147;wash sale&#148; rules to the extent the shareholder acquires other shares of the Fund
(whether through the reinvestment of distributions or otherwise) within a period of 61&nbsp;days
beginning 30&nbsp;days before and ending 30&nbsp;days after the date of disposition of the Common Shares.
Any disallowed loss will result in an adjustment to the shareholder&#146;s tax basis in some or all of
the other shares acquired.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales charges paid upon a purchase of shares cannot be taken into account for purposes of
determining gain or loss on a sale of the shares before the 91st day after their purchase to the
extent a sales charge is reduced or eliminated in a subsequent acquisition of shares of the Fund
(or of another fund), during the period beginning on the date of such sale and ending on January&nbsp;31
of the calendar year following the calendar year in which such sale was made,
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">pursuant to the reinvestment or exchange privilege. Any disregarded amounts will result in an
adjustment to the shareholder&#146;s tax basis in some or all of any other shares acquired.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For federal income tax purposes, the Fund is permitted to carry forward a net capital loss in any
year to offset net capital gains, if any, during years following the year of the loss. The
carryforward is limited to eight years in the case of losses recognized during taxable years
beginning on or before December&nbsp;22, 2010. To the extent subsequent net capital gains are offset by
such losses, they would not result in federal income tax liability to the Fund and would not be
distributed to the shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Fund makes a distribution in excess of its current and accumulated &#147;earnings and profits&#148; in
any taxable year, the excess distribution will be treated as a return of capital to the extent of a
shareholder&#146;s tax basis in its shares, and thereafter as capital gain. A return of capital is not
taxable, but it reduces a shareholder&#146;s tax basis in its shares, thus reducing any loss or
increasing any gain on a subsequent taxable disposition by a shareholder of its shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under legislation enacted in 2010, effective for tax years beginning after December&nbsp;31, 2012,
certain net investment income received by an individual having adjusted gross income in excess of
$200,000 (or $250,000 for married individuals filing jointly) will be subject to a tax of 3.8%.
Undistributed net investment income of trusts and estates in excess of a specified amount will also
be subject to this tax. Dividends and capital gains distributed by the Fund, and gain realized on
redemption of Fund shares, will constitute investment income of the type subject to this tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Only a small portion, if any, of the distributions from the Fund may qualify for the
dividends-received deduction for corporations, subject to the limitations applicable under the
Code. The qualifying portion is limited to properly designated distributions attributed to
dividend income (if any) the Fund receives from certain stock in U.S. domestic corporations and the
deduction is subject to holding period requirements and debt-financing limitations under the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Fund should have dividend income that qualifies for the reduced tax rate applicable to
qualified dividend income, the maximum amount allowable will be designated by the Fund. This
amount will be reflected on Form 1099-DIV for the current calendar year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dividends and distributions on the Fund&#146;s shares generally are subject to U.S. federal income tax
as described herein to the extent they do not exceed the Fund&#146;s realized income and gains, even
though such dividends and distributions may economically represent a return of a particular
shareholder&#146;s investment. Such distributions are likely to occur in respect of shares purchased at
a time when the Fund&#146;s net asset value reflects gains that are either unrealized, or realized but
not distributed. Such realized gains may be required to be distributed even when the Fund&#146;s net
asset value also reflects unrealized losses. Certain distributions declared in October, November
or December to shareholders of record of such month and paid in the following January will be taxed
to shareholders as if received on December&nbsp;31 of the year in which they were declared. In
addition, certain other distributions made after the close of a taxable year of the Fund may be
&#147;spilled back&#148; and treated as paid by the Fund (except for purposes of the non-deductible 4% U.S.
federal excise tax) during such taxable year. In such case, shareholders will be treated as having
received such dividends in the taxable year in which the distributions were actually made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund will inform shareholders of the source and tax status of all distributions promptly after
the close of each calendar year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Legislation passed by Congress in 2008 requires the Fund (or its administrative agent) to report to
the IRS and furnish to shareholders the cost basis information and holding period for the Fund&#146;s
shares purchased on or after January&nbsp;1, 2012, and repurchased by the Fund on or after that date.
The Fund will permit shareholders to elect from among several permitted cost basis methods. In the
absence of an election, the Fund will use a default cost basis method. The cost basis method a
shareholder elects may not be changed with respect to a repurchase of shares after the settlement
date of the repurchase. Shareholders should consult with their tax advisors to determine the best
permitted cost basis method for their tax situation and to obtain more information about how the
new cost basis reporting rules apply to them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The benefits of the reduced tax rates applicable to long-term capital gains and qualified dividend
income may be impacted by the application of the alternative minimum tax to individual
shareholders.
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Special tax rules apply to investments through defined contribution plans and other tax-qualified
plans. Shareholders should consult their tax advisor to determine the suitability of shares of the
Fund as an investment through such plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may invest in debt obligations that are in the lowest rating categories or are unrated,
including debt obligations of issuers not currently paying interest or who are in default.
Investments in debt obligations that are at risk of or in default present special tax issues for
the Fund. Tax rules are not entirely clear about issues such as when the Fund may cease to accrue
interest, original issue discount or market discount, when and to what extent deductions may be
taken for bad debts or worthless securities and how payments received on obligations in default
should be allocated between principal and income, and whether exchanges of debt obligations in a
workout context are taxable. These and other issues will be addressed by the Fund if it acquires
such obligations in order to reduce the risk of distributing insufficient income to preserve its
status as a regulated investment company and to seek to avoid becoming subject to federal income or
excise tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund is required to accrue income on any debt securities that have more than a <I>de minimis</I>
amount of original issue discount (or debt securities acquired at a market discount, if the Fund
elects to include market discount in income currently) prior to the receipt of the corresponding
cash payments. The mark to market or constructive sale rules applicable to certain options,
futures, forwards, short sales or other transactions also may require the Fund to recognize income
or gain without a concurrent receipt of cash. Additionally, some countries restrict repatriation,
which may make it difficult or impossible for the Fund to obtain cash corresponding to its earnings
or assets in those countries. However, the Fund must distribute to shareholders for each taxable
year substantially all of its net income and net capital gains, including such income or gain, to
qualify as a regulated investment company and avoid liability for any federal income or excise tax.
Therefore, the Fund may have to dispose of its portfolio securities under disadvantageous
circumstances to generate cash, or borrow cash, to satisfy these distribution requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may recognize gain (but not loss) from a constructive sale of certain &#147;appreciated
financial positions&#148; if the Fund enters into a short sale, offsetting notional principal contract,
or forward contract transaction with respect to the appreciated position or substantially identical
property. Appreciated financial positions subject to this constructive sale treatment include
interests (including options and forward contracts and short sales) in stock and certain other
instruments. Constructive sale treatment does not apply if the transaction is closed out not later
than thirty days after the end of the taxable year in which the transaction was initiated, and the
underlying appreciated securities position is held unhedged for at least the next sixty days after
the hedging transaction is closed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gain or loss from a short sale of property generally is considered as capital gain or loss to the
extent the property used to close the short sale constitutes a capital asset in the Fund&#146;s hands.
Except with respect to certain situations where the property used to close a short sale has a
long-term holding period on the date the short sale is entered into, gains on short sales generally
are short-term capital gains. A loss on a short sale will be treated as a long-term capital loss
if, on the date of the short sale, &#147;substantially identical property&#148; has been held by the Fund for
more than one year. In addition, entering into a short sale may result in suspension of the
holding period of &#147;substantially identical property&#148; held by the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gain or loss on a short sale generally will not be realized until such time as the short sale is
closed. However, as described above in the discussion of constructive sales, if the Fund holds a
short sale position with respect to securities that have appreciated in value, and it then acquires
property that is the same as or substantially identical to the property sold short, the Fund
generally will recognize gain on the date it acquires such property as if the short sale were
closed on such date with such property. Similarly, if the Fund holds an appreciated financial
position with respect to securities and then enters into a short sale with respect to the same or
substantially identical property, the Fund generally will recognize gain as if the appreciated
financial position were sold at its fair market value on the date it enters into the short sale.
The subsequent holding period for any appreciated financial position that is subject to these
constructive sale rules will be determined as if such position were acquired on the date of the
constructive sale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s transactions in futures contracts and options will be subject to special provisions of
the Code that, among other things, may affect the character of gains and losses realized by the
Fund (<I>i.e.</I>, may affect whether gains or losses are ordinary or capital, or short-term or
long-term), may accelerate recognition of income to the Fund and
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">may defer Fund losses. These rules could, therefore, affect the character, amount and timing of
distributions to shareholders. These provisions also (a)&nbsp;will require the Fund to mark-to-market
certain types of the positions in its portfolio (<I>i.e.</I>, treat them as if they were closed out), and
(b)&nbsp;may cause the Fund to recognize income without receiving cash with which to make distributions
in amounts necessary to satisfy the 90% distribution requirement for qualifying to be taxed as a
RIC and the distribution requirement for avoiding excise taxes. The Fund will monitor its
transactions, will make the appropriate tax elections and will make the appropriate entries in its
books and records when it acquires any futures contract, option or hedged investment in order to
mitigate the effect of these rules and prevent disqualification of the Fund from being taxed as a
RIC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the Fund&#146;s options and futures contracts that qualify as &#147;section 1256
contracts,&#148; Code Section&nbsp;1256 generally will require any gain or loss arising from the lapse, closing out or exercise of such positions
to be treated as 60% long-term and 40% short-term capital gain or loss. In addition, the Fund generally will be required to &#147;mark to market&#148;
(<I>i.e.</I>, treat as sold for fair market value) each outstanding &#147;section 1256 contract&#148; position at the close of each taxable year
 (and on October&nbsp;31 of each year for excise tax purposes). If a &#147;section 1256 contract&#148; held by the Fund at the end of a taxable
 year is sold in the following year, the amount of any gain or loss realized on such sale will be adjusted to reflect the gain or loss previously
taken into account under the &#147;mark to market&#148; rules. The Fund&#146;s options that do not qualify as &#147;section 1256 contracts&#148;
under the Code generally will be treated as equity options governed by Code Section&nbsp;1234. Pursuant to Code Section&nbsp;1234, if a written
option expires unexercised, the premium received is short-term capital gain to the Fund. If the Fund enters into a closing transaction, the difference
 between the premium received for writing the option, and the amount paid to close out its position generally is short-term capital gain or loss.
 If a call option written by the Fund that is not a &#147;section 1256 contract&#148; is cash settled, any resulting gain or loss will be short-term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Code contains special rules that apply to &#147;straddles,&#148; defined
 generally as the holding of &#147;offsetting positions with respect to personal property.&#148; For example, the straddle rules normally
apply when a taxpayer holds stock and an offsetting option with respect to such stock or substantially identical stock or securities. In general,
 investment positions will be offsetting if there is a substantial diminution in the risk of loss from holding one position by reason of holding
one or more other positions. If two or more positions constitute a straddle, recognition of a realized loss from one position generally must be
deferred to the extent of unrecognized gain in an offsetting position. In addition, long-term capital gain may be recharacterized as short-term
capital gain, or short-term capital loss as long-term capital loss. Interest and other carrying charges allocable to personal property that is part
of a straddle are not currently deductible but must instead be capitalized. Similarly, &#147;wash sale&#148; rules apply to prevent the recognition
of loss by the Fund from the disposition of stock or securities at a loss in a case in which identical or substantially identical stock or securities
 (or an option to acquire such property) is or has been acquired within a prescribed period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Code allows a taxpayer to elect to offset gain and loss from positions
that are part of a &#147;mixed straddle.&#148; A &#147;mixed straddle&#148; is any straddle in which one or more but not all positions
are &#147;section 1256 contracts.&#148; The Fund may be eligible to elect to establish one or more mixed straddle accounts for certain of its
 mixed straddle trading positions. The mixed straddle account rules require a daily &#147;marking to market&#148; of all open positions in the
 account and a daily netting of gain and loss from all positions in the account. At the end of a taxable year, the annual net gain or loss from
the mixed straddle account are recognized for tax purposes. The net capital gain or loss is treated as 60% long-term and 40% short-term capital
gain or loss if attributable to the &#147;section 1256 contract&#148; positions, or all short-term capital gain or loss if attributable to the
non-section 1256 contract positions.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further, certain of the Fund&#146;s investment practices are subject to special and complex U.S. federal
income tax provisions that may, among other things, (i)&nbsp;convert dividends that would otherwise
constitute qualified dividend income into short-term capital gain or ordinary income taxed at the
higher rate applicable to ordinary income, (ii)&nbsp;treat dividends that would otherwise be eligible
for the corporate dividends received deduction as ineligible for such treatment, (iii)&nbsp;disallow,
suspend or otherwise limit the allowance of certain losses or deductions, (iv)&nbsp;convert long-term
capital gain into short-term capital gain or ordinary income, (v)&nbsp;convert an ordinary loss or
deduction into a capital loss (the deductibility of which is more limited), (vi)&nbsp;cause the Fund to
recognize income or gain without a corresponding receipt of cash, (vii)&nbsp;adversely affect the time
as to when a purchase or sale of stock or securities is deemed to occur, (viii)&nbsp;adversely alter the
characterization of certain complex financial transactions, and (ix)&nbsp;produce income that will not
qualify as good income for purposes of the 90% annual gross income requirement described above.
While it may not always be successful in doing so, the Fund will seek to avoid or minimize any
adverse tax consequences of its investment practices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dividends and interest received, and gains realized, by the Fund on non-U.S. securities may be
subject to income, withholding or other taxes imposed by foreign countries and United States
possessions (collectively &#147;foreign taxes&#148;) that would reduce the return on its securities. Tax
conventions between certain countries and the United States, however, may reduce or eliminate
foreign taxes, and many foreign countries do not impose taxes on capital gains in respect of
investments by U.S. investors. Depending on the number of non-U.S. shareholders in the Fund,
however, such reduced foreign withholding tax rates may not be available for investments in certain
jurisdictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may invest in the stock of &#147;passive foreign investment companies&#148; (&#147;PFICs&#148;). A PFIC is
any foreign corporation (with certain exceptions) that, in general, meets either of the following
tests: (1)&nbsp;at least 75% of its gross income is passive or (2)&nbsp;an average of at least 50% of its
assets produce, or are held for the production of, passive income. Under certain circumstances,
the Fund will be subject to U.S. federal income tax on a portion of any &#147;excess distribution&#148;
received on the stock of a PFIC or of any gain from disposition of that stock (collectively &#147;PFIC
income&#148;), plus interest thereon, even if the Fund distributes the PFIC income as a taxable dividend
to its shareholders. The balance of the PFIC income will be included in the Fund&#146;s investment
company taxable income and, accordingly, will not be taxable to it to the extent it distributes
that income to its shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Fund invests in a PFIC and elects to treat the PFIC as a &#147;qualified electing fund&#148; (&#147;QEF&#148;),
then in lieu of the foregoing tax and interest obligation, the Fund will be required to include in
income each year its pro rata share of the QEF&#146;s annual ordinary earnings and net capital
gain&#151;which it may have to distribute to satisfy the distribution requirement and avoid imposition
of the excise tax&#151;even if the QEF does not distribute those earnings and gain to the Fund. In
most instances it will be very difficult, if not impossible, to make this election because of
certain of its requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund may elect to &#147;mark-to-market&#148; its stock in any PFIC. &#147;Marking-to-market,&#148; in this
context, means including in ordinary income each taxable year the excess, if any, of the fair
market value of a PFIC&#146;s stock over the Fund&#146;s adjusted basis therein as of the end of that year.
Pursuant to the election, the Fund also would be allowed to deduct (as an ordinary, not capital,
loss) the excess, if any, of its adjusted basis in PFIC stock over the fair market value thereof as
of the taxable year-end, but only to the extent of any net mark-to-market gains (reduced by any
prior deductions) with respect to that stock included by the Fund for prior taxable years under the
election. The Fund&#146;s adjusted basis in each PFIC&#146;s stock with respect to which it has made this
election will be adjusted to reflect the amounts of income included and deductions taken
thereunder. The reduced rates for &#147;qualified dividend income&#148; are not applicable to (i)&nbsp;dividends
paid by a foreign corporation that is a PFIC, (ii)&nbsp;income inclusions from a QEF election with
respect to a PFIC, and (iii)&nbsp;ordinary income from a &#147;mark-to-market&#148; election with respect to a
PFIC.
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under Section&nbsp;988 of the Code, gains or losses attributable to fluctuations in exchange rates
between the time the Fund accrues income or receivables or expenses or other liabilities
denominated in a non-U.S. currency and the time the Fund actually collects such income or
receivables or pays such liabilities generally are treated as ordinary income or loss. Similarly,
gains or losses on non-U.S. currency forward contracts and the disposition of debt securities
denominated in a non-U.S. currency, to the extent attributable to fluctuations in exchange rate
between the acquisition and disposition dates, also are treated as ordinary income or loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If a shareholder realizes a loss on disposition of the Fund&#146;s shares of $2&nbsp;million or more for an
individual shareholder or $10&nbsp;million or more for a corporate shareholder, the shareholder must
file with the IRS a disclosure statement on Form&nbsp;8886. Direct shareholders of portfolio securities
are in many cases excepted from this reporting requirement, but under current guidance,
shareholders of a RIC are not excepted. Future guidance may extend the current exception from this
reporting requirement to shareholders of most or all RICs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s investments in non-U.S. securities may be subject to foreign withholding taxes on
dividends, interest, or capital gains, which will decrease the Fund&#146;s yield. Foreign withholding
taxes may be reduced under income tax treaties between the United States and certain foreign
jurisdictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Amounts paid by the Fund to individuals and certain other shareholders who have not provided the
Fund with their correct taxpayer identification number (&#147;TIN&#148;) and certain certifications required
by the IRS as well as shareholders with respect to whom the Fund has received certain information
from the IRS or a broker may be subject to &#147;backup&#148; withholding of U.S. federal income tax arising
from the Fund&#146;s taxable dividends and other distributions as well as the gross proceeds of sales of
shares, at a rate of 28% during 2012. An individual&#146;s TIN generally is his or her social security
number. Backup withholding is not an additional tax. Any amounts withheld under the backup
withholding rules from payments made to a shareholder may be refunded or credited against such
shareholder&#146;s U.S. federal income tax liability, if any; provided that the required information is
furnished to the IRS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The backup withholding tax rate currently is scheduled to increase to 31% for amounts paid after
December&nbsp;31, 2012. Distributions will not be subject to backup withholding to the extent they are
subject to the withholding tax on foreign persons described in the next paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dividend distributions are in general subject to a U.S. withholding tax of 30% when paid to a
nonresident alien individual, foreign estate or trust, a foreign corporation, or a foreign
partnership (&#147;foreign shareholder&#148;). Persons who are resident in a country, such as the U.K., that
has an income tax treaty with the U.S. may be eligible for a reduced withholding rate (upon filing
of appropriate forms), and are urged to consult their tax advisors regarding the applicability and
effect of such a treaty. Distributions of capital gain dividends paid by the Fund to a foreign
shareholder, and any gain realized upon the sale of Fund shares by such a shareholder, will
ordinarily not be subject to U.S. taxation, unless the recipient or seller is a nonresident alien
individual who is present in the United States for more than 182&nbsp;days during the taxable year.
Such distributions and sale proceeds may be subject, however, to backup withholding, unless the
foreign investor certifies his non-U.S. residency status. Also, foreign shareholders with respect
to whom income from the Fund is &#147;effectively connected&#148; with a U.S. trade or business carried on by
such shareholder will in general be subject to U.S. federal income tax on the income derived from
the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations,
whether such income is received in cash or reinvested in shares, and, in the case of a foreign
corporation, also may be subject to a branch profits tax. Again, foreign shareholders who are
residents in a country with an income tax treaty with the United States may obtain different tax
results, and are urged to consult their tax advisors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For shareholders that are considered &#147;foreign financial institutions&#148; under recent legislation
known as the Foreign Account Tax Compliance Act (&#147;FATCA&#148;), a new 30% withholding tax will be
imposed on distributions paid after December&nbsp;31, 2013, and on proceeds from sales of Common Shares
after December&nbsp;31, 2014, unless such shareholder enters into an agreement with the IRS to collect
and provide substantial information regarding U.S. account holders, including certain account
holders that are foreign entities with U.S. owners. The legislation also generally imposes a 30%
withholding tax on distributions paid to, and on proceeds from sales of Common Shares by, a
non-financial foreign entity unless such entity provides the withholding agent with a certification
that it does not have any substantial U.S. owners or a certification identifying the direct or
indirect substantial U.S. owners. Under proposed regulations, a foreign financial institution
should enter into such an agreement with the IRS by June&nbsp;30, 2013 to ensure that it will be
identified as compliant in sufficient time to allow withholding agents to refrain
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">from withholding beginning on January&nbsp;1, 2014. Non-U.S. investors including investors owning
Common Shares through a foreign financial institution or non-financial foreign entity should
consult their own tax advisors regarding the impact of this recent legislation on their investment
in the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing briefly summarizes some of the important U.S. federal income tax consequences to
Common Shareholders of investing in Common Shares, reflects U.S. federal tax law as of the date of
this SAI, and does not address special tax rules applicable to certain types of investors, such as
corporate and non-U.S. investors. Unless otherwise noted, this discussion assumes that an investor
is a United States person and holds Common Shares as a capital asset. This discussion is based
upon present provisions of the Code, the regulations promulgated thereunder, and judicial and
administrative ruling authorities, all of which are subject to change or differing interpretations
by the courts or the IRS retroactively or prospectively. Investors should consult their tax
advisors regarding other U.S. federal, state or local tax considerations that may be applicable to
their particular circumstances, as well as any proposed tax law changes.
</DIV>

<DIV align="left">
<A name="211"></A>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Other Information</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund is an organization of the type commonly known as a &#147;Massachusetts business trust.&#148;
Under Massachusetts law, shareholders of such a trust may, in certain circumstances, be held
personally liable as partners for the obligations of the trust. The Declaration of Trust contains
an express disclaimer of shareholder liability in connection with Fund property or the acts,
obligations or affairs of the Fund. The Declaration of Trust also provides for indemnification out
of Fund property of any shareholder held personally liable for the claims and liabilities to which
a shareholder may become subject by sole reason of being or having been a shareholder. Thus, the
risk of a shareholder incurring financial loss on account of shareholder liability is limited to
circumstances in which the Fund itself is unable to meet its obligations. The Fund has been
advised by its counsel that the risk of any shareholder incurring any liability for the obligations
of the Fund is remote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Declaration of Trust provides that the Trustees will not be liable for errors of judgment or
mistakes of fact or law; but nothing in the Declaration of Trust protects a Trustee against any
liability to the Fund or its shareholders to which he or she would otherwise be subject by reason
of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved
in the conduct of his or her office. Voting rights are not cumulative with respect to the election
of Trustees, which means that the holders of more than 50% of the shares voting for the election of
Trustees can elect 100% of the Trustees and, in such event, the holders of the remaining less than
50% of the shares voting on the matter will not be able to elect any Trustees.
</DIV>
<DIV align="left">
<A name="212"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Custodian and Transfer Agent</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s portfolio securities are held pursuant to a custodian agreement between the Fund
and State Street Bank and Trust Company (&#147;State Street&#148;), Lafayette Corporate Center, Two Avenue de
Lafayette, Boston, Massachusetts 02111. Under the custodian agreement, State Street performs
custody, foreign custody manager and fund accounting services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Computershare Shareowner Services LLC, 480 Washington Boulevard, Jersey City, New Jersey,
07310-1900, is the transfer agent and dividend disbursing agent of the Fund.
</DIV>

<DIV align="left">
<A name="213"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Independent Registered Public Accounting Firm</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;FIRM, CITY, STATE&#093;, is the independent registered public accounting firm for the Fund,
providing audit services, tax return preparation, and assistance and consultation with respect to
the preparation of filings with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;TO BE ADDED BY AMENDMENT&#093;
</DIV>





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<DIV align="left">
<A name="214"></A>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Reports to Shareholders</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;TO BE ADDED BY AMENDMENT&#093;
</DIV>

<DIV align="left">
<A name="215"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Legal and Regulatory Matters</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;25, 2007, the Adviser and John Hancock Funds, LLC (&#147;JH Funds&#148;) and two of their
affiliates (collectively, the &#147;John Hancock Affiliates&#148;) reached a settlement with the SEC that
resolved an investigation of certain practices relating to the John Hancock Affiliates&#146; variable
annuity and mutual fund operations involving directed brokerage and revenue sharing. Under the
terms of the settlement, each John Hancock Affiliate was censured and agreed to pay a $500,000
civil penalty to the United States Treasury. In addition, the Adviser and JH Funds agreed to pay
disgorgement of $2,087,477 and prejudgment interest of $359,460 to entities, including certain John
Hancock Funds, that participated in the Adviser&#146;s directed brokerage program during the period from
2000 to October&nbsp;2003. Collectively, all John Hancock Affiliates agreed to pay a total disgorgement
of $16,926,420 and prejudgment interest of $2,361,460 to the entities advised or distributed by
John Hancock Affiliates. The Adviser discontinued the use of directed brokerage in recognition of
the sale of fund shares in October&nbsp;2003.
</DIV>

<DIV align="left">
<A name="216"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Codes of Ethics</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund, the Adviser, the Subadviser and &#091;the principal underwriter&#093; each have adopted Codes
of Ethics that comply with Rule&nbsp;17j-1 under the 1940 Act. Each Code of Ethics permits personnel
subject to that Code of Ethics to invest in securities, including securities that may be purchased
or held by the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These Codes of Ethics can be reviewed and copied at the SEC&#146;s Public Reference Room in Washington,
D.C. Information regarding the operation of the Public Reference Room may be obtained by calling
the SEC at 1-202-942-8090. These Codes of Ethics also are available on the EDGAR Database on the
SEC&#146;s website at http://www.sec.gov. Copies of these Codes of Ethics may be obtained, after paying
a duplicating fee, by electronic request at the following e-mail address: public info@sec.gov, or
by writing the SEC&#146;s Public Reference Section, Washington, D.C. 20549-1520.
</DIV>

<DIV align="left">
<A name="217"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Additional Information</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s Prospectus, any related Prospectus Supplements, and this SAI do not contain all of
the information set forth in the Registration Statement that the Fund has filed with the SEC. The
complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by
its Rules and Regulations.
</DIV>




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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>John Hancock Investors Trust</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Statement of Additional Information<BR>
&#091;SAI DATE&#093;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Investment Adviser</B><BR>
John Hancock Advisers, LLC<BR>
601 Congress Street<BR>
Boston, Massachusetts 02210<BR>
1-800-225-6020
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Subadviser</B><BR>
John Hancock Asset Management<BR>
a division of Manulife Asset Management (US)&nbsp;LLC<BR>
101 Huntington Avenue<BR>
Boston, Massachusetts 02199
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Custodian</B><BR>
State Street Bank and Trust Company<BR>
Lafayette Corporate Center<BR>
Two Avenue de Lafayette<BR>
Boston, Massachusetts 02111
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Transfer Agent</B><BR>
Computershare Shareowner Services LLC<BR>
480 Washington Boulevard<BR>
Jersey City, New Jersey 07310
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Independent Registered Public Accounting Firm</B><BR>
&#091;FIRM&#093;<BR>
&#091;FIRM ADDRESS&#093;
</DIV>



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</DIV>



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<DIV align="left">
<A name="218"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>APPENDIX A </B>

</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: -12pt"><B>DESCRIPTION
OF RATINGS </B></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>DESCRIPTIONS OF CREDIT RATING SYMBOLS AND DEFINITIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ratings of Moody&#146;s Investors Service, Inc. (&#147;Moody&#146;s&#148;), Standard &#038; Poor&#146;s Corporation (&#147;S&#038;P&#148;)
and Fitch Ratings (&#147;Fitch&#148;) represent their respective opinions as of the date they are expressed
and not statements of fact as to the quality of various long-term and short-term debt instruments
they undertake to rate. It should be emphasized that ratings are general and are not absolute
standards of quality. Consequently, debt instruments with the same maturity, coupon and rating may
have different yields while debt instruments of the same maturity and coupon with different ratings
may have the same yield.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ratings do not constitute recommendations to buy, sell, or hold any security, nor do they comment
on the adequacy of market price, the suitability of any security for a particular investor, or the
tax-exempt nature or taxability of any payments of any security.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MOODY&#146;S LONG-TERM OBLIGATION RATINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moody&#146;s long-term ratings are opinions of the relative credit risk of financial obligations with an
original maturity of one year or more. They address the possibility that a financial obligation
will not be honored as promised and reflect both the likelihood of default and any financial loss
suffered in the event of default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Aaa: </B>Obligations rated &#145;Aaa&#146; are judged to be of the highest quality, with minimal credit risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Aa: </B>Obligations rated &#145;Aa&#146; are judged to be of high quality and are subject to very low credit
risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>A: </B>Obligations rated &#145;A&#146; are considered upper-medium grade and are subject to low credit risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Baa: </B>Obligations rated &#145;Baa&#146; are subject to moderate credit risk. They are considered
medium-grade and as such may possess certain speculative characteristics.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ba: </B>Obligations rated &#145;Ba&#146; are judged to have speculative elements are subject to substantial
credit risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>B: </B>Obligations rated &#145;B&#146; are considered speculative elements and are subject to high credit risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Caa: </B>Obligations rated &#145;Caa&#146; are judged to be of poor standing and are subject to very high credit
risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ca: </B>Obligations rated &#145;Ca&#146; are highly speculative and are likely in, or very near, default, with
some prospect of recovery of principal and interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>C: </B>Obligations rated &#145;C&#146; are the lowest rated class of bonds and are typically in default, with
little prospect for recovery of principal or interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note: Addition of a Modifier 1, 2 or 3: </B>Moody&#146;s appends numerical modifiers 1, 2 and 3 to each
generic rating classification from &#147;Aa&#148; through &#147;Caa&#148;. The modifier 1 indicates that the
obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a
mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating
category.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>S&#038;P&#146;S LONG-TERM ISSUE CREDIT RATINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An S&#038;P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor
with respect to a specific obligation, a specific class of financial obligations, or a specific
financial program (including ratings on medium-term note programs and commercial paper programs).
They are an
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">assessment of default risk, but may incorporate an assessment of relative seniority or ultimate
recovery in the event of default. Junior obligations are typically rated lower than senior
obligations, to reflect the lower priority in bankruptcy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AAA: </B>An obligation rated &#145;AAA&#146; has the highest rating assigned by S&#038;P. The obligor&#146;s capacity to
meet its financial commitment on the obligation is extremely strong.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AA: </B>An obligation rated &#145;AA&#146; differs from the highest-rated obligations only to a small degree.
The obligor&#146;s capacity to meet its financial commitment on the obligation is very strong.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>A: </B>An obligation rated &#145;A&#146; is somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions than obligations in higher-rated categories. However, the
obligor&#146;s capacity to meet its financial commitment on the obligation is still strong.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BBB: </B>An obligation rated &#145;BBB&#146; exhibits adequate protection parameters. However, adverse economic
conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor
to meet its financial commitment on the obligation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BB, B, CCC, CC and C: </B>Obligations rated &#145;BB&#146;, &#145;B&#146;, &#145;CCC&#146; &#145;CC&#146; and &#145;C&#146; are regarded as having
significant speculative characteristics. &#145;BB&#146; indicates the least degree of speculation and &#145;C&#146;
the highest. While such obligations will likely have some quality and protective characteristics,
these may be outweighed by large uncertainties or major exposures to adverse conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BB</B>: An obligation rated &#145;BB&#146; is less vulnerable to nonpayment than other speculative issues.
However, it faces major ongoing uncertainties or exposure to adverse business, financial, or
economic conditions, which could lead to the obligor&#146;s inadequate capacity to meet its financial
commitment on the obligation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>B: </B>An obligation rated &#145;B&#146; is more vulnerable to nonpayment than obligations rated &#145;BB&#146;, but the
obligor currently has the capacity to meet its financial commitment on the obligation. Adverse
business, financial, or economic conditions will likely impair the obligor&#146;s capacity or
willingness to meet its financial commitment on the obligation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CCC: </B>An obligation rated &#145;CCC&#146; is currently vulnerable to nonpayment and is dependent upon
favorable business, financial, and economic conditions for the obligor to meet its financial
commitment on the obligation. In the event of adverse business, financial or economic conditions,
the obligor is not likely to have the capacity to meet its financial commitment on the obligation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CC: </B>An obligation rated &#145;CC&#146; is currently highly vulnerable to nonpayment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>C: </B>The &#145;C&#146; rating is assigned to obligations that are currently highly vulnerable to nonpayment,
obligations that have payment arrearages allowed by the terms of the documents, or obligations of
an issuer that is the subject of a bankruptcy petition or similar action which have not experienced
a payment default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>D: </B>An obligation rated &#145;D&#146; is in payment default. The &#145;D&#146; rating category is used when payments
on an obligation, including a regulatory capital instrument, are not made on the date due, unless
S&#038;P believes that such payments will be made within the shorter of the stated grace period but not
longer than five business days. The &#145;D&#146; rating also will be used upon the filing of a bankruptcy
petition or taking of a similar action if payments on an obligation are jeopardized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note: Addition of a Plus (&#043;) or minus (-) sign: </B>The ratings from &#145;AA&#146; to &#145;CCC&#146; may be modified by
the addition of a plus (&#043;) or minus (-) sign to show relative standing within the major rating
categories.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NR: </B>This indicates that no rating has been requested, that there is insufficient information on
which to base a rating, or that S&#038;P does not rate a particular obligation as a matter of policy.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>FITCH CREDIT RATING SCALES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The terms &#147;investment grade&#148; and &#147;speculative grade&#148; have established themselves over time as
shorthand to describe the categories &#145;AAA&#146; to &#145;BBB&#146; (investment grade) and &#145;BB&#146; to &#145;D&#146; (speculative
grade). The terms are market conventions and do not imply any recommendation or endorsement of a
specific security for investment purposes. &#147;Investment grade&#148; categories indicate relatively low
to moderate credit risk, while ratings in the &#147;speculative&#148; categories either signal a higher level
of credit risk or that a default has already occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NR: </B>A designation of &#147;Not Rated&#148; or &#147;NR&#148; is used to denote securities not rated by Fitch where
Fitch has rated some, but not all, securities comprising a capital structure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Investment Grade</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AAA: </B>Highest credit quality. &#145;AAA&#146; ratings denote the lowest expectation of credit risk. They
are assigned only in case of exceptionally strong capacity for payment of financial commitments.
This capacity is highly unlikely to be adversely affected by foreseeable events.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AA: </B>Very high credit quality. &#145;AA&#146; ratings denote expectations of very low credit risk. They
indicate very strong capacity for payment of financial commitments. This capacity is not
significantly vulnerable to foreseeable events.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>A: </B>High credit quality. &#145;A&#146; ratings denote expectations of low credit risk. The capacity for
payment of financial commitments is considered strong. This capacity may, nevertheless, be more
vulnerable to changes in adverse business or economic conditions than is the case for higher
ratings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BBB: </B>Good credit quality. &#145;BBB&#146; ratings indicate that expectations of credit risk are currently
low. The capacity for payment of financial commitments is considered adequate but adverse business
or economic conditions are more likely to impair this capacity. This is the lowest investment
grade category.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Speculative Grade</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BB: </B>Speculative.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#145;BB&#146; ratings indicate an elevated vulnerability to credit risk,
particularly in the event of adverse changes in business or economic conditions over
time; however, business or financial alternatives may be available to allow financial
commitments to be met. Securities rated in this category are not investment grade.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>B: </B>Highly speculative.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For issuers and performing obligations, &#145;B&#146; ratings indicate that material credit risk
is present, but a limited margin of safety remains. Financial commitments are currently
being met; however, capacity for continued payment is vulnerable to deterioration in the
business and economic environment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For individual obligations, may indicate distressed or defaulted obligations with
potential for extremely high recoveries. Such obligations would possess a Recovery Rating
of &#145;R1&#146; (outstanding).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CCC</B>: Substantial credit risk.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For issuers and performing obligations, default is a real possibility. Capacity for
meeting financial commitments is solely reliant upon sustained, favorable business or
economic conditions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For individual obligations, may indicate distressed or defaulted obligations with
potential for average to superior levels of recovery. Differences in credit quality may
be denoted by plus/minus distinctions. Such obligations typically would possess a
Recovery Rating of &#145;R2&#146; (superior), or &#145;R3&#146; (good)&nbsp;or &#145;R4&#146; (average).</TD>
</TR>



</TABLE>
</DIV>
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</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CC: </B>Very high levels of credit risk.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For issuers and performing obligations, default of some kind appears probable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For individual obligations, may indicate distressed or defaulted obligations with
Recovery Raging of &#145;R4&#146; (average)&nbsp;or &#145;R5&#146; (below average).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>C: </B>Exceptionally high levels of credit risk.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For issuers and performing obligations, default is imminent, or inevitable, or is at a
standstill.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For individual obligations, may indicate distressed or defaulted obligations with
potential for below-average to poor recoveries. Such obligations would possess a Recovery
Rating of &#145;R6&#146; (poor).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>RD: </B>Restricted default.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indicates an entity that has failed to make due payments (within the
applicable grace period) on some but not all material financial obligations, but continues
to honor other classes of obligations.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>D</B>: Default.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indicates an entity or sovereign that has defaulted on all of its financial
obligations. Default generally is defined as one of the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure of an obligor to make timely payment of principal and/or interest
under the contractual terms of any financial obligation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the bankruptcy filings, administration, receivership, liquidation or
winding-up or cessation of business of an issuer/obligor; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>-</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the distressed exchange of an obligation, where creditors were offered
securities with diminished structural or economic terms compared with the existing
obligation to avoid a probable payment default.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Default ratings are not assigned prospectively to entities or their obligations; within this
context, non-payment on an instrument that contains a deferral feature or grace period will
generally not be considered a default until after the expiration of the deferral or grace period,
unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a
distresses debt exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issuers will be rated &#145;D&#146; upon a default. Defaulted and distressed obligations typically are rated
along the continuum of ,&#146;B&#146; to &#145;C&#146; rating categories, depending upon their recovery prospects and
other relevant characteristics. Additionally, in structured finance transactions, where analysis
indicates that an instrument is irrevocably impaired such that it is not expected to meet pay
interest and/or principal in full in accordance with the terms of the obligation&#146;s documentation
during the life of the transaction, but where no payment default in accordance with the terms of
the documentation is imminent, the obligation may be rated in the &#145;C&#146; category.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Default is determined by reference to the terms of the obligations&#146; documentation. Fitch will
assign default ratings where it has reasonably determined that payment has not been made on a
material obligation in accordance with the requirements of the obligation&#146;s documentation, or where
it believes that default ratings consistent with Fitch&#146;s published definition of default are the
most appropriate ratings to assign.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note: Addition of a Plus (&#043;) or minus (-) sign: </B>Fitch ratings may be appended by the addition of
a plus (&#043;) or minus (-) sign to denote relative status within major rating categories.
</DIV>







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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORPORATE AND TAX-EXEMPT COMMERCIAL PAPER RATINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>MOODY&#146;S SHORT-TERM OBLIGATION RATINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moody&#146;s short-term ratings are opinions of the ability of issuers to honor short-term financial
obligations. Ratings may be assigned to issuers, short-term programs or to individual short-term
debt instruments. Such obligations generally have an original maturity not exceeding 13&nbsp;months,
unless explicitly noted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moody&#146;s employs the following designations to indicate the relative repayment ability of rated
issuers:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>P-1: </B>Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay
short-term debt obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>P-2: </B>Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term
debt obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>P-3: </B>Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay
short-term obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NP: </B>Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime
rating categories.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>S&#038;P&#146;S SHORT-TERM OBLIGATION RATINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">S&#038;P&#146;s short-term ratings are generally assigned to those obligations considered short-term in the
relevant market. In the U.S., for example, that means obligations with an original maturity of no
more than 365&nbsp;days &#151; including commercial paper. Short-term ratings are also used to indicate the
creditworthiness of an obligor with respect to put features on long-term obligations. The result
is a dual-rating, in which the short-term rating addresses the put feature, in addition to the
usual long-term rating. Medium term notes are assigned long-term ratings. Ratings are graded into
several categories, ranging from &#145;A&#146; for the highest-quality obligations to &#145;D&#146; for the lowest.
These categories are as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>A-1: </B>A short-term obligation rated &#145;A-1&#146; is rated in the highest category by S&#038;P. The obligor&#146;s
capacity to meet its financial commitment on the obligation is strong. Within this category,
certain obligations are designated with a plus sign (&#043;). This indicates that the obligor&#146;s
capacity to meet its financial commitment on these obligations is very strong.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>A-2: </B>A short-term obligation rated &#145;A-2&#146; is somewhat more susceptible to the adverse effects of
changes in circumstances and economic conditions than obligations in higher rating categories.
However, the obligor&#146;s capacity to meet its financial commitment on the obligation is satisfactory.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>A-3: </B>A short-term obligation rated &#145;A-3&#146; exhibits adequate protection parameters. However,
adverse economic conditions or changing circumstances are more likely to lead to a weakened
capacity of the obligor to meet its financial commitment on the obligation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>B: </B>A short-term obligation rated &#145;B&#146; is regarded as having significant speculative
characteristics. The obligor currently has the capacity to meet its financial commitment on the
obligation; however, it faces major ongoing uncertainties which could lead to the obligor&#146;s
inadequate capacity to meet its financial commitment on the obligation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>C: </B>A short-term obligation rated &#145;C&#146; is currently vulnerable to nonpayment and is dependent upon
favorable business, financial and economic conditions for the obligor to meet its financial
commitment on the obligation.
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>D: </B>A short-term obligation rated &#145;D&#146; is in payment default. The &#145;D&#146; rating category is used when
payments on an obligation, including a regulatory capital instrument, are not made on the date due,
even if the applicable grace period has not expired, unless S&#038;P believes that such payments will be
made during such grace period. The &#145;D&#146; rating also will be used upon the filing of a bankruptcy
petition or the taking of a similar action if payments on an obligation are jeopardized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Dual Ratings &#151; </B>S&#038;P assigns &#147;dual&#148; rating to all debt issues that have a put option or demand
feature as part of their structure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The first rating addresses the likelihood of repayment of principal and interest as due, and the
second rating addresses only the demand feature. The long-term debt rating symbols are used for
bonds to denote the long-term maturity and the short-term rating symbols for the put option (for
example, &#145;AAA/A-1&#043;&#146;). With U. S. municipal short-term demand debt, note rating symbols are used
with the short-term issue credit rating symbols (for example, &#145;SP-1&#043;/A-1&#043;&#146;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FITCH SHORT-TERM ISSUER OR OBLIGATION RATINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to
default of the rated entity or security stream and relates to the capacity to meet financial
obligations in accordance with the documentation governing the relevant obligation. Short-Term
Ratings are assigned to obligations whose initial maturity is viewed as &#147;short-term&#148; based on
market convention. Typically, this means up to 13&nbsp;months for corporate, sovereign and structured
obligations, and up to 36&nbsp;months for obligations in U.S. public finance markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>F1: </B>Highest short-term credit quality.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an
added plus sign (&#147;&#043;&#148;) to denote any exceptionally strong credit feature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>F2: </B>Good short-term credit quality.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good intrinsic capacity for timely payment of financial commitments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>F3: </B>Fair short-term credit quality.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The intrinsic capacity for timely payment of financial commitments is adequate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>B: </B>Speculative short-term credit quality.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near
term adverse changes in financial and economic conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>C: </B>High short-term default risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Default is a real possibility
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>RD: </B>Restricted default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicates an entity that has defaulted on one or more of its financial commitments, although it
continues to meet other financial obligations. Applicable to entity ratings only.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>D: </B>Default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicates a broad-based default event for an entity, or the default of a short-term obligation.
</DIV>







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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TAX-EXEMPT NOTE RATINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>MOODY&#146;S U.S. MUNICIPAL SHORT-TERM DEBT RATINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are three rating categories for short-term municipal obligations that are considered
investment grade. These ratings are designated as Municipal Investment Grade (MIG)&nbsp;and are divided
into three levels &#145;MIG 1&#146; through &#145;MIG 3&#146;. In addition, those short-term obligations that are of
speculative quality are designated &#145;SG&#146;, or speculative grade. MIG ratings expire at the maturity
of the obligation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>MIG 1: </B>This designation denotes superior credit quality. Excellent protection is afforded by
established cash flows, highly reliable liquidity support, or demonstrated broad-based access to
the market for refinancing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>MIG 2: </B>This designation denotes strong credit quality. Margins of protection are ample, although
not as large as in the preceding group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>MIG 3: </B>This designation denotes acceptable credit quality. Liquidity and cash-flow protection may
be narrow, and market access for refinancing is likely to be less well-established.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>SG: </B>This designation denotes speculative-grade credit quality. Debt instruments in this category
may lack sufficient margins of protection.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>S&#038;P&#146;S MUNICIPAL SHORT-TERM NOTE RATINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An S&#038;P U.S. municipal note rating reflects S&#038;P&#146;s opinion about the liquidity factors and market
access risks unique to notes. Notes due in 3&nbsp;years or less will likely receive a note rating.
Notes maturing beyond 3&nbsp;years will most likely receive a long-term debt rating. The following
criteria will be used in making that assessment:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amortization schedule &#151; the larger the final maturity relative to other maturities,
the more likely it will be treated as note; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Source of payment &#151; the more dependent the issue is on the market for its refinancing,
the more likely it will be treated as a note.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note rating symbols are as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>SP-1: </B>Strong capacity to pay principal and interest. An issue determined to possess a very strong
capacity to pay debt service is given a plus (&#043;) designation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>SP-2: </B>Satisfactory capacity to pay principal and interest, with some vulnerability to adverse
financial and economic changes over the term of the notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>SP-3: </B>Speculative capacity to pay principal and interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>FITCH: </B>see FITCH CREDIT RATINGS SCALES or FITCH SHORT-TERM ISSUER OR OBLIGATIONS RATINGS above.
</DIV>



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</DIV>



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<DIV align="left">
<A name="219"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>APPENDIX B</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>PROXY VOTING SUMMARY OF THE ADVISER AND SUBADVISER</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>JOHN HANCOCK INVESTMENT MANAGEMENT SERVICES, LLC<BR>
&#038;<BR>
JOHN HANCOCK ADVISERS, LLC</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROXY VOTING POLICIES AND PROCEDURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">John Hancock Investment Management Services, LLC and John Hancock Advisers, LLC (collectively the
&#147;Adviser&#148;) is registered as an investment adviser under the Investment Advisers Act of 1940, as
amended (the &#147;Advisers Act&#148;), and serves as the investment adviser to a number of management
investment companies (including series thereof) (each a &#147;Fund&#148;) registered under the Investment
Company Act of 1940, as amended (the &#147;1940 Act&#148;). The Adviser generally retains one or more
subadvisers to manage the assets of the Funds, including voting proxies with respect to a Fund&#146;s
portfolio securities. From time to time, however, the Adviser may elect to manage directly the
assets of a Fund, including voting proxies with respect to its portfolio securities, or a Fund&#146;s
board of trustees or directors may otherwise delegate to the Adviser authority to vote such
proxies. Rule&nbsp;206(4)-6 under the Advisers Act requires that a registered investment adviser adopt
and implement written policies and procedures reasonably designed to ensure that it votes proxies
with respect to a client&#146;s securities in the best interest of the client. Pursuant thereto, the
Adviser has adopted and implemented these proxy voting policies and procedures (the &#147;Procedures&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Fiduciary Duty</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Adviser has a fiduciary duty to vote proxies on behalf of a Fund in the best interest of the
Fund and its shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Voting of Proxies</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Adviser will vote proxies with respect to a Fund&#146;s portfolio securities when authorized to do
so by the Fund and subject to the Fund&#146;s proxy voting policies and procedures and any further
direction or delegation of authority by the Fund&#146;s board of trustees or directors. The decision on
how to vote a proxy will be made by the person(s) to whom the Adviser has from time to time
delegated such responsibility (the &#147;Designated Person&#148;). The Designated Person may include the
Fund&#146;s portfolio manager(s) and a Proxy Voting Committee, as described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When voting proxies with respect to a Fund&#146;s portfolio securities, the following standards will
apply:
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> The Designated Person will vote based on what it believes to be in the best interest of the
Fund and its shareholders and in accordance with the Fund&#146;s investment guidelines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> Each voting decision will be made independently. The Designated Person may enlist the
services of reputable professionals (who may include persons employed by or otherwise associated
with the Adviser or any of its affiliated persons) or independent proxy evaluation services such as
Institutional Shareholder Services, to assist with the analysis of voting issues and/or to carry
out the actual voting process. However, the ultimate decision as to how to vote a proxy will
remain the responsibility of the Designated Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> The Adviser believes that a good management team of a company will generally act in the
best interests of the company. Therefore, the Designated Person will take into consideration as a
key factor in voting proxies with respect to securities of a company that are held by the Fund the
quality of the company&#146;s management and, in general, will vote as recommended by such management
except in situations where the Designated Person believes such recommended vote is not in the best
interests of the Fund and its shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> As a general principle, voting with respect to the same portfolio securities held by more
than one Fund should be consistent among those Funds having substantially the same mandates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> The Adviser will provide the Fund, from time to time in accordance with the Fund&#146;s proxy
voting policies and procedures and any applicable laws and regulations, a record of the Adviser&#146;s
voting of proxies with respect to the Fund&#146;s portfolio securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Material Conflicts of Interest</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In carrying out its proxy voting responsibilities, the Adviser will monitor and resolve potential
material conflicts (&#147;Material Conflicts&#148;) between the interests of (a)&nbsp;a Fund and (b)&nbsp;the Adviser
or any of its affiliated persons. Affiliates of the Adviser include Manulife Financial Corporation
and its subsidiaries. Material Conflicts may arise, for example, if a proxy vote relates to
matters involving any of these companies or other issuers in which the Adviser or any of its
affiliates has a substantial equity or other interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Adviser or a Designated Person becomes aware that a proxy voting issue may present a
potential Material Conflict, the issue will be referred to the Adviser&#146;s Legal and Compliance
Department. If the Legal and Compliance Department determines that a potential Material Conflict
does exist, a Proxy Voting Committee will be appointed to consider and resolve the issue. The Proxy
Voting Committee may make any determination that it considers reasonable and may, if it chooses,
request the advice of an independent, third-party proxy service on how to vote the proxy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting Proxies of Underlying Funds of a Fund of Funds</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Adviser or the Designated Person will vote proxies with respect to the shares of a Fund that
are held by another Fund that operates as a fund of funds (a &#147;Fund of Funds&#148;) in the manner
provided in the proxy voting policies and procedures of the Fund of Funds (including such
</DIV>



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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">policies and procedures relating to material conflicts of interest) or as otherwise directed by the board of
trustees or directors of the Fund of Funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Proxy Voting Committee(s)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Adviser will from time to time, and on such temporary or longer term basis as it deems
appropriate, establish one or more Proxy Voting Committees. A Proxy Voting Committee shall include
the Adviser&#146;s Chief Compliance Officer (&#147;CCO&#148;) and may include legal counsel. The terms of
reference and the procedures under which a Proxy Voting Committee will operate will be reviewed
from time to time by the Legal and Compliance Department. Records of the deliberations and proxy
voting recommendations of a Proxy Voting Committee will be maintained in accordance with applicable
law, if any, and these Procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Records Retention</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Adviser will retain (or arrange for the retention by a third party of) such records relating to
proxy voting pursuant to these Procedures as may be required from time to time by applicable law
and regulations, including the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>these Procedures and all amendments hereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all proxy statements received regarding Fund portfolio securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>records of all votes cast on behalf of a Fund;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iv.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>records of all Fund requests for proxy voting information;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">v.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any documents prepared by the Designated Person or a Proxy Voting Committee
that were material to or memorialized the basis for a voting decision;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">vi.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all records relating to communications with the Funds regarding Conflicts; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">vii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all minutes of meetings of Proxy Voting Committees.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Reporting to Fund Boards</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Adviser will provide the board of trustees or directors of a Fund (the &#147;Board&#148;) with a copy of
these Procedures, accompanied by a certification that represents that the Procedures have been
adopted in conformance with Rule&nbsp;206(4)-6 under the Advisers Act. Thereafter, the Adviser will
provide the Board with notice and a copy of any amendments or revisions to the Procedures and will
report quarterly to the Board all material changes to the Procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CCO&#146;s annual written compliance report to the Board will contain a summary of material changes
to the Procedures during the period covered by the report.
</DIV>



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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Adviser votes any proxies in a manner inconsistent with either these Procedures or a Fund&#146;s
proxy voting policies and procedures, the Adviser will provide the CCO with a report detailing such
exceptions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the case of proxies voted by a subadviser to a Fund (a &#147;Subadviser&#148;) pursuant to the Fund&#146;s
proxy voting procedures, the Adviser will request the Subadviser to certify to the Adviser that the
Subadviser has voted the Fund&#146;s proxies as required by the Fund&#146;s proxy voting policies and
procedures and that such proxy votes were executed in a manner consistent with these Procedures and
to provide the Adviser will a report detailing any instances where the Subadviser voted any proxies
in a manner inconsistent with the Fund&#146;s proxy voting policies and procedures. The Adviser will
then report to the Board on a quarterly basis regarding the Subadviser certification and report to
the Board any instance where the Subadviser voted any proxies in a manner inconsistent with the
Fund&#146;s proxy voting policies and procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Adopted: December&nbsp;2007</B>
</DIV>






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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE DISTRIBUTOR</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK FUNDS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROXY VOTING POLICIES AND PROCEDURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>POLICY:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>General</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Trustees (the &#147;Board&#148;) of each registered investment company in the John Hancock
family of funds listed on Schedule&nbsp;A (collectively, the &#147;Trust&#148;), including a majority of the
Trustees who are not &#147;interested persons&#148; (as defined in the Investment Company Act of 1940, as
amended (the &#147;1940 Act&#148;)) of the Trust (the &#147;Independent Trustees&#148;), adopts these proxy voting
policies and procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each fund of the Trust or any other registered investment company (or series thereof) (each, a
&#147;fund&#148;) is required to disclose its proxy voting policies and procedures in its registration
statement and, pursuant to Rule&nbsp;30b1-4 under the 1940 Act, file annually with the Securities and
NYSE Commission and make available to shareholders its actual proxy voting record. In this regard,
the Trust Policy is set forth below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Delegation of Proxy Voting Responsibilities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is the policy of the Trust to delegate the responsibility for voting proxies relating to
portfolio securities held by a fund to the fund&#146;s investment adviser (&#147;adviser&#148;) or, if the fund&#146;s
adviser has delegated portfolio management responsibilities to one or more investment
subadviser(s), to the fund&#146;s subadviser(s), subject to the Board&#146;s continued oversight. The
subadviser for each fund shall vote all proxies relating to securities held by each fund and in
that connection, and subject to any further policies and procedures contained herein, shall use
proxy voting policies and procedures adopted by each subadviser in conformance with Rule&nbsp;206(4)-6
under the Investment Advisers Act of 1940, as amended (the &#147;Advisers Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except as noted below under Material Conflicts of Interest, the Trust Policy with respect to a fund
shall incorporate that adopted by the fund&#146;s subadviser with respect to voting proxies held by its
clients (the &#147;Subadviser Policy&#148;). Each Subadviser Policy, as it may be amended from time to time,
is hereby incorporated by reference into the Trust Policy. Each subadviser to a fund is directed
to comply with these policies and procedures in voting proxies relating to portfolio securities
held by a fund, subject to oversight by the fund&#146;s adviser and by the Board. Each adviser to a
fund retains the responsibility, and is directed, to oversee each subadviser&#146;s compliance with
these policies and procedures, and to adopt and implement such additional policies and procedures
as it deems necessary or appropriate to discharge its oversight responsibility. Additionally, the
Trust&#146;s Chief Compliance Officer (&#147;CCO&#148;) shall conduct such monitoring and supervisory activities
as the CCO or the Board deems necessary or appropriate in order to appropriately discharge the
CCO&#146;s role in overseeing the subadvisers&#146; compliance with these policies and procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The delegation by the Board of the authority to vote proxies relating to portfolio securities of
the funds is entirely voluntary and may be revoked by the Board, in whole or in part, at any time.
</DIV>






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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting Proxies of Underlying Funds of a Fund of Funds</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A. <U>Where the Fund of Funds is not the Sole Shareholder of the Underlying Fund</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to voting proxies relating to the shares of an underlying fund (an &#147;Underlying Fund&#148;)
held by a fund of the Trust operating as a fund of funds (a &#147;Fund of Funds&#148;) in reliance on Section
12(d)(1)(G) of the 1940 Act where the Underlying Fund has shareholders other than the Fund of Funds
which are not other Fund of Funds, the Fund of Funds will vote proxies relating to shares of the
Underlying Fund in the same proportion as the vote of all other holders of such Underlying Fund
shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B. <U>Where the Fund of Funds is the Sole Shareholder of the Underlying Fund</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that one or more Funds of Funds are the sole shareholders of an Underlying Fund, the
adviser to the Fund of Funds or the Trust will vote proxies relating to the shares of the
Underlying Fund as set forth below unless the Board elects to have the Fund of Funds seek voting
instructions from the shareholders of the Funds of Funds in which case the Fund of Funds will vote
proxies relating to shares of the Underlying Fund in the same proportion as the instructions timely
received from such shareholders.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">1. <U>Where Both the Underlying Fund and the Fund of Funds are Voting on Substantially
Identical Proposals</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In the event that the Underlying Fund and the Fund of Funds are voting on substantially
identical proposals (the &#147;Substantially Identical Proposal&#148;), then the adviser or the Fund
of Funds will vote proxies relating to shares of the Underlying Fund in the same proportion
as the vote of the shareholders of the Fund of Funds on the Substantially Identical
Proposal.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">2. <U>Where the Underlying Fund is Voting on a Proposal that is Not Being Voted on By the
Fund of Funds</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">a. <U>Where there is No Material Conflict of Interest Between the Interests of the
Shareholders of the Underlying Fund and the Adviser Relating to the Proposal</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">In the event that the Fund of Funds is voting on a proposal of the Underlying Fund
and the Fund of Funds is not also voting on a substantially identical proposal and
there is no material conflict of interest between the interests of the shareholders
of the Underlying Fund and the adviser relating to the Proposal, then the adviser
will vote proxies relating to the shares of the Underlying Fund pursuant to its
Proxy Voting Procedures.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">b. <U>Where there is a Material Conflict of Interest Between the Interests of the
Shareholders of the Underlying Fund and the Adviser Relating to the Proposal</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">In the event that the Fund of Funds is voting on a proposal of the Underlying Fund
and the Fund of Funds is not also voting on a substantially identical
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">proposal and there is a material conflict of interest between the interests of the
shareholders of the Underlying Fund and the adviser relating to the Proposal, then
the Fund of Funds will seek voting instructions from the shareholders of the Fund of
Funds on the proposal and will vote proxies relating to shares of the Underlying
Fund in the same proportion as the instructions timely received from such
shareholders. A material conflict is generally defined as a proposal involving a
matter in which the adviser or one of its affiliates has a material economic
interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Material Conflicts of Interest</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If: (1)&nbsp;a subadviser to a fund becomes aware that a vote presents a material conflict between the
interests of: (a)&nbsp;shareholders of the fund; and (b)&nbsp;the fund&#146;s adviser, subadviser, principal
underwriter, or any of their affiliated persons, and (2)&nbsp;the subadviser does not propose to vote on
the particular issue in the manner prescribed by its Subadviser Policy or the material conflict of
interest procedures set forth in its Subadviser Policy are otherwise triggered, then the subadviser
will follow the material conflict of interest procedures set forth in its Subadviser Policy when
voting such proxies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If a Subadviser Policy provides that in the case of a material conflict of interest between fund
shareholders and another party, the subadviser will ask the Board to provide voting instructions,
the subadviser shall vote the proxies, in its discretion, as recommended by an independent third
party, in the manner prescribed by its Subadviser Policy or abstain from voting the proxies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Securities Lending Program</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain of the funds participate in a securities lending program with the Trust through an agent
lender. When a fund&#146;s securities are out on loan, they are transferred into the borrower&#146;s name
and are voted by the borrower, in its discretion. Where a subadviser determines, however, that a
proxy vote (or other shareholder action) is materially important to the client&#146;s account, the
subadviser should request that the agent recall the security prior to the record date to allow the
subadviser to vote the securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Disclosure of Proxy Voting Policies and Procedures in the Trust&#146;s SAI (&#147;SAI&#148;)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust shall include in its SAI a summary of the Trust Policy and of the Subadviser Policy
included therein. (In lieu of including a summary of these policies and procedures, the Trust may
include each full Trust Policy and Subadviser Policy in the SAI.)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Disclosure of Proxy Voting Policies and Procedures in Annual and Semi-Annual Shareholder Reports</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust shall disclose in its annual and semi-annual shareholder reports that a description of
the Trust Policy, including the Subadviser Policy, and the Trust&#146;s proxy voting record for the most
recent 12&nbsp;months ended June&nbsp;30 are available on the Securities and NYSE Commission&#146;s (&#147;SEC&#148;)
website, and without charge, upon request, by calling a specified toll-free telephone
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->B-7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">number. The Trust will send these documents within three business days of receipt of a request, by
first-class mail or other means designed to ensure equally prompt delivery.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Filing of Proxy Voting Record on Form&nbsp;N-PX</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust will annually file its complete proxy voting record with the SEC on Form N-PX. The Form
N-PX shall be filed for the twelve months ended June&nbsp;30 no later than August&nbsp;31 of that year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PROCEDURES:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Review of Subadvisers&#146; Proxy Voting</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust has delegated proxy voting authority with respect to fund portfolio securities in
accordance with the Trust Policy, as set forth above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Consistent with this delegation, each subadviser is responsible for the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Implementing written policies and procedures, in compliance with Rule&nbsp;206(4)-6 under
the Advisers Act, reasonably designed to ensure that the subadviser votes portfolio
securities in the best interest of shareholders of the Trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Providing the adviser with a copy and description of the Subadviser Policy prior to
being approved by the Board as a subadviser, accompanied by a certification that represents
that the Subadviser Policy has been adopted in conformance with Rule&nbsp;206(4)-6 under the
Advisers Act. Thereafter, providing the adviser with notice of any amendment or revision
to that Subadviser Policy or with a description thereof. The adviser is required to report
all material changes to a Subadviser Policy quarterly to the Board. The CCO&#146;s annual
written compliance report to the Board will contain a summary of the material changes to
each Subadviser Policy during the period covered by the report.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Providing the adviser with a quarterly certification indicating that the subadviser did
vote proxies of the funds and that the proxy votes were executed in a manner consistent
with the Subadviser Policy. If the subadviser voted any proxies in a manner inconsistent
with the Subadviser Policy, the subadviser will provide the adviser with a report detailing
the exceptions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Adviser Responsibilities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust has retained a proxy voting service to coordinate, collect, and maintain all
proxy-related information, and to prepare and file the Trust&#146;s reports on Form N-PX with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The adviser, in accordance with its general oversight responsibilities, will periodically review
the voting records maintained by the proxy voting service in accordance with the following
procedures:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Receive a file with the proxy voting information directly from each subadviser on a
quarterly basis.</TD>
</TR>




</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Select a sample of proxy votes from the files submitted by the subadvisers and compare
them against the proxy voting service files for accuracy of the votes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deliver instructions to shareholders on how to access proxy voting information via the
Trust&#146;s semi-annual and annual shareholder reports.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Proxy Voting Service Responsibilities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Aggregation of Votes:</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The proxy voting service&#146;s proxy disclosure system will collect fund-specific and/or account-level
voting records, including votes cast by multiple subadvisers or third party voting services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Reporting:</B></U></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The proxy voting service&#146;s proxy disclosure system will provide the following reporting features:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>multiple report export options;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>report customization by fund-account, portfolio manager, security, etc.; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>account details available for vote auditing.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Form&nbsp;N-PX Preparation and Filing:</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The adviser will be responsible for oversight and completion of the filing of the Trust&#146;s
reports on Form N-PX with the SEC. The proxy voting service will prepare the EDGAR version of Form
N-PX and will submit it to the adviser for review and approval prior to filing with the SEC. The
proxy voting service will file Form N-PX for each twelve-month period ending on June&nbsp;30. The
filing must be submitted to the SEC on or before August&nbsp;31 of each year.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->B-9<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Schedule&nbsp;A<BR>
PROXY VOTING POLICIES AND PROCEDURES</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>THE DISTRIBUTOR:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Adopted:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Amended:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;28, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>March&nbsp;26, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Distributor II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;28, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;26, 2008</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Distributor III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock California Tax-Free Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Capital Series
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Current Interest
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Equity Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Investment Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Investment Trust II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Investment Trust III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Municipal Securities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Series&nbsp;Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Sovereign Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Strategic Series
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Tax-Exempt Series
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock World Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Preferred Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Preferred Income Fund II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Preferred Income Fund III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">John Hancock Premium Dividend Fund
(formerly, John Hancock Patriot Premium
Dividend Fund II)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Bank &#038; Thrift Opportunity Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Income Securities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Investors Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Tax-Advantaged Dividend Income
Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Tax-Advantaged Global
Shareholder Yield Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;11, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;10, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->B-10<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="b90494a1b9049413.gif" alt="(MANULIFE LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Proxy Voting Policy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Executive Summary</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Manulife Asset Management (US)&nbsp;LLC (&#147;Manulife Asset Management (US)&#148; or the &#147;Firm&#148;) is
registered with the U.S. Securities and Exchange Commission (SEC)&nbsp;as an investment adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Firm believes that its Proxy Voting Policy is reasonably designed to ensure that proxy
matters are conducted in the best interest of clients, and in accordance with Manulife Asset
Management (US)&#146;s fiduciary duties, applicable rules under the Investment Advisers Act of 1940 and fiduciary
standards and responsibilities for ERISA clients set out in the U.S. Department of Labor
interpretations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Manulife Asset Management (US)&nbsp;seeks to vote proxies in the best economic interests of all of its
clients for whom the Firm has proxy voting authority and responsibilities. In the ordinary course, this
entails voting proxies in a way which Manulife Asset Management (US)&nbsp;believes will maximize the
monetary value of each portfolio&#146;s holdings. Manulife Asset Management (US)&nbsp;takes the view that
this will benefit the clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To fulfill the Firm&#146;s fiduciary duty to clients with respect to proxy voting, Manulife Asset
Management (US)&nbsp;has contracted with the RiskMetrics Group (RiskMetrics), an independent third
party service provider, to vote clients&#146; proxies according to RiskMetrics&#146; proxy voting
recommendations. Proxies will be voted in accordance with the voting recommendations contained in
the applicable domestic or global RiskMetrics Proxy Voting Manual, as in effect from time to time.
Except in instances where a Manulife Asset Management (US)&nbsp;client retains voting authority,
Manulife Asset Management (US)&nbsp;will instruct custodians of client accounts to forward all proxy
statements and materials received in respect of client accounts to RiskMetrics.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Manulife Asset Management (US)&nbsp;has engaged RiskMetrics as its proxy voting agent to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>research and make voting recommendations or, for matters for which Manulife Asset
Management (US)&nbsp;has so delegated, to make the voting determinations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure that proxies are voted and submitted in a timely manner;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>handle other administrative functions of proxy voting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintain records of proxy statements received in connection with proxy votes and provide copies
of such proxy statements promptly upon request;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintain records of votes cast; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide recommendations with respect to proxy voting matters in general.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The proxy voting function of Manulife Asset Management (US)&nbsp;Operations is responsible for
administering and implementing the Proxy Voting Policy, including the proper oversight of any
service providers hired by the Firm to assist it in the proxy voting process. Oversight of the
proxy voting process is the responsibility of the Firm&#146;s Senior Investment Policy Committee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Introduction</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Manulife Asset Management (US)&nbsp;LLC (Manulife Asset Management (US)&nbsp;or the &#147;Firm&#148;) is registered
with the U.S. Securities and Exchange Commission (SEC)&nbsp;as an investment adviser. As a registered
investment adviser, Manulife Asset Management (US)&nbsp;must comply with the requirements of the SEC
Investment Advisers Act of 1940, as amended and the rules there under (Advisers Act). In accordance with Rule&nbsp;206(4)-7 of the Advisers Act, Manulife Asset Management (US)&nbsp;has
adopted policies and procedures reasonably designed to prevent violations of the Advisers Act and
designated a Chief Compliance Officer to administer its compliance policies and procedures.
</DIV>


</DIV>










<P align="center" style="font-size: 10pt"><!-- Folio -->B-11<!-- /Folio -->

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="b90494a1b9049414.gif" alt="(GRAPHIC)">
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Firm is a wholly owned subsidiary of Manulife Financial Corporation (Manulife
Financial) and is affiliated with several SEC-registered and non-SEC registered investment
advisers which are also subsidiaries or affiliates of Manulife Financial. Collectively, Manulife Asset Management (US)&nbsp;and its advisory affiliates represent the
diversified investment management division of Manulife Financial and they provide comprehensive
asset management solutions for institutional investors, retirement and investment funds, and
individuals, in key markets around the world. Certain of these companies within Manulife
Financial offer a number of products and services designed specifically for various categories of
investors in a number of different countries and regions. These products or services are only
offered to such investors in those countries and regions in accordance with applicable laws and
regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Firm manages assets for a variety of institutional and other types of clients, including
public and private pension funds, financial institutions and investment trusts. It also manages
registered and private collective funds, including UCITS, US and Canadian open- and closed-end
mutual funds. In particular, the Firm is affiliated with, and serves as investment manager or a
sub-adviser to, a number of mutual fund families that are sponsored by affiliates (the &#147;Funds&#148;).
This investment expertise extends across a full range of asset classes including equity, fixed income
and alternative investments such as real estate, as well as asset allocation strategies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The portfolios under management have a mix of investment objectives and may invest in, or create
exposure to, a wide variety of financial instruments in different asset classes, including
listed and unlisted equity and fixed income securities, commodities, fixed income instruments,
derivatives and structured products, futures and options.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Proxy Voting Policy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Proxy Voting Policy (the &#148;Policy&#148;) covers the proxy activities and related disclosure
obligations of Manulife Asset Management (US)&nbsp;and applies to all Manulife Asset Management (US)
clients for whom Manulife Asset Management (US)&nbsp;has been delegated the authority to vote proxies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Proxy Voting Policy is designed to meet the needs of Manulife Asset Management (US)&#146;s clients
with strict adherence to the highest principles of fiduciary conduct, including minimizing any
potential material conflict of interest between the Firm and the Firm&#146;s clients. It is also designed to ensure compliance with
the applicable rules and regulations of the various regulators to which Manulife Asset Management
(US)&nbsp;is subject. It sets forth the general corporate governance principles of Manulife Asset
Management (US)&nbsp;in ensuring that clear guidelines are established for voting proxies and
communicating such with our clients, regulators and other relevant parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The structure and purpose of the Proxy Voting Policy will continually evolved in alignment with
the risk profile of Manulife Asset Management (US), internal standards and requirements, roles and
responsibilities of the Manulife Asset Management (US)&nbsp;Board and other relevant oversight
committees, and regulatory requirements. The Proxy Voting Policy is not intended to cover every
possible situation that may arise in the course of conducting the Firm&#146;s business. It is meant to
be subject to change and to interpretation from time to time where facts and circumstances
dictate, or where new regulations or guidance become effective, or where the plain language of the
Policy appears unclear in light of the particular circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All Firm employees are asked to consult with the Chief Compliance Officer of Manulife Asset
Management (US) (&#147;Chief Compliance Officer&#148;) if they have any questions concerning this Policy,
questions about the standards set forth, or questions about proxy voting in general. Where,
however, such obligations are inconsistent with this Policy, then the matter should immediately
be referred to the Chief Compliance Officer and the Manulife Asset Management (US)&nbsp;General
Counsel (&#147;General Counsel&#148;) who have authority to interpret this Policy or to take appropriate
action in accordance with the principles set forth in this Policy in a manner in any situations
not specifically covered by guidelines or procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Proxy Policy has the following six sections:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>General Principles</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Standards</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Administration </TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Conflict of Interest</TD>
</TR>




<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Recordkeeping</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Policy Administration</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><IMG src="b90494a1b9049406.gif" alt="(MANULIFE LOGO)">
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->B-12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="b90494a1b9049415.gif" alt="(GRAPHIC)">
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>General Principles</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Scope
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Manulife Asset Management (US)&nbsp;provides investment advisory services to both ERISA and
non-ERISA institutional clients, the Funds, and other non-institutional clients (collectively, the
&#147;Clients&#148;). Manulife Asset Management (US)&nbsp;understands that proxy voting is an integral aspect of
security ownership. Accordingly, in cases where Manulife Asset Management (US)&nbsp;has been delegated
authority to vote proxies, that function must be conducted with the same degree of prudence and
loyalty accorded any fiduciary or other obligation of an investment manager.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Policy permits Clients to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>delegate to Manulife Asset Management (US)&nbsp;the responsibility and authority to vote
proxies on their behalf according to Manulife Asset Management (US)&#146;s proxy voting polices
and guidelines;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>delegate to Manulife Asset Management (US)&nbsp;the responsibility and authority to vote
proxies on their behalf according to the particular Client&#146;s own proxy voting policies and
guidelines, subject to acceptance by the Firm, as mutually agreed upon between the Firm and
the Client; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>elect to vote proxies themselves. In instances where Clients elect to vote their own
proxies, Manulife Asset Management (US)&nbsp;shall not be responsible for voting proxies on behalf
of such Clients.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Policy Statement
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Manulife Asset Management (US)&nbsp;seeks to vote proxies in the best economic interests of all of its
Clients for whom the Firm has proxy voting authority and responsibilities. In the ordinary course, this
entails voting proxies in a way which Manulife Asset Management (US)&nbsp;believes will maximize the
monetary value of each portfolio&#146;s holdings. Manulife Asset Management (US)&nbsp;takes the view that
this will benefit the Clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Firm believes that its Proxy Voting Policy is reasonably designed to ensure that proxy
matters are conducted in the best interest of Clients, and in accordance with Manulife Asset
Management (US)&#146;s fiduciary duties, applicable rules under the Investment Advisers Act of 1940 and fiduciary
standards and responsibilities for ERISA clients set out in the U.S. Department of Labor
interpretations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To fulfill the Firm&#146;s fiduciary duty to Clients with respect to proxy voting, Manulife Asset
Management (US)&nbsp;has contracted with the RiskMetrics Group (RiskMetrics), an independent
third-party service provider, to vote Clients&#146; proxies according to RiskMetrics&#146; proxy voting
recommendations. Proxies will be voted in accordance with the voting recommendations contained in
the applicable domestic or global RiskMetrics Proxy Voting Manual, as in effect from time to time. Except in instances where a Manulife Asset
Management (US)&nbsp;client retains voting authority, Manulife Asset Management (US)&nbsp;will instruct
custodians of client accounts to forward all proxy statements and materials received in respect
of client accounts to RiskMetrics.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Manulife Asset Management (US)&nbsp;provides copies of the current domestic and global RiskMetrics
proxy voting guidelines upon request. It reserves the right to amend any of RiskMetrics&#146;s
guidelines in the future. If any such changes are made an amended Proxy Voting Policy will be
made available for clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Therefore, the Proxy Voting Policy encompasses the following principles:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%" nowrap>&#9632;&#9632;&nbsp;&nbsp;</TD>
    <TD> The proxy voting function of Manulife Asset Management (US)&nbsp;Operations (&#147;Proxy
Operations&#148;) shall cause the implementation of procedures, practices, and controls
(collectively, the &#147;Procedures&#148;) sufficient to promote high quality fiduciary administration
of the Proxy Voting Policy, including the proper oversight of any service providers hired by
the Firm to assist it in the proxy voting process. Such Procedures shall be reasonably
designed to meet all applicable regulatory requirements and highest fiduciary standards.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&#9632;&#9632;</TD>
    <TD>The Chief Compliance Officer makes an annual risk-based assessment of Manulife Asset
Management (US)&#146;s compliance program, which may include proxy voting activities, and may
conduct a review of the Procedures to determine that such Procedures are satisfactory to
promote high-quality fiduciary administration. The Chief Compliance Officer makes periodic
reports to Manulife Asset Management (US)&nbsp;Senior Investment Policy Committee (SIPC)&nbsp;that
include a summary of instances where Manulife Asset Management (US)&nbsp;has (i)&nbsp;voted proxies in
a manner inconsistent with the recommendation of RiskMetrics, and (ii)&nbsp;voted proxies in
circumstances in which a material conflict of interest may exist as set forth in the
Conflicts section.</TD>
</TR>

</TABLE>
</DIV>


</DIV>




<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><IMG src="b90494a1b9049406.gif" alt="(MANULIFE LOGO)">
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->B-13<!-- /Folio -->

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="b90494a1b9049416.gif" alt="(GRAPHIC)">
</DIV>




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&#9632;&#9632;&nbsp;&nbsp;</TD>
    <TD>Except as otherwise required by law, Manulife Asset Management (US)&nbsp;has a general policy of
not disclosing to any issuer or third-party how Manulife Asset Management (US)&nbsp;or its voting
delegate voted a Client&#146;s proxy.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%" NOWRAP>&#9632;&#9632;&nbsp;&nbsp;</TD>
    <TD>Manulife Asset Management (US)&nbsp;endeavors to show sensitivity to local market practices
when voting proxies of non-U.S. issuers. Manulife Asset Management (US)&nbsp;votes in all
markets where it is feasible to do so.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Standards</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Manulife Asset Management (US)&nbsp;has engaged RiskMetrics as its proxy voting agent to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>research and make voting recommendations or, for matters for which Manulife Asset
Management (US)&nbsp;has so delegated, to make the voting determinations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure that proxies are voted and submitted in a timely manner;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>handle other administrative functions of proxy voting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintain records of proxy statements received in connection with proxy votes and provide copies
of such proxy statements promptly upon request;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintain records of votes cast; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide recommendations with respect to proxy voting matters in general.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Oversight of the proxy voting process is the responsibility of the SIPC. The SIPC reviews and
approves amendments to the Proxy Voting Policy and delegates authority to vote in accordance with
this Policy to RiskMetrics.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Manulife Asset Management (US)&nbsp;does not engage in the practice of &#147;empty voting&#148; ( a term
embracing a variety of factual circumstances that result in a partial or total separation of the
right to vote at a shareholders meeting from beneficial ownership of the shares on the meeting
date). Manulife Asset Management (US)&nbsp;prohibits investment managers from creating large hedge
positions solely to gain the vote while avoiding economic exposure to the market. Manulife Asset
Management (US)&nbsp;will not knowingly vote borrowed shares (for example, shares borrowed for short
sales and hedging transactions) that the lender of the shares is also voting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Manulife Asset Management (US)&nbsp;reviews various criteria to determine whether the costs associated
with voting the proxy exceed the expected benefit to Clients and may conduct a cost-benefit
analysis in determining whether it is in the best economic interest to vote client proxies. Given
the outcome of the cost-benefit analysis, the Firm may refrain from voting a proxy on behalf of
the Clients&#146; accounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, Manulife Asset Management (US)&nbsp;may refrain from voting a proxy due to
logistical considerations that may have a detrimental effect on the Firm&#146;s ability to vote
such a proxy. These issues may include, but are not limited to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>proxy statements and ballots being written in a foreign language;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>underlying securities have been lent out pursuant to a Client&#146;s securities lending program;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>untimely notice of a shareholder meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>requirements to vote proxies in person;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>restrictions on foreigner&#146;s ability to exercise votes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>restrictions on the sale of securities for a period of time in proximity to the shareholder
meeting (&#147;share blocking and re-registration&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>requirements to provide local agents with power of attorney to facilitate the voting
instructions (such proxies are voted on a best-efforts basis); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>inability of a Client&#146;s custodian to forward and process proxies electronically.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Administration</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Proxy Operations is responsible for administering the proxy voting process, including:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Implementing and updating the applicable domestic and global RiskMetrics proxy voting
guidelines;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinating and overseeing the proxy voting process performed by RiskMetrics; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Providing periodic reports to the SIPC, the Chief Compliance Officer and Clients as
requested.</TD>
</TR>

</TABLE>
</DIV>


</DIV>




<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><IMG src="b90494a1b9049406.gif" alt="(MANULIFE LOGO)">



<P align="center" style="font-size: 10pt"><!-- Folio -->B-14<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="b90494a1b9049417.gif" alt="(GRAPHIC)">
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As noted, all proxies received on behalf of Clients are forwarded to RiskMetrics. Any
Manulife Asset Management (US)&nbsp;employee that receives a client&#146;s proxy statement should
therefore notify Proxy Operations and arrange for immediate delivery to RiskMetrics.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">From time to time, proxy votes will be solicited which (i)&nbsp;involve special circumstances and require additional research and discussion or (ii)&nbsp;are not
directly addressed by RiskMetrics. These proxies are identified through a number of methods, including but not limited to notification from RiskMetrics, concerns of
clients, and questions from consultants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In such instances of special circumstances or issues not directly addressed by RiskMetrics, a
sub-committee of SIPC (&#147;Proxy Committee&#148;) will be consulted for a determination of the proxy vote. The Proxy
Committee comprises of no fewer than three members of SIPC. Although the Firm anticipates that
such instances will be rare, The Proxy Committee&#146;s first determination is whether there is a
material conflict of interest between the interests of a Client and those of Manulife Asset
Management (US). If the Proxy Committee determines that there is a material conflict, the process
detailed under &#147;Potential Conflicts&#148; below is followed. If there is no material conflict, the
Proxy Committee examines each of the issuer&#146;s proposals in detail in seeking to determine what
vote would be in the best interests of Clients. At this point, the Proxy Committee will make a
voting decision based on maximizing the monetary value of all portfolios&#146; holdings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There may be circumstances under which a portfolio manager or other Manulife Asset Management (US)
investment professional (&#147;Manulife Asset Management (US)&nbsp;Investment Professional&#148;) believes that
it is in the best interest of a Client or Clients to vote proxies in a manner inconsistent with the recommendation of RiskMetrics. In such an event, as feasible, the
Manulife Asset Management (US)&nbsp;Investment Professional shall inform Proxy Operations of his or her decision to vote such proxy in a manner inconsistent
with the recommendation of RiskMetrics. Proxy Operations will report to the Chief Compliance Officer no less than quarterly any instance where a Manulife Asset Management (US)&nbsp;Investment Professional has decided to vote a proxy on behalf of a Client in that
manner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to voting proxies, Manulife Asset Management (US):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>describes its proxy voting procedures to its clients in the relevant or required
disclosure document, including Part&nbsp;II of its Form&nbsp;ADV;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provides clients with a copy of the Proxy Voting Policy, upon request;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>discloses to its clients how they may obtain information on how Manulife Asset Management
(US)&nbsp;voted the client&#146;s proxies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>generally applies its Proxy Voting Policy consistently and keeps records of votes for each
Client;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>documents the reason(s) for voting for all non-routine items; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>keeps records of such proxy voting through RiskMetrics available for inspection by the Client
or governmental agencies.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conflict of Interest</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In instances where Manulife Asset Management (US)&nbsp;has the responsibility and authority to
vote proxies on behalf of its clients for which Manulife Asset Management (US)&nbsp;serves as the
investment adviser, there may be instances where a material conflict of interest exists. For example, Manulife Asset Management (US)&nbsp;or its affiliates may
provide services to a company whose management is soliciting proxies, or to another entity which is
a proponent of a particular proxy proposal. Another example could arise when Manulife Asset
Management (US)&nbsp;or its affiliates has business or other relationships with participants involved in
proxy contests, such as a candidate for a corporate directorship. More specifically, if Manulife
Asset Management (US)&nbsp;is aware that one of the following conditions exists with respect to a proxy,
Manulife Asset Management (US)&nbsp;shall consider such event a potential material conflict of interest:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Manulife Asset Management (US)&nbsp;has a business relationship or potential relationship with
the issuer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Manulife Asset Management (US)&nbsp;has a business relationship with the proponent of the
proxy proposal; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Manulife Asset Management (US)&nbsp;members, employees or consultants have a personal or</TD>
</TR>

</TABLE>
</DIV>


</DIV>




<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><IMG src="b90494a1b9049406.gif" alt="(MANULIFE LOGO)">
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->B-15<!-- /Folio -->

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="b90494a1b9049418.gif" alt="(GRAPHIC)">
</DIV>




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other business relationship with the participants in the proxy contest, such as corporate
directors or director candidates.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a fiduciary to its clients, Manulife Asset Management (US)&nbsp;takes these potential conflicts very
seriously. While Manulife Asset Management (US)&#146;s only goal in addressing any such potential conflict is to
ensure that proxy votes are cast in the clients&#146; best interests and are not affected by Manulife
Asset Management (US)&#146;s potential conflict, there are a number of courses Manulife Asset
Management (US)&nbsp;may take. The final decision as to which course to follow shall be made by the
Proxy Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of a potential material conflict of interest, the Proxy Committee will (i)&nbsp;vote such
proxy according to the specific recommendation of RiskMetrics; (ii)&nbsp;abstain; or (iii)&nbsp;request
that the Client votes such proxy. All such instances shall be reported to the Chief Compliance
Officer at least quarterly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As RiskMetrics will vote proxies in accordance with its proxy voting guidelines, Manulife Asset
Management (US)&nbsp;believes that this process is reasonably designed to address conflicts of interest
that may arise between Manulife Asset Management (US)&nbsp;and a Client as to how proxies are voted.
When the matter falls clearly within one of the proposals enumerated in RiskMetrics proxy voting
policy, casting a vote which simply follows RiskMetrics&#146; pre-determined policy would eliminate
Manulife Asset Management (US)&#146;s discretion on the particular issue and hence avoid the conflict.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In other cases, where the matter presents a potential material conflict and is not clearly within
one of the RiskMetrics&#146; enumerated recommendations, or is of such a nature that the Proxy
Committee believes more active involvement is necessary, the Proxy Committee shall make a decision
as to the voting of the proxy. The basis for the voting decision, including the basis for the
determination that the decision is in the best interests of Clients, shall be formalized in
writing as a part of the minutes of the Proxy Committee. Which action is appropriate in any given
scenario would be the decision of the Proxy Committee in carrying out its duty to
ensure that the proxies are voted in the Clients&#146;, and not Manulife Asset Management (US)&#146;s,
best interests.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Recordkeeping</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with applicable law, Manulife Asset Management (US)&nbsp;shall retain the following
documents for not less than five years from the end of the year in which the proxies were voted, the first two years in Manulife Asset Management (US)&#146;s office:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%" NOWRAP>&#9632;&#9632;&nbsp;&nbsp;</TD>
    <TD> the Manulife Asset Management (US)&nbsp;Proxy Voting Policy and any additional procedures
created pursuant to that policy;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&#9632;&#9632;</TD>
    <TD>a copy of each proxy statement Manulife Asset Management (US)&nbsp;receives regarding
securities held by Clients (this requirement will be satisfied by RiskMetrics who has agreed
in writing to do so or by obtaining a copy of the proxy statement from the EDGAR database);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&#9632;&#9632;</TD>
    <TD>a record of each vote cast by Manulife Asset Management (US) (this requirement will be
satisfied by RiskMetrics who has agreed in writing to do so) on behalf of Clients;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&#9632;&#9632;</TD>
    <TD>a copy of any document created by Manulife Asset Management (US)&nbsp;that was material in
making its voting decision or that memorializes the basis for such decision; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&#9632;&#9632;</TD>
    <TD>a copy of each written request from a client, and response to the client, for
information on how Manulife Asset Management (US)&nbsp;clients&#146; proxies were voted.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Policy Administration</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Proxy Voting Policy shall be review and approved by the Chief Compliance Officer at least
annually.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Chief Compliance Officer shall make periodic reports to the SIPC covering the effectiveness of
the Policy..
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Policy Edition: February&nbsp;2011
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->B-16<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART C<BR>
OTHER INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;25. Financial Statements and Exhibits</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FINANCIAL STATEMENTS:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Included in Part&nbsp;A: not applicable</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Included in Part&nbsp;B: not applicable</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>EXHIBITS:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended and Restated Declaration of Trust dated October&nbsp;5, 1984, as amended and
restated on August&nbsp;26, 2003 (&#147;Declaration of Trust&#148;) &#151; previously filed as exhibit 99.(a)
to Pre-Effective Amendment No.&nbsp;1 to the Fund&#146;s Registration Statement on Form N-2/A (File
Nos. 333-108637 and 811-04173) as to the Fund&#146;s preferred shares of beneficial interest
(&#147;Preferred Shares&#148;) filed with the Securities and Exchange Commission (&#147;SEC&#148;) on October
27, 2003 (Accession No.&nbsp;0000950135-03-005304) (&#147;Preferred Shares Registration Statement&#148;).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment dated July&nbsp;1, 2005 to the Declaration of Trust &#151; <B>FILED HEREWITH.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment dated June&nbsp;16, 2008 to the Declaration of Trust &#151;
<B>FILED HEREWITH.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended and Restated By-Laws dated September&nbsp;14, 2004 (&#147;By-Laws&#148;) &#151; <B>FILED HEREWITH.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment dated March&nbsp;8, 2005 to the By-Laws &#151; <B>FILED HEREWITH.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment dated March&nbsp;11, 2008 to the By-Laws &#151; <B>FILED HEREWITH</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment dated October&nbsp;15, 2008 to the By-Laws &#151; <B>FILED HEREWITH</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment dated August&nbsp;1, 2009 to the By-Laws &#151; <B>FILED HEREWITH</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment dated August&nbsp;31, 2010 to the By-Laws &#151; <B>FILED HEREWITH.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Voting Trust Agreements. </I>Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Instruments Defining Rights of Security Holders. </I>See exhibits (a)&nbsp;and (b).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Dividend Reinvestment Plan</I>. Dividend Reinvestment Plan dated July&nbsp;1, 2011 &#151; <B>FILED
HEREWITH</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Instruments Defining Rights of Long-term Debt Holders. </I>Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Investment Advisory Contracts.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investment Advisory Agreement dated July&nbsp;1, 2009 with John Hancock Advisers,
LLC &#151; <B>FILED HEREWITH</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sub-Advisory Agreement dated December&nbsp;31, 2005 with John Hancock Advisers, LLC
and John Hancock Asset Management a division of Manulife Asset Management (US)&nbsp;LLC
(formerly, MFC Global Investment Management (U.S.), LLC, formerly Sovereign Asset
Management, LLC) &#151;  <B>FILED HEREWITH</B>.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->C-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Underwriting or Distribution Contracts.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Underwriting Agreement &#151; <B>TO BE FILED BY AMENDMENT</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Bonus or Profit Sharing Contracts. </I>Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Custodian Agreement. </I>Master Custodian Agreement dated September&nbsp;10, 2008 between the
Fund and State Street Bank and Trust Company &#151; <B>FILED HEREWITH</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Other Material Contracts.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Service Agreement dated July&nbsp;1, 2009 with John Hancock Advisers, LLC &#151; <B>FILED
HEREWITH</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Service Agreement for Transfer Agent Services dated June&nbsp;1, 2002 with
Computershare Shareowner Services LLC (formerly, Mellon Investor Services, LLC) &#151;
previously filed as exhibit 99.(k)(1) to pre-effective amendment No.&nbsp;1 filed on
October&nbsp;27, 2003, accession number 0000950135-03-005304.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment dated July&nbsp;1, 2007 to the Service Agreement for Transfer
Agent Services &#151;  <B>FILED HEREWITH</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment dated September&nbsp;25, 2007 to the Service Agreement for
Transfer Agent Services &#151; <B>FILED HEREWITH</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment dated October&nbsp;10, 2007 to the Service Agreement for Transfer
Agent Services &#151; <B>FILED HEREWITH</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment dated July&nbsp;1, 2010 to the Service Agreement for Transfer
Agent Services &#151;  <B>FILED HEREWITH</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment dated October&nbsp;18, 2010 to the Service Agreement for Transfer
Agent Services &#151; <B>FILED HEREWITH</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment dated April&nbsp;6, 2011 to the Service Agreement for Transfer
Agent Services &#151;  <B>FILED HEREWITH</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment dated January&nbsp;27, 2012 to the Service Agreement for Transfer
Agent Services &#151; <B>FILED HEREWITH</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Chief Compliance Officer Services Agreement dated March&nbsp;10, 2009 by and among the Fund,
John Hancock Investment Management Services, LLC, John Hancock Advisers, LLC, and the Fund&#146;s
Chief Compliance Officer &#151; <B>FILED HEREWITH</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Legal Opinion.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion and Consent of K&#038;L Gates LLP as to the Fund&#146;s additional Common Shares
 &#151; <B>TO BE FILED BY AMENDMENT</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Non-resident Consent to Service of Process. </I>Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Other Opinions. </I>Consent of Independent Registered Public Accounting Firm &#151; <B>TO BE FILED
BY AMENDMENT</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Omitted Financial Statements. </I>Fund&#146;s audited financial statements &#151; <B>TO BE FILED BY
AMENDMENT</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Agreement Related to Initial Capital. </I>Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Model Retirement Plan. </I>Not applicable.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->C-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Codes of Ethics.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Code of Ethics dated January&nbsp;1, 2008 (as revised January&nbsp;1, 2011) of John
Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (each, a
&#147;John Hancock Adviser&#148;), John Hancock Funds, LLC, John Hancock Distributors, LLC, and
each open-end and closed-end fund advised by a John Hancock Adviser &#151; <B>FILED HEREWITH</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Code of Ethics adopted by John Hancock Asset Management a division of Manulife
Asset Management (US)&nbsp;LLC (formerly, MFC Global Investment Management (U.S.), LLC,
formerly Sovereign Asset Management, LLC) amended as February&nbsp;1, 2011 &#151;
<B>FILED HEREWITH</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Powers of Attorney. </I>Power of Attorney dated March&nbsp;6, 2012 for Keith F. Hartstein,
Charles A. Rizzo, William H. Cunningham, Deborah C. Jackson, Stanley Martin, Patti McGill
Peterson, Hugh McHaffie, John A. Moore, Steven R. Pruchansky, Gregory A. Russo and John G.
Vrysen&#151; <B>FILED HEREWITH</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 26. MARKETING ARRANGEMENTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See Form of Underwriting Agreement &#151; <B>TO BE FILED BY AMENDMENT</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 27. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The approximate expenses in connection with the offering are as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Registration and Filing Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial Industry Regulatory Authority Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">New York Stock Exchange Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of Printing and Engraving</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounting Fee and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Legal Fees and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 28. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">John Hancock Advisers, LLC (the &#147;Adviser&#148;) is the investment adviser to the Fund. The Adviser is a
wholly owned subsidiary of John Hancock Life Insurance Company (U.S.A.), which in turn is a
subsidiary of Manulife Financial Corporation (&#147;Manulife Financial&#148;), a publicly traded company
based in Toronto, Canada. A corporate organization list is set forth below.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->C-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MANULIFE FINANCIAL CORPORATION <BR>PRINCIPAL
SUBSIDIARIES &#151; December&nbsp;31, 2011</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="b90494a1b8996301a.jpg" alt="(CHART)">
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 29. NUMBER OF HOLDERS OF SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Set forth below is the number of record holders as of &#091;DATE&#093; of each class of securities of the
Fund:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Number of</B></TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Title of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Record Holders</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares of Common Stock, no par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 30. INDEMNIFICATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indemnification provisions relating to the Fund&#146;s Trustees, officers, employees and agents are set
forth in Section&nbsp;4.3 of Article&nbsp;IV of Fund&#146;s Declaration of Trust, as previously filed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The form of Underwriting Agreement (to be filed by amendment) contains provisions limiting the
liability and providing for indemnification of the Trustees and officers under certain
circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund&#146;s Trustees and officers are insured under a standard investment company errors and
omissions insurance policy covering loss incurred by reason of negligent errors and omissions
committed in their official capacities as such. Insofar as indemnification for liabilities arising
under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), may be permitted to Trustees,
officers and controlling persons of the Fund pursuant to the provisions described in this Item&nbsp;30,
or otherwise, the Fund has been advised that in the opinion of the SEC such indemnification is
against public policy as expressed in the Securities Act and is therefore unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by the Fund
of expenses incurred or paid by a Trustee, officer or controlling person of the Fund in the
successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or
controlling person in connection with the securities being registered, the Fund will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Securities Act and will be governed by the final adjudication of such issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Article&nbsp;V of the Limited Liability Company Agreement of the Adviser provides as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Section&nbsp;5.06. Indemnity and Exculpation.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Indemnitee, and no shareholder, director, officer, member, manager, partner,
agent, representative, employee or Affiliate of an Indemnitee, shall have any liability
to the Company or to any Member for any loss suffered by the Company (or the
Corporation) which arises out of any action or inaction by such Indemnitee with respect
to the Company (or the Corporation) if such Indemnitee so acted or omitted to act (i)
in the good faith (A)&nbsp;belief that such course of conduct was in, or was not opposed to,
the best interests of the Company (or the Corporation), or (B)&nbsp;reliance on the
provisions of this Agreement, and (ii)&nbsp;such course of conduct did not constitute gross
negligence or willful misconduct of such Indemnitee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall, to the fullest extent permitted by applicable law, indemnify
each person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative, by reason of the fact that he is or was, or has agreed
to become, a Director or Officer, or is or was serving, or has agreed to serve, at the
request of the Company (or previously at the request of the Corporation), as a
director, officer, manager or trustee of, or in a similar capacity with, another
corporation, partnership, limited liability company, joint venture, trust or other
enterprise (including any employee benefit plan) (all such persons being referred to
hereafter as an &#147;Indemnitee&#148;), or by reason of any action alleged to have been taken or
omitted in such capacity, against all expenses (including attorneys&#146; fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred by or on behalf
of an Indemnitee in connection with such action, suit or proceeding and any appeal
therefrom.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a condition precedent to his right to be indemnified, the Indemnitee must notify
the Company in writing as soon as practicable of any action, suit, proceeding or
investigation involving him for which indemnity hereunder will or could be sought.
With respect to any action, suit, proceeding or investigation of which the Company is
so notified, the Company will be entitled to participate therein at its own expense
and/or to assume the defense thereof at its own expense, with legal counsel reasonably
acceptable to the Indemnitee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that the Company does not assume the defense of any action, suit,
proceeding or investigation of which the Company receives notice under this Section
5.06, the Company shall pay in advance of the final disposition of such matter any
expenses (including attorneys&#146; fees) incurred by an Indemnitee in defending a civil or
criminal action, suit, proceeding or investigation or any appeal</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->C-4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>therefrom; provided, however, that the payment of such expenses incurred by an
Indemnitee in advance of the final disposition of such matter shall be made only upon
receipt of an undertaking by or on behalf of the Indemnitee to repay all amounts so
advanced in the event that it shall ultimately be determined that the Indemnitee is not
entitled to be indemnified by the Company as authorized in this Section&nbsp;5.06, which
undertaking shall be accepted without reference to the financial ability of the
Indemnitee to make such repayment; and further provided that no such advancement of
expenses shall be made if it is determined that (i)&nbsp;the Indemnitee did not act in good
faith and in a manner he reasonably believed to be in, or not opposed to, the best
interests of the Company, or (ii)&nbsp;with respect to any criminal action or proceeding, the
Indemnitee had reasonable cause to believe his conduct was unlawful.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall not indemnify an Indemnitee seeking indemnification in connection
with a proceeding (or part thereof) initiated by such Indemnitee unless the initiation
thereof was approved by the Board of Directors. In addition, the Company shall not
indemnify an Indemnitee to the extent such Indemnitee is reimbursed from the proceeds
of insurance, and in the event the Company makes any indemnification payments to an
Indemnitee and such Indemnitee is subsequently reimbursed from the proceeds of
insurance, such Indemnitee shall promptly refund such indemnification payments to the
Company to the extent of such insurance reimbursement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All determinations hereunder as to the entitlement of an Indemnitee to
indemnification or advancement of expenses shall be made in each instance by (a)&nbsp;a
majority vote of the Directors consisting of persons who are not at that time parties
to the action, suit or proceeding in question (&#147;Disinterested Directors&#148;), whether or
not a quorum, (b)&nbsp;a majority vote of a quorum of the outstanding Common Shares, which
quorum shall consist of Members who are not at that time parties to the action, suit or
proceeding in question, (c)&nbsp;independent legal counsel (who may, to the extent permitted
by law, be regular legal counsel to the Company), or (d)&nbsp;a court of competent
jurisdiction.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The indemnification rights provided in this Section&nbsp;5.06 (i)&nbsp;shall not be deemed
exclusive of any other rights to which an Indemnitee may be entitled under any law,
agreement or vote of Members or Disinterested Directors or otherwise, and (ii)&nbsp;shall
inure to the benefit of the heirs, executors and administrators of the Indemnitees.
The Company may, to the extent authorized from time to time by its Board of Directors,
grant indemnification rights to other employees or agents of the Company or other
persons serving the Company and such rights may be equivalent to, or greater or less
than, those set forth in this Section&nbsp;5.06. Any indemnification to be provided
hereunder may be provided although the person to be indemnified is no longer a Director
or Officer.&#148;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 31. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For information as to the business, profession, vocation or employment of a substantial nature of
each of the directors and executive officers of the Adviser and the Subadviser, reference is made
to the information set forth under: (i)&nbsp;the caption &#147;Investment Advisory and Other Services&#148; in the
Statement of Additional Information; (ii)&nbsp;Item&nbsp;6 of the Form&nbsp;ADV Part&nbsp;II of John Hancock Advisers,
LLC (File No.&nbsp;801-8124) filed with the SEC; and (iii)&nbsp;Item&nbsp;6 of the Form&nbsp;ADV Part&nbsp;II of John
Hancock Asset Management a division of Manulife Asset Management (US)&nbsp;LLC (File No.&nbsp;801-42023)
filed with the SEC, all of which are incorporated herein by reference.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 32. LOCATION OF ACCOUNTS AND RECORDS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All applicable accounts, books and documents required to be maintained by the Fund by Section 31(a)
of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder are in the
possession and custody of the Fund&#146;s custodian, State Street Bank and Trust Company, 2 Avenue de
Lafayette, Boston, Massachusetts 02111, and its transfer agent, Computershare Shareowner Services
LLC, 480 Washington Boulevard, Jersey City, New Jersey 07310, with the exception of certain
corporate documents and portfolio trading documents that are in the possession and custody of the
Adviser, 601 Congress Street, Boston, Massachusetts, 02210, and the Subadviser, 101 Huntington
Avenue, Boston, MA 02199-7603. The Fund is informed that all applicable accounts,
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->C-5<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">books and documents required to be maintained by registered investment advisers are in the custody
and possession of the Adviser and the Subadviser.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 33. MANAGEMENT SERVICES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 34. UNDERTAKINGS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund undertakes to suspend the offering of Common Shares until the Prospectus and any
applicable Prospectus Supplement are amended if (a)&nbsp;subsequent to the effective date of this
registration Statement, the net asset value declines more than 10&nbsp;percent from its net asset
value as of the effective date of this Registration Statement or (b)&nbsp;the net asset value
increases to an amount greater than its net proceeds as stated in the Prospectus and any other
applicable Prospectus Supplement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Common Shares being registered will be offered on a delayed or continuous basis in
reliance on Rule&nbsp;415 under the Securities Act. Accordingly, the Fund undertakes:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being made, a post-effective
amendment to the Registration Statement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events after the effective date of
the Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in the Registration Statement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material information with respect to the plan of distribution
not previously disclosed in the Registration Statement or any material change to such
information in the Registration Statement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new Registration Statement relating to the
securities offered therein, and the offering of those securities at that time shall be
deemed to be the initial <I>bona fide </I>offering thereof; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective amendment any of the Common
Shares being registered which remain unsold at the termination of the offering.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining liability under the Securities Act to any
purchaser, if the Fund is subject to Rule&nbsp;430C: Each prospectus filed pursuant to Rule
497(b), (c), (d)&nbsp;or (e)&nbsp;under the Securities Act as part of a Registration Statement
relating to an offering, other than prospectuses filed in reliance on Rule&nbsp;430A under the
Securities Act, shall be deemed to be part of and included in the Registration Statement as
of the date it is first used after effectiveness. <I>Provided</I>, however, that no statement
made in a Registration Statement or prospectus that is part of the Registration Statement
or made in a document incorporated or deemed incorporated by reference into the
Registration Statement or prospectus that is part of the Registration Statement will, as to
a purchaser with a time of contract of sale prior to such first use, supersede or modify
any statement that was made in the Registration Statement or prospectus that was part of
the Registration Statement or made in any such document immediately prior to such date of
first use.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That for the purpose of determining liability of the Fund under the Securities Act to
any purchaser in the initial distribution of Common Shares:</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->C-6<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned Fund undertakes that in a primary offering of securities of the undersigned
Fund pursuant to this Registration Statement, regardless of the underwriting method used to
sell the securities to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, the undersigned Fund will be a
seller to the purchaser and will be considered to offer or sell such securities to the
purchaser:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any preliminary prospectus or prospectus of the undersigned Fund relating to
the offering required to be filed pursuant to Rule&nbsp;497 under the Securities Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the portion of any advertisement pursuant to Rule&nbsp;482 under the Securities Act
relating to the offering containing material information about the undersigned Fund or
its securities provided by or on behalf of the undersigned Fund; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other communication that is an offer in the offering made by the
undersigned Fund to the purchaser.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund undertakes that, for the purpose of determining any liability under the Securities
Act:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the information omitted from the form of prospectus filed as part of this Registration
Statement in reliance upon Rule&nbsp;430A and contained in the form of prospectus filed by the
Fund pursuant to 497(h) under the Securities Act shall be deemed to be part of the
Registration Statement as of the time it was declared effective; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each post- effective amendment that contains a form of prospectus shall be deemed to be
a new Registration Statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering
thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund undertakes to send by first class mail or other means designed to ensure equally
prompt delivery, within two business days of receipt of an oral or written request, its
Statement of Additional Information.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->C-7<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">












<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940,
the Registrant has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Boston and The Commonwealth of
Massachusetts, on the 18<sup>th</sup> day of May 2012.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>JOHN HANCOCK INVESTORS TRUST</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Keith F. Hartstein
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Keith F. Hartstein&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been
signed by the following persons in the capacities and on the dates indicated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Keith F. Hartstein
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and
Chief Executive Officer&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Keith F. Hartstein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Charles A. Rizzo
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Charles A. Rizzo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Financial
Officer &#038; Principal
Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ William H. Cunningham *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William H. Cunningham</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Deborah C. Jackson *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deborah C. Jackson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Stanley Martin *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stanley Martin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Hugh McHaffie *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hugh McHaffie</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Patti McGill Peterson *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Patti McGill Peterson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John A. Moore *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John A. Moore</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Steven R. Pruchansky *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steven R. Pruchansky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Gregory A. Russo *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gregory A. Russo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John G. Vrysen *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John G. Vrysen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">*&nbsp;By: Power of Attorney
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR style="font-size: 1px">
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Kinga Kapuscinski
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Kinga Kapuscinski&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Attorney-in-Fact<br>
*&nbsp;pursuant to Power of Attorney filed herewith&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(a)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment dated July&nbsp;1, 2005 to the Amended and Restated Declaration of Trust</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(a)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment dated June&nbsp;16, 2008 to the Amended and Restated Declaration of Trust</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-Laws dated September&nbsp;14, 2004</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(b)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment dated March&nbsp;8, 2005 to the By-laws</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(b)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment dated March&nbsp;11, 2008 to the By-laws</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(b)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment dated October&nbsp;15, 2008 to the By-laws</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(b)(4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment dated August&nbsp;1, 2009 to the By-laws</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(b)(5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment dated August&nbsp;31, 2010 to the By-laws</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(e)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dividend Reinvestment Plan dated July&nbsp;1, 2011</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(g)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investment Advisory Agreement dated July&nbsp;1, 2009 with John Hancock Advisers, LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(g)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sub-Advisory Agreement dated December&nbsp;31, 2005 with John Hancock Asset Management a
division of Manulife Asset Management (US)&nbsp;LLC (formerly, MFC Global Investment Management
(U.S.), LLC, formerly Sovereign Asset Management, LLC)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(j)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Master Custodian Agreement dated September&nbsp;10, 2008 between the Fund and State Street Bank
and Trust Company</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(k)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Service Agreement dated July&nbsp;1, 2009 with John Hancock Advisers, LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(k)(2)(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment dated July&nbsp;1, 2007 to the Service Agreement for Transfer Agent Services</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(k)(2)(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment dated September&nbsp;25, 2007 to the Service Agreement for Transfer Agent Services</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(k)(2)(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment dated October&nbsp;10, 2007 to the Service Agreement for Transfer Agent Services</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(k)(2)(d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment dated July&nbsp;1, 2010 to the Service Agreement for Transfer Agent Services</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(k)(2)(e)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment dated October&nbsp;18, 2010 to the Service Agreement for Transfer Agent Services</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(k)(2)(f)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment dated April&nbsp;6, 2011 to the Service Agreement for Transfer Agent Services</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(k)(2)(g)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment dated January&nbsp;27, 2012 to the Service Agreement for Transfer Agent Services</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(k)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Compliance Officer Services Agreement dated March&nbsp;10, 2009</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(r)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Code of Ethics dated January&nbsp;1, 2008 (as revised January&nbsp;1, 2011) of John Hancock
Advisers, LLC and John Hancock Investment Management Services, LLC (each, a &#147;John Hancock
Adviser&#148;), John Hancock Funds, LLC, John Hancock Distributors, LLC, and each open-end and
closed-end fund advised by a John Hancock Adviser</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(r)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Code of Ethics adopted by John Hancock Asset Management a division of Manulife Asset
Management (US)&nbsp;LLC (formerly, MFC Global Investment Management (U.S.), LLC, formerly
Sovereign Asset Management, LLC)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(2)(s)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney dated March&nbsp;6, 2012</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->C-8<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(A)(1)
<SEQUENCE>2
<FILENAME>b90494a1exv99wx2yxayx1y.htm
<DESCRIPTION>AMENDMENT DATED JULY 1, 2005 TO THE DECLARATION OF TRUST
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxayx1y</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">AMENDMENT TO DELARATION OF TRUST
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Secretary of State of<BR>
Commonwealth of Massachusetts

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is herby stated that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This document constitutes an Amendment to the Declaration of
Trust
(hereinafter called the &#147;Declaration&#148;) of John Hancock Investors Trust (hereinafter called the
&#147;business trust&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Declaration amended by this document was filed with the
Secretary
of State of the Commonwealth of Massachusetts on October&nbsp;5, 1984.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The amendment to the Declaration effected by this document is as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal office address has been changed effective July&nbsp;1, 2005 to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 Congress Street
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston, MA 02210
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The amendment herein provided for was authorized in accordance
with law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has signed these presents all on June&nbsp;24, 2005 .
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="35%"></TD>
    <TD width="1%"></TD>
    <TD width="65%"></TD>
</TR>

<TR>
    <TD style="border-bottom: 1px solid #000000">/s/ Alfred P. Ouellette </TD>
    <TD>&nbsp;</TD>
    <TD valign="bottom">&nbsp;  </TD>
</TR>

<TR>
    <TD>Alfred P. Ouellette, AVP </TD>
    <TD>&nbsp;</TD>
    <TD valign="bottom">&nbsp;  </TD>
</TR>

</TABLE>






</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(This document may be executed by an officer of the business trust.)
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(A)(2)
<SEQUENCE>3
<FILENAME>b90494a1exv99wx2yxayx2y.htm
<DESCRIPTION>AMENDMENT DATED JUNE 16, 2008 TO THE DECLARATION OF TRUST
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxayx2y</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">AMENDMENT
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">TO
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">AMENDED AND RESTATED DECLARATION OF TRUST
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DATED OCTOBER 5, 1984
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">AS AMENDED AND RESTATED ON AUGUST 26, 2003
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">OF
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">JOHN HANCOCK INVESTORS TRUST<BR>
601 Congress Street<BR>
Boston, Massachusetts 02210
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whereas the Board of Trustees recommended and, on March&nbsp;31, 2008, the shareholders
approved the proposal to amend the Amended and Restated Declaration of Trust as follows to permit
the delegation of dividend declaration authority to the Dividend Committee:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Now therefore, the undersigned being a majority of the members of the Board of Trustees of the
Trust hereby adopt the following amendment to the Amended and Restated Declaration of Trust to
permit the delegation of dividend declaration authority to the Dividend Committee:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.8. <U>Committees; Delegation.</U> The Trustees shall have the power to appoint from
their own number, and terminate, any one or more committees consisting of two or more Trustees,
including an executive committee which may exercise some or all of the power and authority of the
Trustees as the Trustees may determine (including but not limited to the power to determine net
asset value and net income), subject to any limitations contained in the By-Laws, and in general to
delegate from time to time to one or more of their number or to officers, employees or agents of
the Trust such power and authority and the doing of such things and the execution of such
instruments, either in the name of the Trust or the names of the Trustees or otherwise, as the
Trustees may deem expedient, and that, in this regard, without limiting the generality of the
foregoing, the Trustees shall have the power to delegate the authority to declare dividends and
other distributions on Common Shares and any Preferred Shares to a committee constituted for such
purpose and the members of which consist of Trustees, officers, employees or agents of the Trust,
<U>provided</U> only that no committee shall have the power
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to change the principal office of the Trust;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to amend the By-Laws;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to issue Common Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to elect or remove from office any Trustee or the Chairman of the Board, the
President, the Treasurer or the Secretary of the Trust;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to increase or decrease the number of Trustees;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to authorize the repurchase of Common Shares; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to authorize any merger, consolidation or sale, lease or exchange of all or
substantially all of the Trust Property.</TD>
</TR>



</TABLE>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned have executed this instrument as of the 2nd of June&nbsp;2008.
</DIV>
<DIV align="center">
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<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/  James R. Boyle
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John A. Moore</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James R. Boyle
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dr. John A. Moore</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ James F. Carlin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Patti McGill Peterson</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James F. Carlin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Patti McGill Peterson</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ William H. Cunningham
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Steven R. Pruchansky</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William H. Cunningham
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Steven R. Pruchansky</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Charles L. Ladner
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Charles L. Ladner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(B)
<SEQUENCE>4
<FILENAME>b90494a1exv99wx2yxby.htm
<DESCRIPTION>AMENDED AND RESTATED BY-LAWS DATED SEPTEMBER 14, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxby</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDED AND RESTATED</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BY-LAWS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK INVESTORS TRUST</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>September&nbsp;14, 2004</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><u>Table
of Contents</u></div>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE I DEFINITIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE II OFFICES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;2.1. Principal Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;2.2. Other Offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE III SHAREHOLDERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3.1. Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3.2. Annual Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3.3. Notice of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3.4. Record Date for Meetings and Other Purposes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3.5. Proxies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3.6. Abstentions and Broker Non-Votes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3.7. Quorum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3.8. Action at Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3.9. Action without Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3.10. Inspection of Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3.11. Special Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3.12. Nominations and Proposals by Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IV TRUSTEES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;4.1. Meetings of the Trustees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;4.2. Quorum and Manner of Acting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE V COMMITTEES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;5.1. Executive and Other Committees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;5.2. Meetings, Quorum and Manner of Acting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VI OFFICERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6.1. General Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6.2. Election, Term of Office and Qualifications</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6.3. Removal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6.4. Powers and Duties of the Chairman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6.5. Powers and Duties of the Vice Chairman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6.6. Powers and Duties of the President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6.7. Powers and Duties of Vice Presidents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6.8. Powers and Duties of the Treasurer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6.9. Powers and Duties of the Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6.10. Powers and Duties of Assistant Treasurers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6.11. Powers and Duties of Assistant Secretaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6.12. Compensation of Officers and Trustees and
Members of the Advisory Board</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">ARTICLE VII SHARES OF BENEFICIAL INTEREST</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;7.1. Share certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;7.2. Transfers of Pledged Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;7.3. Regulations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;7.4. Lost, Destroyed or Mutilated Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-i-<!-- /Folio -->
</DIV>

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<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">ARTICLE VIII TERMS OF AUCTION PREFERRED SHARES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;8.1. Designation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;8.2. Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:98px; text-indent:-68px">Section&nbsp;8.3. Investment Company Act Preferred Share Asset
Coverage and Preferred Shares Basic Maintenance
Amount Coverage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;8.4. Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;8.5. Liquidation Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;8.6. Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;8.7. Voting Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;8.8. Other Restrictions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;8.9. Auction Procedures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">ARTICLE IX TERMS OF COMMON SHARES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;9.1. Designation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;9.2. Common Shares
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">ARTICLE X FISCAL YEAR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">ARTICLE XI SEAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">ARTICLE XII SUFFICIENCY AND WAIVERS OF NOTICE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">ARTICLE XIII AMENDMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDED
AND RESTATED<BR><BR style="font-size: 6pt">
BY-LAWS OF<BR><BR style="font-size: 6pt">
JOHN HANCOCK INVESTORS TRUST</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>September&nbsp;14, 2004</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Amended and Restated By-Laws (the &#147;By-Laws&#148;) of the John Hancock Investors Trust (the
&#147;Trust&#148;) have been adopted pursuant to the authority granted by Section&nbsp;2.10 of the Trust&#146;s Amended
and Restated Declaration of Trust (the &#147;Declaration of Trust&#148;) dated August&nbsp;26, 2003, as amended
from time to time, and filed in the Office of the Secretary of The Commonwealth of Massachusetts.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DEFINITIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All capitalized terms have the respective meanings given them in the Declaration of Trust, as
amended or restated from time to time.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OFFICES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.1. <U>Principal Office</U>. Until changed by the Trustees, the principal office of
the Trust shall be in Boston, Massachusetts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.2. <U>Other Offices.</U> The Trust may have offices in such other places without
as well as within The Commonwealth of Massachusetts as the Trustees may from time to time
determine.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SHAREHOLDERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.1. <U>Meetings</U>. Meetings of the Shareholders of the Trust or a Series or Class
thereof shall be held as provided in the Declaration of Trust or required by the 1940 Act at such
place within or without The Commonwealth of Massachusetts as the Trustees shall designate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.2. <U>Annual Meetings</U>. The annual meeting of the Shareholders of the Trust for
the election of Trustees and the transaction of other proper business shall be held on a date, not
a legal holiday, and at a time and place to be set annually by resolution of the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.3. <U>Notice of Meetings</U>. Notice of all meetings of the Shareholders, stating
the time, place and purposes of the meeting, shall be given by the Trustees by mail or telegraphic
means to each Shareholder at his address as recorded on the register of the Trust mailed at least
seven (7)&nbsp;days before the meeting, <U>provided</U>, <U>however</U>, that notice of a meeting need
not be given
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to a Shareholder to whom such notice need not be given under the proxy rules of the Commission
under the 1940 Act and the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). Any
adjourned meeting may be held as adjourned without further notice. No notice need be given to any
Shareholder who shall have failed to inform the Trust of his current address or if a written waiver
of notice, executed before or after the meeting by the Shareholder or his attorney thereunto
authorized, is filed with the records of the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.4. <U>Record Date for Meetings and Other Purposes</U>. For the purpose of
determining the Shareholders who are entitled to notice of and to vote at any meeting, or to
participate in any distribution, or for the purpose of any other action, the Trustees may from time
to time close the transfer books for such period, not exceeding sixty (60)&nbsp;days, as the Trustees
may determine; or without closing the transfer books the Trustees may fix a date not more than
ninety (90)&nbsp;days prior to the date of any meeting of Shareholders or distribution or other action
as a record date for the determination of the persons to be treated as Shareholders of record for
such purposes, except for dividend payments which shall be governed by the Declaration of Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.5. <U>Proxies</U>. At any meeting of Shareholders, any holder of Shares entitled
to vote thereat may vote by proxy, provided that no proxy shall be voted at any meeting unless it
shall have been placed on file with the Secretary, or with such other officer or agent of the Trust
as the Secretary may direct, for verification prior to the time at which such vote shall be taken.
A proxy shall be deemed signed if the Shareholder&#146;s name is placed on the proxy (whether by manual
signature, typewriting or telegraphic transmission) by the Shareholder or the Shareholder&#146;s
attorney-in-fact. Proxies may be solicited in the name of one or more Trustees or one or more of
the officers of the Trust. Only Shareholders of record shall be entitled to vote. Each whole
share shall be entitled to one vote as to any matter on which it is entitled by the Declaration of
Trust to vote and fractional shares shall be entitled to a proportionate fractional vote. When any
Share is held jointly by several persons, any one of them may vote at any meeting in person or by
proxy in respect of such Share, but if more than one of them shall be present at such meeting in
person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be
cast, such vote shall not be received in respect of such Share. A proxy, including a photographic
or similar reproduction thereof and a telegram, cablegram, wireless or similar transmission
thereof, purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless
challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the
challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to
guardianship or the legal control of any other person as regards the charge or management of such
Share, he may vote by his guardian or such other person appointed or having such control, and such
vote may be given in person or by proxy. The placing of a Shareholder&#146;s name on a proxy pursuant
to telephonic or electronically transmitted instructions obtained pursuant to procedures reasonably
designed to verify that such instructions have been authorized by such Shareholder shall constitute
execution of such proxy by or on behalf of such Shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.6. <U>Abstentions and Broker Non-Votes</U>. Outstanding Shares represented in
person or by proxy (including Broker Non-Votes and Shares which abstain with respect to one or more
proposals presented for Shareholder approval) will be counted for purposes of determining whether a
quorum is present at a meeting. Except as otherwise provided by law, abstentions will
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">be treated as Shares that are present and entitled to vote for purposes of determining the
number of Shares that are present and entitled to vote with respect to any particular proposal, but
will not be counted as a vote cast on such proposal. A &#147;Broker Non-Vote&#148; occurs if a broker or
nominee holding Shares in &#147;street name&#148; indicates on the proxy that it does not have discretionary
authority to vote as to a particular proposal. For avoidance of any doubt, Broker Non-Votes shall
not include preferred shares which the broker is permitted to proportionately vote in accordance
with applicable law or rules of a national securities exchange. Except as otherwise provided by
law, Broker Non-Votes will be treated as present and entitled to vote for purposes of determining
the number of Shares that are present and entitled to vote with respect to such proposal, but will
not be counted as a vote cast on such proposal.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.7. <U>Quorum</U>. Except as otherwise provided by law, the Trust&#146;s Declaration of
Trust or these By-laws, the holders of a majority of the Shares issued and outstanding and entitled
to vote at the meeting, present in person, present by means of remote communication in a manner, if
any, authorized by the Board of Trustees in its sole discretion, or represented by proxy, shall
constitute a quorum for the transaction of business. A quorum, once established at a meeting,
shall not be broken by the withdrawal of enough votes to leave less than a quorum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.8. <U>Action at Meeting</U>. When a quorum is present at any meeting, any matter
other than the election of Trustees to be voted upon by the Shareholders at such meeting shall be
decided by the vote of the holders of Shares having a majority of the votes cast by the holders of
all of the Shares present or represented and voting on such matter (or if there are two or more
classes of shares entitled to vote as separate classes, then in the case of each such class, the
holders of a majority of the shares of that class present or represented and voting on such
matter), except when a different vote is required by law, the Trust&#146;s Declaration of Trust or these
By-laws. When a quorum is present at any meeting, any election by Shareholders of Trustees shall
be determined by a plurality of the votes cast by the Shareholders entitled to vote on the
election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.9. <U>Action without Meeting</U>. For as long as there are under one hundred fifty
(150)&nbsp;shareholders, any action which may be taken by Shareholders may be taken without a meeting if
a majority of Outstanding Shares entitled to vote on the matter (or such larger proportion thereof
as shall be required by law, the Declaration of Trust, or the By-laws) consent to the action in
writing and the written consents are filed with the records of the meetings of Shareholders. Such
consents shall be treated for all purposes as a vote taken at a meeting of Shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.10. <U>Inspection of Records</U>. The records of the Trust shall be open to
inspection by Shareholders to the same extent as is permitted shareholders of a Massachusetts
business corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.11. <U>Special Meetings</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Special meetings of the Shareholders may be called at any time by the Chairman, the
President or the Trustees. Subject to subsection (c)&nbsp;of this Section&nbsp;3.11, a special meeting of
Shareholders shall also be called by the Secretary of the Trust upon the written request of the
Shareholders entitled to cast the percentage of the outstanding votes specified in the Declaration
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of Trust and only if the Shareholder is seeking to call a meeting on a matter with respect to
which the Shareholders are entitled to vote under the Declaration of Trust without prior action by
the Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any Shareholder of record seeking to have Shareholders request a special meeting shall, by
sending written notice to the Secretary (the &#147;Record Date Request Notice&#148;) by registered mail,
return receipt requested, request the Trustees to fix a record date to determine the Shareholders
entitled to request a special meeting (the &#147;Requested Record Date&#148;). The Record Date Request
Notice shall set forth the purpose of the meeting and the matters proposed to be acted on, shall be
signed by one or more Shareholders of record as of the date of signature (or their duly authorized
agents), shall bear the date of signature of each such Shareholder (or other agent) and shall set
forth all information relating to each such Shareholder that must be disclosed in solicitations of
proxies for election of trustees in an election contest (even if an election contest is not
involved), or is otherwise required, in each case pursuant to Regulation&nbsp;14A under the Exchange Act
and the rules thereunder. Upon receiving the Record Date Request Notice, the Trustees may fix a
Requested Record Date. The Requested Record Date shall not precede and shall not be more than ten
(10)&nbsp;days after the close of business on the date on which the resolution fixing the Requested
Record Date is adopted by the Trustees. If the Trustees, within thirty (30)&nbsp;days after the date on
which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the
Requested Record Date and make a public announcement of such Requested Record Date, the Requested
Record Date shall be the close of business on the 30<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> after the first date on which the
Record Date Request Notice is received by the Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;In order for any Shareholder to request a special meeting, one or more written requests
for a special meeting signed by Shareholders of record (or their duly authorized agents) as of the
Requested Record Date entitled to cast the percentage of the outstanding shares specified in the
Declaration of Trust (the &#147;Special Meeting Percentage&#148;) of all of the votes entitled to be cast at
such meeting (the &#147;Special Meeting Request&#148;) shall be delivered to the Secretary. In addition, the
Special Meeting Request shall set forth the purpose of the meeting and the matters proposed to be
acted on at it (which shall be limited to the matters set forth in the Record Date Request Notice
received by the Secretary), shall bear the date of signature of each such Shareholder (or other
agent) signing the Special Meeting Request, shall set forth the name and address, as they appear in
the Trust&#146;s books, of each Shareholder signing such request (or on whose behalf the Special Meeting
Request is signed) and the class and number of shares of the Trust which are owned of record and
beneficially by each such Shareholder, shall be sent to the Secretary by registered mail, return
receipt requested, and shall be received by the Secretary within sixty (60)&nbsp;days after the
Requested Record Date. Any requesting Shareholder may revoke his, her or its request for a special
meeting at any time by written revocation delivered to the Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Secretary shall inform the requesting Shareholders of the reasonably estimated cost of
preparing and mailing the notice of meeting (including the Trust&#146;s proxy materials). The Secretary
shall not be required to call a special meeting upon Shareholder request and such meeting shall not
be held unless, in addition to the documents required by paragraphs (b)&nbsp;and (c)&nbsp;of this Section
3.11, the Secretary receives payment of such reasonably estimated cost prior to the mailing of any
notice of the special meeting.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Except as provided in the next sentence, any special meeting shall be held at such place,
date and time as may be designated by the President, Chairman or Trustees, whoever has called the
meeting. In the case of any special meeting called by the Secretary upon the request of
Shareholders (a &#147;Shareholder Requested Meeting&#148;), such meeting shall be held at such place, date
and time as may be designated by the Trustees; <U>provided</U>, however, that the date of any
Shareholder Requested Meeting shall be not more than ninety (90)&nbsp;days after the record date for
such meeting (the &#147;Meeting Record Date&#148;); and <U>provided</U> <U>further</U> that if the Trustees
fail to designate, within thirty (30)&nbsp;days after the date that a valid Special Meeting Request is
actually received by the Secretary (the &#147;Delivery Date&#148;), a date and time for a Shareholder
Requested Meeting, then such meeting shall be held at 2:00 p.m. Eastern Time on the 90<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>
day after the Delivery Date or, if such 90<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day is not a business day, on the first
preceding business day; and <U>provided</U> <U>further</U> that in the event that the Trustees
fail to designate a place for a Shareholder Requested Meeting within thirty (30)&nbsp;days after the
Delivery Date, then such meeting shall be held at the principal executive offices of the Trust. In
fixing a date for any special meeting, the President, Chairman or Trustees may consider such
factors as he, she, or they deem(s) relevant within the good faith exercise of business judgment,
including, without limitation, the nature of the matters to be considered, the facts and
circumstances surrounding any request for a meeting and any plan of the Trustees to call an annual
meeting or a special meeting. In the case of any Shareholder Requested Meeting, if the Trustees
fail to fix a Meeting Record Date that is a date within thirty (30)&nbsp;days after the Delivery Date,
then the close of business on the 30<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day after the Delivery Date shall be the Meeting
Record Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;If at any time as a result of written revocations of requests for the special meeting,
Shareholders of record (or their duly authorized agents) as of the Requested Record Date shall have
delivered and not revoked requests for a special meeting, the Secretary may refrain from mailing
the notice of the meeting or, if the notice of the meeting has been mailed, the Secretary may
revoke the notice of the meeting at any time before ten (10)&nbsp;days prior to the meeting if the
Secretary has first sent to all other requesting Shareholders written notice of such revocation and
of intention to revoke the notice of the meeting. Any request for a special meeting received after
a revocation by the Secretary of a notice of a meeting shall be considered a request for a new
special meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The Chairman, the President or the Trustees may appoint regionally or nationally
recognized independent inspectors of elections to act as the agent of the Trust for the purpose of
promptly performing a ministerial review of the validity of any purported Special Meeting Request
received by the Secretary. For the purpose of permitting the inspectors to perform such review, no
such purported request shall be deemed to have been delivered to the Secretary until the earlier of
(i)&nbsp;five (5)&nbsp;business days after receipt by the Secretary of such purported request and (ii)&nbsp;such
date as the independent inspectors certify to the Trust that the valid requests received by the
Secretary represent at least a majority of the issued and outstanding shares of stock that would be
entitled to vote at such meeting. Nothing contained in this paragraph (g)&nbsp;shall in any way be
construed to suggest or imply that the Trust or any Shareholder shall not be entitled to contest
the validity of any request, whether during or after such five (5)&nbsp;business day period, or to take
any other action (including, without limitation, the commencement, prosecution or defense of any
litigation with respect thereto, and the seeking of injunctive relief in such litigation).
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.12. <U>Nominations and Proposals by Shareholders</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Annual Meetings of Shareholders</U>. Nominations of persons for election as a Trustee
and the proposal of business to be considered by the Shareholders may be made at an annual meeting
of Shareholders (i)&nbsp;pursuant to the Trust&#146;s notice of meeting, (ii)&nbsp;by or at the direction of the
Trustees or (iii)&nbsp;by any Shareholder of the Trust who was a Shareholder of record both at the time
of giving of notice provided for in this Section&nbsp;3.12(a) and at the time of the annual meeting, who
is entitled to vote at the meeting and who complied with the notice procedures set forth in this
Section&nbsp;3.12(a). For nominations for election to the Trustees or other business to be properly
brought before an annual meeting by a Shareholder pursuant to this Section&nbsp;3.12(a), the Shareholder
must have given timely notice thereof in writing to the Secretary of the Trust and such other
business must otherwise be a proper matter for action by Shareholders. To be timely, a
Shareholder&#146;s notice must be delivered to the Secretary at the principal executive office of the
Trust by not later than the close of business on the 90<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day prior to the first
anniversary of the date of mailing of the notice for the preceding year&#146;s annual meeting nor
earlier than the close of business on the 120<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day prior to the first anniversary of
the date of mailing of the notice for the preceding year&#146;s annual meeting; provided, however, that
in the event that the date of the mailing of the notice for the annual meeting is advanced or
delayed by more than thirty (30)&nbsp;days from the anniversary date of the mailing of the notice for
the preceding year&#146;s annual meeting, notice by the Shareholder to be timely must be so delivered
not earlier than the close of business on the 120<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day prior to the date of mailing of
the notice for such annual meeting and not later than the close of business on the later of the
90<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day prior to the date of mailing of the notice for such annual meeting or the
10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day following the day on which public announcement of the date of mailing of the
notice for such meeting is first made by the Trust. In no event shall the public announcement of a
postponement of the mailing of the notice for such annual meeting or of an adjournment or
postponement of an annual meeting to a later date or time commence a new time period for the giving
of a Shareholder&#146;s notice as described above. A Shareholder&#146;s notice to be proper must set forth
(i)&nbsp;as to each person whom the Shareholder proposes to nominate for election or reelection as a
trustee (A)&nbsp;the name, age, business address and residence address of such person, (B)&nbsp;the class and
number of shares of stock of the Trust that are beneficially owned or owned of record by such
person and (C)&nbsp;all other information relating to such person that is required to be disclosed in
solicitations of proxies for election of trustees in an election contest, or is otherwise required,
in each case pursuant to Regulation&nbsp;14A (or any successor provision) under the Exchange Act
(including such person&#146;s written consent to being named in the proxy statement as a nominee and to
serving as a trustee if elected); (ii)&nbsp;as to any other business that the Shareholder proposes to
bring before the meeting, a description of the business desired to be brought before the meeting,
the reasons for conducting such business at the meeting and any material interest in such business
of such Shareholder (including any anticipated benefit to the Shareholder therefrom) and of each
beneficial owner, if any, on whose behalf the proposal is made; and (iii)&nbsp;as to the Shareholder
giving the notice and each beneficial owner, if any, on whose behalf the nomination or proposal is
made, (x)&nbsp;the name and address of such Shareholder, as they appear on the Trust&#146;s stock ledger and
current name and address, if different, and of such beneficial owner, and (y)&nbsp;the class and number
of shares of the Trust which are owned beneficially and of record by such Shareholder and such
beneficial owner. Notwithstanding anything in the second sentence of paragraph (a)(2) of this
Section&nbsp;3.12 to the contrary, in the event that the number of trustees to be elected to the Board
of Trustees is increased and there is no public announcement by the Trust of such action
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or specifying the size of the increased Trustees at least one hundred (100)&nbsp;days prior to the
first anniversary of the date of mailing of the notice for the preceding year&#146;s annual meeting, a
Shareholder&#146;s notice required by this Section&nbsp;3.8(a) shall also be considered timely, but only with
respect to nominees for any new positions created by such increase, if the notice is delivered to
the Secretary at the principal executive offices of the Trust not later than the close of business
on the 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day immediately following the day on which such public announcement is first
made by the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Special Meetings of Shareholders</U>. Only such business shall be conducted at a
special meeting of Shareholders as shall have been brought before the special meeting pursuant to
the Trust&#146;s notice of meeting. Nominations of persons for election to the Trustees may be made at
a special meeting of Shareholders at which trustees are to be elected (i)&nbsp;pursuant to the Trust&#146;s
notice of meeting, (ii)&nbsp;by or at the direction of the Trustees or (iii)&nbsp;provided that the Trustees
have determined that trustees shall be elected at such special meeting, by any Shareholder of the
Trust who is a Shareholder of record both at the time of giving of notice provided for in this
Section&nbsp;3.12(b) and at the time of the special meeting, who is entitled to vote at the meeting and
who complied with the notice procedures set forth in this Section&nbsp;3.12(b). In the event the Trust
calls a special meeting of Shareholders for the purpose of electing one or more Trustees, any such
Shareholder may nominate a person or persons (as the case may be) for election to such position as
specified in the Trust&#146;s notice of meeting, if the Shareholder&#146;s notice containing the information
required by this Section&nbsp;3.12(b) shall have been delivered to the Secretary at the principal
executive offices of the Trust not earlier than the close of business on the 120<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day
prior to such special meeting and not later than the close of business on the later of the
90<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day prior to such special meeting or the 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day following the day on
which public announcement is first made of the date of the special meeting and the nominees
proposed by the Trustees to be elected at such meeting. In no event shall the public announcement
of a postponement or adjournment of a special meeting to a later date or time commence a new time
period for the giving of a Shareholder&#146;s notice as described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>General</U>. Only such persons who are nominated by the Board of Trustees and in
accordance with the procedures set forth in this Section&nbsp;3.12 shall be eligible to serve as
trustee, and only such business shall be conducted at a meeting of Shareholders as shall have been
brought before the meeting in accordance with the procedures set forth in this Section&nbsp;3.12. The
chairman of the meeting shall have the power and duty to determine whether a nomination or any
other business proposed to be brought before the meeting was made or proposed, as the case may be,
in accordance with the procedures set forth in this Section&nbsp;3.12 and, if any proposed nomination or
other business is not in compliance with this Section&nbsp;3.12, to declare that such nomination or
proposal shall be disregarded. For purposes of this Section&nbsp;3.12, (a)&nbsp;the &#147;date of mailing of the
notice&#148; shall mean the date of the proxy statement for the solicitation of proxies for election of
trustees and (b) &#147;public announcement&#148; shall mean disclosure (i)&nbsp;in a press release either
transmitted to the principal securities exchange on which Shares of the Trust&#146;s common stock are
traded or reported by a recognized news service or (ii)&nbsp;in a document publicly filed by the Trust
with the Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Compliance with State and Federal Law.</U> Notwithstanding the foregoing provisions
of this Section&nbsp;3.12, a Shareholder shall also comply with all applicable requirements of state law
and of the Exchange Act and the rules and regulations thereunder with respect to the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">matters set forth in this Section&nbsp;3.12. Nothing in this Section&nbsp;3.12 shall be deemed to
affect any right of a Shareholder to request inclusion of a proposal in, nor the right of the Trust
to omit a proposal from, the Trust&#146;s proxy statement pursuant to Rule&nbsp;14a-8 (or any successor
provision) under the Exchange Act.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TRUSTEES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.1. <U>Meetings of the Trustees</U>. The Trustees may in their discretion provide
for regular or stated meetings of the Trustees. Notice of regular or stated meetings need not be
given. Meetings of the Trustees other than regular or stated meetings shall be held whenever
called by the President, the Chairman or by any one of the Trustees, at the time being in office.
Notice of the time and place of each meeting other than regular or stated meetings shall be given
by the Secretary or an Assistant Secretary or by the officer or Trustee calling the meeting and
shall be mailed to each Trustee at least two days before the meeting, or shall be given by
telephone, cable, wireless, facsimile or electronic means to each Trustee at his business address,
or personally delivered to him at least one day before the meeting. Such notice may, however, be
waived by any Trustee. Notice of a meeting need not be given to any Trustee if a written waiver of
notice, executed by him before or after the meeting, is filed with the records of the meeting, or
to any Trustee who attends the meeting without protesting prior thereto or at its commencement the
lack of notice to him. A notice or waiver of notice need not specify the purpose of any meeting.
The Trustees may meet by means of a telephone conference circuit or similar communications
equipment by means of which all persons participating in the meeting can hear each other at the
same time and participation by such means shall be deemed to have been held at a place designated
by the Trustees at the meeting. Participation in a telephone conference meeting shall constitute
presence in person at such meeting. Any action required or permitted to be taken at any meeting of
the Trustees may be taken by the Trustees without a meeting if a majority of the Trustees consent
to the action in writing and the written consents are filed with the records of the Trustees&#146;
meetings. Such consents shall be treated as a vote for all purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.2. <U>Quorum and Manner of Acting</U>. A majority of the Trustees shall be present
in person at any regular or special meeting of the Trustees in order to constitute a quorum for the
transaction of business at such meeting and (except as otherwise required by law, the Declaration
of Trust or these By-laws) the act of a majority of the Trustees present at any such meeting, at
which a quorum is present, shall be the act of the Trustees. In the absence of a quorum, a
majority of the Trustees present may adjourn the meeting from time to time until a quorum shall be
present. Notice of an adjourned meeting need not be given.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>COMMITTEES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.1. <U>Executive and Other Committees</U>. The Trustees by vote of a majority of
all the Trustees may elect from their own number an Executive Committee to consist of not less than
two (2)&nbsp;members to hold office at the pleasure of the Trustees, which shall have the power
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to conduct the current and ordinary business of the Trust while the Trustees are not in
session, including the purchase and sale of securities and the designation of securities to be
delivered upon redemption of Shares of the Trust, and such other powers of the Trustees as the
Trustees may, from time to time, delegate to them except those powers which by law, the Declaration
of Trust or these By-laws they are prohibited from delegating. The Trustees may also elect from
their own number other Committees from time to time; the number composing such Committees, the
powers conferred upon the same (subject to the same limitations as with respect to the Executive
Committee) and the term of membership on such Committees to be determined by the Trustees. The
Trustees may designate a chairman of any such Committee. In the absence of such designation the
Committee may elect its own Chairman.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.2. <U>Meetings, Quorum and Manner of Acting</U>. The Trustees may (1)&nbsp;provide for
stated meetings of any Committee, (2)&nbsp;specify the manner of calling and notice required for special
meetings of any Committee, (3)&nbsp;specify the number of members of a Committee required to constitute
a quorum and the number of members of a Committee required to exercise specified powers delegated
to such Committee, (4)&nbsp;authorize the making of decisions to exercise specified powers by written
assent of the requisite number of members of a Committee without a meeting, and (5)&nbsp;authorize the
members of a Committee to meet by means of a telephone conference circuit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive Committee shall keep regular minutes of its meetings and records of decisions
taken without a meeting and cause them to be recorded in a book designated for that purpose and
kept in the office of the Trust.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OFFICERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.1. <U>General Provisions</U>. The officers of the Trust shall be a President, a
Treasurer and a Secretary, who shall be elected by the Trustees. The Trustees may elect or appoint
such other officers or agents as the business of the Trust may require, including one or more Vice
Presidents, one or more Assistant Secretaries, and one or more Assistant Treasurers. The Trustees
may delegate to any officer or committee the power to appoint any subordinate officers or agents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.2. <U>Election, Term of Office and Qualifications</U>. The officers of the Trust
and any Series thereof shall be elected by the Trustees. Except as provided in Sections&nbsp;6.3 and
6.4 of this Article&nbsp;VI, each officer elected by the Trustees shall hold office at the pleasure of
the Trustees. Any two or more offices may be held by the same person. The Chairman of the Board
shall be selected from among the Trustees and may hold such office only so long as he/she continues
to be a Trustee. Any Trustee or officer may be but need not be a Shareholder of the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.3. <U>Removal</U>. The Trustees, at any regular or special meeting of the
Trustees, may remove any officer with or without cause, by a vote of a majority of the Trustees
then in office. Any officer or agent appointed by an officer or committee may be removed with or
without cause by such appointing officer or committee.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.4. <U>Powers and Duties of the Chairman</U>. The Chairman shall preside at the
meetings of the Shareholders and of the Trustees. He may call meetings of the Trustees and of any
committee thereof whenever he deems it necessary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.5. <U>Powers and Duties of the Vice Chairman</U>. The Trustees may, but need not,
appoint one or more Vice Chairman of the Trust. The Vice Chairman shall perform such duties as may
be assigned to him or her from time to time by the Trustees or the Chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.6. <U>Powers and Duties of the President</U>. The President shall be the chief
executive officer of the Trust and shall preside at all meetings of the Trustees and Shareholders
in the absence of the Chairman. Subject to the control of the Trustees and to the control of any
Committees of the Trustees, within their respective spheres as provided by the Trustees, he shall
at all times exercise general supervision over the business and policies of the Trust. He shall
have the power to employ attorneys and counsel for the Trust or any Series or Class thereof and to
employ such subordinate officers, agents, clerks and employees as he may find necessary to transact
the business of the Trust or any Series or Class thereof. He shall also have the power to grant,
issue, execute or sign such powers of attorney, proxies or other documents as may be deemed
advisable or necessary in furtherance of the interests of the Trust or any Series thereof. The
President shall have such other powers and duties, as from time to time may be conferred upon or
assigned to him by the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.7. <U>Powers and Duties of Vice Presidents</U>. In the absence or disability of
the President, the Vice President or, if there be more than one Vice President, any Vice President
designated by the Trustees, shall perform all the duties and may exercise any of the powers of the
President, subject to the control of the Trustees. Each Vice President shall perform such other
duties as may be assigned to him from time to time by the Trustees and the President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.8. <U>Powers and Duties of the Treasurer</U>. The Treasurer shall be the principal
financial and accounting officer of the Trust. He 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.
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. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.9. <U>Powers and Duties of the Secretary</U>. The Secretary shall keep the minutes
of all meetings of the Trustees and of the Shareholders in proper books provided for that purpose;
he shall have custody of the seal of the Trust; he shall have charge of the Share transfer books,
lists and records unless the same are in the charge of a transfer agent. He shall attend to the
giving and serving of all notices by the Trust in accordance with the provisions of these By-laws
and as required by law; and subject to these By-laws, he shall in general perform all duties
incident to the office of Secretary and such other duties as from time to time may be assigned to
him by the Trustees.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.10. <U>Powers and Duties of Assistant Treasurers</U>. In the absence or disability
of the Treasurer, any officer designated by the Trustees shall perform all the duties, and may
exercise any of the powers, of the Treasurer. Each officer shall perform such other duties as from
time to time may be assigned to him by the Trustees. Each officer performing the duties and
exercising the powers of the Treasurer, if any, and any Assistant 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.11. <U>Powers and Duties of Assistant Secretaries</U>. In the absence or
disability of the Secretary, any Assistant Secretary designated by the Trustees shall perform all
the duties, and may exercise any of the powers, of the Secretary. Each Assistant Secretary shall
perform such other duties as from time to time may be assigned to him by the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.12. <U>Compensation of Officers and Trustees and Members of the Advisory Board</U>.
Subject to any applicable provisions of the Declaration of Trust, the compensation of the officers
and Trustees and members of an advisory board shall be fixed from time to time by the Trustees or,
in the case of officers, by any Committee or officer upon whom such power may be conferred by the
Trustees. No officer shall be prevented from receiving such compensation as such officer by reason
of the fact that he is also a Trustee.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SHARES OF BENEFICIAL INTEREST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.1. <U>Share certificates</U>. The Trustees may issue Shares either in certificated
or uncertificated form, and if they have issued Shares in certificated form, they may, by written
notice to the holders of such Shares, require the surrender of their certificates to the Trust for
cancellation, which surrender and cancellation shall not affect the ownership of such Shares. For
any Shares issued without certificates, the Trust or its transfer agent may either issue receipts
therefor or may keep accounts upon the books of the Trust for the record holders of such Shares,
who shall in either case be deemed, for all purposes hereunder, to be the holders of such Shares as
if they had received certificates therefor and shall be held to have expressly assented and agreed
to the terms hereof and of the Declaration of Trust. For any Shares for which the Trustees shall
issue certificates, each holder of such Shares shall be entitled to a certificate stating the
number of Shares owned by him in such form as shall be prescribed from time to time by the
Trustees. The certificates representing Shares shall be signed by the President or a
Vice-President and by the Secretary or an Assistant Secretary, or the Treasurer or an Assistant
Treasurer, and sealed with the seal of the Trust. Any or all of the signatures or the seal of the
Trust on the certificate may be a facsimile. In case any officer, transfer agent or registrar who
has signed or whose facsimile signature has been placed upon a certificate which shall have ceased
to be such officer, transfer agent or registrar before such certificate shall be issued, it may be
issued by the Trust with the same effect as if such officer, transfer agent or registrar were still
in office at the date of issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.2. <U>Transfers of Pledged Shares</U>. Unless otherwise provided herein, a pledgee
of Shares pledged as collateral security shall be entitled to a new certificate in his name as
pledgee, in the case of certificated Shares, or to be registered as the holder in pledge of such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shares in the case of uncertificated Shares; <U>provided</U>, that the instrument of pledge
substantially describes the debt or duty that is intended to be secured thereby. Any such new
certificate shall express on its face that it is held as collateral security, and the name of the
pledgor shall be stated thereon, and any such registration of uncertificated Shares shall be in a
form which indicates that the registered holder holds such Shares in pledge. After such issue or
registration, and unless and until such pledge is released, such pledgee and his successors and
assigns shall alone be entitled to the rights of a Shareholder, and entitled to vote such Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.3. <U>Regulations</U>. The Trustees may make such additional rules and
regulations, not inconsistent with these By-Laws, as they may deem expedient concerning the issue,
transfer and registration of certificates for Shares of the Trust. They may appoint, or authorize
any officer or officers to appoint, one or more transfer agents or one or more transfer clerks and
one or more registrars and may require all certificates for Shares to bear the signature or
signatures of any of them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.4. <U>Lost, Destroyed or Mutilated Certificates</U>. The holder of any
certificates representing Shares of the Trust shall immediately notify the Trust of any loss,
destruction or mutilation of such certificate, and the Trust may issue a new certificate in the
place of any certificate theretofore issued by it which the owner thereof shall allege to have been
lost or destroyed or which shall have been mutilated, and the Trustees may, in their discretion,
require such owner or his legal representative to give to the Trust a bond in such sum, limited or
unlimited, and in such form and with such surety or sureties, as the Trustees in their absolute
discretion shall determine, to indemnify the Trust against any claim that may be made against it on
account of the alleged loss or destruction of any such certificate or issuance of a new
certificate.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TERMS OF AUCTION PREFERRED SHARES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.1. <U>Designation</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)&nbsp;Pursuant to authority expressly vested in the Board of Trustees by the Declaration of
Trust, the Board of Trustees authorizes the establishment, designation and issuance of an
unlimited number of shares of a class of the Trust&#146;s Preferred Shares, which class is
designated as the Trust&#146;s Auction Preferred Shares (the &#147;Auction Preferred Shares&#148;). The
Auction Preferred Shares shall be issuable in such series as are designated from time to
time in these By-Laws and shall have the preferences, voting powers, restrictions,
limitations as to dividends, qualifications, terms and conditions of redemption, and other
rights and limitations set forth in this Article&nbsp;VIII.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;Auction Preferred Shares, Series&nbsp;A: An unlimited number of Auction
Preferred Shares, without par value, liquidation preference $25,000 per Auction
Preferred Share plus accumulated but unpaid dividends, if any, thereon (whether or not
earned or declared), is hereby designated &#147;Auction Preferred Shares, Series&nbsp;A.&#148; Each
share of Auction Preferred Shares, Series&nbsp;A (sometimes referred to herein as &#147;Series&nbsp;A
APS&#148;) may be issued on a date to be determined by the </TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Board of Trustees of the Trust or pursuant to their delegated authority; have an Initial
Dividend Rate and an Initial Dividend Payment Date as shall be determined in advance
of the issuance thereof by the Board of Trustees of the Trust or pursuant to their
delegated authority and have such other preferences as provided herein or as may be
determined in advance of the issuance thereof by the Board of Trustees or pursuant
to their delegated authority. The Series&nbsp;A APS shall constitute a separate series
of Auction Preferred Shares, and each share of Series&nbsp;A APS shall be identical.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(ii) Auction Preferred Shares, Series&nbsp;B: An unlimited number of Auction Preferred
Shares, without par value, liquidation preference $25,000 per Auction Preferred
Share plus accumulated but unpaid dividends, if any, thereon (whether or not earned
or declared), is hereby designated &#147;Auction Preferred Shares, Series&nbsp;B.&#148; Each share
of Auction Preferred Shares, Series&nbsp;B (sometimes referred to herein as &#147;Series&nbsp;B
APS&#148;) may be issued on a date to be determined by the Board of Trustees of the Trust
or pursuant to their delegated authority; have an Initial Dividend Rate and an
Initial Dividend Payment Date as shall be determined in advance of the issuance
thereof by the Board of Trustees of the Trust or pursuant to their delegated
authority and have such other preferences as provided herein or as may be determined
in advance of the issuance thereof by the Board of Trustees or pursuant to their
delegated authority. The Series&nbsp;B APS shall constitute a separate series of Auction
Preferred Shares, and each share of Series&nbsp;B APS shall be identical.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(c)&nbsp;The preferences, voting powers restrictions, limitations as to dividends,
qualifications, terms and conditions of redemption, and other rights and limitations of the
 shares of the Auction Preferred Shares, Series&nbsp;A, Auction Preferred Shares, Series&nbsp;B, and
each other series of APS now or hereafter described in these By-Laws are or shall be as set
forth in these By-Laws. No fractional APS shall be issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.2. <U>Definitions</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the context or use indicates another or different meaning, the following terms shall
have the following meanings, whether used in the singular or plural:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a) &#147;AA Financial Composite Commercial Paper Rate&#148; on any date means (i) (A)&nbsp;the Interest
Equivalent of the 30-day rate (for Dividend Periods fewer than or equal to 31&nbsp;days), the
60-day rate (for Dividend Periods greater than 31&nbsp;days but fewer than or equal to 61&nbsp;days)
and the 90-day rate (for Dividend Periods greater than 61&nbsp;days but fewer than or equal to 91
days) on commercial paper on behalf of issuers whose corporate bonds are rated AA by S&#038;P, or
the equivalent of such rating by another Rating Agency, as announced by the Federal Reserve
Bank of New York for the close of business on the Business Day immediately preceding such
date; and (B)&nbsp;for Dividend Periods greater than 91&nbsp;days but fewer than 184&nbsp;days, the rate
described in clause (ii)&nbsp;below; or (ii)&nbsp;if the Federal Reserve Bank of New York does not
make available such a rate, or with respect to Dividend Periods greater than 91&nbsp;days but
fewer than 184&nbsp;days, then the arithmetic average of the Interest Equivalent of such rates on
commercial paper placed on behalf of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">such issuers, as quoted on a discount basis or otherwise by the Commercial Paper Dealers to
the Auction Agent for the close of business on the Business Day immediately preceding such
date (rounded to the next highest one-thousandth (0.001) of 1%). If any Commercial Paper
Dealer does not quote a rate required to determine the &#147;AA Financial Composite Commercial
Paper Rate&#148;, such rate shall be determined on the basis of the quotations (or quotation)
furnished by the remaining Commercial Paper Dealers (or Dealer), if any, or, if there are no
such Commercial Paper Dealers, by the Auction Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">For purposes of this definition, (A) &#147;Commercial Paper Dealers&#148; shall mean (1)&nbsp;UBS
Securities LLC; (2)&nbsp;in lieu of thereof, its affiliate or successor; and (3)&nbsp;in the event
that any of the foregoing shall cease to quote rates for commercial paper of issuers of the
sort described above, in substitution therefor, a nationally recognized dealer in commercial
paper of such issuers then making such quotations selected by the Trust, and (B) &#147;Interest
Equivalent&#148; of a rate stated on a discount basis for commercial paper of a given number of
days&#146; maturity shall mean a number equal to the quotient (rounded upward to the next higher
one-thousandth (0.001) of 1%) of (1)&nbsp;such rate expressed as a decimal, divided by (2)&nbsp;the
difference between (x)&nbsp;1.00 and (y)&nbsp;a fraction, the numerator of which shall be the product
of such rate expressed as a decimal, multiplied by the number of days in which such
commercial paper shall mature and the denominator of which shall be 360.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b) &#147;Adviser&#148; means the Trust&#146;s investment adviser, John Hancock Advisers, LLC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(c) &#147;Affected Series&#148; has the meaning specified in Section&nbsp;8.7(b)(i).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(d) &#147;Affiliate&#148; means any Person known to the Auction Agent to be controlled by, in control
of, or under common control with, the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(e) &#147;Agent Member&#148; means a member of, or participant in, the Securities Depository that will
act on behalf of a Beneficial Owner of one or more APS or on behalf of a Potential
Beneficial Owner.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(f) &#147;Annual Valuation Date&#148; means the last Business Day of each fiscal year of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(g) &#147;Applicable Percentage&#148; and &#147;Applicable Spread&#148; mean the percentage determined based on
the credit rating assigned to the series of APS on such date by Moody&#146;s as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000">Moody&#146;s Credit Rating</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Applicable Percentage</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Applicable Spread</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aaa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">125</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">125 bps</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aa3 to Aa1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">150</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">150 bps</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">A3 to A1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">200</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">200 bps</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Baa3 to Baa1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">250</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">250 bps</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ba1 and lower</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">300</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">300 bps</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Applicable Percentage and Applicable Spread as so determined shall be further subject to
upward but not downward adjustment in the discretion of the Board of Trustees
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">after consultation with the Broker-Dealers, provided that immediately following any such
increase the Trust would be in compliance with the Preferred Shares Basic Maintenance
Amount. The Trust shall take all reasonable action necessary to enable Moody&#146;s to provide a
rating for each series of APS. If Moody&#146;s shall not make such a rating available, the Trust
shall select another Rating Agency to act as a Substitute Rating Agency. Notwithstanding
the foregoing, the Trust shall not be required to have more than one Rating Agency provide a
rating for any series of the APS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(h) &#147;Applicable Rate&#148; means the rate per annum at which cash dividends are payable on a
series of APS for any Dividend Period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(i) &#147;APS&#148; means the Series&nbsp;A APS and the Series&nbsp;B APS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(j) &#147;Auction&#148; means a periodic operation of the Auction Procedures.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(k) &#147;Auction Agent&#148; means Deutsche Bank Trust Company Americas unless and until another
commercial bank, trust company or other financial institution appointed by a resolution of
the Board of Trustees or a duly authorized committee thereof enters into an agreement with
the Trust to follow the Auction Procedures for the purpose of determining the Applicable
Rate and to act as transfer agent, registrar, dividend disbursing agent and redemption agent
for the APS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(l) &#147;Auction Date&#148; with respect to any series of APS and any Rate Period means the Business
Day immediately preceding the first day of such Rate Period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(m) &#147;Auction Procedures&#148; means the procedures set forth in Section&nbsp;8.9.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(n) &#147;Auditor&#146;s Confirmation&#148; has the meaning specified in Section&nbsp;8.3(d).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(o) &#147;Available APS&#148; has the meaning specified in Section&nbsp;8.9(c)(i)(A).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(p) &#147;Beneficial Owner&#148; means a customer of a Broker-Dealer who is listed on the records of
that Broker-Dealer (or, if applicable, the Auction Agent) as a holder of APS or a
Broker-Dealer that holds APS for its own account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(q) &#147;Bid&#148; and &#147;Bids&#148; have the respective meanings specified in Section&nbsp;8.9(a)(i)(C).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(r) &#147;Bidder&#148; and &#147;Bidders&#148; have the respective meanings specified in Section&nbsp;8.9(a)(i)(C);
provided, however, that neither the Trust nor any affiliate thereof shall be permitted to be
a Bidder in an Auction, except that any Broker-Dealer that is an affiliate of the Trust may
be a Bidder in an Auction, but only if the Orders placed by such Broker-Dealer are not for
its own account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(s) &#147;Board of Trustees&#148; means the Board of Trustees of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(t) &#147;Broker-Dealer&#148; means any broker-dealer, or other entity permitted by law to perform the
functions required of a Broker-Dealer in Section&nbsp;8.9, that has been selected
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">by the Trust and has entered into a Broker-Dealer Agreement with the Auction Agent that
remains effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(u) &#147;Broker-Dealer Agreement&#148; means an agreement between the Auction Agent and a
Broker-Dealer pursuant to which such Broker-Dealer agrees to follow the procedures specified
in Section&nbsp;8.9.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(v) &#147;Business Day&#148; means a day on which the New York Stock Exchange is open for trading and
which is not a Saturday, Sunday or other day on which commercial banks in The City of New
York are required or authorized by law to close.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(w) &#147;Closing Transactions&#148; has the meaning set forth in Section&nbsp;8.8(b)(iv)(A).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(x) &#147;Code&#148; means the Internal Revenue Code of 1986, as amended from time to time. Each
reference herein to a section of the Code shall be deemed to include the United States
Treasury Regulations in effect thereunder and applicable to the APS or the use of proceeds
thereof, and also includes all applicable amendments or successor provisions unless the
context requires otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(y) &#147;Commercial Paper Dealers&#148; has the meaning set forth in the definition of &#147; &#145;AA&#146;
Financial Composite Commercial Paper Rate.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(z) &#147;Common Shares&#148; means the shares of beneficial interest designated as common shares, no
par value, of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(aa) &#147;Cure Date&#148; means the Preferred Shares Basic Maintenance Cure Date or the Investment
Company Act Cure Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(bb) &#147;Date of Original Issue&#148; means, with respect any series of APS, the date on which the
Trust first issues such share.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(cc) &#147;Deposit Securities&#148; means cash and portfolio securities rated at least A2 (having a
remaining maturity of 12&nbsp;months or less), P-1, VMIG-1 or MIG-1 by Moody&#146;s or A (having a
remaining maturity of 12&nbsp;months or less), A-1&#043; or SP-1&#043; by S&#038;P.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(dd) &#147;Discount Factor&#148; means a &#147;Moody&#146;s Discount Factor.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ee) &#147;Discounted Value&#148; of any asset of the Trust means, with respect to a Moody&#146;s Eligible
Asset, the quotient of the Market Value thereof divided by the applicable Moody&#146;s Discount
Factor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ff) &#147;Dividend Payment Date&#148; means, with respect to APS, any date on which dividends are
payable for shares of such series pursuant to Section&nbsp;8.4(a)(iv).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(gg) &#147;Dividend Period&#148; means, with respect to the APS, the period from and including the
Date of Original Issue to but excluding the Initial Dividend Payment Date for such shares
and any period thereafter from and including one Dividend Payment Date for such shares to
but excluding the next succeeding Dividend Payment Date for such shares.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(hh) &#147;Eligible Asset&#148; means Moody&#146;s Eligible Asset (if Moody&#146;s is then rating the APS)
and/or any asset included in the calculations used by any Rating Agency then rating the APS
for purposes of determining such Rating Agency&#146;s rating on the APS, as applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ii) &#147;Existing Holder&#148; means a Broker-Dealer, or any such other Person that may be permitted
by the Trust, that is listed as the holder of record of APS in the Share Books.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(jj) &#147;Exposure Period&#148; on a Valuation Date means the period commencing on such date and
ending 42&nbsp;days thereafter, as such exposure period may be modified by resolution of the
Board of Trustees and without amending the By-Laws of the Trust; provided, however, that the
Trust shall have received confirmation in writing from the Rating Agency that any such
modification shall not adversely affect such Rating Agency&#146;s then-current rating of the APS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(kk) &#147;Failure to Deposit,&#148; means, with respect to shares of a series of APS, a failure by
the Trust to pay to the Auction Agent, not later than 12:00 noon, New York City time, (A)&nbsp;on
the Business Day immediately preceding any Dividend Payment Date for shares of such series,
in funds available on such Dividend Payment Date in the City of New York, New York, the full
amount of any dividend (whether or not earned or declared) to be paid on such Dividend
Payment Date on any share of such series or (B)&nbsp;on the Business Day immediately preceding
any redemption date in funds available on such redemption date for shares of such series in
the City of New York, New York, the Redemption Price to be paid on such redemption date for
any share of such series after Notice of Redemption is mailed pursuant to Section&nbsp;8.6;
provided, however, that the foregoing clause (B)&nbsp;shall not apply to the Trust&#146;s failure to
pay the Redemption Price with respect to APS when the related Notice of Redemption provides
that redemption of such shares is subject to one or more conditions precedent and any such
condition precedent shall not have been satisfied at the time or times and in the manner
specified in such Notice of Redemption.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ll) &#147;Holder&#148; means an individual or entity in whose name an outstanding Share of the APS is
registered on the Share Books.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(mm) &#147;Hold Order&#148; and &#147;Hold Orders&#148; have the respective meanings specified in Section
8.9(a)(i)(C).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(nn) &#147;Independent Accountant&#148; means a nationally recognized accounting firm that is, with
respect to the Trust, an independent certified public accountant under the Securities Act of
1933, as amended, and serving as such for the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(oo) &#147;Initial Rate Period&#148; with respect to shares of a series of APS, means the period from
the Date of Initial Issuance to and including the day immediately prior to the Dividend
Payment Date for the Initial Rate Period specified with respect to shares of such series in
Section&nbsp;8.4(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(pp) &#147;Investment Company Act&#148; means the Investment Company Act of 1940, as amended from time
to time.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(qq) &#147;Investment Company Act Cure Date,&#148; with respect to the failure by the Trust to
maintain the Investment Company Act Preferred Share Asset Coverage (as required by Section
8.3(a) as of the last Business Day of each month, means the last Business Day of the
following month.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(rr) &#147;Investment Company Act Preferred Share Asset Coverage&#148; means asset coverage, as
defined in Section 18(h) of the Investment Company Act, of at least 200% with respect to all
outstanding senior securities of the Trust which are shares of beneficial interest including
all outstanding APS (or such other asset coverage as may in the future be specified in or
under the Investment Company Act as the minimum asset coverage for senior securities which
are shares or stock of a closed-end investment company as a condition of declaring dividends
on its common shares or stock).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ss) &#147;Late Charge&#148; has the meaning specified in Section&nbsp;8.4(b)(ii)(B).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(tt) &#147;Liens&#148; means any material lien, mortgage, pledge, security interest or security
agreement of any kind.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(uu) &#147;Long Term Dividend Period&#148; means a Special Dividend Period consisting of a specific
period of one whole year or more but not greater than five years.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(vv) &#147;Market Value&#148; means the price determined by a pricing service acceptable to the Rating
Agency and which (i)&nbsp;with respect to an investment which is listed on an exchange or traded
over-the-counter and quoted on the NASDAQ System, the last sale price on the day of
valuation (using prices as of the close of trading) or, if there has been no sale that day,
the last bid price reported on the day of valuation or, if not a Business Day, the last bid
price reported as of the close of business on the preceding Business Day, (ii)&nbsp;with respect
to an investment which is not listed on an exchange or quoted on the NASDAQ System, either
(A)&nbsp;the market value thereof determined by a Pricing Service or (B)&nbsp;the lower of the bid
prices, as of the close of business on the Business Day immediately preceding the date of
determination, quoted (at least one of such quotes being in writing) to the Trust by two or
more members of the National Association of Securities Dealers, Inc. making a market in such
investment at the time. By resolution of the Board of Trustees and without amending the
By-Laws of the Trust, the calculation of Market Values may be made on bases other than those
set forth above if the Rating Agency has advised the Trust in writing that the revised
method of calculation of Market Values would not adversely affect its then-current rating of
the Preferred Shares, provided that the Trust shall cause to be made available a written
statement setting forth such revised method for inspection by the Holders at the principal
executive office of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ww) &#147;Maximum Applicable Rate&#148; means, with respect to APS for any Dividend Period, the
higher of the Applicable Percentage of the Reference Rate or the Reference Rate plus the
Applicable Spread. The Auction Agent will round each applicable Maximum Applicable Rate to
the nearest one-thousandth (0.001) of one percent per annum, with any such number ending in
five ten-thousandths of one percent being rounded upwards to the nearest one-thousandth
(0.001) of one percent.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-18-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(xx) &#147;Minimum Rate Period&#148; means a period of seven (7)&nbsp;Rate Period days.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">
(yy) &#147;Moody&#146;s&#148; means Moody&#146;s Investors Service,
Inc. or any successor thereto.</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(zz) &#147;Moody&#146;s Discount Factor&#148; means, for purposes of determining the Discounted Value of
any Moody&#146;s Eligible Asset, the percentage determined as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i) <I>Preferred Stock with cumulative dividends</I>: The Moody&#146;s Discount Factor for
preferred stock shall be: Aaa 150%, Aa 155%, A 160%, Baa 165%, Ba 196%, B 216%, &#060;
B and Not Rated 250%, for auction rate preferred stocks 350%. For investment grade
DRD preferreds 165%, and non-investment grade DRD preferreds 216%. Preferred
securities that have a 144A classification, the discount factor will be multiplied
120% for purposes of calculating the Discounted Value. The Moody&#146;s Discount Factor
for preferred securities shall also apply to non-cumulative preferred stocks, except
that the Moody&#146;s Discount Factor shall be multiplied by a factor of 110% for
purposes of calculating the Discounted Value of such non-cumulative securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii) <I>Corporate Debt Securities</I>: The percentage determined by reference to the
rating on such asset with reference to the remaining term to maturity of such asset,
in accordance with the table set forth below.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Moody&#146;s Rating Category</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Below B and</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Terms to Maturity of Corporate Debt Security (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Aaa</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Aa</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>A</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Baa</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Ba</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>B</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B> Unrated</B> <SUP style="FONT-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1&nbsp;year or less</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">109</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">112</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">115</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">118</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">137</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">150</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">250</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2&nbsp;years or less (but
longer than 1&nbsp;year)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3&nbsp;years or less (but
longer than 2&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4&nbsp;years or less (but
longer than 3&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5&nbsp;years or less (but
longer than 4&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7&nbsp;years or less (but
longer than 5&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">10&nbsp;years or less
(but longer than 7
years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">15&nbsp;years or less
(but longer than 10
years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-19-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Moody&#146;s Rating Category</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Below B and</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Terms to Maturity of Corporate Debt Security (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Aaa</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Aa</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>A</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Baa</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Ba</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>B</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Unrated</b><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">20&nbsp;years or less
(but longer than 15
years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">30&nbsp;years or less
(but longer than 20
years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Greater than 30&nbsp;years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The Moody&#146;s Discount Factor for debt securities shall also be applied to any interest rate
swap or cap, in which case the rating of the counterparty shall determine the appropriate
rating category.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Unless conclusions regarding liquidity risk as well as estimates of both the probability and
severity of default for the corporation&#146;s assets can be derived from other sources as well as
combined with a number of sources as present by the corporation to Moody&#146;s, securities rated
below B by Moody&#146;s and unrated securities, which are securities rated by neither Moody&#146;s, S&#038;P
nor Fitch, are limited to 10% of Moody&#146;s Eligible Assets. If a corporate debt security is
unrated by Moody&#146;s, S&#038;P or Fitch, the Trust will use the percentage set forth under &#147;Below B
and Unrated&#148; in the corporate debt table above. Ratings assigned by S&#038;P or Fitch are
generally accepted by Moody&#146;s at face value. However, adjustments to face value may be made
to particular categories of credits for which the S&#038;P and/or Fitch rating does not seem to
approximate a Moody&#146;s rating equivalent. Split rated securities assigned by S&#038;P and Fitch
will be accepted at the lower of the two ratings.</TD>
</TR>

</TABLE>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">For corporate debt securities that do not pay interest in U.S. dollars, the
Trust will contact Moody&#146;s to obtain the applicable currency conversion rate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(iii)&nbsp;U.S. Government Securities and U.S. Treasury Strips:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U.S. Government and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Agency Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U.S. Treasury Strips</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Remaining Term to Maturity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Discount Factor</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Discount Factor</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1&nbsp;year or less</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">107</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">107</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2&nbsp;years or less (but longer than 1&nbsp;year)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3&nbsp;years or less (but longer than 2&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4&nbsp;years or less (but longer than 3&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5&nbsp;years or less (but longer than 4&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7&nbsp;years or less (but longer than 5&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">10&nbsp;years or less (but longer than 7&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">15&nbsp;years or less (but longer than 10&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">20&nbsp;years or less (but longer than 15&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">30&nbsp;years or less (but longer than 20&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">244</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(iv) <I>Short-Term Instruments and Cash</I>: The Moody&#146;s Discount Factor applied to
short-term portfolio securities, including without limitation short-term corporate
debt securities, Short Term Money Market Instruments and short-term municipal debt
obligations, will be (A)&nbsp;100%, so long as such portfolio securities mature or have a
demand feature at par exercisable within the Moody&#146;s Exposure Period; (B)&nbsp;115%, so
long as such portfolio securities do not mature within the Moody&#146;s Exposure Period
or have a demand feature at par not exercisable within the Moody&#146;s Exposure Period;
and (C)&nbsp;125%, if such securities are not rated by Moody&#146;s, so long as such portfolio
securities are rated at least A-1&#043;/AA or SP-1&#043;/AA by S&#038;P and mature or have a demand
feature at par exercisable within the Moody&#146;s Exposure Period. A Moody&#146;s Discount
Factor of 100% will be
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-20-<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">applied to cash. Moody&#146;s rated 2a-7 money market funds will also have a
Discount Factor of 100%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(v) <I>Rule&nbsp;144A Securities</I>: The Moody&#146;s Discount Factor applied to Rule&nbsp;144A
Securities for Rule&nbsp;144A Securities whose terms include rights to registration under
the Securities Act within one year and Rule&nbsp;144A Securities which do not have
registration rights within one year will be 120% and 130%, respectively, of the
Moody&#146;s Discount Factor which would apply were the securities registered under the
Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(vi) <I>Convertible Securities (including Convertible Preferred Securities</I>:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Moody&#146;s Rating</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Utility</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Industrial</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Financial</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Transportation</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aaa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">162</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">256</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">233</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">250</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">167</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">261</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">238</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">265</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">172</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">266</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">243</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">275</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Baa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">188</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">282</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">259</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">285</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ba</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">195</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">290</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">265</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">290</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">B</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">199</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">293</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">270</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">295</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Below B and Unrated <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">300</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">300</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">300</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">300</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Unless conclusions regarding liquidity risk as well as estimates of both the probability
and severity of default for the corporation&#146;s assets can be derived from other sources as well
as combined with a number of sources as present by the corporation to Moody&#146;s, securities
rated below B by Moody&#146;s and unrated securities, which are securities rated by neither
Moody&#146;s, S&#038;P nor Fitch, are limited to 10% of Moody&#146;s Eligible Assets. If a corporate debt
security is unrated by Moody&#146;s, S&#038;P or Fitch, the Trust will use the percentage set forth
under &#147;Below B and Unrated&#148; in this table. Ratings assigned by S&#038;P or Fitch are generally
accepted by Moody&#146;s at face value. However, adjustments to face value may be made to
particular categories of credits for which the S&#038;P and/or Fitch rating does not seem to
approximate a Moody&#146;s rating equivalent. Split rated securities assigned by S&#038;P and Fitch
will be accepted at the lower of the two ratings.</TD>
</TR>

</TABLE>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The Moody&#146;s Discount Factor presented in the immediately preceding table will
also apply to the non-cumulative preferred stocks, provided the Moody&#146;s Discount
Factor determined from the table shall be multiplied by a factor of 110% for
purposes of calculating the Discounted Value of such securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(vii) <I>Common Stock: </I>The following Discount Factors will be applied to the Common
Stock holdings:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Common Stocks</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Utility</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Industrial</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Financial</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7&nbsp;week exposure period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">170</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">264</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">241</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->-21-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(viii) <I>Common Stock and Preferred Stock of REITs and Other Real Estate Companies:</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Moody&#146;s Discount Factor (1)(2)(3)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Stock of REITs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">154</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preferred Stock of REITs </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">with senior implied Moody&#146;s (or S&#038;P) rating:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">154</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">without senior implied Moody&#146;s (or S&#038;P) rating:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">208</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preferred Stock of other real estate companies </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">
with senior implied Moody&#146;s (or S&#038;P) rating:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">208</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">without
senior implied Moody&#146;s (or S&#038;P) rating:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">250</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>A Moody&#146;s Discount Factor of 250% will be applied to those assets in a single Moody&#146;s real
estate industry / property sector classification which exceed 30% of Moody&#146;s Eligible Assets
but are not greater than 35% of Moody&#146;s Eligible Assets.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>A Moody&#146;s Discount Factor of 250% will be applied if dividends on such securities have not
been paid consistently (either quarterly or annually) over the previous three years, or for
such shorter time period that such securities have been outstanding.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>A Moody&#146;s Discount Factor of 250% will be applied if the market capitalization (including
common stock and preferred stock) of an issuer is below $500&nbsp;million.</TD>
</TR>

</TABLE>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The Moody&#146;s Discount Factor presented in the immediately preceding table will
also apply to the non-cumulative preferred stocks, provided the Moody&#146;s Discount
Factor determined from the table shall be multiplied by a factor of 110% for
purposes of calculating the Discounted Value of such securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(ix) <I>Debt Securities of REITs and Other Real Estate Companies:</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000">Moody&#146;s Rating</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Below B and</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Term to maturity</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Aaa</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Aa</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Baa</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Ba</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">B</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Unrated(1)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1&nbsp;year or less</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">109</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">112</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">115</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">118</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">137</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">150</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">250</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2&nbsp;years or less (but longer than 1&nbsp;year)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">3&nbsp;years or less (but longer than 2&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4&nbsp;years or less (but longer than 3&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5&nbsp;years or less (but longer than 4&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7&nbsp;years or less (but longer than 5&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">10&nbsp;years or less (but longer than 7&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">15&nbsp;years or less (but longer than 10&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">20&nbsp;years or less (but longer than 15&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">30&nbsp;years or less (but longer than 20&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Greater than 30&nbsp;years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Unless conclusions regarding liquidity risk as well as estimates of both the probability
and severity of default for a corporation&#146;s assets can be
derived from other sources, securities rated below B by Moody&#146;s and unrated securities,</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->-22-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>which are securities rated by
neither Moody&#146;s, S&#038;P nor Fitch, are limited to 10% of Moody&#146;s Eligible Assets. If a corporate,
municipal or other debt security is unrated by Moody&#146;s, S&#038;P or Fitch, the Trust will use the
percentage set forth under &#147;Below B and Unrated&#148; in this table. Ratings assigned by S&#038;P or
Fitch are generally accepted by Moody&#146;s at face value. However, adjustments to face value may
be made to particular categories of credits for which the S&#038;P and/or Fitch rating does not
seem to approximate a Moody&#146;s rating equivalent. Split rated securities assigned by S&#038;P and
Fitch will be accepted at the lower of the two ratings.</TD>
</TR>

</TABLE>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(x) <I>Bank Loans: </I>The Moody&#146;s Discount Factor applied to bank loans means
Senior Loans<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP> with outstanding amounts greater than $250
million<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP>.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Split Baa and Ba</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Split Ba, B and Split B</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Caa and Split Caa incl. Distressed</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><DIV style="margin-left:15px; text-indent:-15px">136%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">149%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">250%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Non-senior loans to be discounted using the above factors plus 10%</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Loans with outstandings less than $250&nbsp;million accorded discounts above plus incremental
discounts of 20%.</TD>
</TR>

</TABLE>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(xi) <I>Asset-Backed and Mortgage-Backed Securities: </I>The Moody&#146;s Discount Factor
applied to asset-backed securities shall be 131%. The Moody&#146;s Discount Factor
applied to collateralized mortgage obligations, planned amortization class bonds and
targeted amortization class bonds shall be determined by reference to the weighted
average life of the security in accordance with the table set forth below.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Remaining Term to Maturity</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Moody&#146;s Discount Factor</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3&nbsp;years or less</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;133%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7&nbsp;years or less (but longer than 3&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">10&nbsp;years or less (but longer than 7&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">20&nbsp;years or less (but longer than 10&nbsp;years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">174</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The Moody&#146;s Discount Factor applied to residential mortgage pass-throughs (including
private-placement mortgage pass-throughs) shall be determined by reference to the
coupon paid by such security in accordance with the table set forth below.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Coupon</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Moody&#146;s Discount Factor</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;166%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">9%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">10%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">148</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">11%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">144</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">13%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">adjustable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">165</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The Moody&#146;s Discount Factor applied to fixed-rate pass-through that are not rated by
Moody&#146;s and are serviced by a servicer approved by Moody&#146;s shall be
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-23-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">determined by
reference to the table in the following paragraph (relating to whole loans).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The Moody&#146;s Discount Factor applied to whole loans shall be determined by reference
to the coupon paid by such security in accordance with the table set forth below.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Coupon</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Moody&#146;s Discount Factor</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;172%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">167</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">159</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">9%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">10%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">11%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">148</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">145</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">13%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">adjustable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">170</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(xii) <I>Municipal debt obligations</I>: The Moody&#146;s Discount Factor applied to municipal
debt obligations shall be the percentage determined by reference to the rating on
such asset and the shortest Exposure Period set forth opposite such rating that is
the same length as or is longer than the Moody&#146;s Exposure Period, in accordance with
the table set forth below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exposure Period</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Aaa</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Aa</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Baa</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">MIG-1 (1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">MIG-1 (2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Unrated (3)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7&nbsp;weeks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">151%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">159%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">160%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">173%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">135%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">148%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">225%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">8&nbsp;weeks or less
(but greater than
seven weeks)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">231</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">9&nbsp;weeks or less
(but greater than
eight weeks)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">240</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Municipal debt obligations not rated by Moody&#146;s but rated equivalent to MIG-1, VMIG-1 or P-1
by S&#038; P and Fitch that have a maturity less than or equal to 49&nbsp;days.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Municipal debt obligations not rated by Moody&#146;s but rated equivalent to MIG-1, VMIG-1 or P-1
by S&#038;P and Fitch that have a maturity greater than 49&nbsp;days.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Unless conclusions regarding liquidity risk as well as estimates of both the probability and
severity of default for the municipal issuer&#146;s assets can be derived from other sources as
well as combined with a number of sources as presented by the Trust to Moody&#146;s securities
rated below Baa by Moody&#146;s and unrated securities, which are securities rated by neither
Moody&#146;s, S&#038;P nor Fitch, are limited to 10% of Moody&#146;s Eligible Assets. If a municipal debt
security is unrated by Moody&#146;s, S&#038;P or Fitch, the Trust will use the percentage set forth
under &#147;Unrated&#148; in this table. Ratings assigned by S&#038;P or Fitch are generally accepted by
Moody&#146;s at face value. However, adjustments to face value may be made to particular
categories of credits for which the S&#038;P and/or Fitch rating does not seem to approximate a
Moody&#146;s rating equivalent. Split rated securities assigned by S&#038;P and Fitch will be accepted
at the lower of the two ratings.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->-24-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By resolution of the Board of Trustees and without amending the By-Laws of the Trust or
otherwise submitting such resolution for Shareholder approval, (i)&nbsp;the Moody&#146;s Discount Factors may
be changed from those set forth above and (ii)&nbsp;additional Moody&#146;s Discount Factors may be
established for other Eligible Assets if, in each case, the Rating Agency has advised the Trust in
writing that such change or addition would not adversely affect its then-current rating of the
Auction Preferred Shares, provided that the Trust shall cause to be made available a written
statement setting forth the Moody&#146;s Discount Factors, as changed or as supplemented, for inspection
by the Holders at the principal executive office of the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) &#147;Moody&#146;s Eligible Assets&#148; means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i)&nbsp;Cash (including interest and dividends due on assets rated (A)&nbsp;Baa3 or higher by
Moody&#146;s if the payment date is within five Business Days of the Valuation Date,
(B)&nbsp;A2 or higher if the payment date is within thirty days of the Valuation Date,
and (C)&nbsp;A1 or higher if the payment date is within Moody&#146;s Exposure Period) and
receivables for Moody&#146;s Eligible Assets sold if the receivable is due within five
Business Days of the Valuation Date, and if the trades which generated such
receivables are (A)&nbsp;settled through clearing house firms with respect to which the
Trust has received prior written authorization from Moody&#146;s or (B) (1)&nbsp;with
counterparties having Moody&#146;s long-term debt rating of at least Baa3 or (2)&nbsp;with
counterparties having a Moody&#146;s Short Term Money Market Instrument rating of at
least P-1;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;Short Term Money Market Instruments, so long as (A)&nbsp;such securities are rated
at least P-1, (B)&nbsp;in the case of demand deposits, time deposits and overnight funds,
the supporting entity is rated at least A2, or (C)&nbsp;in all other cases, the
supporting entity (1)&nbsp;is rated A2 and the security matures within one month, (2)&nbsp;is
rated A1 and the security matures within three months or (3)&nbsp;is rated at least Aa3
and the security matures within six months. In addition, Moody&#146;s rated 2a-7 money
market funds are also eligible investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iii)&nbsp;U.S. Government Securities and U.S. Treasury Strips;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iv)&nbsp;Rule&nbsp;144A Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(v)&nbsp;Senior Loans and other bank loans approved by Moody&#146;s;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(vi)&nbsp;Corporate debt securities if (A)&nbsp;such securities are rated B3 or higher by
Moody&#146;s; (B)&nbsp;such securities provide for the periodic payment of interest in cash in
U.S. dollars or euros, except that such securities that do not pay interest in U.S.
dollars or euros shall be considered Moody&#146;s Eligible Assets if they are rated by
Moody&#146;s or S&#038;P or Fitch; (C)&nbsp;for securities which provide for conversion or exchange
into equity capital at some time over their lives, the issuer must be rated at least
B3 by Moody&#146;s and the discount factor will be 250%; (D)&nbsp;for debt securities rated
Ba1 and below, no more than 10% of the original amount of such issue may constitute
Moody&#146;s Eligible Assets; (E)&nbsp;such securities have been registered under the
Securities Act or are restricted as to resale under federal
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-25-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">securities laws but are
eligible for resale pursuant to Rule&nbsp;144A under the Securities Act as determined by
the Fund&#146;s investment manager or portfolio manager acting pursuant to procedures
approved by the Board of Trustees, except that such securities that are not subject
to U.S. federal securities laws shall be considered Moody&#146;s Eligible Assets if they
are publicly traded; and (F)&nbsp;such securities are not subject to extended settlement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(vii)&nbsp;Preferred stocks if (A)&nbsp;dividends on such preferred stock are cumulative, (B)
such securities provide for the periodic payment of dividends thereon in cash in
U.S. dollars or euros and do not provide for conversion or exchange into, or have
warrants attached entitling the holder to receive, equity capital at any time over
the respective lives of such securities, (C)&nbsp;the issuer of such a preferred stock
has common stock listed on either the New York Stock Exchange or the American Stock
Exchange, (D)&nbsp;the issuer of such a preferred stock has a senior debt rating from
Moody&#146;s of Baa1 or higher or a preferred stock rating from Moody&#146;s of Baa3 or higher
and (E)&nbsp;such preferred stock has paid consistent cash dividends in U.S. dollars or
euros over the last three years or has a minimum rating of A1 (if the issuer of such
preferred stock has other preferred issues outstanding that have been paying
dividends consistently for the last three years, then a preferred stock without such
a dividend history would also be eligible). In addition, the preferred stocks must
have the following diversification requirements: (X)&nbsp;the preferred stock issue must
be greater than $50&nbsp;million and (Y)&nbsp;the minimum holding by the Trust of each issue
of preferred stock is $500,000 and the maximum holding of preferred stock of each
issue is $5&nbsp;million. In addition, preferred stocks issued by transportation
companies will not be considered Moody&#146;s Eligible Assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(viii)&nbsp;Common stocks (i)&nbsp;which (A)&nbsp;are traded on a nationally recognized stock
exchange or in the over-the-counter market, (B)&nbsp;if cash dividend paying, pay cash
dividends in US dollars and (C)&nbsp;may be sold without restriction by the corporation;
<I>provided, however, </I>that (y)&nbsp;common stock which, while a Moody&#146;s Eligible Asset owned
by the Trust, ceases paying any regular cash dividend will no longer be considered a
Moody&#146;s Eligible Asset until 71&nbsp;days after the date of the announcement of such
cessation, unless the issuer of the common stock has senior debt securities rated at
least A3 by Moody&#146;s and (z)&nbsp;the aggregate Market Value of the Trust&#146;s holdings of
the common stock of any issuer in excess of 4% in the case of utility common stock
and 6% in the case of non-utility common stock of the aggregate Market Value of the
Trust&#146;s holdings shall not be Moody&#146;s Eligible Assets, (ii)&nbsp;which are securities
denominated in any currency other than the US dollar or securities of issuers formed
under the laws of jurisdictions other than the United States, its states and the
District of Columbia for which there are dollar-denominated American Depository
Receipts (&#147;<U>ADRs</U>&#148;) or their equivalents which are traded in the United States
on exchanges or over-the-counter and are issued by banks formed under the laws of
the United States, its states or the District of Columbia or (iii)&nbsp;which are
securities of issuers formed under the laws of jurisdictions other than the United
States (and in existence for at least five years) for which no ADRs are traded;
<I>provided, however, </I>that the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">aggregate Market Value of the Trust&#146;s holdings of
securities denominated in currencies other than the US dollar and ADRs in excess of
(A)&nbsp;6% of the aggregate Market Value of the Outstanding shares of common stock of
such issuer thereof or (B)&nbsp;10% of the Market Value of the Trust&#146;s Moody&#146;s Eligible
Assets with respect to issuers formed under the laws of any single such non-U.S.
jurisdiction other than Australia, Belgium, Canada, Denmark, Finland, France,
Germany, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Spain, Sweden,
Switzerland and the United Kingdom, shall not be a Moody&#146;s Eligible Asset;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ix)&nbsp;Asset-backed and mortgage-backed securities:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Asset-backed securities if (1)&nbsp;such securities are rated at least Aa3 by
Moody&#146;s or at least AA- by S&#038;P or Fitch, (2)&nbsp;the securities are part of an issue that is
$250&nbsp;million or greater, or the issuer of such securities has a total of $500&nbsp;million or
greater of asset-backed securities outstanding at the time of purchase of the securities
by the Trust and (3)&nbsp;the expected average life of the securities is not greater than 4
years;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Collateralized mortgage obligations (&#147;CMOs&#148;), including CMOs with interest
rates that float at a multiple of the change in the underlying index according to a
pre-set formula, provided that any CMO held by the Trust (1)&nbsp;has been rated Aaa by
Moody&#146;s or AAA by S&#038;P or Fitch, (2)&nbsp;does not have a coupon which floats inversely, (3)
is not portioned as an interest-only or principal-only strip and (4)&nbsp;is part of an
issuance that had an original issue size of at least $100&nbsp;million;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Planned amortization class bonds (&#147;PACs&#148;) and targeted amortization class
bonds (&#147;TACs&#148;) provided that such PACs or TACs are (1)&nbsp;backed by certificates of either
the Federal National Mortgage Association (&#147;FNMA&#148;), the Government National Mortgage
Association (&#147;GNMA&#148;) or the Federal Home Loan Mortgage Corporation (&#147;FHLMC&#148;)
representing ownership in single-family first lien mortgage loans with original terms of
30&nbsp;years, (2)&nbsp;part of an issuance that had an original issue size of at least $10
million, (3)&nbsp;part of PAC or TAC classes that have payment priority over other PAC or TAC
classes, (4)&nbsp;if TACs, TACs that do not support PAC classes, and (5)&nbsp;if TACs, not
considered reverse TACs (i.e., do not protect against extension risk);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Consolidated senior debt obligations of Federal Home Loan Banks (&#147;FHLBs&#148;),
senior long-term debt of the FNMA, and consolidated systemwide bonds and FCS Financial
Assistance Corporation Bonds of Federal Farm Credit Banks (&#147;FFCBs&#148;) (collectively,
&#147;FHLB, FNMA and FFCB Debentures&#148;), provided that such FHLB, FNMA and FFCB Debentures are
(1)&nbsp;direct issuance corporate debt rated Aaa by Moody&#146;s, (2)&nbsp;senior debt obligations
backed by the FHLBs, FFCBs or FNMA, (3)&nbsp;part of an issue entirely denominated in U.S.
dollars and (4)&nbsp;not callable or exchangeable debt issues;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Mortgage pass-throughs rated at least Aa by Moody&#146;s and pass-throughs issued
prior to 1987 (if rated AA by S&#038;P and based on fixed-rate mortgage loans) by Travelers
Mortgage Services, Citicorp Homeowners, Citibank, N.A., Sears Mortgage Security or RFC &#150;
Salomon Brothers Mortgage Securities, Inc., provided that (1)&nbsp;certificates must evidence
a proportional, undivided interest in specified pools of fixed or adjustable rate
mortgage loans, secured by a valid first lien, on one- to four-family residential
properties and (2)&nbsp;the securities are publicly registered (not issued by FNMA, GNMA or
FHLMC);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Private-placement mortgage pass-throughs provided that (1)&nbsp;certificates
represent a proportional undivided interest in specified pools of fixed-rate mortgage
loans, secured by a valid first lien, on one- to four-family residential properties, (2)
documentation is held by a trustee or independent custodian, (3)&nbsp;pools of mortgage loans
are serviced by servicers that have been approved by FNMA or FHLMC and funds shall be
advanced to meet deficiencies to the extent provided in the pooling and servicing
agreements creating such certificates, and (4)&nbsp;pools have been rated Aa or better by
Moody&#146;s; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) Whole loans (e.g., direct investments in mortgages) provided that (1)&nbsp;at least
65% of such loans (a)&nbsp;have seasoning of no less than 6&nbsp;months, (b)&nbsp;are secured by
single-family detached residences, (c)&nbsp;are owner-occupied primary residences, (d)&nbsp;are
secured by a first-lien, fully-documented mortgage, (e)&nbsp;are neither currently delinquent
(30&nbsp;days or more) nor delinquent during the preceding year, (f)&nbsp;have loan-to-value
ratios of 80% or below, (g)&nbsp;carry normal hazard insurance and title insurance, as well
as special hazard insurance, if applicable, (h)&nbsp;have original terms to maturity not
greater than 30&nbsp;years, with at least one year remaining to maturity, (i)&nbsp;have a minimum
of $10,000 remaining principal balance, (j)&nbsp;for loans underwritten after January&nbsp;1,
1978, FNMA and/or FHLMC forms are used for fixed-rate loans, and (k)&nbsp;such loans are
whole loans and not participations; (2)&nbsp;for loans that do not satisfy the requirements
set forth in the foregoing clause (1), (a)&nbsp;non-owner occupied properties represent no
greater than 15% of the aggregate of either the adjustable-rate pool or the fixed-rate
pool, (b)&nbsp;multi-family properties (those with five or more units) represent no greater
than 15% of the aggregate of either the adjustable-rate pool or the fixed-rate pool, (c)
condominiums represent no greater than 10% of the aggregate of either the
adjustable-rate pool or the fixed-rate pool, and any condominium project must be 80%
occupied at the time the loan is originated, (d)&nbsp;properties with loan-to-value ratios
exceeding 80% represent no greater than 25% of the aggregate of either the
adjustable-rate pool or the fixed-rate pool and the portion of the mortgage on any such
property that exceeds a loan-to-value ratio of 80% is insured with Primary Mortgage
Insurance from an insurer rated at least Baa3 by Moody&#146;s and (e)&nbsp;loan balances in excess
of the current FHLMC limit plus $75,000 represent no greater than 25% of the aggregate
of either the adjustable-rate pool or the fixed-rate pool, loan balances in excess of
$350,000 represent no greater than 10% of the aggregate of either the adjustable-rate
pool or the fixed-rate pool, and loan balances in excess of $1,000,000 represent no
greater than 5% of the aggregate of either the adjustable-rate pool or the fixed-rate
pool; (3)&nbsp;no greater than 5% of the pool of loans is concentrated in any one zip code;
(4)&nbsp;the pool of loans contains at least 100 loans or $2&nbsp;million in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-28-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">loans per servicer;
(5)&nbsp;for adjustable-rate mortgages (&#147;ARMs&#148;), (a)&nbsp;any ARM is indexed to the National Cost
of Funds index, the 11th District Cost of Funds index, the 1-year Treasury or the
6-month Treasury, (b)&nbsp;the margin over the given index is between 0.15% and 0.25% for
either cost-of-funds index and between 0.175% and 0.325% for Treasuries, (c)&nbsp;the maximum
yearly interest rate increase is 2%, (d)&nbsp;the maximum life-time interest rate increase is
6.25% and (e)&nbsp;ARMs may include Federal Housing Administration and Department of Veterans
Affairs loans; (6)&nbsp;for &#147;teaser&#148; loans, (a)&nbsp;the initial discount from the current ARM
market rate is no greater than 2%, (b)&nbsp;the loan is underwritten at the market rate for
ARMs, not the &#147;teaser&#148; rate, and (c)&nbsp;the loan is seasoned six months beyond the &#147;teaser&#148;
period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(x)&nbsp;Any municipal debt obligation that (A)&nbsp;pays interest in cash, (B)&nbsp;does not have
a Moody&#146;s rating, as applicable, suspended by Moody&#146;s, and (C)&nbsp;is part of an issue
of municipal debt obligations of at least $5,000,000, except for municipal debt
obligations rated below A by Moody&#146;s, in which case the minimum issue size is
$10,000,000;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(xi)&nbsp;Structured Notes and rated TRACERs; and TRAINS;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(xii)&nbsp;Financial contracts, as such term is defined in Section&nbsp;3(c)(2)(B)(ii) of the
1940 Act, not otherwise provided for in this definition but only upon receipt by the
Trust of a letter from Moody&#146;s specifying any conditions on including such financial
contract in Moody&#146;s Eligible Assets and assuring the Trust that including such
financial contract in the manner so specified would not affect the credit rating
assigned by Moody&#146;s to the APS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, in order to merit consideration as a Moody&#146;s Eligible Asset, securities should
be issued by entities which:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Have not filed for bankruptcy with the past year</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Are current on all principle and interest in their fixed income obligations</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Are current on all preferred stock dividends</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Possess a current, unqualified auditor&#146;s report without qualified,
explanatory language.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below establishes maximum limits for inclusion of corporate bonds and preferred
stocks except convertibles and common stocks as Moody&#146;s Eligible Assets prior to applying Moody&#146;s
Discount Factors to eligible securities:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Maximum Single</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Maximum Single</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Minimum Issue Size</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Ratings <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Issuer <SUP style="FONT-size: 85%; vertical-align: text-top">2,3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Industry <SUP style="FONT-size: 85%; vertical-align: text-top">3,4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">($ in million) <SUP style="FONT-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aaa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;100%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;100%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="center">$100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Baa, Com. St.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ba</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;&nbsp;50<SUP style="FONT-size: 85%; vertical-align: text-top"> 6</SUP></TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">B1-B2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;50<SUP style="FONT-size: 85%; vertical-align: text-top"> 6</SUP></TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">B3 or below</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;50<SUP style="FONT-size: 85%; vertical-align: text-top"> 6</SUP></TD>
    <TD nowrap></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-29-<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Refers to the preferred stock and senior debt rating of the portfolio holding.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Companies subject to common ownership of 25% or more are considered as one
issuer.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Percentages represent a portion of the aggregate Market Value of the
portfolio.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Industries are determined according to Moody&#146;s Industry Classifications, as
defined herein.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Except for preferred stock, which has a minimum issue size of $50&nbsp;million.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">6</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Portfolio holdings from issues ranging from $50&nbsp;million to $100&nbsp;million and
are limited to 20% of the Trust&#146;s total assets.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where the Trust sells an asset and agrees to repurchase such asset in the future, the
Discounted Value of such asset will constitute a Moody&#146;s Eligible Asset and the amount the Trust is
required to pay upon repurchase of such asset will count as a liability for the purposes of the
Preferred Shares Basic Maintenance Amount. Where the Trust purchases an asset and agrees to sell
it to a third party in the future, cash receivable by the Trust thereby will constitute a Moody&#146;s
Eligible Asset if the long-term debt of such other party is rated at least A2 by Moody&#146;s and such
agreement has a term of 30&nbsp;days or less; otherwise the Discounted Value of such purchased asset
will constitute a Moody&#146;s Eligible Asset. For the purposes of calculation of Moody&#146;s Eligible
Assets, portfolio securities which have been called for redemption by the issuer thereof shall be
valued at the lower of Market Value or the call price of such portfolio securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, an asset will not be considered a Moody&#146;s Eligible Asset to the
extent that it (i)&nbsp;has been irrevocably deposited for the payment of (i)(A) through (i)(E) under
the definition of Preferred Shares Basic Maintenance Amount or to the extent it is subject to any
Liens, except for (A)&nbsp;Liens which are being contested in good faith by appropriate proceedings and
which Moody&#146;s has indicated to the Trust will not affect the status of such asset as a Moody&#146;s
Eligible Asset, (B)&nbsp;Liens for taxes that are not then due and payable or that can be paid
thereafter without penalty, (C)&nbsp;Liens to secure payment for services rendered or cash advanced to
the Trust by its investment manager or portfolio manager, the Trust&#146;s custodian, transfer agent or
registrar or the Auction Agent and (D)&nbsp;Liens arising by virtue of any repurchase agreement, or (ii)
has been segregated against obligations of the Fund in connection with an outstanding derivative
transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(bbb) &#147;Moody&#146;s Hedging Transactions&#148; has the meaning set forth in Section&nbsp;8.8.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ccc) &#147;Moody&#146;s Industry Classification&#148; means, for the purposes of determining Moody&#146;s
Eligible Assets, each of the following industry classifications (or such other
classifications as Moody&#146;s may from time to time approve for application to the APS):
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Aerospace and Defense: Major Contractor, Subsystems, Research, Aircraft
Manufacturing, Arms, Ammunition</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Automobile: Automobile Equipment, Auto-Manufacturing, Auto Parts Manufacturing,
Personal Use Trailers, Motor Homes, Dealers</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-30-<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Banking: Bank Holding, Savings and Loans, Consumer Credit, Small Loan, Agency,
Factoring, Receivables</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Beverage, Food and Tobacco: Beer and Ale, Distillers, Wines and Liquors,
Distributors, Soft Drink Syrup, Bottlers, Bakery, Mill Sugar, Canned Foods, Corn
Refiners, Dairy Products, Meat Products, Poultry Products, Snacks, Packaged Foods,
Distributors, Candy, Gum, Seafood, Frozen Food, Cigarettes, Cigars, Leaf/Snuff,
Vegetable Oil</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buildings and Real Estate: Brick, Cement, Climate Controls, Contracting,
Engineering, Construction, Hardware, Forest Products (building-related only),
Plumbing, Roofing, Wallboard, Real Estate, Real Estate Development, REITs, Land
Development</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Chemicals, Plastics and Rubber: Chemicals (non-agricultural), Industrial Gases,
Sulphur, Plastics, Plastic Products, Abrasives, Coatings, Paints, Varnish, Fabricating
Containers</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Packaging and Glass: Glass, Fiberglass, Containers made of: Glass, Metal,
Paper, Plastic, Wood or Fiberglass</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Personal and Non-Durable Consumer Products (Manufacturing Only): Soaps,
Perfumes, Cosmetics, Toiletries, Cleaning Supplies, School Supplies</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Diversified/Conglomerate Manufacturing</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Diversified/Conglomerate Service</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Diversified Natural Resources, Precious Metals and Minerals: Fabricating,
Distribution</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ecological: Pollution Control, Waste Removal, Waste Treatment and Waste
Disposal</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Electronics: Computer Hardware, Electric Equipment, Components, Controllers,
Motors, Household Appliances, Information Service Communication Systems, Radios, TVs,
Tape Machines, Speakers, Printers, Drivers, Technology</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Finance: Investment Brokerage, Leasing, Syndication, Securities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Farming and Agriculture: Livestock, Grains, Produce, Agriculture Chemicals,
Agricultural Equipment, Fertilizers</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Grocery: Grocery Stores, Convenience Food Stores</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Healthcare, Education and Childcare: Ethical Drugs, Proprietary Drugs,
Research, Health Care Centers, Nursing Homes, HMOs, Hospitals, Hospital Supplies,
Medical Equipment</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Home and Office Furnishings, Housewares, and Durable Consumer Products:
Carpets, Floor Coverings, Furniture, Cooking, Ranges</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Hotels, Motels, Inns and Gaming</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insurance: Life, Property and Casualty, Broker, Agent, Surety</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">21.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Leisure, Amusement, Motion Pictures, Entertainment: Boating, Bowling,
Billiards, Musical Instruments, Fishing, Photo Equipment, Records, Tapes, Sports,
Outdoor Equipment (Camping), Tourism, Resorts, Games, Toy Manufacturing, Motion Picture
Production Theaters, Motion Picture Distribution</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">22.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Machinery (Non-Agricultural, Non-Construction, Non-Electronic): Industrial,
Machine Tools, Steam Generators</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">23.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mining, Steel, Iron and Non-Precious Metals: Coal, Copper, Lead, Uranium, Zinc,
Aluminum, Stainless Steel, Integrated Steel, Ore Production, Refractories,</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-31-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Steel Mill
Machinery, Mini-Mills, Fabricating, Distribution and Sales of the foregoing
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">24.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Oil and Gas: Crude Producer, Retailer, Well Supply, Service and Drilling</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">25.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Printing, Publishing, and Broadcasting: Graphic Arts, Paper, Paper Products,
Business Forms, Magazines, Books, Periodicals, Newspapers, Textbooks, Radio, T.V.,
Cable Broadcasting Equipment</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">26.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cargo Transport: Rail, Shipping, Railroads, Rail-car Builders, Ship Builders,
Containers, Container Builders, Parts, Overnight Mail, Trucking, Truck Manufacturing,
Trailer Manufacturing, Air Cargo, Transport</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">27.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Retail Stores: Apparel, Toy, Variety, Drugs, Department, Mail Order Catalog,
Showroom</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">28.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Telecommunications: Local, Long Distance, Independent, Telephone, Telegraph,
Satellite, Equipment, Research, Cellular</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">29.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Textiles and Leather: Producer, Synthetic Fiber, Apparel Manufacturer, Leather
Shoes</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">30.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Personal Transportation: Air, Bus, Rail, Car Rental</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">31.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Utilities: Electric, Water, Hydro Power, Gas</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">32.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Diversified Sovereigns: Semi-sovereigns, Canadian Provinces, Supra-national
Agencies</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Trust will use its discretion in determining which industry classification is applicable
to a particular investment in consultation with the Independent Accountant and Moody&#146;s, to
the extent the Trust considers necessary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ddd) &#147;NASDAQ System&#148; means the electronic inter-dealer quotation system operated by NASDAQ,
Inc., a subsidiary of the National Association of Securities Dealers, Inc.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(eee) &#147;NRSRO&#148; means any nationally recognized statistical rating organization.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(fff) &#147;Non-Call Period&#148; has the meaning set forth under the definition of &#147;Specific Redemption
Provisions.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ggg) &#147;Non-Payment Period Rate&#148; means 300% of the applicable &#145;AA&#146; Financial Composite
Commercial Paper Rate, provided that the Board of Trustees shall have the authority to
adjust, modify, alter or change from time to time the initial Non-Payment Period Rate if the
Board of Trustees determines and Moody&#146;s (or any Substitute Rating Agency in lieu of Moody&#146;s
in the event Moody&#146;s shall not rate the APS) advises the Trust in writing that such
adjustment, modification, alteration or change will not adversely affect its then current
ratings on the APS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(hhh) &#147;Notice of Redemption&#148; has the meaning specified in Section&nbsp;8.6(c).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(iii) &#147;Notice of Special Rate Period&#148; means any notice with respect to a Special Rate Period
of APS pursuant to Sections&nbsp;8.4(c).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(jjj) &#147;Optional Redemption Price&#148; means $25,000 per share plus an amount equal to accumulated
but unpaid dividends (whether or not earned or declared) to the date fixed
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-32-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">for redemption
plus any applicable redemption premium attributable to the designation of a Premium Call
Period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(kkk) &#147;Order&#148; and &#147;Orders&#148; have the respective meanings specified in Section&nbsp;8.9(a)(i)(C).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(lll) &#147;Outstanding&#148; means, as of any date (i)&nbsp;with respect to APS, APS theretofore issued by
the Trust except, without duplication, (A)&nbsp;any APS theretofore canceled or delivered to the
Auction Agent for cancellation, or redeemed by the Trust, or as to which a Notice of
Redemption shall have been given and Deposit Securities shall have been deposited in trust
or segregated by the Trust pursuant to Section&nbsp;8.6(g) and (B)&nbsp;any APS as to which the Trust
or any Affiliate (other than an Affiliate that is a Broker-Dealer) thereof shall be a
Beneficial Owner, provided that APS held by an Affiliate shall be deemed outstanding for
purposes of calculating the Preferred Shares Basic Maintenance Amount and (ii)&nbsp;with respect
to other preferred shares of beneficial interest of the Trust, the meaning equivalent to
that for APS as set forth in clause (i).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(mmm) &#147;Person&#148; means and includes an individual, a partnership, a trust, an unincorporated
association, a joint venture or other entity or government agency or political subdivision
thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(nnn) &#147;Potential Beneficial Owner&#148; means a customer of a Broker-Dealer or a Broker-Dealer that
is not a Beneficial Owner of APS but that wishes to purchase such shares, or that is a
Beneficial Owner that wishes to purchase additional APS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ooo) &#147;Potential Holder&#148; means any Broker-Dealer or any such other Person as may be permitted
by the Trust, including any Existing Holder, who may be interested in acquiring APS (or, in
the case of an Existing Holder, additional APS).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ppp) &#147;Preferred Shares Basic Maintenance Amount,&#148; as of any Valuation Date, means the dollar
amount equal (i)&nbsp;to 130% of the sum of (A)&nbsp;the product of the number of APS outstanding on
such date multiplied by $25,000 (plus the product of the number of shares of any other
series of preferred shares outstanding on such date multiplied by the liquidation preference
of such shares), plus any redemption premium applicable to the APS (or other preferred shares) then subject to redemption; (B)&nbsp;the aggregate amount of dividends that will have
accumulated at the respective Applicable Rates (whether or not earned or declared) to (but
not including) the first respective Dividend Payment Dates for each series of APS
outstanding that follow such Valuation Date (plus the aggregate amount of dividends, whether
or not earned or declared, that will have accumulated in respect of other outstanding
preferred shares to, but not including, the first respective dividend payment dates for such
other shares that follow such Valuation Date); (C)&nbsp;the aggregate amount of dividends that
would accumulate on shares of each series of the APS outstanding from such first respective
Dividend Payment Date therefor through the 42<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> day after such Valuation Date, at
the Maximum Applicable Rate (calculated as if such Valuation Date were the Auction Date for
the Rate Period commencing on such Dividend Payment Date) for a Minimum Rate Period of shares of such series to commence on such Dividend Payment Date, assuming, solely for
purposes of the foregoing, that if on such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-33-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Valuation Date the Trust shall have delivered a
Notice of Special Rate Period to the Auction Agent pursuant to Section&nbsp;8.4(c) with respect
to shares of such series, such Maximum Applicable Rate shall be the Maximum Applicable Rate
for the Special Rate Period of shares of such series to commence on such Dividend Payment
Date (except that (1)&nbsp;if such Valuation Date occurs at a time when a Failure to Deposit (or,
in the case of preferred shares other than the APS, a failure similar to a Failure to
Deposit) has occurred that has not been cured, the dividend for purposes of calculation
would accumulate at the current dividend rate then applicable to the shares in respect of
which such failure has occurred and (2)&nbsp;for those days during the period described in this
subparagraph (C)&nbsp;in respect of which the Applicable Rate in effect immediately prior to such
Dividend Payment Date will remain in effect (or, in the case of preferred shares other than
the APS, in respect of which the dividend rate or rates in effect immediately prior to such
respective dividend payment dates will remain in effect), the dividend for purposes of
calculation would accumulate at such Applicable Rate (or other rate or rates, as the case
may be) in respect of those days); (D)&nbsp;the amount of anticipated expenses of the Trust for
the 42&nbsp;days subsequent to such Valuation Date; (E)&nbsp;any current liabilities as of such
Valuation Date to the extent not reflected in any of (i)(A) through (i)(D) (including,
without limitation, any payables for portfolio securities of the Trust purchased as of such
Valuation Date and any liabilities incurred for the purpose of clearing securities
transactions) less (ii)&nbsp;the value (i.e., the face value of cash, short-term securities rated
MIG-1, VMIG-1, or P-1, and short-term securities that are the direct obligation of the U.S.
government, provided in each case that such securities mature on or prior to the date upon
which any of (i)(A) through (i)(E) become payable, otherwise the Discounted Value) of any of
the Trust&#146;s assets irrevocably deposited by the Trust for the payment of any of (i)(A)
through (i)(E).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(qqq) &#147;Preferred Shares Basic Maintenance Cure Date,&#148; with respect to the failure by the Trust
to satisfy the Preferred Shares Basic Maintenance Amount (as required by Section&nbsp;8.3) as of
a given Valuation Date, means the sixth Business Day following such Valuation Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(rrr) &#147;Preferred Shares Basic Maintenance Report&#148; means a report by any of the President,
Treasurer, any Vice President or any Assistant Treasurer of the Trust which sets forth, as
of the related Valuation Date, the assets of the Trust, the Market Value and the Discounted
Value thereof (seriatim and in aggregate), and the Preferred Shares Basic Maintenance
Amount.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(sss) &#147;Preferred Shares Paying Agent&#148; means Deutsche Bank Trust Company Americas unless and
until another bank or trust company has been appointed as Preferred Shares Paying Agent by a
resolution of the Board of Trustees and thereafter such substitute bank or trust company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ttt) &#147;Premium Call Period&#148; has the meaning set forth under the definition of &#147;Specific
Redemption Provisions.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(uuu) &#147;Pricing Service&#148; means any pricing service designated by the Board of Trustees of the
Trust and approved by Moody&#146;s, for purposes of determining whether the Trust has
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Eligible
Assets with an aggregate Discounted Value that equals or exceeds the Preferred Shares Basic
Maintenance Amount.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(vvv) &#147;Rate Period&#148; means, with respect to shares of a series of APS, the Initial Rate Period
of such Series and any Subsequent Rate Period, including any Special Rate Period, of such
Series.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(www) &#147;Reference Rate&#148; means (i)&nbsp;with respect to a seven-day Dividend Period or a Short Term
Dividend Period having fewer than 183&nbsp;days, the applicable &#147;AA&#148; Financial Composite
Commercial Paper Rate, (ii)&nbsp;with respect to any Short Term Dividend Period having 183 or
more but fewer than 364&nbsp;days, the applicable U.S. Treasury Bill Rate and (iii)&nbsp;with respect
to any Long Term Dividend Period, the applicable U.S. Treasury Note Rate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(xxx) &#147;Response&#148; has the meaning set forth in Section&nbsp;8.4(c) of these By-laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(yyy) &#147;Rating Agency,&#148; on any date of determination, means (i)&nbsp;Moody&#146;s if Moody&#146;s is then
rating the APS, or (ii)&nbsp;if Moody&#146;s is then not rating the APS, any NRSRO rating the APS at
the request of the Trust. In the event that Moody&#146;s is not rating the APS, any reference to
a rating by Moody&#146;s in this Article&nbsp;VIII shall be deemed to be a reference to the equivalent
rating by such substitute NRSRO.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(zzz) &#147;Redemption Price&#148; has the meaning set forth in Section&nbsp;8.6.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(aaaa) &#147;Rule&nbsp;144A Securities&#148; means securities which are restricted as to resale under federal
securities laws but are eligible for resale pursuant to Rule&nbsp;144A under the Securities Act
as determined by the Trust&#146;s investment manager or portfolio manager acting pursuant to
procedures approved by the Board of Trustees of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(bbbb) &#147;S&#038;P&#148; means Standard &#038; Poor&#146;s, a division of The McGraw-Hill Companies, Inc., or its
successors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(cccc) &#147;Securities Act&#148; means the Securities Act of 1933, as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(dddd) &#147;Securities Depository&#148; means The Depository Trust Company and its successors and
assigns or the successor depository selected by the Trust as securities depository for the
APS that agrees to follow the procedures required to be followed by such securities
depository in connection with the APS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(eeee) &#147;Sell Order&#148; and &#147;Sell Orders&#148; have the respective meanings specified in
Section&nbsp;8.9(a)(i)(C).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ffff) &#147;Share Books&#148; means the Share transfer books of the Trust maintained by the Preferred
Shares Paying Agent with respect to the Preferred Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(gggg) &#147;Short Term Dividend Period&#148; means a Special Dividend Period consisting of a specified
number of days, evenly divisible by seven and not fewer than fourteen nor more than 364.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(hhhh) &#147;Short Term Money Market Instruments&#148; means the following types of instruments if, on
the date of purchase or other acquisition thereof by the Trust, the remaining term to
maturity thereof is not in excess of 180&nbsp;days (or 270&nbsp;days for instruments rated at least
Aaa for purposes of determining Moody&#146;s Eligible Assets):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i)&nbsp;commercial paper rated either F1 by Fitch or A-1 by S&#038;P if such commercial paper
matures in 30&nbsp;days or P-1 by Moody&#146;s and either F1&#043; by Fitch or A-1&#043; by S&#038;P if such
commercial paper matures in over 30&nbsp;days;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;demand or time deposits in, and banker&#146;s acceptances and certificates of
deposit of (A)&nbsp;a depository institution or trust company incorporated under the
laws of the United States of America or any state thereof or the District of
Columbia or (B)&nbsp;a United States branch office or agency of a foreign depository
institution (provided that such branch office or agency is subject to banking
regulation under the laws of the United States, any state thereof or the District of
Columbia);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iii)&nbsp;overnight funds;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iv)&nbsp;U.S. Government Securities; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(v)&nbsp;Eurodollar demand or time deposits in, or certificates of deposit of, the head
office or the London branch office of a depository institution or trust company if
the certificates of deposit, if any, and the long-term unsecured debt obligations
(other than such obligations the ratings of which are based on the credit of a
person or entity other than such depository institution or trust company) of such
depository institution or trust company that have (1)&nbsp;credit ratings on each
Valuation Date of at least P-1 from Moody&#146;s and either F1&#043; from Fitch or A-1&#043; from
S&#038;P, in the case of commercial paper or certificates of deposit, and (2)&nbsp;credit
ratings on each Valuation Date of at least Aa3 from Moody&#146;s and either AA- from
Fitch or AA- from S&#038;P, in the case of long-term unsecured debt obligations;
provided, however, that in the case of any such investment that matures in no more
than one Business Day from the date of purchase or other acquisition by the Trust,
all of the foregoing requirements shall be applicable except that the required
long-term unsecured debt credit rating of such depository institution or trust
company from Moody&#146;s, Fitch and S&#038;P shall be at least A2, A and A, respectively; and
provided further, however, that the foregoing credit rating requirements shall be
deemed to be met with respect to a depository institution or trust company if (1)
such depository institution or trust company is the principal depository institution
in a holding company system, (2)&nbsp;the certificates of deposit, if any, of such
depository institution or trust company are not rated on any Valuation Date below
P-1 by Moody&#146;s, F1&#043; by Fitch or A-1&#043; by S&#038;P and there is no long-term rating, and
(3)&nbsp;the holding company shall meet all of the foregoing credit rating requirements
(including the preceding proviso in the case of investments that mature in no more
than one Business Day from the date of purchase or other acquisition by the Trust);
and provided further, that the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">interest receivable by the Trust shall not be subject
to any withholding or similar taxes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(iiii) &#147;Special Rate Period,&#148; with respect to shares of a series of APS, has the meaning
specified in Section&nbsp;8.4(c).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(jjjj) &#147;Specific Redemption Provisions&#148; means, with respect to a Special Dividend Period
either, or both of (i)&nbsp;a period (a &#147;Non-Call Period&#148;) determined by the Trust, after
consultation with the Auction Agent and the Broker-Dealers, during which the APS subject to
such Dividend Period shall not be subject to redemption at the option of the Trust and
(ii)&nbsp;a period (a &#147;Premium Call Period&#148;), consisting of a number of whole years and
determined by the Trust, after consultation with the Auction Agent and the Broker-Dealers,
during each year of which the APS subject to such Dividend Period shall be redeemable at the
Trust&#146;s option at a price per share equal to $25,000 plus accumulated but unpaid dividends
plus a premium expressed as a percentage of $25,000, as determined by the Trust after
consultation with the Auction Agent and the Broker-Dealers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(kkkk) &#147;Structured Notes&#148; means privately negotiated debt obligations where the principal
and/or interest is determined by reference to the performance of a benchmark asset or market
(an &#147;embedded index&#148;), such as selected securities or an index of securities, or the
differential performance of two assets or markets, such as indices reflecting bonds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(llll) &#147;Submission Deadline&#148; means 1:30 P.M., New York city time, on any Auction Date or such
other time on any Auction Date by which Broker-Dealers are required to submit Orders to the
Auction Agent as specified by the Auction Agent from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(mmmm) &#147;Submitted Bid&#148; And &#147;Submitted Bids&#148; have the respective meanings specified in
Section&nbsp;8.9(c)(i).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(nnnn) &#147;Submitted Hold Order&#148; and &#147;Submitted Hold Orders&#148; have the respective meanings
specified in Section&nbsp;8.9(c)(i).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(oooo) &#147;Submitted Order&#148; and &#147;Submitted Orders&#148; have the respective meanings specified in
Section&nbsp;8.9(c)(i).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(pppp) &#147;Subsequent Rate Period,&#148; means, with respect to shares of a series of APS, the period
from and including the first day following the Initial Rate Period of shares of such series
to but excluding the next Dividend Payment Date for shares of such series and any period
thereafter from and including one Dividend Payment Date for shares of such series to but
excluding the next succeeding Dividend Payment Date for shares of such series; provided,
however, that if any Subsequent Rate Period is also a Special Rate Period, such term shall
mean the period commencing on the first day of such Special Rate Period and ending on the
last day of the last Dividend Period thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(qqqq) &#147;Substitute Rating Agency&#148; means a Rating Agency selected by the Trust to act as the
substitute Rating Agency to determine the credit ratings of the APS.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(rrrr) &#147;Treasury Bonds&#148; means U.S. Treasury Bonds or notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ssss) &#147;U.S. Treasury Bill Rate&#148; on any date means (i)&nbsp;the Interest Equivalent of the rate on
the actively traded Treasury Bill with a maturity most nearly comparable to the length of
the related Dividend Period, as such rate is made available on a discount basis or otherwise
by the Federal Reserve Bank of New York in its Composite 3:30 P.M. Quotations for U.S.
Government Securities report for such Business Day, or (ii)&nbsp;if such yield as so calculated
is not available, the Alternate Treasury Bill Rate on such date. For purposes of
determining the &#147;U.S. Treasury Bill Rate&#148; the &#147;Alternate Treasury Bill Rate&#148; on any date
means the Interest Equivalent of the yield as calculated by reference to the arithmetic
average of the bid price quotations of the actively traded Treasury Bill with a maturity
most nearly comparable to the length of the related Dividend Period, as determined by bid
price quotations as of any time on the Business Day immediately preceding such ate, obtained
from at least three recognized primary U. S. Government securities dealers selected by the
Auction Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(tttt) &#147;U.S. Treasury Note Rate&#148; on any date means (i)&nbsp;the yield as calculated by reference to
the bid price quotation of the actively treaded, current coupon Treasury Note with a
maturity most nearly comparable to the length of the related Dividend Period, as such bid
price quotation is published on the Business day immediately preceding such date by the
Federal Reserve Bank of New York in its Composite 3:30 P.M. Quotations for U. S Government
Securities report for such Business Day, or (ii)&nbsp;if such yield as so calculated is not
available, the Alternate Treasury Note Rate on such date. For purposes of determining the
U.S. Treasury Note rate, the &#147;Alternate Treasury Note Rate&#148; on any date means the yield as
calculated by reference to the arithmetic average of the bid price quotations of the
actively traded current coupon Treasury Note with a maturity most nearly comparable to the
length of the related Dividend Period, as determined by the bid price quotations as of any
time on the Business Day immediately preceding such date, obtained from at least three
recognized primary U.S. Government securities dealers selected by the Auction Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(uuuu) &#147;U.S. Treasury Securities&#148; means obligations issued by the United States of America
which are not zero coupon securities (other than Treasury bills), except that, for purposes
of determining Eligible Assets, such obligations must be direct obligations of the United
States Government (not including zero coupon securities).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(vvvv) &#147;Valuation Date&#148; means, for purposes of determining whether the Trust is maintaining
the Preferred Shares Basic Maintenance Amount, the last Business Day of each week commencing
with the Date of Original Issue or such other date as agreed to by the Rating Agency.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(wwww) &#147;Winning Bid Rate&#148; has the meaning specified in Section&nbsp;8.9(c)(i)(C).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All references in these By-Laws to securities ratings by Standard &#038; Poor&#146;s or Moody&#146;s shall,
unless otherwise indicated, include all securities within such rating categories (i.e. (&#043;), (-) or
without either modifier for Standard &#038; Poor&#146;s or a numerical modifier for Moody&#146;s).
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.3. <U>Investment Company Act Preferred Share Asset Coverage and Preferred Shares
Basic Maintenance Amount Coverage</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(a)&nbsp;The Trust shall maintain, as of the last Business Day of each month in which any APS are
Outstanding, the Investment Company Act Preferred Share Asset Coverage.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(b)&nbsp;So long as APS are Outstanding, the Trust shall maintain, on each Valuation Date, and
shall verify to its satisfaction that it is maintaining on such Valuation Date, Moody&#146;s
Eligible Assets having an aggregate Discounted Value equal to or greater than the Preferred
Shares Basic Maintenance Amount (if Moody&#146;s is then rating the APS).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(c)&nbsp;On or before 5:00 P.M., New York City time, on the third Business Day after a Valuation
Date on which the Trust fails to satisfy the Preferred Shares Basic Maintenance Amount, and
on the third Business Day after the Preferred Shares Basic Maintenance Cure Date with
respect to such Valuation Date, the Trust shall complete and deliver to the Independent
Accountant and the Auction Agent a Preferred Shares Basic Maintenance Report as of the date
of such failure or such Preferred Shares Basic Maintenance Cure Date, as the case may be,
which will be deemed to have been delivered to the Auction Agent if the Auction Agent
receives a copy or telecopy, telex or other electronic transcription thereof and on the same
day the Trust mails to the Auction Agent for delivery on the next Business Day the full
Preferred Shares Basic Maintenance Report. The Trust shall also deliver a Preferred Shares
Basic Maintenance Report to (i)&nbsp;the Auction Agent as of the last Valuation Date of each
calendar month (or, if such day is not a Business Day, the immediately prior Business Day)
and (ii)&nbsp;the Independent Accountant as of the last Valuation Date of each calendar month
(or, if such day is not a Business Day, the immediately prior Business Day), in each case on
or before the third Business Day after such day. A failure by the Trust to deliver a
Preferred Shares Basic Maintenance Report pursuant to the preceding sentence shall be deemed
to be delivery of a Preferred Shares Basic Maintenance Report indicating the Discounted
Value for all assets of the Trust is less than the Preferred Shares Basic Maintenance
Amount, as of the relevant Valuation Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(d)&nbsp;Within ten Business Days after the date of delivery of a Preferred Shares Basic
Maintenance Report in accordance with paragraph (c)&nbsp;of this Section&nbsp;8.3 relating to each
Annual Valuation Date, the Trust shall cause the Independent Accountant to confirm in
writing to Moody&#146;s (if Moody&#146;s is then rating the APS) and the Auction Agent (i)&nbsp;the
mathematical accuracy of the calculations reflected in such Preferred Shares Basic
Maintenance Report (and in any other Preferred Shares Basic Maintenance Report, randomly
selected by the Independent Accountant, that was prepared by the Trust during the quarter
ending on such Annual Valuation Date), (ii)&nbsp;that, in such Preferred Shares Basic Maintenance
Report (and in such randomly selected Preferred Shares Basic Maintenance Report), the Trust
correctly determined in accordance with these By-Laws the assets of the Trust which
constitute Moody&#146;s Eligible Assets (if Moody&#146;s is then rating the APS), (iii)&nbsp;that, in such
Preferred Shares Basic Maintenance Report (and in such randomly selected Preferred Shares
Basic Maintenance Report), the Trust determined whether the Trust had, at such Annual
Valuation Date (and at the Valuation Date addressed in such randomly selected Report) in
accordance with these By-Laws,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Moody&#146;s Eligible Assets of an aggregate Discounted Value at
least equal to the Preferred Shares Basic Maintenance Amount, (iv)&nbsp;with respect to the S&#038;P
ratings on portfolio securities of the Trust, the issuer name, issue size and coupon rate,
if any, listed in such Report, that the Independent Accountant has requested that S&#038;P verify
such information with respect to a sample of portfolio securities the number of which is
agreed upon by the Rating Agency and the Independent Accountant shall provide a listing in
its letter of any differences, (v)&nbsp;with respect to the Moody&#146;s ratings on portfolio
securities of the Trust, the issuer name, issue size and coupon rate, if any, listed in such
Preferred Shares Basic Maintenance Report, that such information has been verified by
Moody&#146;s (in the event such information is not verified by Moody&#146;s, the Independent
Accountant will inquire of Moody&#146;s what such information is, and provide a listing in its
letter of any differences) and (vi)&nbsp;with respect to the bid or mean price (or such
alternative permissible factor used in calculating the Market Value) provided by the
custodian of the Trust&#146;s assets to the Trust for purposes of valuing securities in the
Trust&#146;s portfolio, the Independent Accountant has traced the price used in such Preferred
Shares Basic Maintenance Report to the bid or mean price listed in such Preferred Shares
Basic Maintenance Report as provided to the Trust and verified that such information agrees
(in the event such information does not agree, the Independent Accountant will provide a
listing in its letter of such differences) (such confirmation is herein called the
&#147;Auditor&#146;s Confirmation&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(e)&nbsp;Within ten Business Days after the date of delivery of a Preferred Shares Basic
Maintenance Report in accordance with paragraph (c)&nbsp;of this Section&nbsp;8.3 relating to any
Valuation Date on which the Trust failed to satisfy the Preferred Shares Basic Maintenance
Amount, and relating to the Preferred Shares Basic Maintenance Cure Date with respect to
such failure to satisfy the Preferred Shares Basic Maintenance Amount, the Trust shall cause
the Independent Accountant to provide to Moody&#146;s (if Moody&#146;s is then rating the APS) and the
Auction Agent an Auditor&#146;s Confirmation as to such Preferred Shares Basic Maintenance
Report.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(f)&nbsp;If any Auditor&#146;s Confirmation delivered pursuant to paragraph (d)&nbsp;or (e)&nbsp;of this Section
8.3 shows that an error was made in the Preferred Shares Basic Maintenance Report for a
particular Valuation Date for which such Auditor&#146;s Confirmation was required to be
delivered, or shows that a lower aggregate Discounted Value for the aggregate of all Moody&#146;s
Eligible Assets (if Moody&#146;s is then rating the APS) of the Trust was determined by the
Independent Accountant, the calculation or determination made by such Independent Accountant
shall be final and conclusive and shall be binding on the Trust, and the Trust shall
accordingly amend and deliver the Preferred Shares Basic Maintenance Report to Moody&#146;s (if
Moody&#146;s is then rating the APS) and the Auction Agent promptly following receipt by the
Trust of such Auditor&#146;s Confirmation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(g)&nbsp;On or before 5:00 p.m., New York City time, on the fifth Business Day after the Date of
Original Issue of any APS, the Trust shall complete and deliver to Moody&#146;s (if Moody&#146;s is
then rating the APS) a Preferred Shares Basic Maintenance Report as of the close of business
on such Date of Original Issue.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(h)&nbsp;On or before 5:00 p.m., New York City time, on the third Business Day after either (i)
the Trust shall have redeemed Common Shares or (ii)&nbsp;on any Valuation Date,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">the Discounted
Value of Moody&#146;s Eligible Assets is less than or equal to the Preferred Shares Basic
Maintenance Amount, or (iii)&nbsp;whenever requested by Moody&#146;s, the Trust shall complete and
deliver to Moody&#146;s (if Moody&#146;s is then rating the APS) a Preferred Shares Basic Maintenance
Report as of the date of such event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.4. <U>Dividends</U>.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(i) <I>Ranking</I>. The shares of a series of the APS shall rank on a parity with each
other, with shares of any other series of the APS and with shares of any other
series of preferred shares that is not designated as junior to the APS as to the
payment of dividends by the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(ii) <I>Cumulative Cash Dividends</I>. The Holders of any series of APS shall be entitled
to receive, when, as and if declared by the Board of Trustees, out of funds legally
available therefor in accordance with the Declaration of Trust, these By-Laws and
applicable law, cumulative cash dividends at the Applicable Rate for shares of such
series, determined as set forth in Section&nbsp;8.4(b), and no more, payable on the
Dividend Payment Dates with respect to shares of such series determined pursuant to
paragraph (b)&nbsp;of this Section&nbsp;8.4. Holders of APS shall not be entitled to any
dividend, whether payable in cash, property or shares, in excess of full cumulative
dividends, as herein provided, on APS. No interest, or sum of money in lieu of
interest, shall be payable in respect of any dividend payment or payments on APS
which may be in arrears, and, except to the extent set forth in Section&nbsp;8.4(b)(ii),
no additional sum of money shall be payable in respect of any such arrearage.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(iii) <I>Dividends Cumulative From Date of Original Issue</I>. Dividends on any series of
APS shall accumulate at the Applicable Rate for shares of such series from the Date
of Original Issue thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(iv) <I>Dividend Payment Dates and Adjustment Thereof</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(A)&nbsp;The Dividend Payment Dates with respect the APS, for the Initial Rate Period,
shall be on as set forth in the following table:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Series</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Initial Dividend Payment Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Series&nbsp;A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;19, 2003</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Series&nbsp;B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;20, 2003</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(B)&nbsp;The Dividend Payment Date for any Subsequent Rate Period shall be (i)&nbsp;with
respect to any Dividend Period of seven days and any Short Term Dividend Period of
35 or fewer days, on the Business Day next succeeding the last day of such
Subsequent Rate Period, and (ii)&nbsp;with respect to any Short Term
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-41-<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Dividend Period of more than 35&nbsp;days and with respect to any Long Term Dividend
Period, monthly on the first Business Day of each calendar month during such Short
Term Dividend Period or Long Term Dividend Period and on the Business Day next
succeeding the last day of such Subsequent Rate Period (each such date referred to
in clause (i)&nbsp;or (ii)&nbsp;being herein referred to as a Normal Dividend Payment Date&#148;),
except that if such Normal Dividend Payment Date is not a Business Day, then the
Dividend Payment Date shall be the first Business Day next succeeding such Normal
Dividend Payment Date. Although any particular Dividend Payment Date may not occur
on the originally scheduled date because of the exceptions discussed above, the next
succeeding Dividend Payment Date, subject to such exceptions, will occur on the next
following originally scheduled date; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(C)&nbsp;Notwithstanding the foregoing, the Trust in its discretion may establish the
Dividend Payment Dates other than as provided in Section&nbsp;8.4(a)(iv) in respect of
any Special Rate Period of shares of a series of APS consisting of more than seven
Rate Period days; provided, however, that such dates shall be set forth in the
Notice of Special Rate Period relating to such Special Rate Period, as delivered to
the Auction Agent, which Notice of Special Rate Period shall be filed with the
Secretary of the Trust; and further provided that (1)&nbsp;any such Dividend Payment Date
shall be a Business Day and (2)&nbsp;the last Dividend Payment Date in respect of such
Special Rate Period shall be the Business Day immediately following the last day
thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(D)&nbsp;The Dividend Payment Dates for any series of APS subsequently established by the
Trust shall be as set forth in resolutions of the Board of Trustees establishing
such series.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Dividend Rates and Calculations of Dividends.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i) <I>Dividend Rates</I>. The dividend rate on the APS during the period from and after
the Date of Original Issue of shares of such series to and including the last day of
the Initial Rate Period of shares of such series shall be equal to the rate per
annum set forth below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Series</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Initial Dividend Rate</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series&nbsp;A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD align="right">1.15</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series&nbsp;B</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD align="right">1.15</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>

</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The initial dividend rate on any series of APS subsequently established by the Trust
shall be the rate set forth in or determined in accordance with the resolutions of
the Board of Trustees establishing such series.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;For each Subsequent Rate Period of shares of such series thereafter, the
dividend rate on shares of such series shall be equal to the rate per
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">annum that
results from an Auction for shares of such series on the Auction Date immediately
preceding such Subsequent Rate Period; provided, however, that if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(A)&nbsp;an Auction for any such Subsequent Rate Period is not held for any
reason other than as described below, the dividend rate on shares of such
series for such Subsequent Rate Period will be the Maximum Applicable Rate
for shares of such series on the Auction Date therefor;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(B)&nbsp;any Failure to Deposit shall have occurred with respect to shares of
such series during any Rate Period thereof, but, prior to 12:00 Noon, New
York City time, on the third Business Day next succeeding the date on which
such Failure to Deposit occurred, such Failure to Deposit shall have been
cured in accordance with Section&nbsp;8.4(b)(iv) and the Trust shall have paid to
the Auction Agent a late charge (&#147;Late Charge&#148;) equal to the sum of (1)&nbsp;if
such Failure to Deposit consisted of the failure timely to pay to the
Auction Agent the full amount of dividends with respect to any Dividend
Period of the shares of such series, an amount computed by multiplying (X)
300% of the &#145;AA&#146; Financial Composite Commercial Paper Rate for the Rate
Period during which such Failure to Deposit occurs on the Dividend Payment
Date for such Dividend Period by (Y)&nbsp;a fraction, the numerator of which
shall be the number of days for which such Failure to Deposit has not been
cured in accordance with Section&nbsp;8.4(b)(iv) (including the day such Failure
to Deposit occurs and excluding the day such Failure to Deposit is cured)
and the denominator of which shall be 360, and applying the rate obtained
against the aggregate Liquidation Preference of the outstanding shares of
such series and (2)&nbsp;if such Failure to Deposit consisted of the failure
timely to pay to the Auction Agent the Redemption Price of the shares, if
any, of such series for which Notice of Redemption has been mailed by the
Trust pursuant to Section&nbsp;8.6(c), an amount computed by multiplying (x)&nbsp;300%
of the &#145;AA&#146; Financial Composite Commercial Paper Rate for the Rate Period
during which such Failure to Deposit occurs on the redemption date by (y)&nbsp;a
fraction, the numerator of which shall be the number of days for which such
Failure to Deposit is not cured in accordance with Section&nbsp;8.4(b)(iv)
(including the day such Failure to Deposit occurs and excluding the day such
Failure to Deposit is cured) and the denominator of which shall be 360, and
applying the rate obtained against the aggregate Liquidation Preference of
the outstanding shares of such series to be redeemed, no Auction will be
held in respect of shares of such series for the Subsequent Rate Period
thereof and the dividend rate for shares of such series for such Subsequent
Rate Period will be the Maximum Applicable Rate for shares of such series on
the Auction Date for such Subsequent Rate Period; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(C)&nbsp;any Failure to Deposit shall have occurred with respect to shares of
such series during any Rate Period thereof, and, prior to 12:00 Noon, New
York City time, on the third Business Day next succeeding the date on which
such Failure to Deposit occurred, such Failure to Deposit shall not
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">have
been cured in accordance with Section&nbsp;8.4(b)(iv) or the Trust shall not have
paid the applicable Late Charge to the Auction Agent, no Auction will be
held in respect of shares of such series for the first Subsequent Rate
Period thereof thereafter (or for any Rate Period thereof thereafter to and
including the Rate Period during which (1)&nbsp;such Failure to Deposit is cured
in accordance with Section&nbsp;8.4(b)(iv) and (2)&nbsp;the Trust pays the applicable
Late Charge to the Auction Agent (the condition set forth in this clause (2)
to apply only in the event Moody&#146;s is rating such shares at the time the
Trust cures such Failure to Deposit), in each case no later than 12:00 Noon,
New York City time, on the fourth Business Day prior to the end of such Rate
Period), and the dividend rate for shares of such series for each such
Subsequent Rate Period shall be a rate per annum equal to the Non-Payment
Period Rate for shares of such series on the Auction Date for such
Subsequent Rate Period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iii) <I>Calculation of Dividends</I>. The amount of dividends per share payable on shares
of a series of APS on any date on which dividends shall be payable on shares of such
series shall be computed by multiplying the Applicable Rate for shares of such
series in effect for such Dividend Period or Dividend Periods or part thereof for
which dividends have not been paid by a fraction, the numerator of which shall be
the number of days in such Dividend Period or Dividend Periods or part thereof and
the denominator of which shall be 365 if such Dividend Period consists of seven Rate
Period days or is a Short Term Dividend Period and 360 for any Long Term Dividend
Period, and applying the rate obtained against $25,000. The amount so obtained
shall be rounded to the nearest cent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iv) <I>Curing a Failure to Deposit</I>. A Failure to Deposit with respect to shares of a
series of APS shall have been cured (if such Failure to Deposit is not solely due to
the willful failure of the Trust to make the required payment to the Auction Agent)
with respect to any Rate Period of shares of such series if, within the respective
time periods described in Section&nbsp;8.4(b)(ii), the Trust shall have paid to the
Auction Agent (A)&nbsp;all accumulated and unpaid dividends on shares of such series and
(B)&nbsp;without duplication, the Redemption Price for shares, if any, of such series for
which Notice of Redemption has been mailed by the Trust pursuant to Section&nbsp;8.6(c);
provided, however, that the foregoing clause (B)&nbsp;shall not apply to the Trust&#146;s
failure to pay the Redemption Price in respect of APS when the related Notice of
Redemption provides that redemption of such shares is subject to one or more
conditions precedent and any such condition precedent shall not have been satisfied
at the time or times and in the manner specified in such Notice of Redemption.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(v) <I>Dividend Payments by Trust to Auction Agent</I>. The Trust shall pay to the Auction
Agent, not later than 12:00 Noon, New York City time, on the Business Day next
preceding each Dividend Payment Date for shares of a series of APS, an aggregate
amount of funds available on the next Business Day in the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">City of New York, New
York, equal to the dividends to be paid to all Holders of shares of such series on
such Dividend Payment Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(vi) <I>Auction Agent as Trustee of Dividend Payments by Trust</I>. All moneys paid to the
Auction Agent for the payment of dividends (or for the payment of any Late Charge)
shall be held in trust for the payment of such dividends (and any such Late Charge)
by the Auction Agent for the benefit of the Holders specified in Section&nbsp;8.4(a)(vi).
Any moneys paid to the Auction Agent in accordance with the foregoing but not
applied by the Auction Agent to the payment of dividends (and any such Late Charge)
will, to the extent permitted by law, be repaid to the Trust at the end of 90&nbsp;days
from the date on which such moneys were so to have been applied.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(vii) <I>Dividends Paid to Holders</I>. Each dividend on APS shall be paid on the Dividend
Payment Date therefor to the Holders thereof as their names appear on the record
books of the Trust on the Business Day next preceding such Dividend Payment Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(viii) <I>Dividends Credited Against Earliest Accumulated but Unpaid Dividends</I>. Any
dividend payment made on APS shall first be credited against the earliest
accumulated but unpaid dividends due with respect to such shares. Dividends in
arrears for any past Dividend Period may be declared and paid at any time, without
reference to any regular Dividend Payment Date, to the Holders as their names appear
on the record books of the Trust on such date, not exceeding 15&nbsp;days preceding the
payment date thereof, as may be fixed by the Board of Trustees.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Designation of Special Rate Periods.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i)&nbsp;The Trust, at its option and to the extent permitted by law, by telephonic and
written notice (a &#147;Request for Special Dividend Period&#148;) to the Auction Agent and to
each Broker-Dealer, may request that the next succeeding Dividend Period for any
series of APS will be a number of days (other than seven days) evenly divisible by
seven, and not fewer than fourteen nor more than 364 in the case of a Short Term
Dividend Period or one whole year or more but not greater than five years in the
case of a Long Term Dividend Period, specified in such notice, provided that the
Trust may not give a Request for Special Dividend Period (and any such request will
be null and void) unless, for any Auction occurring after the initial Auction,
Sufficient Clearing Bids were made in the last occurring Auction and unless full
cumulative dividends and any amounts due with respect to redemptions have been paid
in full, and provided further that the Trust may not request a Special Dividend
Period that is a Long Term Dividend Period unless the Trust shall have received
written confirmation from Moody&#146;s (or any Substitute Rating Agency) that the Trust&#146;s
election of the proposed Long Term Dividend Period would not impair the rating then
assigned by Moody&#146;s (or any Substitute Rating Agency) of the applicable series of
APS. Such Request for Special Dividend Period, in the case of a Short Term Dividend
Period, shall be
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">given on or prior to the second Business Day but not more than
seven Business Days prior to an Auction Date for the APS of that series and, in the
case of a Long Term Dividend Period, shall be given on or prior to the second
Business Day but not more than 28&nbsp;days prior to an Auction Date for the APS of that
series. Upon receiving such Request for Special Dividend Period, the Broker-Dealers
jointly shall determine the Optional Redemption Price of the APS of that series
during such Special Dividend Period and the Specific Redemption Provisions and shall
give the Trust and the Auction Agent written notice (a &#147;Response&#148;) of such
determination by no later than the second Business Day prior to such Auction date.
In making such determination, the Broker-Dealers will consider (i)&nbsp;existing
short-term and long-term market rates and indices of such short-term and long-term
rates, (ii)&nbsp;existing market supply and demand for short-term and long-term
securities, (iii)&nbsp;existing yield curves for short-term and long-term securities
comparable to the APS, (iv)&nbsp;industry and financial conditions which may affect the
APS of that series, (v)&nbsp;the investment objectives of the Trust and (vi)&nbsp;the Dividend
Periods and dividend rates at which current and potential beneficial holders of the
APS would remain or become beneficial holders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;After providing the Request for Special Dividend Period to the Auction Agent
and each Broker-Dealer as set forth above, the Trust, by no later than the second
Business Day prior to such Auction Date, may give a notice (a &#147;Notice of Special
Dividend Period&#148;) to the Auction Agent, the Securities Depository, each
Broker-Dealer and the Rating Agency which notice will specify the duration of the
Special Dividend Period. The Trust will not give a Notice of Special Dividend
Period and, if such Notice of Special Dividend Period was given already, will give
telephonic and written notice of its revocation (a &#147;Notice of Revocation&#148;) to the
Auction Agent, each Broker-Dealer, the Securities Depository and the Rating Agency
on or prior to the Business Day prior to the relevant Auction Date if (x)&nbsp;either the
Investment Company Act Preferred Shares Asset Coverage or the Preferred Shares Basic
Maintenance Amount is not satisfied, on each of the two Business Days immediately
preceding the Business Day prior to the relevant Auction Date or (y)&nbsp;sufficient
funds for the payment of dividends payable on the immediately succeeding Dividend
Payment Date have not been irrevocably deposited with the Auction Agent by the close
of business on the third Business Day preceding the Auction Date immediately
preceding such Dividend Payment Date. The Trust also shall provide a copy of such
Notice of Special Dividend Period to the Rating Agency. If the Trust is prohibited
from giving a Notice of Special Dividend Period as a result of the factors
enumerated in clause (x)&nbsp;or (y)&nbsp;above or if the Trust gives a Notice of Revocation
with respect to a Notice of Special Dividend Period, the next succeeding Dividend
Period for that series of APS will be a seven day Dividend Period. In addition, in
the event Sufficient Clearing Bids are not made in an Auction, or if an Auction is
not held for any reason, the next succeeding Dividend Period will be a seven day
Dividend Period, and the Trust may not again give a Notice of Special Dividend
Period (and any such attempted notice will be null and void) until Sufficient
Clearing Bids have been made in an Auction with respect to a seven day Dividend
Period.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Restrictions on Dividends.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i) <I>Dividends on Shares Other Than the APS</I>. Except as set forth in the next
sentence, no dividends shall be declared or paid or set apart for payment on the
shares of any class or series of shares of beneficial interest of the Trust ranking,
as to the payment of dividends, on a parity with the APS for any period unless full
cumulative dividends have been or contemporaneously are declared and paid on the
shares of each series of the APS through its most recent Dividend Payment Date.
When dividends are not paid in full upon the shares of each series of the APS
through its most recent Dividend Payment Date or upon the shares of any other class
or series of shares of beneficial interest of the Trust ranking on a parity as to
the payment of dividends with the APS through their most recent respective dividend
payment dates, all dividends declared upon the APS and any other such class or
series of shares of beneficial interest ranking on a parity as to the payment of
dividends with APS shall be declared pro rata so that the amount of dividends
declared per share on APS and such other class or series of shares of beneficial
interest shall in all cases bear to each other the same ratio that accumulated
dividends per share on the Trust and such other class or series of shares of
beneficial interest bear to each other (for purposes of this sentence, the amount of
dividends declared per share of APS shall be based on the Applicable Rate for such
share for the Dividend Periods during which dividends were not paid in full).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii) <I>Dividends and Other Distributions with Respect to Common Shares Under the
Investment Company Act</I>. The Board of Trustees shall not declare any dividend
(except a dividend payable in Common Shares), or declare any other distribution,
upon the Common Shares, or purchase Common Shares, unless in every such case the APS
have, at the time of any such declaration or purchase, an asset coverage (as defined
in and determined pursuant to the Investment Company Act) of at least 200% (or such
other asset coverage as may in the future be specified in or under the Investment
Company Act as the minimum asset coverage for senior securities which are shares or
stock of a closed- end investment company as a condition of declaring dividends on
its common shares or stock) after deducting the amount of such dividend,
distribution or purchase price, as the case may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iii) <I>Other Restrictions on Dividends and Other Distributions</I>. For so long as any
APS are outstanding, and except as set forth in Section&nbsp;8.4(d) and Section&nbsp;8.6(b),
(A)&nbsp;the Trust shall not declare, pay or set apart for payment any dividend or other
distribution (other than a dividend or distribution paid in shares of, or in
options, warrants or rights to subscribe for or purchase, Common Shares or other
shares, if any, ranking junior to the APS as to the payment of dividends and the
distribution of assets upon dissolution, liquidation or winding up) in respect of
the Common Shares or any other shares of the Trust ranking junior to or on a parity
with the APS as to the payment of dividends or the distribution of assets upon
dissolution, liquidation or winding up, or call for redemption, redeem, purchase or
otherwise acquire for consideration any Common Shares or any other
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">such junior
 shares (except by conversion into or exchange for shares of the Trust ranking junior
to the APS as to the payment of dividends and the distribution of assets upon
dissolution, liquidation or winding up), or any such parity shares (except by
conversion into or exchange for shares of the Trust ranking junior to or on a parity
with APS as to the payment of dividends and the distribution of assets upon
dissolution, liquidation or winding up), unless (i)&nbsp;full cumulative dividends on
shares of each series of APS through its most recently ended Dividend Period shall
have been paid or shall have been declared and sufficient funds for the payment
thereof deposited with the Auction Agent and (ii)&nbsp;the Trust has redeemed the full
number of APS required to be redeemed by any provision for mandatory redemption
pertaining thereto, and (B)&nbsp;the Trust shall not declare, pay or set apart for
payment any dividend or other distribution (other than a dividend or distribution
paid in shares of, or in options, warrants or rights to subscribe for or purchase,
Common Shares or other shares, if any, ranking junior to APS as to the payment of
dividends and the distribution of assets upon dissolution, liquidation or winding
up) in respect of Common Shares or any other shares of the Trust ranking junior to
APS as to the payment of dividends or the distribution of assets upon dissolution,
liquidation or winding up, or call for redemption, redeem, purchase or otherwise
acquire for consideration any Common Shares or any other such junior shares (except
by conversion into or exchange for shares of the Trust ranking junior to APS as to
the payment of dividends and the distribution of assets upon dissolution,
liquidation or winding up), unless immediately after such transaction the Discounted
Value of Moody&#146;s Eligible Assets (if Moody&#146;s is then rating the APS) would at least
equal the Preferred Shares Basic Maintenance Amount.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Section&nbsp;8.5. <U>Liquidation Rights</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)&nbsp;The shares of a series of APS shall rank on a parity with each other, with shares of any
other series of preferred shares not designated as junior to the APS and with shares of any
other series of APS as to the distribution of assets upon dissolution, liquidation or
winding up of the affairs of the Trust. Upon the liquidation, dissolution or winding up of
the affairs of the Trust, whether voluntary or involuntary, Holders shall be entitled to
receive, out of the assets of the Trust available for distribution to Shareholders after
satisfying claims of creditors but before any payment or distribution to the holders of the
Common Shares or on any other class of Shares ranking junior to the shares of each series of
APS upon liquidation, a liquidation distribution in the amount of $25,000 per share of each
series of APS plus an amount equal to accumulated and unpaid dividends on each shares of
such series (whether or not earned or declared) to the date of such distribution. Unless
and until payment in full has been made to the Holders of the liquidation distributions to
which they are entitled as provided in this Section&nbsp;8.5, no dividends or distributions will
be made to holders of the Common Shares or any other Shares junior to or on parity with the
APS on liquidation, and no purchase, redemption or other acquisition for any consideration
by the Trust will be made in respect of the Common Shares or any other Shares ranking junior
to or on parity with the APS upon liquidation. After the payment to Holders of the full
amount of the liquidation distributions to which they are entitled pursuant to the first
sentence of this
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Section&nbsp;8.5(a), Holders (in their capacity as such Holders) shall have no
right or claim to any of the remaining assets of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b)&nbsp;Neither the sale, lease or exchange (for cash, stock, securities or other consideration)
of all or substantially all of the property and assets of the Trust, nor the merger or
consolidation of the Trust into or with any other corporation, association, trust or other
organization, nor the merger or consolidation of any other corporation, association, trust
or other organization into or with the Trust, shall be deemed to be a dissolution,
liquidation or winding up, voluntary or involuntary, for the purposes of this Section&nbsp;8.5.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(c)&nbsp;If the assets of the Trust available for distribution to the Holders upon the
dissolution, liquidation or winding up of the Trust, whether voluntary or involuntary, shall
be insufficient to pay the full amount of the liquidation distributions to which the Holders
are entitled pursuant to Section&nbsp;8.5(a) above, then such assets shall be distributed among
the Holders, together with the holders of any other class or series of preferred shares
ranking on parity with the APS, ratably in proportion to the full amount of distribution to
which each Holder would have been entitled under such Section&nbsp;8.5(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Section&nbsp;8.6. <U>Redemption</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The shares of each series of APS shall be redeemable by the Trust as provided below:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Optional Redemption</B>.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i)&nbsp;Except to the extent prohibited by Massachusetts law or the Investment Company
Act, the Trust, at its option, may without the consent of the Holders of the APS,
redeem APS, in whole or in part, on the Business Day after the last day of a
Dividend Period upon not less than 15 calendar days&#146; and not more than 40 calendar
days&#146; prior notice; provided that no share of APS may be redeemed at the option of
the Trust during (A)&nbsp;the Initial Dividend Period with respect to a series of shares
or (B)&nbsp;a Non-Call Period to which such share is subject. Except with respect to a
Call Premium Period, the optional redemption price per share will be $25,000 per
share, plus an amount equal to accumulated but unpaid dividends thereon (whether or
not earned or declared) to the date fixed for redemption.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;If fewer than all of the outstanding shares of a series of APS are to be
redeemed pursuant to subparagraph (i)&nbsp;of this Section&nbsp;8.6(a), the number of shares
of such series to be redeemed shall be determined by the Board of Trustees, and such
 shares shall be redeemed pro rata from the Holders of shares of such series in
proportion to the number of shares of such series held by such Holders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iii)&nbsp;The Trust may not on any date mail a Notice of Redemption pursuant to Section
8.6(c) in respect of a redemption contemplated to be effected pursuant to this
Section&nbsp;8.6(a) unless on such date (A)&nbsp;the Trust has available Deposit Securities
with maturity or tender dates not later than the day preceding
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">the applicable
redemption date and having a value not less than the amount (including any
applicable premium) due to Holders of APS by reason of the redemption of such shares
on such redemption date, and (B)&nbsp;the Discounted Value of Moody&#146;s Eligible Assets (if
Moody&#146;s is then rating the APS) at least equals the Preferred Shares Basic
Maintenance Amount, and would at least equal the Preferred Shares Basic Maintenance
Amount immediately subsequent to such redemption if such redemption were to occur on
such date. For purposes of determining in clause (B)&nbsp;of the preceding sentence
whether the Discounted Value of Moody&#146;s Eligible Assets at least equals the
Preferred Shares Basic Maintenance Amount, the Moody&#146;s Discount Factors applicable
to Moody&#146;s Eligible Assets shall be determined by reference to the first Exposure
Period longer than the Exposure Period then applicable to the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b) <B>Mandatory Redemption</B>. The Trust shall redeem, at a redemption price equal to $25,000 per
share plus accumulated but unpaid dividends thereon (whether or not earned or declared) to
(but not including) the date fixed by the Board of Trustees for redemption, certain of the
APS, if the Trust fails to have Moody&#146;s Eligible Assets with a Discounted Value greater than
or equal to the Preferred Shares Basic Maintenance Amount or fails to maintain the
Investment Company Act Preferred Share Asset Coverage, in accordance with the requirements
of the rating agency or agencies then rating the APS, and such failure is not cured on or
before the Preferred Shares Basic Maintenance Cure Date or the Investment Company Act Cure
Date, as the case may be. The number of APS to be redeemed shall be equal to the lesser of
(i)&nbsp;the minimum number of APS, together with all other preferred shares subject to
redemption or retirement, the redemption of which, if deemed to have occurred immediately
prior to the opening of business on the Cure Date, would have resulted in the Trust&#146;s having
Moody&#146;s Eligible Assets with a Discounted Value greater than or equal of the Preferred
Shares Basic Maintenance Amount or maintaining the Investment Company Act Preferred Shares
Asset Coverage, as the case may be, on such Cure Date (provided, however, that if there is
no such minimum number of APS and other preferred shares the redemption or retirement of
which would have had such result, all APS and other preferred shares then outstanding shall
be redeemed), and (ii)&nbsp;the maximum number of APS, together with all other preferred shares
subject to redemption or retirement, that can be redeemed out of funds expected to be
legally available therefor in accordance with the Declaration of Trust and applicable law.
In determining the APS required to be redeemed in accordance with the foregoing, the Trust
shall allocate the number required to be redeemed to satisfy the requirement of the Trust&#146;s
having Moody&#146;s Eligible Assets with a Discounted Value greater than or equal the Preferred
Shares Basic Maintenance Amount or the Investment Company Act Preferred Share Asset
Coverage, as the case may be, pro rata among APS and other preferred shares (and, then, pro
rata among each series of APS) subject to redemption or retirement; provided that, shares of
APS which may not be redeemed at the option of the Trust due to the designation of a
Non-Call Period applicable to such shares (A)&nbsp;will be subject to mandatory redemption only
to the extent that other shares are not available to satisfy the number of shares required
to be redeemed and (B)&nbsp;will be selected for redemption in an ascending order of outstanding
number of days in the Non-Call Period (with shares with the lowest number of days to be
redeemed first) and by lot in the event of shares having an equal number of days in such
Non-Call Period. The Trust shall effect
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">such redemption on the date fixed by the Trust
therefor, which date shall not be earlier than 20&nbsp;days nor later than 40&nbsp;days after such
Cure Date, except that if the Trust does not have funds legally available for the redemption
of all of the required number of the APS and other preferred shares which are subject to
redemption or retirement or the Trust otherwise is unable to effect such redemption on or
prior to 40&nbsp;days after such Cure Date, the Trust shall redeem those APS and other preferred
  shares which it was unable to redeem on the earliest practicable date on which it is able to
effect such redemption. If fewer than all of the outstanding shares of a series of APS are
to be redeemed pursuant to this paragraph (b), the shares of such series to be redeemed
shall be selected by lot or such other method that the Trust deems fair and equitable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(c) <B>Notice of Redemption. </B>If the Trust shall determine or be required to redeem shares of a
series of APS pursuant to paragraph (a)&nbsp;or (b)&nbsp;of this Section&nbsp;8.6, it shall mail a Notice
of Redemption with respect to such redemption by first-class mail, postage prepaid, to each
Holder of the shares of such series to be redeemed, at such Holder&#146;s address as the same
appears on the record books of the Trust on the record date established by the Board of
Trustees and to the Auction Agent. Such Notice of Redemption shall be so mailed not less
than 15 nor more than 40&nbsp;days prior to the date fixed for redemption. Each such Notice of
Redemption shall state: (i)&nbsp;the redemption date; (ii)&nbsp;the number of APS to be redeemed and
the series thereof; (iii)&nbsp;the CUSIP number for shares of such series; (iv)&nbsp;the Redemption
Price; (v)&nbsp;the place or places where the certificate(s) for such shares (properly endorsed
or assigned for transfer, if the Board of Trustees shall so require and the Notice of
Redemption shall so state) are to be surrendered for payment of the Redemption Price; (vi)
that dividends on the shares to be redeemed will cease to accumulate on such redemption
date; (vii)&nbsp;that the Holders of any shares of a series of APS being so redeemed shall not
participate in the Auction, if any, immediately preceding the redemption date; and (viii)
the provisions of this Section&nbsp;8.6 under which such redemption is made. If fewer than all
 shares of a series of APS held by any Holder are to be redeemed, the Notice of Redemption
mailed to such Holder shall also specify the number of shares of such series to be redeemed
from such Holder. The Trust may provide in any Notice of Redemption relating to a
redemption contemplated to be effected pursuant to paragraph (a)&nbsp;of this Section&nbsp;8.6 that
such redemption is subject to one or more conditions precedent and that the Trust shall not
be required to effect such redemption unless each such condition shall have been satisfied
at the time or times and in the manner specified in such Notice of Redemption.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(d) <B>No Redemption Under Certain Circumstances. </B>Notwithstanding the provisions of paragraphs
(a)&nbsp;or (b)&nbsp;of this Section&nbsp;8.6, if any dividends on shares of a series of APS (whether or
not earned or declared) are in arrears, no shares of such series shall be redeemed unless
all outstanding shares of such series are simultaneously redeemed, and the Trust shall not
purchase or otherwise acquire any shares of such series; provided, however, that the
foregoing shall not prevent the purchase or acquisition of all outstanding shares of such
series pursuant to the successful completion of an otherwise lawful purchase or exchange
offer made on the same terms to, and accepted by, Holders of all outstanding shares of such
series.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(e) <B>Absence of Trusts Available for Redemption. </B>To the extent that any redemption for which
Notice of Redemption has been mailed is not made by reason of the absence of legally
available funds therefor in accordance with the Declaration of Trust or applicable law, such
redemption shall be made as soon as practicable to the extent such funds become available.
Failure to redeem APS shall be deemed to exist at any time after the date specified for
redemption in a Notice of Redemption when the Trust shall have failed, for any reason
whatsoever, to deposit in trust with the Auction Agent the Redemption Price with respect to
any shares for which such Notice of Redemption has been mailed; provided, however, that the
foregoing shall not apply in the case of the Trust&#146;s failure to deposit in trust with the
Auction Agent the Redemption Price with respect to any shares where (1)&nbsp;the Notice of
Redemption relating to such redemption provided that such redemption was subject to one or
more conditions precedent and (2)&nbsp;any such condition precedent shall not have been satisfied
at the time or times and in the manner specified in such Notice of Redemption.
Notwithstanding the fact that the Trust may not have redeemed APS for which a Notice of
Redemption has been mailed, dividends may be declared and paid on APS and shall include
those APS for which a Notice of Redemption has been mailed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(f) <B>Auction Agent as Trustee of Redemption Payments by the Trust. </B>All moneys paid to the
Auction Agent for payment of the Redemption Price of APS called for redemption shall be held
in trust by the Auction Agent for the benefit of Holders of shares so to be redeemed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(g) <B>Shares for Which Notice of Redemption Has Been Given Are No Longer Outstanding.</B>
Provided a Notice of Redemption has been mailed pursuant to Section&nbsp;8.6(c), upon the deposit
with the Auction Agent (on the Business Day next preceding the date fixed for redemption
thereby, in funds available on the next Business Day in The City of New York, New York) of
funds sufficient to redeem the APS that are the subject of such notice, dividends on such shares shall cease to accumulate and such shares shall no longer be deemed to be outstanding
for any purpose, and all rights of the Holders of the shares so called for redemption shall
cease and terminate, except the right of such Holders to receive the Redemption Price, but
without any interest or other additional amount, except as provided in Section&nbsp;8.4(b)(ii).
The Auction Agent shall pay the Redemption Price to the Holders of APS subject to redemption
upon surrender of the certificates for the shares (properly endorsed or assigned for
transfer, if the Board of Trustees shall so require and the Notice of Redemption shall so
state) to be redeemed in accordance with the Notice of Redemption. In the case that fewer
than all of the shares represented by any such certificate are redeemed, a new certificate
shall be issued, representing the unredeemed shares, without cost to the Holder thereof.
The Trust shall be entitled to receive from the Auction Agent, promptly after the date fixed
for redemption, any cash deposited with the Auction Agent in excess of (i)&nbsp;the aggregate
Redemption Price of the APS called for redemption on such date and (ii)&nbsp;all other amounts to
which Holders of APS called for redemption may be entitled. Any funds so deposited that are
unclaimed at the end of 90&nbsp;days from such redemption date shall, to the extent permitted by
law, be repaid to the Trust, after which time the Holders of APS so called for redemption
may look only to the Trust for payment of the Redemption Price and all other amounts to
which they may be entitled.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(h) <B>Compliance with Applicable Law. </B>In effecting any redemption pursuant to this Section
8.6, the Trust shall use its best efforts to comply with all applicable conditions precedent
to effecting such redemption under the Investment Company Act and any applicable
Massachusetts law, but shall effect no redemption except in accordance with the Investment
Company Act and any applicable Massachusetts law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(i) <B>Only Whole APS May be Redeemed. </B>In the case of any redemption pursuant to this Section
8.6, only whole APS shall be redeemed, and in the event that any provision of the
Declaration of Trust would require redemption of a fractional share, the Auction Agent shall
be authorized to round up so that only whole shares are redeemed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(j) <B>Modification of Redemption Procedures</B>. Notwithstanding any of the foregoing provisions
of this Section&nbsp;8.6, the Trust may modify any or all of the requirements relating to the
Notice of Redemption provided that (i)&nbsp;any such modification does not materially and
adversely affect any Holder of the relevant series of APS, and (ii)&nbsp;the Trust receives
written notice from Moody&#146;s (if Moody&#146;s is then rating the APS) that such modification would
not impair the ratings assigned by Moody&#146;s to shares of APS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Section&nbsp;8.7. <U>Voting Rights</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a) <B>General</B>. Except as otherwise provided by law and as specified by this Section&nbsp;8.7, the
Holders of APS shall have equal voting rights with the holders of Common Shares and shall be
entitled to one vote for each share of a series of APS on each matter submitted to a vote of
the Shareholders of the Trust. For purposes of determining any right of the Holders to vote
on any matter, whether such right is created by the Declaration of Trust or these By-Laws,
or otherwise, no Holder shall be entitled to vote and no Share of a series of APS shall be
deemed to be &#147;outstanding&#148; for the purpose of voting or determining the number of Shares
required to constitute a quorum, if prior to or concurrently with the time of determination
of Shares entitled to vote or Shares deemed outstanding for quorum purposes, as the case may
be, sufficient funds for the redemption of such APS have been deposited in trust with the
Preferred Shares Paying Agent for that purpose and the requisite Notice of Redemption with
respect to such APS shall have been given as provided in Section&nbsp;8.6(c) above.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Holders of APS to Vote on Certain Other Matters.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i)&nbsp;So long as any APS are outstanding, the Trust shall not, without the affirmative
vote or consent of the Holders of at least a majority of the APS outstanding at the
time, in person or by proxy, either in writing or at a meeting, voting as a separate
class: (A)&nbsp;authorize, create or issue any class or series of shares ranking prior to
or on a parity with the APS with respect to the payment of dividends or the
distribution of assets upon dissolution, liquidation or winding up of the affairs of
the Trust, or authorize, create or issue additional shares of any series of APS
(except that, notwithstanding the foregoing, the Board of Trustees, without the vote
or consent of the Holders of APS, may from time to time authorize and create, and
the Trust may from time to time issue, additional shares of any series of APS or
classes or series of other preferred shares ranking on a
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">parity with APS with
respect to the payment of dividends and the distribution of assets upon dissolution,
liquidation or winding up of the affairs of the Trust, if the Trust obtains written
confirmation from Moody&#146;s (if Moody&#146;s is then rating the APS) or any Substitute
Rating Agency (if any such Substitute Rating Agency is then rating the APS) that the
issuance of a class or series would not impair the rating then assigned by such
rating agency to the APS and the Trust continues to comply with Section&nbsp;13 of the
Investment Company Act, the Investment Company Act Preferred Share Asset Coverage
and the Preferred Shares Basic Maintenance Amount requirements); or (B)&nbsp;amend, alter
or repeal the provisions of the Declaration of Trust or the By-Laws, whether by
merger, consolidation or otherwise, so as to adversely affect any preference, right
or power of such APS or the Holders thereof; provided, however, that (x)&nbsp;none of the
actions permitted by the exception to (A)&nbsp;above will be deemed to affect such
preferences, rights or powers, (y)&nbsp;a division of APS will be deemed to affect such
preferences, rights or powers only if the terms of such division adversely affect
the Holders of APS and (z)&nbsp;the authorization, creation and issuance of classes or
series of shares ranking junior to the APS with respect to the payment of dividends
and the distribution of assets upon dissolution, liquidation or winding up of the
affairs of the Trust, will be deemed to affect such preferences, rights or powers
only if Moody&#146;s is then rating the APS and such issuance would, at the time thereof,
cause the Trust not to satisfy the Investment Company Act Preferred Share Asset
Coverage or the Preferred Shares Basic Maintenance Amount. So long as any shares of
the APS are outstanding, the Trust shall not, without the affirmative vote or
consent of the Holders of at least 66 2/3% of the APS outstanding at the time, in
person or by proxy, either in writing or at a meeting, voting as a separate class,
file a voluntary application for relief under Federal bankruptcy law or any similar
application under state law for so long as the Trust is solvent and does not foresee
becoming insolvent. If any action set forth above would adversely affect the rights
of one or more series (the &#147;Affected Series&#148;) of APS in a manner different from any
other series of APS, the Trust will not approve any such action without the
affirmative vote or consent of the Holders of at least a majority of the shares of
each such Affected Series outstanding at the time, in person or by proxy, either in
writing or at a meeting (each such Affected Series voting as a separate class).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;Unless a higher percentage is provided for in the Declaration of Trust, (A)&nbsp;the
affirmative vote of the Holders of at least a majority of the APS outstanding at the
time, voting as a separate class, shall be required to approve any conversion of the
Trust from a closed-end to an open-end investment company, (B)&nbsp;the affirmative vote
of the Holders of at least a majority of the APS outstanding at the time, voting as
a separate class, shall be required to amend the provisions of the Declaration of
Trust, which provides for the classification of the Board of Trustees into three
classes, and (C)&nbsp;the affirmative vote of the Holders of a &#147;majority of the
outstanding APS,&#148; voting as a separate class, shall be required to approve any plan
of reorganization (as such term is used in the Investment Company Act) adversely
affecting such shares. The affirmative vote of the holders of a &#147;majority of the
outstanding APS,&#148; voting as a separate class, shall be required to approve any
action not described in the first sentence of this Section
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">8.7(b)(ii) requiring a
vote of security holders of the Trust under section 13(a) of the Investment Company
Act. For purposes of the foregoing, &#147;majority of the outstanding APS&#148; means (i)&nbsp;67%
or more of such shares present at a meeting, if the Holders of more than 50% of such
 shares are present or represented by proxy, or (ii)&nbsp;more than 50% of such shares,
whichever is less. In the event a vote of Holders of APS is required pursuant to
the provisions of section 13(a) of the Investment Company Act, the Trust shall, not
later than ten Business Days prior to the date on which such vote is to be taken,
notify Moody&#146;s (if Moody&#146;s is then rating the APS) that such vote is to be taken and
the nature of the action with respect to which such vote is to be taken. The Trust
shall, not later than ten Business Days after the date on which such vote is taken,
notify Moody&#146;s (if Moody&#146;s is then rating the APS) of the results of such vote.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Election of Trustees; Right to Elect Majority of Board Trustees</B>.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i)&nbsp;The Holders of the APS and any other class of APS of the Trust that may be
outstanding from time to time, voting separately as a single class, shall be
entitled to elect two members of the Board of Trustees, and the holders of the
Common Shares, voting separately as a single class, shall be entitled to elect the
remaining members of the Board of Trustees. If at any time, however, dividends on
any of the APS shall be unpaid in an amount equal to two full years&#146; dividends
(whether or not earned or declared) or the Holders of Preferred Shares, including
the Auction Preferred Shares are otherwise entitled under the Investment Company Act
to elect a majority of the Trustees, then the number of Trustees constituting the
Board of Trustees shall automatically be increased by the smallest number such that,
when added to the number of Trustees then constituting the Board of Trustees, the
incumbent Trustees then elected solely by the Holders of the APS plus such
additional Trustees shall constitute a majority of such increased number of
Trustees; and at a special meeting of Shareholders, which shall be called and held
as provided in Section&nbsp;8.7(d), and at all subsequent meetings at which Trustees are
to be elected, the Holders of the APS and holders of any other class of preferred
 shares of the Trust ranking on parity with the APS, by majority vote, voting
separately as a single class (to the exclusion of the holders of all other series
and classes of Shares of the Trust ranking junior to the APS), shall be entitled to
elect such smallest number of additional Trustees of the Trust who will constitute a
majority of the total number of Trustees of the Trust as so increased. The terms of
office of the persons who are Trustees at the time of that election shall continue.
If the Trust thereafter shall pay, or declare and set apart for payment, in full all
dividends payable on all outstanding APS for all past Dividend Periods, the voting
rights stated in the preceding sentence shall cease, and the terms of office of all
of the additional Trustees elected by the Holders of the APS and holders of any
other class of preferred shares of the Trust ranking on parity with the APS (but not
the terms of the two incumbent Trustees elected by the Holders of the APS and the
remaining incumbent Trustees elected by the Common Shares) shall terminate
automatically, subject to the revesting of the rights of the Holders of the APS as
provided in the second sentence of this
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">paragraph in the event of any subsequent
arrearage in the payment of two full years&#146; dividends on the APS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;Any vacancy in the office of any Trustees elected by the Holders of the APS may
be filled by the remaining Trustees (or Trustee) so elected or, if not so filled, by
the Holders of the APS and any other class of preferred shares of the Trust ranking
on parity with the APS, voting separately as a single class, at any meeting of
Shareholders for the election of Trustees held thereafter. Any vacancy in the
office of any Trustees elected by the holders of the Common Shares may be filled by
the remaining Trustees (or Trustee) so elected or, if not so filled, by the Holders
of the Common Shares, voting separately as a single class, at any meeting of
Shareholders for the election of Trustees held thereafter. Unless as otherwise
provided in the Declaration of Trust, a Trustee elected by the Holders of the APS
and any other class of preferred shares of the Trust ranking on parity with the APS
may be removed with or without cause, but only by action taken by the Holders of at
least a majority of the outstanding APS and any other class of preferred shares of
the Trust ranking on parity with the APS. Unless as otherwise provided in the
Declaration of Trust, a Trustee elected by the holders of the Common Shares may be
removed but only for cause by action taken by the holders of at least 75% of the
outstanding Common Shares; provided, however, that if such termination is
recommended by two-thirds of the total number of Trustees then in office elected by
the holders of the Common Shares, the vote of the holders of at least a majority of
the Common Shares then outstanding shall be sufficient authorization.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(d) <B>Voting Procedures</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">As soon as practicable after the accrual of any right of the Holders to elect Trustees at a
special meeting of Shareholders as described in Section&nbsp;8.7(c), the Trust shall notify the
Auction Agent and the Auction Agent shall call or cause to be called such special meeting by
mailing or causing to be mailed a notice of such special meeting to the Holders upon not
less than 10 nor more than 45&nbsp;days prior to the date fixed for the meeting. If the Trust
fails to send such notice to the Auction Agent or if the Auction Agent does not call such
special meeting, it may be called by any Holder on like notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The record date for determining the Holders entitled to notice of and to vote at such
meeting shall be the close of business on the fifth Business Day preceding the day on which
such notice is mailed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Holders of a majority of the APS then outstanding, present in person or by proxy, will
constitute a quorum for the election of additional Trustees. At any such meeting or
adjournment thereof in the absence of a quorum, a majority of the Holders present in person
or by proxy shall have the power to adjourn the meeting for the election of additional
Trustees without notice, other than an announcement at the meeting, until a quorum is
present, and, subject to Section&nbsp;8.7(b), to take any other action as shall properly come
before such meeting.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If the right to elect additional Trustees shall have terminated as provided in
Section&nbsp;8.7(c) after the notice of a special meeting provided for in this Section&nbsp;8.7(d) has
been given but before the special meeting shall have been held, the Trust shall, as soon as
practicable after such termination, mail or cause to be mailed to the Holders a notice of
cancellation of such special meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(e) <B>Board May Take Certain Actions Without Shareholder Approval. </B>The Board of Trustees,
without the vote or consent of the shareholders of the Trust, may from time to time amend,
alter or repeal any or all of the definitions of the terms listed below, and any provision
of these By-Laws viewed by Moody&#146;s as a predicate for any such definition, and any such
amendment, alteration or repeal will not be deemed to affect the preferences, rights or
powers of APS or the Holders thereof; provided, however, that the Board of Trustees receives
written confirmation from Moody&#146;s (such confirmation being required to be obtained only in
the event Moody&#146;s is rating the APS) that any such amendment, alteration or repeal would not
impair the ratings then assigned by Moody&#146;s to the APS:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>

</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Annual Valuation Date
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maximum Applicable Rate</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Auditor&#146;s Confirmation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Moody&#146;s Discount Factor</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Business Day
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Moody&#146;s Eligible Assets</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Closing Transaction
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Moody&#146;s Hedging Transaction</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Commercial Paper Dealer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Moody&#146;s Industry Classifications</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deposit Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preferred Shares Basic Maintenance Amount</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Discount Factor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preferred Shares Basic Maintenance Cure Date</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Discounted Value
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preferred Shares Basic Maintenance Report</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Eligible Assets
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pricing Service</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exposure Period
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rating Agency</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Failure to Deposit
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reference Rate Response</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independent Accountant
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Short Term Money Market Instruments</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investment Company Act Cure Date
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specific Redemption Provisions</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>

<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Investment
Company Act Preferred Asset Coverage
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> Structured Notes</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Market Value
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Treasury Bonds</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Valuation Date</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(f) <B>Voting Rights Set Forth Herein Are Sole Voting Rights</B>. Unless otherwise required
by law, the Holders of APS shall not have any relative rights or preferences or other
special rights other than those specifically set forth herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(g) <B>No Preemptive Rights Or Cumulative Voting. </B>The Holders of APS shall have no preemptive
rights or rights to cumulative voting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(h) <B>Voting For Trustees Sole Remedy For Trust&#146;s Failure To Pay Dividends. </B>In the event that
the Trust fails to pay any dividends on the APS, the exclusive remedy of the Holders shall
be the right to vote for trustees pursuant to the provisions of this Section&nbsp;8.7.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Section&nbsp;8.8. <B>Other Restrictions</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)&nbsp;The Trustees may from time to time in their sole discretion impose restrictions on
certain investment practices of the Trust in order to comply with guidelines established by
Moody&#146;s or any other Rating Agency that may be rating the Trust&#146;s APS at the time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b)&nbsp;For so long as any APS are rated by Moody&#146;s, the Trust will not, without the prior
consent of Moody&#146;s:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i)&nbsp;issue senior securities representing indebtedness as defined under the
Investment Company Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;merge or consolidate into or with any other fund;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iii)&nbsp;engage in interest rate swaps, caps and floors, except that the Trust may,
without obtaining the written consent described above, engage in interest rate
swaps, caps and floors, if; (1)&nbsp;the unsecured senior debt or claims paying ability
of the counterparty to the swap, cap or floor is rated Aa3 or better by Moody&#146;s or
A/A-1 or better by S&#038;P and; (2)&nbsp;the swap, collar or floor is marked-to-market daily
by the counterparty; (3)&nbsp;a swap, collar or floor that is &#147;in the money&#148; is valued at
95% of the accrued net excess of the Trust&#146;s entitlements over its obligations for
purposes of calculating the Investment Company Act Preferred Shares Asset Coverage;
(4)&nbsp;100% of any accrued net excess of the Trust&#146;s obligations over it entitlements
with respect to a swap, cap or floor that has not been defeased through the
segregation of liquid assets on the Trust&#146;s books and records is included as a
liability of the Trust for the purposes of calculating the Preferred Share Basic
Maintenance Amount; (5)&nbsp;the swap, cap or floor notional amount does not exceed the
liquidation preference of the Outstanding Preferred Shares and (6)&nbsp;the Trust intends
to terminate the swap, cap or floor if the Trust fails to maintain the Investment
Company Preferred Shares Asset Coverage on the last Business Day of any two
consecutive months.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iv)&nbsp;buy or sell financial futures contracts, write, purchase or sell call options
on financial futures contracts or purchase put options on financial futures
contracts or write call options (except covered call options) on portfolio
securities unless it receives written confirmation from Moody&#146;s that engaging in
such transactions would not impair the ratings then assigned to the APS by Moody&#146;s,
except that the Trust may purchase or sell exchange-traded financial futures
contracts based on any index approved by Moody&#146;s or Treasury Bonds, and purchase,
write or sell exchange-traded put options on such financial futures contracts, any
index approved by Moody&#146;s or Treasury Bonds, and purchase, write or sell
exchange-traded call options on such financial futures contracts, any index approved
by Moody&#146;s or Treasury Bonds (collectively &#147;Moody&#146;s Hedging Transactions&#148;), subject
to the following limitations:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(A)&nbsp;the Trust will not engage in any Moody&#146;s Hedging Transaction based on
any index approved by Moody&#146;s (other than transactions that
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">terminate a
futures contract or option held by the Trust by the Trust&#146;s taking the
opposite position thereto (&#147;Closing Transactions&#148;)) that would cause the
Trust at the time of such transaction to own or have sold:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) outstanding financial futures contracts based on such index
exceeding in number 10% of the average number of daily traded financial
futures contracts based on such index in the 30&nbsp;days preceding the time of
effecting such transaction as reported by The Wall Street Journal; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) outstanding financial futures contracts based on any index approved
by Moody&#146;s having a Market Value exceeding 50% of the Market Value of all
portfolio securities of the Trust constituting Moody&#146;s Eligible Assets owned
by the Trust (other than Moody&#146;s Eligible Assets already subject to a
Moody&#146;s Hedging Transaction);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(B)&nbsp;the Trust will not engage in any Moody&#146;s Hedging Transaction based on
Treasury Bonds (other than Closing Transactions) that would cause the Trust
at the time of such transaction to own or have sold:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) outstanding financial futures contracts based on Treasury Bonds
with such contracts having an aggregate Market Value exceeding 20% of the
aggregate Market Value of Moody&#146;s Eligible Assets owned by the Trust and
rated Aa by Moody&#146;s (or, if not rated by Moody&#146;s but rated by S&#038;P, rated AA
by S&#038;P or Fitch); or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) outstanding financial futures contracts based on Treasury Bonds
with such contracts having an aggregate Market Value exceeding 80% of the
aggregate Market Value of all portfolio securities of the Trust constituting
Moody&#146;s Eligible Assets owned by the Trust (other than Moody&#146;s Eligible
Assets already subject to a Moody&#146;s Hedging Transaction) and rated Baa or A
by Moody&#146;s (or, if not rated by Moody&#146;s but rated by S&#038;P, rated BBB or A by
S&#038;P or Fitch);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) for purposes of the foregoing clauses (1)&nbsp;and (2), the Trust shall
be deemed to own the number of financial futures contracts that underlie any
outstanding options written by the Trust;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(C)&nbsp;the Trust will engage in Closing Transactions to close out any
outstanding financial futures contract based on any index approved by
Moody&#146;s if the amount of open interest in such index as reported by The Wall
Street Journal is less than an amount to be mutually determined by Moody&#146;s
and the Trust;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(D)&nbsp;the Trust may engage in a Closing Transaction to close out any
outstanding financial futures contract by no later than the fifth Business
Day of the month in which such contract expires and will engage in a Closing
Transaction to close out any outstanding option on a financial
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">futures
contract by no later than the first Business Day of the month in which such
option expires;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(E)&nbsp;the Trust will engage in Moody&#146;s Hedging Transactions only with respect
to financial futures contracts or options thereon having the next settlement
date or the settlement date immediately thereafter;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(F)&nbsp;the Trust (1)&nbsp;will not engage in options and futures transactions for
leveraging or speculative purposes, except that an option or futures
transaction shall not for these purposes be considered a leveraged position
or speculative so long as the combination of the Trust&#146;s non-derivative
positions, together with the relevant option or futures transaction,
produces a synthetic investment position, or the same economic result, that
could be achieved by an investment, consistent with the Trust&#146;s investment
objectives and policies, in a security that is not an option or futures
transaction, and (2)&nbsp;will not write any call options or sell any financial
futures contracts for the purposes of hedging the anticipated purchase of an
asset prior to completion of such purchase; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(G)&nbsp;the Trust will not enter into an option or futures transaction unless,
after giving effect thereto, the Trust would continue to have Moody&#146;s
Eligible Assets with an aggregate Discounted Value equal to or greater than
the Preferred Shares Basic Maintenance Amount.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Section&nbsp;8.9. <B>Auction Procedures</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a) <B>Orders</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i)&nbsp;Prior to the Submission Deadline on each Auction Date for shares of a series of
APS:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(A)&nbsp;each Beneficial Owner of shares of such series may submit to its
Broker-Dealer by telephone or otherwise information as to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the number of Outstanding shares, if any, of such series
held by such Beneficial Owner which such Beneficial Owner desires to
continue to hold without regard to the Applicable Rate for shares of
such series for the next succeeding Rate Period of such shares;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the number of Outstanding shares, if any, of such series
held by such Beneficial Owner which such Beneficial Owner offers to
sell if the Applicable Rate for shares of such series for the next
succeeding Rate Period of shares of such series shall be less than
the rate per annum specified by such Beneficial Owner; and/or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the number of Outstanding shares, if any, of such series
held by such Beneficial Owner which such Beneficial Owner offers to
sell without regard to the Applicable Rate for shares of such series
for the next succeeding Rate Period of shares of such series; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(B)&nbsp;one or more Broker-Dealers, using lists of Potential Beneficial Owners,
shall in good faith for the purpose of conducting a competitive Auction in a
commercially reasonable manner, contact Potential Beneficial Owners (by
telephone or otherwise), including Persons that are not Beneficial Owners,
on such lists to determine the number of shares, if any, of such series
which each such Potential Beneficial Owner offers to purchase if the
Applicable Rate for shares of such series for the next succeeding Rate
Period of shares of such series shall not be less than the rate per annum
specified by such Potential Beneficial Owner.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(C)&nbsp;For the purposes hereof, the communication by a Beneficial Owner or
Potential Beneficial Owner to a Broker-Dealer, or by a Broker-Dealer to the
Auction Agent, of information referred to in clause (A)(1), (A)(2), (A)(3)
or (B)&nbsp;of this Section&nbsp;8.9(a)(i) is hereinafter referred to as an &#147;Order&#148;
and collectively as &#147;Orders&#148; and each Beneficial Owner and each Potential
Beneficial Owner placing an Order with a Broker-Dealer, and such
Broker-Dealer placing an order with the Auction Agent, is hereinafter
referred to as a &#147;Bidder&#148; and collectively as &#147;Bidders&#148;; an Order containing
the information referred to in clause (A)(1) of this Section&nbsp;8.9(a)(i) is
hereinafter referred to as a &#147;Hold Order&#148; and collectively as &#147;Hold Orders&#148;;
an Order containing the information referred to in clause (A)(2) or (B)&nbsp;of
this Section&nbsp;8.9(a)(i) is hereinafter referred to as a &#147;Bid&#148; and
collectively as &#147;Bids&#148;; and an Order containing the information referred to
in clause (A)(3) of this Section&nbsp;8.9(a)(i) is hereinafter referred to as a
&#147;Sell Order&#148; and collectively as &#147;Sell Orders.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(D)&nbsp;A Bid by a Beneficial Owner or an Existing Holder of shares of a series
of APS subject to an Auction on any Auction Date shall constitute an
irrevocable offer to sell:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the number of Outstanding shares of such series specified in
such Bid if the Applicable Rate for shares of such series determined on
such Auction Date shall be less than the rate specified therein;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) such number or a lesser number of Outstanding shares of such
series to be determined as set forth in Section&nbsp;8.9(d)(i)(A)(4) if the
Applicable Rate for shares of such series determined on such Auction
Date shall be equal to the rate specified therein; or
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the number of Outstanding shares of such series specified
in such Bid if the rate specified therein shall be higher than the
Maximum Applicable Rate for shares of such series, or such number or a
lesser number of Outstanding shares of such series to be determined as
set forth in Section&nbsp;8.9(d)(i)(A)(4) if the rate specified therein
shall be higher than the Maximum Applicable Rate for shares of such
series and Sufficient Clearing Bids for shares of such series do not
exist.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(E)&nbsp;A Sell Order by a Beneficial Owner or an Existing Holder of shares of a
series of APS subject to an Auction on any Auction Date shall constitute an
irrevocable offer to sell:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the number of Outstanding shares of such series specified in
such Sell Order; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) such number or a lesser number of Outstanding shares of such
series as set forth in Section&nbsp;8.9(d)(i)(B)(3) if Sufficient Clearing
Bids for shares of such series do not exist; provided, however, that
a Broker-Dealer that is an Existing Holder with respect to shares of
a series of APS shall not be liable to any Person for failing to sell
such shares pursuant to a Sell Order described in the proviso to
paragraph (iii)&nbsp;of Section&nbsp;8.9(b) if (X)&nbsp;such shares were
transferred by the Beneficial Owner thereof without compliance by
such Beneficial Owner or its transferee Broker-Dealer (or other
transferee person, if permitted by the Trust) with the provisions of
Section&nbsp;8.9(f) or (Y)&nbsp;such Broker-Dealer has informed the Auction
Agent pursuant to the terms of its Broker-Dealer Agreement that,
according to such Broker-Dealer&#146;s records, such Broker Dealer
believes it is not the Existing Holder of such shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(F)&nbsp;A Bid by a Potential Beneficial Holder or a Potential Holder of shares
of a series of APS subject to an Auction on any Auction Date shall
constitute an irrevocable offer to purchase:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the number of Outstanding shares of such series specified in
such Bid if the Applicable Rate for shares of such series determined
on such Auction Date shall be higher than the rate specified therein;
or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) such number or a lesser number of Outstanding shares of such
series as set forth in Section&nbsp;8.9(d)(i)(A)(5) if the Applicable Rate
for shares of such series determined on such Auction Date shall be
equal to the rate specified therein.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;No Order for any number of APS other than whole shares shall be valid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<B>Submission of Orders by Broker-Dealers to Auction Agent.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i)&nbsp;Each Broker-Dealer shall submit in writing to the Auction Agent prior to the
Submission Deadline on each Auction Date all Orders for APS of a series subject to
an Auction on such Auction Date obtained by such Broker-Dealer, designating itself
(unless otherwise permitted by the Trust) as an Existing Holder in respect of shares
subject to Orders submitted or deemed submitted to it by Beneficial Owners and as a
Potential Holder in respect of shares subject to
Orders submitted to it by Potential Beneficial Owners, and shall specify with
respect to each Order for such shares:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(A)&nbsp;the name of the Bidder placing such Order (which shall be the
Broker-Dealer unless otherwise permitted by the Trust);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(B)&nbsp;the aggregate number of shares of such series that are the subject of
such Order;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(C)&nbsp;to the extent that such Bidder is an Existing Holder of shares of such
series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the number of shares, if any, of such series subject to any
Hold Order of such Existing Holder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the number of shares, if any, of such series subject to any
Bid of such Existing Holder and the rate specified in such Bid; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the number of shares, if any, of such series subject to any
Sell Order of such Existing Holder; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(D)&nbsp;to the extent such Bidder is a Potential Holder of shares of such
series, the rate and number of shares of such series specified in such
Potential Holder&#146;s Bid.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;If any rate specified in any Bid contains more than three figures to the right
of the decimal point, the Auction Agent shall round such rate up to the next highest
one thousandth (.001) of 1%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iii)&nbsp;If an Order or Orders covering all of the outstanding APS of a series held by
any Existing Holder is not submitted to the Auction Agent prior to the Submission
Deadline, the Auction Agent shall deem a Hold Order to have been submitted by or on
behalf of such Existing Holder covering the number of Outstanding shares of such
series held by such Existing Holder and not subject to Orders submitted to the
Auction Agent; provided, however, that if an Order or Orders covering all of the
Outstanding shares of such series held by any Existing
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Holder is not submitted to
the Auction Agent prior to the Submission Deadline for an Auction relating to a
Special Rate Period consisting of more than 91&nbsp;days, the Auction Agent shall deem a
Sell order to have been submitted by or on behalf of such Existing Holder covering
the number of outstanding shares of such series held by such Existing Holder and not
subject to Orders submitted to the Auction Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iv)&nbsp;If one or more Orders of an Existing Holder is submitted to the Auction Agent
covering in the aggregate more than the number of Outstanding APS of a series
subject to an Auction held by such Existing Holder, such Orders shall be considered
valid in the following order of priority:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(A)&nbsp;all Hold Orders for shares of such series shall be considered valid, but
only up to and including in the aggregate the number of Outstanding shares
of such series held by such Existing Holder, and if the number of shares of
such series subject to such Hold Orders exceeds the number of Outstanding
shares of such series held by such Existing Holder, the number of shares
subject to each such Hold Order shall be reduced pro rata to cover the
number of Outstanding shares of such series held by such Existing Holder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(B)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any Bid for shares of such series shall be considered valid
up to and including the excess of the number of Outstanding shares of
such series
held by such Existing Holder over the number of shares of such
series subject to any Hold Orders referred to in clause (A)&nbsp;above;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) subject to subclause (1), if more than one Bid of an
Existing Holder for shares of such series is submitted to the Auction
Agent with the same rate and the number of Outstanding shares of such
series subject to such Bids is greater than such excess, such Bids
shall be considered valid up to and including the amount of such
excess, and the number of shares of such series subject to each Bid
with the same rate shall be reduced pro rata to cover the number of
shares of such series equal to such excess;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) subject to subclauses (1)&nbsp;and (2), if more than one Bid of
an Existing Holder for shares of such series is submitted to the
Auction Agent with different rates, such Bids shall be considered
valid in the ascending order of their respective rates up to and
including the amount of such excess;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) in any such event, the number, if any, of such Outstanding
shares of such series subject to any portion of Bids considered not
valid in whole or in part under this clause (B)&nbsp;shall
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;be treated as
the subject of a Bid for shares of such series by or on behalf of a
Potential Holder at the rate therein specified; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(C)&nbsp;all Sell Orders for shares of such series shall be considered valid up
to and including the excess of the number of Outstanding shares of such
series held by such Existing Holder over the sum of shares of such series
subject to valid Hold Orders referred to in clause (A)&nbsp;above and valid Bids
referred to in clause (B)&nbsp;above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(v)&nbsp;If more than one Bid for one or more shares of a series of APS is submitted to
the Auction Agent by or on behalf of any Potential Holder, each such Bid submitted
shall be a separate Bid with the rate and number of shares therein specified.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(vi)&nbsp;Any Order submitted by a Beneficial Owner or a Potential Beneficial Owner to
its Broker-Dealer, or by a Broker-Dealer to the Auction Agent, prior to the
Submission Deadline on any Auction Date, shall be irrevocable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<B>Determination of Sufficient Clearing Bids, Winning Bids Rate and Applicable Rate.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i)&nbsp;Not earlier than the Submission Deadline on each Auction Date for shares of a
series of APS, the Auction Agent shall assemble all valid Orders submitted or deemed
submitted to it by the Broker-Dealers in respect of shares of such series (each such
Order as submitted or deemed submitted by a Broker-Dealer being hereinafter referred
to individually as a &#147;Submitted Hold Order,&#148; a &#147;Submitted Bid&#148; or a &#147;Submitted Sell
Order,&#148; as the case may be, or as a &#147;Submitted Order&#148; and collectively as &#147;Submitted
Hold Orders,&#148; &#147;Submitted Bids&#148; or &#147;Submitted Sell Orders,&#148; as the case may be, or as
&#147;Submitted Orders&#148;) and shall determine for such series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(A)&nbsp;the excess of the number of Outstanding shares of such series over the
number of Outstanding shares of such series subject to Submitted Hold Orders
(such excess being hereinafter referred to as the &#147;Available APS&#148; of such
series);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(B)&nbsp;from the Submitted Orders for shares of such series whether:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the number of Outstanding shares of such series subject to
Submitted Bids of Potential Holders specifying one or more rates
equal to or lower than the Maximum Applicable Rate for shares of such
series exceeds or is equal to the sum of:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the number of Outstanding shares of such series subject to
Submitted Bids of Existing Holders specifying one or more rates
higher than the Maximum Applicable Rate for shares of such series;
and
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the number of Outstanding shares of such series subject to
Submitted Sell Orders
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(in the event such excess or such equality exists (other than because the number of shares of such
series in subclauses (2)&nbsp;and (3)&nbsp;above is zero because all of the Outstanding shares of such series
are subject to Submitted Hold Orders), such Submitted Bids in subclause (1)&nbsp;above being hereinafter
referred to collectively as &#147;Sufficient Clearing Bids&#148; for shares of such series); and
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(C)&nbsp;if Sufficient Clearing Bids for shares of such series exist, the lowest
rate specified in such Submitted Bids (the &#147;Winning Bid Rate&#148; for shares of
such series) which if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (X)&nbsp;each such Submitted Bid of Existing Holders specifying
such lowest rate and (Y)&nbsp;all other such Submitted Bids of Existing
Holders specifying lower rates were rejected, thus entitling such
Existing Holders to continue to hold the shares of such series that
are subject to such Submitted Bids; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (X)&nbsp;each such Submitted Bid of Potential Holders specifying
such lowest rate and (Y)&nbsp;all other such Submitted Bids of Potential
Holders specifying lower rates were accepted would result in such
Existing Holders described in Section&nbsp;8.9(c(i)(B)(2) (1)&nbsp;above
continuing to hold an aggregate number of Outstanding shares of such
series which, when added to the number of Outstanding shares of such
series to be purchased by such Potential Holders described in Section
8.9(c(i)(B)(2), would equal not less than the Available APS of such
series.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;Promptly after the Auction Agent has made the determinations pursuant to
paragraph (i)&nbsp;of this Section&nbsp;8.9(c), the Auction Agent shall advise the Trust of
the Maximum Applicable Rate for shares of the series of APS for which an Auction is
being held on the Auction Date and, based on such determination the Applicable Rate
for shares of such series for the next succeeding Rate Period thereof as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(A)&nbsp;if Sufficient Clearing Bids for shares of such series exist, that the
Applicable Rate for all shares of such series for the next succeeding Rate
Period thereof shall be equal to the Winning Bid Rate for shares of such
series so determined;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(B)&nbsp;if Sufficient Clearing Bids for shares of such series do not exist
(other than because all of the Outstanding shares of such series are subject
to Submitted Hold Orders), that the Applicable Rate for all shares of such
series for the next succeeding Rate Period thereof shall be equal to the
Maximum Applicable Rate for shares of such series; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(C)&nbsp;if all of the Outstanding shares of such series are subject to Submitted
Hold Orders, that the Dividend Period shall be a Dividend
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Period of seven
Rate Period Days and the Applicable Rate for all shares of such series for
the next succeeding Rate Period thereof shall be the applicable &#147;AA&#148;
Financial Composite Commercial Paper Rate on such Auction Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(d) <B>Acceptance and Rejection of Submitted Bids and Submitted Sell Orders and Allocation of
Shares.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i)&nbsp;Existing Holders shall continue to hold the APS that are subject to Submitted
Hold Orders, and, based on the determinations made pursuant to Section&nbsp;8.9(c)(i)(A),
the Submitted Bids and Submitted Sell Orders shall be accepted or rejected by the
Auction Agent and the Auction Agent shall take such other action as set forth below:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(A)&nbsp;If Sufficient Clearing Bids for shares of a series of APS have been
made, all Submitted Sell Orders with respect to shares of such series shall
be accepted and, subject to the provisions of paragraphs (iv)&nbsp;and (v)&nbsp;of
Section&nbsp;8.9(d), Submitted Bids with respect to shares of such series shall
be accepted or rejected as follows in the following order of priority and
all other Submitted Bids with respect to shares of such series shall be
rejected:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Existing Holders&#146; Submitted Bids for shares of such series
specifying any rate that is higher than the Winning Bid Rate for shares of such series shall be accepted, thus requiring each such
Existing Holder to sell the APS subject to such Submitted Bids;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Existing Holders&#146; Submitted Bids for shares of such series
specifying any rate that is lower than the Winning Bid Rate for shares of such series shall be rejected, thus entitling each such
Existing Holder to continue to hold the APS subject to such Submitted
Bids;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Potential Holders&#146; Submitted Bids for shares of such series
specifying any rate that is lower than the Winning Bid Rate for shares of such series shall be accepted;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) each Existing Holder&#146;s Submitted Bid for shares of such
series specifying a rate that is equal to the Winning Bid Rate for shares of such series shall be rejected, thus entitling such Existing
Holder to continue to hold the APS subject to such Submitted Bid,
unless the number of Outstanding APS subject to all such Submitted
Bids shall be greater than the number of APS (&#147;remaining shares&#148;) in
the excess of the Available APS of such series over the number of APS
subject to Submitted Bids described in Sections&nbsp;8.9(d)(i)(A) and (C),
in which event such Submitted Bid of such Existing Holder shall be
rejected in part, and such
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">Existing Holder shall be entitled to
continue to hold APS subject to such Submitted Bid, but only in an
amount equal to the number of APS of such series obtained by
multiplying the number of remaining shares by a fraction, the
numerator of which shall be the number of Outstanding APS held by
such Existing Holder subject to such Submitted Bid and the
denominator of which shall be the aggregate number of Outstanding APS
subject to such Submitted Bids made by all such Existing Holders that
specified a rate equal to the Winning Bid Rate for shares of such
series; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) each Potential Holder&#146;s Submitted Bid for shares of such
series specifying a rate that is equal to the Winning Bid Rate for
shares of such series shall be accepted but only in an amount equal
to the number of shares of such series obtained by multiplying the
number of shares in the excess of the Available APS of such series
over the number of APS subject to Submitted Bids described in clauses
(2)&nbsp;through (4)&nbsp;of this Section&nbsp;8.9(i)(A) by a fraction, the
numerator of which shall be the number of Outstanding APS subject to
such Submitted Bid and the denominator of which shall be the
aggregate number of Outstanding APS subject to such Submitted Bids
made by all such Potential Holders that specified a rate equal to the
Winning Bid Rate for shares of such series.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(B)&nbsp;If Sufficient Clearing Bids for shares of a series of APS have not been
made (other than because all of the Outstanding shares of such series are
subject to Submitted Hold Orders), subject to the provisions of Section
8.9(d)(4), Submitted Orders for shares of such series shall be accepted or
rejected as follows in the following order of priority and all other
Submitted Bids for shares of such series shall be rejected:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Existing Holders&#146; Submitted Bids for shares of such series
specifying any rate that is equal to or lower than the Maximum
Applicable Rate for shares of such series shall be rejected, thus
entitling such Existing Holders to continue to hold the APS subject
to such Submitted Bids;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Potential Holders&#146; Submitted Bids for shares of such series
specifying any rate that is equal to or lower than the Maximum
Applicable Rate for shares of such series shall be accepted; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Each Existing Holder&#146;s Submitted Bid for shares of such
series specifying any rate that is higher than the Maximum Applicable
Rate for shares of such series and the Submitted Sell Orders for
shares of such series of each Existing Holder shall be accepted, thus
entitling each Existing Holder that submitted or on
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whose
behalf was submitted any such Submitted Bid or Submitted Sell Order to sell the
shares of such series subject to such Submitted Bid or Submitted Sell
Order, but in both cases only in an amount equal to the number of
shares of such series obtained by multiplying the number of shares of
such series subject to Submitted Bids described in clause (2)&nbsp;of this
paragraph (B)&nbsp;by a fraction, the numerator of which shall be the
number of Outstanding shares of such series held by such Existing
Holder subject to such Submitted Bid or Submitted Sell Order and the
denominator of which shall be the aggregate number of Outstanding
shares of such series subject to all such Submitted Bids and
Submitted Sell Orders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(C)&nbsp;If all of the Outstanding shares of a series of APS are subject to
Submitted Hold Orders, all Submitted Bids for shares of such series shall be
rejected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(D)&nbsp;If, as a result of the procedures described in clause (4)&nbsp;or (5)&nbsp;of
paragraph (A)&nbsp;or clause (3)&nbsp;of paragraph (B)&nbsp;of this Section&nbsp;8.9(d)(i), any
Existing Holder would be entitled or required to sell, or any Potential
Holder would be entitled or required to purchase, a fraction of a share of a
series of APS on any Auction Date, the Auction Agent shall, in such manner
as it shall determine in its sole discretion, round up or down the number of
APS of such series to be purchased or sold by any Existing Holder or
Potential Holder on such Auction Date as a result of such procedures so that
the number of shares so purchased or sold by each Existing Holder or
Potential Holder on such Auction Date shall be whole APS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(E)&nbsp;If, as a result of the procedures described in clause (5)&nbsp;of Section
8.9(d)(i)(A), any Potential Holder would be entitled or required to purchase
less than a whole share of a series of APS on any Auction Date, the Auction
Agent shall, in such manner as it shall determine in its sole discretion,
allocate APS of such series for purchase among Potential Holders so that
only whole shares of APS of such series are purchased on such Auction Date
as a result of such procedures by any Potential Holder, even if such
allocation results in one or more Potential Holders not purchasing APS of
such series on such Auction Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(F)&nbsp;Based on the results of each Auction for shares of a series of APS, the
Auction Agent shall determine the aggregate number of shares of such series
to be purchased and the aggregate number of shares of such series to be sold
by Potential Holders and Existing Holders and, with respect to each
Potential Holder and Existing Holder, to the
extent that such aggregate number of shares to be purchased and such
aggregate number of shares to be sold differ, determine to which other
Potential Holder(s) or Existing Holder(s) they shall deliver, or from which
other Potential
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Holder(s) or Existing Holder(s) they shall receive, as the
case may be, APS of such series. Notwithstanding any provision of the
Auction Procedures to the contrary, in the event an Existing Holder or
Beneficial Owner of a series of APS with respect to whom a Broker-Dealer
submitted a Bid to the Auction Agent for such shares that was accepted in
whole or in part, or submitted or is deemed to have submitted a Sell Order
for such shares that was accepted in whole or in part, fails to instruct its
Agent Member to deliver such shares against payment therefor, partial
deliveries of APS that have been made in respect of Potential Holders&#146; or
Potential Beneficial Owners&#146; submitted Bids for shares of such series that
have been accepted in whole or in part shall constitute good delivery to
such Potential Holders and Potential Beneficial Owners.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(G)&nbsp;None of the Trust, the Adviser, nor the Auction Agent nor any affiliate
of either shall have any responsibility or liability with respect to the
failure of an Existing Holder, a Potential Holder, a Beneficial Owner, a
Potential Beneficial Owner or its respective Agent Member to deliver APS of
any series or to pay for APS of any series sold or purchased pursuant to the
Auction Procedures or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<B>Auction Agent.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For so long as any APS are outstanding, the Auction Agent, duly appointed by the Trust to so
act, shall be in each case a commercial bank, trust company or other financial institution
independent of the Trust and its Affiliates (which however may engage or have engaged in business
transactions with the Trust or its Affiliates) and at no time shall the Trust or any of its
affiliates act as the Auction Agent in connection with the Auction Procedures. If the Auction
Agent resigns or for any reason its appointment is terminated during any period that any APS are
outstanding, the Board of Trustees shall use its best efforts promptly thereafter to appoint
another qualified commercial bank, trust company or financial institution to act as the Auction
Agent. The Auction Agent&#146;s registry of Existing Holders of a series of APS shall be conclusive and
binding on the Broker-Dealers. A Broker-Dealer may inquire of the Auction Agent between 3:00 p.m.
on the Business Day preceding an Auction for a series of APS and 9:30 a.m. on the Auction Date for
such Auction to ascertain the number of shares of such series in respect of which the Auction Agent
has determined such Broker-Dealer to be an Existing Holder. If such Broker-Dealer believes it is
the Existing Holder of fewer shares of such series than specified by the Auction Agent in response
to such Broker-Dealer&#146;s inquiry, such Broker-Dealer may so inform the Auction Agent of that belief.
Such Broker-Dealer shall not, in its capacity as Existing Holder of shares of such series, submit
Orders in such Auction in respect of shares of such series covering in the aggregate more than the
number of shares of such series specified by the Auction Agent in response to such Broker-Dealer&#146;s
inquiry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<B>Transfer of APS.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise permitted by the Trust, a Beneficial Owner or an Existing Holder may sell,
transfer or otherwise dispose of APS only in whole shares and only pursuant to a Bid or Sell
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Order placed with the Auction Agent in accordance with the procedures described in this Section&nbsp;8.9 or to
a Broker-Dealer; provided, however, that (a)&nbsp;a sale, transfer or other disposition of APS from a
customer of a Broker-Dealer who is listed on the records of that Broker-Dealer as the holder of
such shares to that Broker-Dealer or another customer of that Broker-Dealer shall not be deemed to
be a sale, transfer or other disposition for purposes of this Section&nbsp;8.9 if such Broker-Dealer
remains the Existing Holder of the shares so sold, transferred or disposed of immediately after
such sale, transfer or disposition and (b)&nbsp;in the case of all transfers other than pursuant to
Auctions, the Broker-Dealer (or other Person, if permitted by the Trust) to whom such transfer is
made shall advise the Auction Agent of such transfer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<B>Global Certificate.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the commencement of a any period in which the holders of Preferred Shares are
entitled to elect a majority of the Board of Trustees, (i)&nbsp;all of the shares of a series of APS
outstanding from time to time shall be represented by one global certificate registered in the name of the Securities Depository or
its nominee and (ii)&nbsp;no registration of transfer of shares of a series of APS shall be made on the
books of the Trust to any Person other than the Securities Depository or its nominee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<B>Force Majeure.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i)&nbsp;Notwithstanding anything else set forth herein, if an Auction Date is not a
Business Day because the New York Stock Exchange is closed for business due to an
act of God, natural disaster, act of war, civil or military disturbance, act of
terrorism, sabotage, riots or a loss or malfunction of utilities or communications
services or the Auction Agent is not able to conduct an Auction in accordance with
the Auction Procedures for any such reason, then the Auction Rate for the next
Dividend Period shall be the Auction Rate determined on the previous Auction Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;Notwithstanding anything else set forth herein, if a Dividend Payment Date is
not a Business Day because the New York Stock Exchange is closed for business due to
an act of God, natural disaster, act of war civil or military disturbance, act of
terrorism, sabotage, riots or a loss or malfunction of utilities or communications
services or the dividend payable on such date can not be paid for any such reason,
then:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(A)&nbsp;the Dividend Payment Date for the affected Dividend Period shall be the
next Business Day on which the Trust and its paying agent, if any, are able
to cause the dividend to be paid using their reasonable best efforts;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(B)&nbsp;the affected Dividend Period shall end on the day it would have ended
had such event not occurred and the Dividend Payment Date had remained the
scheduled date; and
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(C)&nbsp;the next Dividend Period will begin and end on the dates on which it
would have begun and ended had such event not occurred and the Dividend
Payment Date remained the scheduled date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<B>Miscellaneous.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Trustees may interpret the provisions of this Section&nbsp;8.9 to resolve any
inconsistency or ambiguity, remedy any formal defect or make any other change or
modification that does not materially adversely affect the rights of Existing Holders of the
Preferred Shares, and if such inconsistency, ambiguity or formal defect reflects an
inaccurate provision hereof, the Board of Trustees may, in appropriate circumstances, amend
this Section&nbsp;8.9. An Existing Holder (A)&nbsp;may sell, transfer or otherwise dispose of
Preferred Shares only pursuant to a Bid or Sell Order in accordance with the procedures
described in this Section&nbsp;8.9 or to or through a Broker-Dealer, provided that in the case of
all transfers other than pursuant to Auctions such Existing Holder or its Broker-Dealer or
its Agent Member advises the Auction Agent of such transfer, and (B)&nbsp;shall have the
ownership of the Preferred Shares held by it maintained in book-entry form by the Securities
Depository in the account of its Agent Member, which in turn will maintain records of such
Existing Holder&#146;s beneficial ownership. Neither the Trust nor any affiliated person of the
Trust (as defined under the Investment Company Act) shall submit any Order in any Auction.
All of the Outstanding Preferred Shares shall be represented by one certificate registered
in the name of the nominee of the Securities Depository. Each such certificate shall bear a
legend substantially to the effect that transfer of the Shares represented by such
certificate is subject to the restrictions specified in Section&nbsp;8.9(f). Neither the Trust
nor any of its agents, including, without limitation, the Auction Agent, shall have any
liability with respect to the failure of a Potential Holder, Existing Holder or Agent Member
to deliver, or to pay for, Preferred Shares sold or purchased in an Auction or otherwise.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TERMS OF COMMON SHARES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.1. <U><B>Designation</B></U>. A class of common shares of beneficial interest, without
par value, is hereby designated &#147;Common Shares&#148; (the &#147;Common Shares&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.2. <U><B>Common Shares</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Common Shares shall rank junior to the Preferred Shares with respect to payment of
dividends and distributions on liquidation or dissolution and shall have such other qualifications,
limitations or restrictions as provided in the Declaration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Except as otherwise provided herein or by law and the Declaration, the holders of the
Common Shares shall be entitled to one vote for each Share on each matter submitted to a vote of
the Shareholders of the Trust. The holders of the Common Shares and the holders of the Preferred
Shares shall vote together as a single class except as herein provided or to the extent otherwise
required by the 1940 Act or the Declaration.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;After all accumulated and unpaid dividends upon all outstanding Preferred Shares for all
previous dividend periods have been paid, and full dividends on all outstanding Preferred Shares
for the then-current dividend period have been paid or declared and a sum sufficient for the
payment thereof set apart therefore, then and not otherwise, dividends or other distributions may
be declared upon and paid to the holders of the Common Shares, to the exclusion of the holders of
the Preferred Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the event of the dissolution, liquidation, or winding up of the Trust, whether
voluntary or involuntary, after payment in full of the amounts, if any, required to be paid to the
holders of the Preferred Shares, the holders of the Common Shares shall be entitled, to the
exclusion of the holders of the Preferred Shares, to share ratably in all remaining assets of the
Trust.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE
X</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FISCAL YEAR</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fiscal year of the Trust shall be established by resolution of the Trustees.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XI</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SEAL</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustees may adopt a seal which shall be in such form and shall have such inscription
thereon as the Trustees may from time to time prescribe but the absence of a seal shall not impair
the validity or execution of any document.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SUFFICIENCY AND WAIVERS OF NOTICE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever any notice whatever is required to be given by law, the Declaration of Trust or these
By-laws, a waiver thereof in writing, signed by the person or persons entitled to said notice,
whether before or after the time stated therein, shall be deemed equivalent thereto. A notice
shall be deemed to have been sent by mail, telegraph, cable, wireless, facsimile or electronic
means for the purposes of these By-laws when it has been delivered to a representative of any
entity holding itself out as capable of sending notice by such means with instructions that it be
so sent.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XIII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMENDMENTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These By-laws, or any of them, may be altered, amended or repealed, or new By-laws may be
adopted by a vote of a majority of the Trustees, provided, however, that no By-law may be amended,
adopted or repealed by the Trustees if such amendment, adoption or repeal requires, pursuant to
federal or state law, the Declaration of Trust or these By-laws, a vote of the Shareholders.
</DIV>


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<TYPE>EX-99.(2)(B)(1)
<SEQUENCE>5
<FILENAME>b90494a1exv99wx2yxbyx1y.htm
<DESCRIPTION>AMENDMENT DATED MARCH 8, 2005 TO THE BY-LAWS
<TEXT>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT, DATED MARCH 8, 2005 TO THE</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>AMENDED AND RESTATED</B><BR>
<BR>
<B>BY-LAWS OF</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>JOHN HANCOCK INVESTORS TRUST,<BR>
DATED SEPTEMBER 14, 2004</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the authority granted to the Board of Trustees in Section&nbsp;2.10 of the Trust&#146;s
Amended and Restated Declaration of Trust (the &#147;Declaration of Trust&#148;), dated August&nbsp;26, 2003, as
amended from time to time, the Board of Trustees further amends the Amended and Restated By-Laws
(the &#147;By-Laws&#148;) of the John Hancock Investors Trust (the &#147;Trust&#148;) by restating Article&nbsp;VI of the
By-Laws in its entirety as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">OFFICERS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.1. <U>General Provisions</U>. The officers of the Trust shall be a Chairman, a
President, a Treasurer and a Secretary, who shall be elected by the Trustees. The Trustees may
elect or appoint such other officers or agents as the business of the Trust may require, including
one or more Vice Presidents, one or more Assistant Secretaries, and one or more Assistant
Treasurers. The Trustees may delegate to any officer or committee the power to appoint any
subordinate officers or agents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.2. <U>Election, Term of Office and Qualifications</U>. The officers of the Trust and
any Series thereof shall be elected by the Trustees. Except as provided in Sections&nbsp;6.3 and 6.4 of
this Article&nbsp;VI, each officer elected by the Trustees shall hold office at the pleasure of the
Trustees. Any two or more offices may be held by the same person. The Chairman of the Board shall
be selected from among the Trustees and may hold such office only so long as he/she continues to be
a Trustee. Any Trustee or officer may be but need not be a Shareholder of the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.3. <U>Removal</U>. The Trustees, at any regular or special meeting of the Trustees, may
remove any officer with or without cause, by a vote of a majority of the Trustees then in office.
Any officer or agent appointed by an officer or committee may be removed with or without cause by
such appointing officer or committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.4. <U>Powers and Duties of the Chairman</U>. The Chairman shall preside at the meetings
of the Shareholders and of the Trustees. He may call meetings of the Trustees and of any committee
thereof whenever he deems it necessary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.5. <U>Powers and Duties of the Vice Chairman</U>. The Trustees may, but need not,
appoint one or more Vice Chairman of the Trust. The Vice Chairman shall perform such duties as may
be assigned to him or her from time to time by the Trustees or the Chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.6. <U>Powers and Duties of the President</U>. The President shall be the chief
executive officer of the Trust and shall preside at all meetings of the Trustees and Shareholders
in the absence of the Chairman. Subject to the control of the Trustees and to the control of any
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Committees of the Trustees, within their respective spheres as provided by the Trustees, he shall
at all times exercise general supervision over the business and policies of the Trust. He shall
have the power to employ attorneys and counsel for the Trust or any Series or Class thereof and to
employ such subordinate officers, agents, clerks and employees as he may find necessary to transact
the business of the Trust or any Series or Class thereof. He shall also have the power to grant,
issue, execute or sign such powers of attorney, proxies or other documents as may be deemed
advisable or necessary in furtherance of the interests of the Trust or any Series thereof. The
President shall have such other powers and duties, as from time to time may be conferred upon or
assigned to him by the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.7. <U>Powers and Duties of Vice Presidents</U>. In the absence or disability of the
President, the Vice President or, if there be more than one Vice President, any Vice President
designated by the Trustees, shall perform all the duties and may exercise any of the powers of the
President, subject to the control of the Trustees. Each Vice President shall perform such other
duties as may be assigned to him from time to time by the Trustees and the President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.8. <U>Powers and Duties of the Treasurer</U>. The Treasurer shall be the principal
financial and accounting officer of the Trust. He 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.
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. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.9. <U>Powers and Duties of the Secretary</U>. The Secretary shall keep the minutes of
all meetings of the Trustees and of the Shareholders in proper books provided for that purpose; he
shall have custody of the seal of the Trust; he shall have charge of the Share transfer books,
lists and records unless the same are in the charge of a transfer agent. He shall attend to the
giving and serving of all notices by the Trust in accordance with the provisions of these By-laws
and as required by law; and subject to these By-laws, he shall in general perform all duties
incident to the office of Secretary and such other duties as from time to time may be assigned to
him by the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.10. <U>Powers and Duties of Assistant Treasurers</U>. In the absence or disability of
the Treasurer, any officer designated by the Trustees shall perform all the duties, and may
exercise any of the powers, of the Treasurer. Each officer shall perform such other duties as from
time to time may be assigned to him by the Trustees. Each officer performing the duties and
exercising the powers of the Treasurer, if any, and any Assistant 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.11. <U>Powers and Duties of Assistant Secretaries</U>. In the absence or disability of
the Secretary, any Assistant Secretary designated by the Trustees shall perform all the duties, and
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">may exercise any of the powers, of the Secretary. Each Assistant Secretary shall perform such
other duties as from time to time may be assigned to him by the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.12. <U>Compensation of Officers and Trustees and Members of the Advisory Board</U>.
Subject to any applicable provisions of the Declaration of Trust, the compensation of the officers
and Trustees and members of an advisory board shall be fixed from time to time by the Trustees or,
in the case of officers, by any Committee or officer upon whom such power may be conferred by the
Trustees. No officer shall be prevented from receiving such compensation as such officer by reason
of the fact that he is also a Trustee.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(B)(2)
<SEQUENCE>6
<FILENAME>b90494a1exv99wx2yxbyx2y.htm
<DESCRIPTION>AMENDMENT DATED MARCH 11, 2008 TO THE BY-LAWS
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxbyx2y</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT TO</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>AMENDED AND RESTATED</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>BY-LAWS
OF</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>JOHN HANCOCK INCOME SECURITIES TRUST<BR>
JOHN HANCOCK INVESTORS TRUST<BR>
JOHN HANCOCK PREFERRED INCOME FUND<BR>
JOHN HANCOCK PREFERRED INCOME FUND II<BR>
JOHN HANCOCK PREFERRED INCOME FUND III<BR>
JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">As Amended: March&nbsp;11, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Article&nbsp;IV. </B><U><B>Trustees</B></U>. A new Section&nbsp;4.3 is added as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.3. Retirement Age. </B>That the retirement age for Trustees shall be seventy two and
that therefore each Trustee shall retire from service on December&nbsp;31 of the year in which he or she
reaches his or her seventy-second birthday.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Article&nbsp;VIII. Preferred Shares. </B>That any and all provisions prohibiting or restricting the
ability of affiliates of the Fund from submitting Bids or Orders or otherwise participating in
Auctions for Preferred Shares, including without limitation such provisions contained in Section
8.9 relating to Auction Procedures, be and they hereby are eliminated and repealed. For the
elimination of doubt, this provision eliminating all such restrictions shall govern in the event of
any ambiguity or inconsistency regarding the ability of affiliates of the Fund to fully participate
in auctions to the extent permitted by applicable law.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(B)(3)
<SEQUENCE>7
<FILENAME>b90494a1exv99wx2yxbyx3y.htm
<DESCRIPTION>AMENDMENT DATED OCTOBER 15, 2008 TO THE BY-LAWS
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxbyx3y</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT TO</B><BR>
<BR>
<B>AMENDED AND RESTATED</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>BY-LAWS OF</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>JOHN HANCOCK INVESTORS TRUST</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As Amended effective: October&nbsp;15, 2008 (Articles III, VIII and IX)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Article&nbsp;III, Section&nbsp;3.12, paragraphs (a)&nbsp;and (b)&nbsp;are hereby amended to read in their entirety
as follows (with additions shown in bold text):</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE III SHAREHOLDERS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.12 <U>Nominations and Proposals by Shareholders.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Annual Meetings of Shareholders</U>. Nominations of persons for election as a Trustee
and the proposal of business to be considered by the Shareholders may be made at an annual meeting
of Shareholders (i)&nbsp;pursuant to the Trust&#146;s notice of meeting, (ii)&nbsp;by or at the direction of the
Trustees or (iii)&nbsp;by any Shareholder of the Trust who was a Shareholder of record both at the time
of giving of notice provided for in this Section&nbsp;3.12(a) and at the time of the annual meeting, who
is entitled to vote at the meeting and who complied with the notice procedures set forth in this
Section&nbsp;3.12(a). For nominations for election to the Trustees or other business to be properly
brought before an annual meeting by a Shareholder pursuant to this Section&nbsp;3.12(a), the Shareholder
must have given timely notice thereof in writing to the Secretary of the Trust and such other
business must otherwise be a proper matter for action by Shareholders. To be timely, a
Shareholder&#146;s notice must be delivered to the Secretary at the principal executive office of the
Trust by not later than the close of business on the 90<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day prior to the first
anniversary of the date of mailing of the notice for the preceding year&#146;s annual meeting nor
earlier than the close of business on the 120<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day prior to the first anniversary of
the date of mailing of the notice for the preceding year&#146;s annual meeting; provided, however, that
in the event that the date of the mailing of the notice for the annual meeting is advanced or
delayed by more than thirty (30)&nbsp;days from the anniversary date of the mailing of the notice for
the preceding year&#146;s annual meeting, notice by the Shareholder to be timely must be so delivered
not earlier than the close of business on the 120<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day prior to the date of mailing of
the notice for such annual meeting and not later than the close of business on the later of the
90<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day prior to the date of mailing of the notice for such annual meeting or the
10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day following the day on which public announcement of the date of mailing of the
notice for such meeting is first made by the Trust. In no event shall the public announcement of a
postponement of the mailing of the notice for such annual meeting or of an adjournment or postponement of an annual meeting to a
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">later date or time commence a new time period for the giving of a Shareholder&#146;s notice as described
above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Shareholder&#146;s notice to be proper must set forth (i)&nbsp;as to each person whom the Shareholder
proposes to nominate for election or reelection as a trustee (A)&nbsp;the name, age, business address
and residence address of such person, (B)&nbsp;the class and number of shares of stock of the Trust that
are beneficially owned or owned of record by such person, <B>(C)&nbsp;the date such shares were acquired
and the investment intent of such acquisition, </B>and (D)&nbsp;all other information relating to such
person that is required to be disclosed in solicitations of proxies for election of trustees in an
election contest, or is otherwise required, in each case pursuant to Regulation&nbsp;14A (or any
successor provision) under the Exchange Act (including such person&#146;s written consent to being named
in the proxy statement as a nominee and to serving as a trustee if elected); (ii)&nbsp;as to any other
business that the Shareholder proposes to bring before the meeting, a description of the business
desired to be brought before the meeting, the reasons for conducting such business at the meeting
and any material interest in such business of such Shareholder (including any anticipated benefit
to the Shareholder therefrom) and of each beneficial owner, if any, on whose behalf the proposal is
made; (iii)&nbsp;as to the Shareholder giving the notice and each beneficial owner, if any, on whose
behalf the nomination or proposal is made, (1)&nbsp;the name and address of such Shareholder, as they
appear on the Trust&#146;s stock ledger and current name and address, if different, and of such
beneficial owner, (2)&nbsp;the class and number of shares of stock of the Trust which are owned
beneficially and of record by such Shareholder and such beneficial owner, <B>(3)&nbsp;whether and the
extent to which any hedging or other transaction or series of transactions has been entered into by
or on behalf of, or any other agreement, arrangement or understanding (including any short position
or any borrowing or lending of shares) has been made, the effect or intent of which is to mitigate
loss to or manage risk of share price changes for, or to increase the voting power of, such
shareholder or beneficial owner with respect to any share of the Trust (collectively &#147;Hedging
Activities&#148;), and (4)&nbsp;the extent to which such shareholder or such beneficial owner, if any, has
engaged in Hedging Activities with respect to shares or other equity interests of any other trust
or company; (iv)&nbsp;as to the shareholder giving the notice and any beneficial owner covered by
clauses (i)&nbsp;or (ii)&nbsp;of this paragraph, the name and address of such shareholder, as they appear on
the Trust&#146;s stock ledger and current name and address, if different, of such beneficial owner; and
(v)&nbsp;to the extent known by the shareholder giving the notice, the name and address of any other
shareholder supporting the nominee for election or reelection as a trustee or the proposal of other
business on the date of such shareholder&#146;s notice. </B>Notwithstanding anything in the second sentence
of paragraph (a)&nbsp;of this Section&nbsp;3.12 to the contrary, in the event that the number of trustees to
be elected to the Board of Trustees is increased and there is no public announcement by the Trust
of such action or specifying the size of the increased Trustees at least one hundred (100)&nbsp;days
prior to the first anniversary of the date of mailing of the notice for the preceding year&#146;s annual
meeting, a Shareholder&#146;s notice required by this Section&nbsp;3.12(a) shall also be considered timely,
but only with respect to nominees for any new positions created by such increase, if the notice is
delivered to the Secretary at the principal executive offices of the Trust not later than the close
of business on the 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day immediately following the day on which such public
announcement is first made by the Trust.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Special Meetings of Shareholders</U>. Only such business shall be conducted at a
special meeting of Shareholders as shall have been brought before the meeting pursuant to the
Trust&#146;s notice of meeting. Nominations of persons for election to the Trustees may be made at a
special meeting of Shareholders at which trustees are to be elected (i)&nbsp;pursuant to the Trust&#146;s
notice of meeting, (ii)&nbsp;by or at the direction of the Trustees or (iii)&nbsp;provided that the Trustees
have determined that trustees shall be elected at such special meeting, by any Shareholder of the
Trust who is a Shareholder of record both at the time of giving of notice provided for in this
Section&nbsp;3.12(b) and at the time of the special meeting, who is entitled to vote at the meeting and
who complied with the notice procedures set forth in this Section&nbsp;3.12(b). In the event the Trust
calls a special meeting of Shareholders for the purpose of electing one or more Trustees, any such
Shareholder may nominate a person or persons (as the case may be) for election to such position as
specified in the Trust&#146;s notice of meeting, if the Shareholder&#146;s notice containing the information
required by this Section&nbsp;3.12(b) shall have been delivered to the Secretary at the principal
executive offices of the Trust not earlier than the close of business on the 120<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day
prior to such special meeting and not later than the close of business on the later of the
90<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day prior to such special meeting or the 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day following the day on
which public announcement is first made of the date of the special meeting and the nominees
proposed by the Trustees to be elected at such meeting. In no event shall the public announcement
of a postponement or adjournment of a special meeting to a later date or time commence a new time
period for the giving of a Shareholder&#146;s notice as described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>A Shareholder&#146;s notice to be proper must set forth (i)&nbsp;as to each person whom the Shareholder
proposes to nominate for election or reelection as a trustee (A)&nbsp;the name, age, business address
and residence address of such person, (B)&nbsp;the class and number of shares of stock of the Trust that
are beneficially owned or owned of record by such person, (C)&nbsp;the date such shares were acquired
and the investment intent of such acquisition, and (D)&nbsp;all other information relating to such
person that is required to be disclosed in solicitations of proxies for election of trustees in an
election contest, or is otherwise required, in each case pursuant to Regulation&nbsp;14A (or any
successor provision) under the Exchange Act (including such person&#146;s written consent to being named
in the proxy statement as a nominee and to serving as a trustee if elected); (ii)&nbsp;as to any other
business that the Shareholder proposes to bring before the meeting, a description of the business
desired to be brought before the meeting, the reasons for conducting such business at the meeting
and any material interest in such business of such Shareholder (including any anticipated benefit
to the Shareholder therefrom) and of each beneficial owner, if any, on whose behalf the proposal is
made; (iii)&nbsp;as to the Shareholder giving the notice and each beneficial owner, if any, on whose
behalf the nomination or proposal is made, (1)&nbsp;the name and address of such Shareholder, as they
appear on the Trust&#146;s stock ledger and current name and address, if different, and of such
beneficial owner, (2)&nbsp;the class and number of shares of stock of the Trust which are owned
beneficially and of record by such Shareholder and such beneficial owner, (3)&nbsp;whether and the
extent to which any hedging or other transaction or series of transactions has been entered into by
or on behalf of, or any other agreement, arrangement or understanding (including any short position
or any borrowing or lending of shares) has been made, the effect or intent of which is to mitigate
loss to or manage risk of share price changes for, or to increase the voting power of, such
shareholder or beneficial owner with respect to any share of the Trust (collectively</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Hedging Activities&#148;), and (4)&nbsp;the extent to which such shareholder or such beneficial owner, if
any, has engaged in Hedging Activities with respect to shares or other equity interests of any
other trust or company; (iv)&nbsp;as to the shareholder giving the notice and any beneficial owner
covered by clauses (i)&nbsp;or (ii)&nbsp;of this paragraph, the name and address of such shareholder, as they
appear on the Trust&#146;s stock ledger and current name and address, if different, of such beneficial
owner; and (v)&nbsp;to the extent known by the shareholder giving the notice, the name and address of
any other shareholder supporting the nominee for election or reelection as a trustee or the
proposal of other business on the date of such shareholder&#146;s notice.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Article&nbsp;VIII is hereby deleted and is amended to read in its entirety as follows: </I></B>&#147;ARTICLE
VIII. RESERVED.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Article&nbsp;IX, Section&nbsp;9.2, paragraph (a)&nbsp;is hereby amended to read in its entirety as follows
(with additions shown in bold text and deletions shown in stricken text):</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE IX TERMS OF COMMON SHARES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.2. <U>Common Shares</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Common Shares shall rank junior to <B>any issued </B>preferred shares <B>(&#147;Preferred Shares&#148;)</B>
with respect to payment of dividends and distributions on liquidation or dissolution and shall have
such other qualifications, limitations or restrictions as provided in the Declaration.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /Folio -->
</DIV>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(B)(4)
<SEQUENCE>8
<FILENAME>b90494a1exv99wx2yxbyx4y.htm
<DESCRIPTION>AMENDMENT DATED AUGUST 1, 2009 TO THE BY-LAWS
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxbyx4y</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>JOHN HANCOCK INVESTORS TRUST</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>AMENDMENT DATED AUGUST 1, 2009</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>TO THE</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>AMENDED AND RESTATED BY-LAWS</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>DATED SEPTEMBER 14, 2004</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That the By-Laws be, and they hereby are, amended as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;6.8 is amended to read as follows in its entirety:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>POWERS AND DUTIES OF THE TREASURER. 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. 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. 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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A new Section&nbsp;6.13 is added as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DESIGNATION OF PRINCIPAL ACCOUNTING OFFICER(S) AND PRINCIPAL FINANCIAL OFFICER(S).
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.</TD>
</TR>




</TABLE>
</DIV>
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</DIV>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(B)(5)
<SEQUENCE>9
<FILENAME>b90494a1exv99wx2yxbyx5y.htm
<DESCRIPTION>AMENDMENT DATED AUGUST 31, 2010 TO THE BY-LAWS
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxbyx5y</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV><BR>
<B>AMENDMENT DATED AUGUST 31, 2010</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TO THE</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>AMENDED AND RESTATED<BR>
BY-LAWS OF</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>JOHN HANCOCK INCOME SECURITIES TRUST<BR>
JOHN HANCOCK INVESTORS TRUST<BR>
JOHN HANCOCK PREFERRED INCOME FUND<BR>
JOHN HANCOCK PREFERRED INCOME FUND II<BR>
JOHN HANCOCK PREFERRED INCOME FUND III</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>EACH DATED SEPTEMBER 14, 2004 AS AMENDED</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top:6pt"><B>AND</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>AMENDED AND RESTATED<BR>
BY-LAWS OF</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND<BR><BR style="font-size: 6pt">
DATED DECEMBER 16, 2003 AS AMENDED MARCH 8, 2005 AS AMENDED</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;4.3 of ARTICLE IV is hereby amended to read as follows in its entirety:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;4.3 <U>Retirement Age</U><B>. </B>The retirement age for Trustees shall be seventy three and
therefore each Trustee shall retire from service on December&nbsp;31 of the year in which he or she
reaches his or her seventy-third birthday.
</DIV>





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<DOCUMENT>
<TYPE>EX-99.(2)(E)
<SEQUENCE>10
<FILENAME>b90494a1exv99wx2yxey.htm
<DESCRIPTION>DIVIDEND REINVESTMENT PLAN DATED JULY 1, 2011
<TEXT>
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<TITLE>exv99wx2yxey</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS"><B>John Hancock Closed-End Funds</B></FONT>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</B>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Dividend Reinvestment Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Shareholder:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you for selecting a John Hancock Closed-End Fund (the &#147;Fund&#148;) for your investment portfolio.
Every shareholder holding at least one full share of the Fund is entitled to participate in the
Fund&#146;s Dividend Reinvestment Plan (the &#147;Plan&#148;). In addition, every shareholder who became a
shareholder of the Fund after June&nbsp;30, 2011 (May&nbsp;25, 2011 with respect to John Hancock Hedged
Equity &#038; Income Fund) and holds at least one full share of the Fund will be automatically enrolled
in the Plan. The Terms and Conditions of the Plan, as well as the procedures to either continue
dividend reinvestment or have your dividends paid in cash, are included in this brochure. The
brochure also describes the costs you will pay as a Plan participant. Appendix&nbsp;A to this brochure
lists the Funds that currently offer the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Plan offers an opportunity to earn compounded returns. Compounding your investment returns
over time by reinvesting in shares of the Fund may afford benefits to you not achieved by taking
your investment returns in cash. The Plan also enables you to purchase additional shares of the
Fund, deposit Fund shares that were not acquired through the Plan, and sell shares held in your
Plan account. In addition, as a participant in the Plan, you will benefit from the safekeeping
provided by the Administrator for all shares purchased on your behalf by the Administrator and
other Fund shares you may deposit in the Plan account. This service protects against theft or loss
of certificates. Recordkeeping also is provided by the Administrator for participants. Monthly
statements will detail distributions, purchases, sales (if any), prices and total shares held in
your Plan account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bank of New York Mellon acts as Administrator for shareholders in reinvesting all dividends and
distributions in additional shares of the Fund for individual accounts. If you hold at least one
full share of the Fund and would like automatic dividend reinvestment and your shares are held in
the name of a nominee (broker, bank or other), please contact your nominee to see if it will
participate in the Plan for you. If your nominee can participate in the Plan, your monthly
statements will reflect the reinvestment. If your nominee cannot participate in the Plan for you,
have your shares re-registered in your name so you may participate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you do not wish to participate in the Plan, please notify the Administrator by telephone at the
number in the enclosed materials or by visiting the Administrator&#146;s Web site at
www.bnymellon.com/shareowner/equityaccess.
</DIV>






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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Shareholder:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BNY Mellon Capital Markets, LLC (&#147;BNYMCM&#148;), a registered broker-dealer, is forwarding the enclosed
materials for the dividend reinvestment plan (the &#147;Plan&#148;). The Bank of New York Mellon, a banking
affiliate of BNYMCM, is the Administrator of the Plan. Please review the enclosed materials for
details of the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Orders received by the Administrator to purchase or sell shares under the Plan may be executed by
BNYMCM. BNYMCM makes no recommendation for or against participation in the Plan, or the purchase
of any securities under the Plan, nor does it assume any responsibility for the accuracy of the
statements made in the enclosed materials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have any questions about the Plan, you may contact the Administrator at the toll-free number
in the enclosed materials.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="29%">&nbsp;</TD>
</TR>
<TR></TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Very truly yours,</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BNY Mellon Capital Markets, LLC</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BNYMCM, a wholly owned non-bank subsidiary of The Bank of New York Mellon Corporation, is a full
service, SEC registered broker-dealer, and a member of FINRA and SIPC. Shares offered through the
Plan are not FDIC insured and are not held by BNYMCM. Shares held pursuant to the Plan are not
subject to protection under SIPC. Shares are not bank deposits or obligations of, or guaranteed by
any bank and are subject to investment risks, including possible loss of the principal amount
invested.</B>
</DIV>






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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>What is the Dividend Reinvestment Plan?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Dividend Reinvestment Plan (the &#147;Plan&#148;) offers shareholders of each of the John Hancock
Closed-End Funds listed in Appendix&nbsp;A (each a &#147;Fund&#148;) a prompt and simple way to reinvest their
dividend and net capital gains distributions in shares of the Fund, purchase additional shares of
the Fund, and safekeep shares of the Fund. Each Fund expects to declare dividends out of its
income and net capital gains available for distribution, in accordance with its usual practice, as
stated in its shareholder reports.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bank of New York Mellon acts as Administrator for shareholders in administering the Plan.
Certain administrative support will be provided to the Administrator by its affiliate, BNY Mellon
Shareowner Services. The complete Terms and Conditions of the Plan appear later in this brochure.
Except where noted, references to a &#147;Fund&#148; in this brochure and in the Terms and Conditions apply
equally to each Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Who can participate in the Plan?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you own at least one full share of the Fund in your own name, you are entitled to participate in
the Plan. In addition, if you are a new shareholder holding at least one full share of the Fund,
you will be automatically enrolled in the Plan. This automatic enrollment feature of the Plan
applies only to shareholders who became shareholders of the Fund after June&nbsp;30, 2011 (May&nbsp;25, 2011
with respect to John Hancock Hedged Equity &#038; Income Fund). If you own shares that are held in the
name of a brokerage firm, bank or other nominee, you should instruct your nominee to participate on
your behalf with respect to the Fund or Funds that you designate. If you wish to participate in
the Plan, but your brokerage firm, bank or other nominee is unable to participate on your behalf,
you should request it to re-register your shares in your own name, which will enable your
participation in the Plan. The Administrator will administer the Plan on the basis of the number
of shares certified from time to time by you as representing the total amount registered in your
name and held for your account by your nominee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How does the Plan work?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For all Funds (except for the John Hancock Bank and Thrift Opportunity Fund), if the Fund declares
a dividend or distribution payable either in cash or in shares of the Fund and the market price of
shares on the valuation date equals or exceeds the Fund&#146;s net asset value per share (&#147;NAV&#148;), the
Fund will issue new shares to you at the greater of NAV or 95% of the current market price. If the
market price is lower than NAV, or if dividends or distributions are payable only in cash, then you
will receive shares purchased by the Administrator on your behalf on the New York Stock Exchange
(the &#147;NYSE&#148;) or otherwise on the open market. If the market price exceeds NAV before the
Administrator has completed its purchases, the average purchase price may exceed NAV, resulting in
fewer shares being acquired than if the Fund had issued new shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For John Hancock Bank and Thrift Opportunity Fund, if the Fund declares a dividend or distribution,
you will receive shares purchased by the Administrator on your behalf on the NYSE or otherwise on
the open market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For all Funds, all reinvestments are in full and fractional shares, carried to four decimal places.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Can I invest additional cash under the Plan?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may buy additional shares of the Fund through the Plan at any time in amounts of at least $50
per investment, up to a maximum of $10,000, with a total calendar year limit of $100,000. You will
be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each order.
Purchases of additional shares of the Fund will be made on the open market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To purchase additional Fund shares, you may send the Administrator a check payable to &#147;BNY
Mellon/John Hancock&#148; along with written instructions to use the investment to purchase shares of
the Fund for your Plan account. A form for use in purchasing additional Fund shares will be
attached to your Plan account statements. In addition, you may contact the Administrator to
purchase Fund shares through monthly electronic fund transfers from your designated account at any
qualified financial institution that participates in the Automated Clearing House. Automatic
purchases by fund transfer are made on the 25th day of each month, or if such date is not a
business day, on the next business day. You will be charged a $2 transaction fee plus $0.05 per
share brokerage trading fee for each automatic purchase. The automatic purchases will continue
until you notify the Administrator to change or discontinue them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cash investments will be invested monthly by the Administrator by the last business day of the
month; no interest will be paid to you on cash investments held pending investment. There is no
obligation to invest additional cash.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If your cash investment cannot be collected by the Administrator due to insufficient funds, you
will be charged $35. In addition, shares in your Plan account will be sold to the extent necessary
to pay the $35 charge and the sales charges related to the sale, and to reimburse the Administrator
for any amounts expended to purchase shares that were added to your account in connection with the
investment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Safekeeping</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All shares purchased pursuant to the Plan benefit from the safekeeping provided by the
Administrator. In addition, you may deposit for safekeeping by the Administrator Fund shares that
were not purchased under the Plan, provided that the shares to be deposited are registered in your
name, or if such shares are registered in another name, you have satisfied the requirements for
transfer of such shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Safekeeping protects your shares against loss, theft or accidental destruction and also provides a
convenient way for you to keep track of your Fund shares. Only shares deposited with the
Administrator for safekeeping may be sold through the Plan. If you own Fund shares in certificated
form, you may deposit your certificates for those shares free of charge with the Administrator.
Upon receipt of your certificate(s), the Administrator will cancel the certificate(s) and deposit
the shares in a book entry form. The Administrator will provide mail loss insurance coverage for
certificates with a value not exceeding $100,000 in one shipping package via USPS registered mail
or traceable delivery service to: The Bank of New York Mellon, 500 Ross Street, Room&nbsp;0675,
Pittsburgh, PA 15262.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Note: Mail loss insurance covers only the replacement of shares of stock and does not protect
against any loss resulting from fluctuations in the value of such shares.</I>
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Sale of shares</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You can sell Fund shares held in your Plan account at any time by contacting the Administrator over
the Internet, by telephone or in writing. Your sale request will be processed and your shares
will, subject to market conditions and other factors, generally be sold within 24 hours of receipt
of your request. Please note that the Administrator cannot and does not guarantee the actual sale
date or price, nor can it stop or cancel any outstanding sales or issuance requests. All requests
are final. The Administrator will mail a check to you (less applicable brokerage trading fees) on
settlement date, which is three business days after your shares have been sold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Alternatively, you may choose to sell your shares through your stockbroker, in which case you would
have to request that the Administrator electronically transfer your shares to your stockbroker
through the Direct Registration System.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Is there a cost to participate?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are no brokerage charges for shares issued directly by the Fund. However, whenever shares
are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro
rata portion of brokerage trading fees, currently $0.05 per share purchased or sold. Brokerage
trading fees will be deducted from amounts to be invested.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What are the tax implications for participants?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You will receive tax information annually for your personal records and to help you prepare your
federal income tax return. The automatic reinvestment of dividends and net capital gains
distributions does not relieve you of any income tax which may be payable on dividends or
distributions. The amount of the dividend to be reported on Form 1099-DIV should be: (1)&nbsp;in the
case of shares issued by the Fund, the fair market value of such shares on the dividend payment
date; and (2)&nbsp;in the case of shares purchased by the Administrator in the open market, the amount
of cash used to purchase them (including the amount of cash allocable to brokerage trading fees
paid on such purchases).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Once enrolled in the Plan, may I withdraw from it?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may withdraw from the Plan at any time by contacting the Administrator by telephone, in writing
or by visiting the Administrator&#146;s Web site at www.bnymellon.com/shareowner/equityaccess. Your
withdrawal will be effective as specified in the Terms and Conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you withdraw, your shares will be credited to your account; or, if you wish, the Administrator
will sell your full and fractional shares and send you the proceeds, less a transaction fee of
$5.00 and less brokerage trading fees of $0.05 per share.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>May the Administrator terminate your participation in the Plan?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes. If you do not maintain at least one whole share of common stock in the Plan account, the
Administrator may terminate your participation in the Plan. If your participation has been
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">terminated, you will be sent a check for the cash value of any fractional share in the Plan
account, less any applicable broker commissions and taxes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do participating shareholders benefit?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By reinvesting your dividends in additional shares of the Fund, you will build holdings in the Fund
easily and automatically. In addition, you will be able to safekeep all your Fund shares in your
Plan account, which provides a convenient way for you to keep track of your Fund shares. You can
also buy and sell Fund shares through the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You will receive a detailed account statement from the Administrator showing total dividends and
distributions, date of investment, shares acquired or sold (if applicable) and price per share, and
total shares of record held by you and by the Administrator for you. You will receive a proxy for
your existing shares as well as the shares purchased for you by the Administrator pursuant to the
Plan. As long as you participate in the Plan, the Administrator will hold the shares it has
acquired for you in safekeeping, in non-certificated form. This convenience provides added
protection against loss, theft or inadvertent destruction of certificates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Whom should I contact for additional information?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may address all notices, correspondence, questions or other communications regarding the Plan
to the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Telephone
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Customer Service (within the U.S. and Canada):<BR>
1-800-852-0218

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">International Telephone Inquiries:<BR>
1-201-680-6578

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the Hearing Impaired (TDD):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1-800-231-5469
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An automated voice response system is available 24 hours a day, 7&nbsp;days a week. Customer service
representatives are available from 9:00 a.m. to 7:00 p.m., ET, Monday through Friday (except
holidays).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Internet</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You can withdraw from the Plan, obtain information and perform certain transactions on your Fund
account online via Investor ServiceDirect<FONT style="font-family: Symbol">&#210;</FONT> (ISD). For registered shareholders to gain
access, use the 12-digit Investor Identification Number (IID), which can be found in a bolded box
on your check stub, statement or advice to establish your PIN. In order to access your account
through ISD, you will be required to complete an account activation process. This one-time
authentication process will be used to validate your identity, in addition to your 12-digit IID and
self-assigned PIN.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To access Investor ServiceDirect<FONT style="font-family: Symbol">&#210;</FONT>, please visit the BNY Mellon Shareowner Services Web site
at:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>www.bnymellon.com/shareowner/equityaccess</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>In writing</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You also may write to the Administrator at the following address:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bank of New York Mellon<BR>
C/O BNY Mellon Shareowner Services<BR>
C/O Mellon Investor Services<BR>
P.O. Box 358035<BR>
Pittsburgh, PA 15252-8035

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Be sure to include your name, address, daytime telephone number, Investor ID and a reference to the
relevant Fund on all correspondence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If your shares are not held in your name, you should contact your brokerage firm, bank or other
nominee for more information and to see if your nominee will participate in the plan on your
behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each Fund and the Administrator may amend or terminate the Plan. Participants generally will
receive written notice at least 90&nbsp;days before the effective date of any amendment. In the case of
termination, participants will receive written notice at least 90&nbsp;days before the record date for
the payment of any dividend or distribution by a Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Terms and Conditions of the Plan apply to shareholders who participate in the Plan. Please
review this brochure and the Terms and Conditions of the Dividend Reinvestment Plan carefully to
determine which alternative is best for you.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Terms and Conditions of the Dividend Reinvestment Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. You, The Bank of New York Mellon, will act as agent (the &#147;Administrator&#148;) for me, and will open
an account for me under the Dividend Reinvestment Plan (the &#147;Plan&#148;) in the same name as my present
shares of the relevant John Hancock Closed-End Fund or Funds listed on Appendix&nbsp;A hereto (each a
&#147;Fund&#148;) are registered, and put the Plan into effect for me as of the earlier of the first cash
purchase under the Plan or the first record date for a dividend or distribution. Unless otherwise
noted, references to a &#147;Fund&#148; in these Terms and Conditions shall apply equally to each Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. Other than with respect to John Hancock Bank and Thrift Opportunity Fund (&#147;BTO&#148;), whenever the
Fund declares any dividend or distribution and the market price of the common shares on the payment
date for the distribution or dividend payable is equal to or exceeds its net asset value per share
as determined on the payment date (&#147;NAV&#148;), the Fund will issue, and you will receive as my agent,
common shares at a value equal to the higher of NAV or 95% of the market price. The number of
additional shares to be credited to my account shall be determined by dividing the equivalent
dollar amount of the distribution or dividend payable to me by the higher NAV or 95% of the market
price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. Other than with respect to BTO, whenever the Fund declares any dividend or distribution and the
NAV of the common shares exceeds the market price of the common shares on the dividend payment
date, or if the Board of Trustees of the Fund declares a dividend payable only in cash, you will,
as Administrator for me, apply the amount of such dividend or distribution payable to me (less my
pro rata share of brokerage trading fees incurred with respect to open-market purchases in
connection with the reinvestment of such dividend or distribution) to the purchase on the open
market of shares for my account. Such purchases will be made on or shortly after the payable date
for such dividend or distribution, and in no event later than the day preceding the next
ex-dividend date, except where temporary curtailment or suspension of purchase is necessary to
comply with applicable provisions of federal securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. For purposes of Sections&nbsp;2 and 3 of the Plan: (a)&nbsp;the market price of the Fund&#146;s shares on a
particular date shall be the last sale price for the Fund&#146;s shares on the New York Stock Exchange
(the &#147;NYSE&#148;) on that date, or, if there is no sale on the NYSE on that date, then the mean between
the closing bid and asked quotations for such shares on the NYSE on such date; and (b)&nbsp;the Fund&#146;s
NAV on a particular date shall be as determined by or on behalf of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5. With respect to BTO, whenever the Fund declares any dividend or distribution, you will, as
Administrator for me, apply the amount of such dividend or distribution payable to me (less my pro
rata share of brokerage trading fees incurred with respect to open-market purchases in connection
with the reinvestment of such dividend or distribution) to the purchase on the open market of
shares for my account. Such purchases will be made on or shortly after the payable date for such
dividend or distribution, and in no event later than the day preceding the next ex-dividend date,
except where temporary curtailment or suspension of purchase is necessary to comply with applicable
provisions of federal securities laws.
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio --> 8 <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. I understand that I have the option to purchase additional Fund shares for cash under the Plan.
Such purchases will be made on the open market. I may make cash investments of not less than $50,
up to a maximum of $10,000 per investment, not to exceed a total of $100,000 in any calendar year.
A $5 transaction fee plus $0.05 per share brokerage trading fee will be charged for each optional
cash investment. Cash investments may be made upon enrollment in the Plan or at any time. Cash
investments may be made by submitting to the Administrator a check payable to &#147;BNY Mellon/John
Hancock&#148; along with written instructions to use the investment to purchase Fund shares for my Plan
account. A form for use in making cash investments will be attached to the statements of account
sent by the Administrator to participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I understand that I may contact the Administrator to arrange for cash investments to be submitted
by me to the Administrator by monthly electronic funds transfer from my designated account at any
qualified financial institution that participates in the Automated Clearing House. Fund transfers
are made on the 25th day of each month, or if such date is not a business day, on the next business
day. A $2 transaction fee plus $0.05 per share brokerage trading fee will be charged for each
automatic purchase. I agree that my fund transfers will continue until I notify the Administrator
to change or discontinue them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I understand that cash investments will be invested monthly by the Administrator and that no
interest will be paid to me on cash investments held until the investment. There is no obligation
to make a cash investment. The number of shares to be added to my Plan account with respect to a
cash investment will be determined by dividing the cash investment by the price of the shares,
including fractions of a share computed to four decimal places.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I agree that if a cash investment submitted by me cannot be collected by the Administrator due to
insufficient funds, I will be charged $35. In addition, I authorize the Administrator to sell
shares in my Plan account to the extent necessary to pay the $35 charge and to pay the sales
charges related to the sale, and to reimburse the Administrator for any amounts expended to
purchase shares that were added to my account in connection with the investment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7. I may sell Fund shares held in my Plan account at any time by contacting the Administrator over
the Internet, by telephone or in writing. My sale request will be processed and my shares will,
subject to market conditions and other factors, generally be sold within 24 hours of receipt of
your request. I acknowledge that you cannot and do not guarantee the actual sale date or price,
and cannot stop or cancel any outstanding sales or issuance requests. All requests are final. The
Administrator will mail a check to me (less applicable sales fees) on settlement date, which is
three business days after my shares have been sold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Alternatively, I may sell my shares through my stockbroker, in which case I agree to request that
the Administrator electronically transfer my shares to my stockbroker through the Direct
Registration System.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8. I understand that all Fund shares acquired through the Plan will be deposited for safekeeping
with the Administrator. I also may deposit for safekeeping by the Administrator Fund shares that I
did not purchase under the Plan, including shares in certificated form, provided that the shares to
be deposited are registered in my, or if such shares are registered in another name, I have
satisfied the requirements for transfer of such shares. I also understand that
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shares deposited for safekeeping with the Administrator, which were in certificated form, will be
canceled and deposited in a book entry form. You agree to provide mail loss insurance coverage for
certificates with a value not exceeding $100,000 in one shipping package via USPS registered mail
or traceable delivery service to: The Bank of New York Mellon, 500 Ross Street, Room&nbsp;0675,
Pittsburgh, PA 15262. <I>I acknowledge that mail loss insurance covers only the replacement of shares
of stock and does not protect against any loss resulting from fluctuations in the value of such
shares.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9. Open-market purchases and sales provided for above may be made on any securities exchange where
the Fund&#146;s shares are traded, in the over-the-counter market or in negotiated transactions, and may
be on such terms as to price, delivery and otherwise as you shall determine. It is understood
that, in any event, you shall have no liability in connection with any inability to purchase or
sell shares within 30&nbsp;days after the initial date of such purchases as herein provided, or with the
timing of any purchases effected. You shall have no responsibility as to the value of the Fund&#146;s
shares acquired or sold for my account. For the purposes of purchases and sales in the open
market, you may aggregate my purchases and sales with those of other shareholders of the Fund for
whom you similarly act as Administrator, and the average price (including brokerage trading fees)
of all shares purchased or sold by you as Administrator shall be the price per share allocable to
me in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10. You may hold my shares acquired together with the shares of other shareholders of the Fund
acquired pursuant to similar authorizations, in non-certificated form in your name or that of your
nominee. You will forward to me any proxy solicitation material and will vote any shares so held
for me only in accordance with the proxy returned by me to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11. You will confirm to me each acquisition or sale made for my account as soon as practicable but
not later than 60&nbsp;days after the date thereof. Although I may from time to time have an undivided
fractional interest (computed to four decimal places) in a share of the Fund, I acknowledge that no
certificate for a fractional share will be issued to me. I acknowledge, however, that dividends
and distributions on fractional shares will be credited to my account. In the event of termination
of my account under the Plan, you will adjust for any such undivided fractional interest in cash at
the market value of the Fund&#146;s shares at the time of termination, less the pro rata expense of any
sale required to make such an adjustment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12. Any share dividends or split shares distributed by the Fund on shares held by you for me will
be credited to my account. In the event that the Fund makes available to its shareholders rights
to purchase additional shares or other securities, the shares held for me under the Plan will be
added to other shares held by me in calculating the number of rights to be issued to me.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13. Your service fee for handling distributions or dividends will be paid by the Fund. I will be
charged a pro rata share of brokerage trading fees on all open market purchases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14. I may terminate my account under the Plan by notifying you in writing, by telephone or by
visiting your Web site. Such termination will be effective immediately if my notice is received by
you prior to any dividend or distribution record date; otherwise, such termination will be
effective on the first trading day after the payment date for such dividend or distribution, with
respect to any subsequent dividend or distribution. The Plan may be terminated by you or the
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fund upon notice in writing mailed to me at least 90&nbsp;days prior to any record date for the payment
of any dividend or distribution by the Fund. If I elect by notice to you in advance of such
termination to have you sell part or all of my shares and remit the proceeds to me, you are
authorized to deduct from the proceeds a $5.00 fee plus $0.05 per share brokerage trading fees for
this transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15. After terminating my account under the Plan, I may reopen my account at any time by notifying
you in writing, by telephone or by visiting your Web site. In such case, you will reopen my
account in the same manner as set forth in Section&nbsp;1 above and will put the Plan into effect for me
as of the earlier of the first cash purchase under the Plan or the first record date for a dividend
or distribution after you receive authorization from me.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16. If I do not have at least one whole share of the Fund, you may terminate my participation in
the Plan after written notice, to be given reasonably in advance of such termination and is mailed
to me at my address of record. Upon such termination, my account shall be treated as if I had
elected to terminate my participation in the Plan pursuant to Section&nbsp;14 hereof, except that you
shall sell any such fractional share on the open market and remit the proceeds to me, less any
applicable broker commissions and taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17. These Terms and Conditions may be amended or supplemented by you or the Fund at any time or
times but, except when necessary or appropriate to comply with applicable law or the rules or
policies of the Securities and Exchange Commission or any other regulatory authority, only by
mailing to me appropriate written notice at least 90&nbsp;days prior to the effective date thereof. The
amendment or supplement shall be deemed to be accepted by me unless, prior to the effective date
thereof, you receive notice of the termination of my account under the Plan. Any such amendment
may include, without limitation, an appointment by you in your place and stead of a successor
Administrator under these Terms and Conditions, with full power and authority to perform all or any
of the acts to be performed by the Administrator under these Terms and Conditions. Upon any such
appointment of any Administrator for the purpose of receiving dividends and distributions, the Fund
will be authorized to pay such successor Administrator, for my account, all dividends and
distributions payable on shares of the Fund held in my name or under the Plan for retention or
application by such successor Administrator as provided in these Terms and Conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18. You shall at all times act in good faith and agree to use your best efforts within reasonable
limits to ensure the accuracy of all services performed under this Agreement and to comply with
applicable law, but assume no responsibility and shall not be liable for loss or damage due to
errors unless such error is caused by your negligence, bad faith or willful misconduct or that of
your employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19. This agreement shall be governed by the laws of The Commonwealth of Massachusetts.
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Appendix&nbsp;A
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>John Hancock Closed-End Funds Offering the Dividend Reinvestment Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">John Hancock Bank and Thrift Opportunity Fund*<BR>
John Hancock Hedged Equity &#038; Income Fund**<BR>
John Hancock Income Securities Trust*<BR>
John Hancock Investors Trust*<BR>
John Hancock Preferred Income Fund*<BR>
John Hancock Preferred Income Fund II*<BR>
John Hancock Preferred Income Fund III*<BR>
John Hancock Premium Dividend Fund*<BR>
John Hancock Tax-Advantaged Dividend Income Fund*<BR>
John Hancock Tax-Advantaged Global Shareholder Yield Fund*

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">*&nbsp;&nbsp;&nbsp;&nbsp;This Plan is effective with respect to this fund as of July&nbsp;1, 2011
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">**&nbsp;&nbsp;This Plan is effective with respect to this fund as of May&nbsp;25, 2011
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> 12 <!-- /Folio -->
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(G)(1)
<SEQUENCE>11
<FILENAME>b90494a1exv99wx2yxgyx1y.htm
<DESCRIPTION>INVESTMENT ADVISORY AGREEMENT DATED JULY 1, 2009 WITH JOHN HANCOCK ADVISORS, LLC
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxgyx1y</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>JOHN HANCOCK INVESTORS TRUST</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ADVISORY AGREEMENT
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory Agreement dated July&nbsp;1, 2009, between John Hancock Investors Trust, a Massachusetts
business trust (the &#147;Fund&#148;), and John Hancock Advisers, LLC, a Delaware limited liability company
(&#147;JHA&#148; or the &#147;Adviser&#148;). In consideration of the mutual covenants contained herein, the parties
agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. APPOINTMENT OF ADVISER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund hereby appoints JHA, subject to the supervision of the Trustees of the Fund and the
terms of this Agreement, as the investment adviser for the Fund. 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. The Adviser will be an independent contractor and
will have no authority to act for or represent the Fund in an<I>y </I>way or otherwise be deemed an agent
unless expressly authorized in this Agreement or another writing by the Fund and the Adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. DUTIES OF THE ADVISER</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 (&#147;Subadvisers&#148;) to manage the investments and determine the
composition of the assets of the Fund; provided, that any contract with a Subadviser (a
&#147;Subadvisory Agreement&#148;) shall be in compliance with and approved as required by the
Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), except for such exemptions
therefrom as may be granted to the Fund or the Adviser. Subject always to the direction and
control of the Trustees of the Fund, the Adviser will monitor each Subadviser&#146;s management of
the Fund&#146;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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Adviser shall furnish to the Fund the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Office and Other Facilities</U>. &#151; 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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Trustees and Officers</U>. &#151; 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.</TD>
</TR>


</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Investment Personnel</U>. &#151; The Adviser shall furnish to the Fund any
personnel necessary for the oversight and/or conduct of the investment operations of
the Fund. 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-to-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)
related to and to be performed under the Fund contract for custodial, bookkeeping,
transfer and dividend disbursing agency services by the bank or other financial
institution selected to perform such services; or (c)&nbsp;related to the investment
subadvisory services to be provided by any Subadviser pursuant to a Subadvisory
Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">iv.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Reports to Fund</U>. &#151; 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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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. 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&#146;s registration statement, as amended. In fulfilling its obligations
to manage the investments and reinvestments of the assets of the Fund, the Adviser:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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&#146;s registration statement, as amended;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>




</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">iv.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>will regularly report to the Trustees of the Fund with respect to the
implementation of these investment programs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">v.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>will provide assistance to the Fund&#146;s Custodian regarding the fair value of
securities held by the Fund for which market quotations are not readily available;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">vi.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>will furnish, at its expense: (i)&nbsp;all necessary investment and management
facilities, including salaries of personnel required for it to execute its duties
faithfully; and (ii)&nbsp;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);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">vii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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&#146;s registration statement as amended; the Adviser
may pay a broker-dealer which provides research 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&#146;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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">viii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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. 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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">ix.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 Investment Advisers Act of 1940, as amended (the &#147;Advisers Act&#148;) and
the rules thereunder; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">x.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>will vote all proxies received in connection with securities held by the Fund.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. EXPENSES ASSUMED BY THE FUND</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. 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:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Edgarization, Printing and Mailing</U>. &#151; Costs of edgarization, printing and mailing
(i)&nbsp;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)&nbsp;all notices and proxy solicitation materials furnished to shareholders of the
Fund or regulatory authorities and (iii)&nbsp;all tax returns;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Compensation of Officers and Trustees</U>. &#151; Compensation of the officers and Trustees
of the Fund (other than persons serving as President or Trustee of the Fund who are also
directors, officers or employees of the Adviser or its affiliates);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Registration and Filing Fees</U>. &#151; 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&#146;s shares under the Securities Act of 1933, as amended;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Custodial Services</U>. &#151; The charges and expenses of the custodian appointed by the
Fund for custodial services;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Accounting Fees</U>. &#151; The charges and expenses of the independent accountants retained
by the Fund;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">f.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Legal, Accounting and Administrative Services</U>. &#151; 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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">g.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Transfer, Bookkeeping and Dividend Disbursing Agents</U>. &#151; The charges and expenses of
any transfer, bookkeeping and dividend disbursing agents appointed by the Fund;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">h.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Commissions</U>. &#151; Broker&#146;s commissions and issue and transfer taxes chargeable to the
Fund in connection with securities transactions to which the Fund is a party;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Taxes</U>. &#151; 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;</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">j.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Stock Certificates</U>. &#151; The cost of stock certificates, if any, representing shares of
the Fund;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">k.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Membership Dues</U>. &#151; Association membership dues, as explicitly approved by the
Trustees;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">l.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Insurance Premiums</U>. &#151; Insurance premiums for fidelity, errors and omissions,
directors and officers and other coverage;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">m.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Shareholders and Trustees Meetings</U>. &#151; Expenses of shareholders and Trustees
meetings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">n.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Pricing</U>. &#151; Pricing of the Fund&#146;s shares, including the cost of any equipment or
services used for obtaining price quotations and valuing Fund portfolio investments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">o.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Interest</U>. &#151; Interest on borrowings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">p.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Communication Equipment</U>. &#151; 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</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">q.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Nonrecurring and Extraordinary Expense</U>. &#151; 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.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. COMPENSATION OF ADVISER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of section 2(d) of this Agreement, the Adviser shall be entitled to
a fee, paid daily, at such annual percentage rates, as specified in Appendix&nbsp;A to this Agreement,
of the average daily managed assets of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5. NON-EXCLUSIVITY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. 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.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>6. SUPPLEMENTAL ARRANGEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser may enter into arrangements with other persons affiliated with the Adviser to
better enable it to fulfill its obligations under this Agreement for the provision of certain
personnel and facilities to the Adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7. CONFLICTS OF INTEREST</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 in the Agreement and Declaration of Trust of the Fund or
the organizational documents of the Adviser or by specific provision of applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8. REGULATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser shall submit to all regulatory and administrative bodies having jurisdiction over
the 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. DURATION AND TERMINATION OF AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall become effective on the later of (i)&nbsp;its execution and (ii)&nbsp;the date of
the meeting of the shareholders of the Fund, at which meeting this Agreement is approved by the
vote of a &#147;majority of the outstanding voting securities&#148; (as defined in the 1940 Act) of the
Fund. The Agreement 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 shall also be approved by the vote of a
majority of the Trustees of the Fund who are not &#147;interested persons&#148; (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. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be terminated at any time, without the payment of any penalty, by the
Trustees of the Fund, by the vote of a majority of the outstanding voting securities of the Fund,
on sixty days&#146; written notice to the Adviser, or by the Adviser on sixty days&#146; written notice to
the Fund. This Agreement will automatically terminate, without payment of any penalty, in the
event of its &#147;assignment&#148; (as defined in the 1940 Act).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>10. PROVISION OF CERTAIN INFORMATION BY ADVISER</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser will promptly notify the Fund in writing of the occurrence of any of the
following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Adviser fails to be registered as an investment adviser under the Advisers Act or under
the laws of any jurisdiction in which the Adviser is required to be registered as an
investment adviser in order to perform its obligations under this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the chief executive officer or managing member of the Adviser or the portfolio manager of
the Fund changes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11. AMENDMENTS TO THE AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be amended by the parties only if such amendment is specifically approved
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 any party to this Agreement
cast in person at a meeting called for the purpose of voting on such approval. The required
shareholder approval shall be effective if a majority of the outstanding voting securities of the
Fund vote to approve the amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. ENTIRE AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement contains the entire understanding and agreement of the parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. HEADINGS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The headings in the sections of this Agreement are inserted for convenience of reference only
and shall not constitute a part hereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14. NOTICES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices required to be given pursuant to this Agreement shall be delivered or mailed to
the last known business address of the Fund or Adviser in person or by registered mail or a
private mail or delivery service providing the sender with notice of receipt. Notice shall be
deemed given on the date delivered or mailed in accordance with this section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15. SEVERABILITY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should any portion of this Agreement for any reason be held to be void in law or in equity,
the Agreement shall be construed, insofar as is possible, as if such portion had never been
contained herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>16. GOVERNING LAW</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Agreement shall be construed and interpreted in accordance with the
laws of The Commonwealth of Massachusetts, or any of the applicable provisions of the 1940 Act.
To the extent that the laws of The Commonwealth of Massachusetts, or any of the provisions in this
Agreement, conflict with applicable provisions of the 1940 Act, the latter shall control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>17. NAME OF THE FUND</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may use the name &#147;John Hancock&#148; or any name or names derived from or similar to the
names &#147;John Hancock Advisers, LLC,&#148; &#147;John Hancock Life Insurance Company&#148; or &#147;John Hancock
Financial Services, Inc.&#148; only for so long as this Agreement remains in effect as to the Fund. At
such time 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 other name indicating that the Fund is
advised by or otherwise connected with the Adviser. 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 &#147;John Hancock&#148; or any similar name or names to any other corporation or entity, including but
not limited to any investment company of which John Hancock Life Insurance Company or any
subsidiary or affiliate thereof shall be the investment adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>18. LIMITATION OF LIABILITY UNDER THE DECLARATION OF TRUST</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Amended and Restated Declaration of Trust establishing the Fund, dated March&nbsp;8, 2005, a
copy of which, together with all amendments thereto (the &#147;Declaration&#148;), 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 Fund and that all persons should shall look solely to the
Fund property for satisfaction of claims of any nature arising in connection with the affairs of
the Fund.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>19. LIABILITY OF THE ADVISER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the absence of (a)&nbsp;willful misfeasance, bad faith or gross negligence on the part of the
Adviser in performance of its obligations and duties hereunder, (b)&nbsp;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&nbsp;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 limitation, for any losses
that may be sustained in connection with the purchase, holding, redemption or sale of any security
on behalf of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>20. INDEMNIFICATION</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 &#147;indemnitee&#148;) against any and all losses, claims, damages, liabilities or
expenses (including reasonable counsel fees and expenses) resulting from any claim, 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&#146;s office. 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. 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&#146;s prior written consent. Any amounts payable by the Fund under this section shall be
satisfied only against the assets of the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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
proceeding involving the liability or expense that gave rise to the indemnification to be
liable to the Fund or its shareholders by reason of willful misfeasance, bad faith, gross
negligence, or reckless disregard of the duties involved in the conduct of the indemnitee&#146;s
office.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rights of indemnification provided 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.
Nothing contained in this section shall affect the power of the Fund to purchase and maintain
liability insurance on behalf of the Adviser or any indemnitee.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(THE REMAINDER OF THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK)
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed under seal
by their duly authorized officers as of the date first mentioned above.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK INVESTORS TRUST<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Keith F. Hartstein
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Keith F. Hartstein&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left">JOHN HANCOCK ADVISERS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>

    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jeffrey H. Long
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>
</TR><TR>

    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Jeffrey H. Long&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>APPENDIX A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ADVISORY FEE SCHEDULE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>First</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Next</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Next</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Excess Over</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>$150 Million</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>$50 Million</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>$100 Million</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>$300 Million</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Managed Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Managed Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Managed Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Managed Assets</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Hancock Investors Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.650</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.375</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.350</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.300</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Managed assets&#148; 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). The liquidation preference of any preferred shares is not a
liability. The &#147;average daily managed assets&#148; of the Fund shall be determined on the basis set
forth in the Fund&#146;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&#146;s assets on which such
fee is based.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: July&nbsp;1, 2009
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->A-1<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(G)(2)
<SEQUENCE>12
<FILENAME>b90494a1exv99wx2yxgyx2y.htm
<DESCRIPTION>SUB-ADVISORY AGREEMENT DATED DECEMBER 31, 2005
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxgyx2y</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>JOHN HANCOCK FUNDS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">SUB-ADVISORY AGREEMENT
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT made this 31<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of December, 2005, among John Hancock Advisers, LLC, a
Delaware limited liability company (the &#147;Adviser&#148;), Sovereign Asset Management LLC, a Delaware
limited liability company (the &#147;Sub-adviser&#148;), and each of the trusts that is a signatory hereto
(each, a &#147;Trust&#148; and together, as applicable, the &#147;Trusts&#148;). In consideration of the mutual
covenants contained herein, the parties agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">1. APPOINTMENT OF SUB-ADVISER
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-adviser undertakes to act as investment sub-adviser to each of the Trusts and
the series thereof (each a &#147;Fund&#148;), in each case listed on
<U>Appendix&nbsp;A</U> to this Agreement, as
such Appendix may be amended by the affected Trust(s), the Adviser and the Sub-adviser from time to
time, and, subject to the supervision and control of the Trustees of each Trust and the terms of
this Agreement, to manage the investment and reinvestment of the assets of the Funds. The
Sub-adviser will be an independent contractor and will have no authority to act for or represent
any Trust, any Fund or the Adviser in any way except as expressly authorized in this Agreement or
another writing by the applicable Trust or the Adviser. The Sub-adviser and the Adviser are
currently affiliates under the common control of Manulife Financial Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">2. SERVICES TO BE RENDERED BY THE SUB-ADVISER TO THE TRUSTS AND THE FUNDS
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject always to the direction and control of the Trustees of each Trust, the Sub-adviser
shall have investment discretion over the assets of each Fund and will manage the investments
and determine the composition of these assets in accordance with the applicable Trust&#146;s
registration statement, as amended. In fulfilling its obligations to manage the investments
and reinvestments of the assets of each Fund, the Sub-adviser will:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 a Fund&#146;s portfolio or are
under consideration for inclusion in a Fund&#146;s portfolio;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>formulate and implement a continuous investment program for
each Fund that is consistent with the investment objectives and related
investment policies for such Fund as described in the applicable Trust&#146;s
registration statement, as amended, copies of which shall be furnished to
the Sub-adviser promptly upon amendment;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">iv.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>regularly report to the Trustees of each Trust and to the
Adviser with respect to the implementation of these investment programs; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">v.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide assistance to each Trust&#146;s custodian regarding the fair
value of securities held by each Fund for which market quotations are not
readily available.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Sub-adviser, at its expense, will furnish all necessary investment and management
facilities, including salaries of personnel required for it to execute its duties faithfully.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Sub-adviser will select brokers and dealers to effect all transactions subject to the
following conditions: The Sub-adviser will place all necessary orders with brokers, dealers,
or issuers and will negotiate brokerage commissions, if applicable. The Sub-adviser is
directed at all times to seek to execute brokerage transactions for each Fund in accordance
with such policies or practices as may be established by the Trustees and described in the
applicable Trust&#146;s registration statement, as amended, and consistent with its fiduciary
obligation to seek best execution. Subject to policies established from time to time by the
Board of Trustees of the Trusts, the Sub-adviser may pay a broker-dealer which provides
research and brokerage services a higher spread or commission for a particular transaction
than otherwise might have been charged by another broker-dealer if the Sub-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 Sub-adviser&#146;s overall responsibilities with respect to accounts
managed by the Sub-adviser. The Sub-adviser may use for the benefit of the Sub-adviser&#146;s
other clients, or make available to companies affiliated with the Sub-adviser or to its directors for the benefit
of their clients, any such brokerage and research services that the Sub-adviser obtains from
brokers or dealers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On occasions when the Sub-adviser deems the purchase or sale of a security to be in the best
interest of a Fund as well as other clients of the Sub-adviser, the Sub-adviser, to the extent
permitted by applicable laws and regulations, may, but shall be under no obligation to,
aggregate the securities to be purchased or sold to attempt to obtain a more favorable price
or lower brokerage commissions and efficient execution. 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 Sub-adviser in the manner the Sub-adviser considers to be the most equitable and
consistent with its fiduciary obligations to each Fund and to its other clients.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Sub-adviser will maintain all accounts, books and records with respect to each Fund as
are required of an investment sub-adviser of a registered investment company pursuant to the
Investment Company Act of 1940, as amended (the &#147;Investment Company Act&#148;) and Investment
Advisers Act of 1940, as amended (the &#147;Investment Advisers Act&#148;) and the rules thereunder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">f.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Sub-adviser shall vote proxies relating to each Fund&#146;s investment securities in
accordance with the applicable Trust&#146;s proxy voting policies and procedures, which provide
that the Sub-adviser shall vote all proxies relating to securities held by a Fund</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">and, subject
to the applicable Trust&#146;s policies and procedures, shall use proxy voting policies and
procedures adopted by the Sub-adviser in conformance with Rule&nbsp;206(4)-6 under the
Investment Advisers Act. The Sub-adviser shall review its proxy voting activities on a
periodic basis with the Trustees and with the Adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">3. COMPENSATION OF SUB-ADVISER
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser will pay the Sub-adviser with respect to each Fund the compensation specified
in Appendix&nbsp;A to this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">4. LIABILITY OF SUB-ADVISER
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Sub-adviser nor any of its directors, officers or employees shall be liable
to the Adviser or any Trust or Fund for any error of judgment or mistake of law or for any loss
suffered by the Adviser, Trust or Fund in connection with the matters to which this Agreement
relates, except for losses resulting from willful misfeasance, bad faith or gross negligence in the
performance of, or from the reckless disregard of, the duties of the Sub-adviser or any of its
directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">5. CONFLICTS OF INTEREST
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is understood that trustees, officers, agents, members and shareholders of the Trusts
are or may be interested in the Sub-adviser as trustees, officers, partners, shareholders, members
or otherwise; that employees, agents, shareholders, members and partners of the Sub-adviser are or
may be interested in a Trust as trustees, officers, shareholders, members or otherwise; that the
Subadviser may be interested in the Trusts; and that the existence of any such dual interest shall
not affect the validity hereof or of any transactions hereunder, except as otherwise provided in
the Agreement and Declaration of Trust of the applicable Trust and the limited liability company
agreement of the Sub-adviser, respectively, or by specific provision of applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">6. REGULATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sub-adviser shall comply with all applicable laws and regulations in providing the
services contemplated hereunder. Without limiting the foregoing, the Sub-adviser shall provide all
information reasonably requested of it by the Board of Trustees of the Trusts in accordance with
its duty to do so under Section 15(c) of the Investment Company Act and the Sub-adviser shall
submit to all regulatory and administrative bodies having jurisdiction over the 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">7. DURATION AND TERMINATION OF AGREEMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall become effective with respect to each Fund on the later of its
execution, (ii)&nbsp;the date of the meeting of the Board of Trustees of the applicable Trust, at which
meeting this Agreement is approved as described below and (iii)&nbsp;immediately following the close of
business on December&nbsp;31, 2005. The Agreement will continue in effect with respect to a Fund for a
period more than two years from its effective date only so long as such continuance is
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">specifically
approved at least annually either by the Trustees of the applicable Trust or by a majority of the
outstanding voting securities of the applicable Fund, provided that in either event such
continuance shall also be approved by the vote of a majority of the Trustees of the applicable
Trust who are not interested persons (as defined in the Investment Company Act) of any party
to this Agreement cast in person at a meeting called for the purpose of voting on such approval.
Any required shareholder approval of the Agreement or of any continuance of the Agreement shall be
effective with respect to any Fund if a majority of the outstanding voting securities of the series
(as defined in Rule&nbsp;18f-2(h) under the Investment Company Act) of shares of that Fund votes to
approve the Agreement or its continuance, notwithstanding that the Agreement or its continuance may
not have been approved by a majority of the outstanding voting securities of any other Fund
affected by the Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any required shareholder approval of this Agreement or any continuance of the
Agreement is not obtained, the Sub-adviser will continue to act as investment sub-adviser with
respect to such Fund pending the required approval of the Agreement or its continuance or of a new
contract with the Sub-adviser or a different adviser or sub-adviser or other definitive action;
provided, that the compensation received by the Sub-adviser in respect of such Fund during such
period is in compliance with Rule&nbsp;15a-4 under the Investment Company Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be terminated at anytime, without the payment of any penalty, as to a Fund
by the Trustees of the applicable Trust or by the vote of a majority of the outstanding voting
securities of the applicable Fund, on sixty days&#146; written notice to the Adviser and the
Sub-adviser, or by the Adviser or Sub-adviser on sixty days&#146; written notice to the applicable Trust
and the other party. This Agreement will automatically terminate, without the payment of any
penalty, in the event of its assignment (as defined in the Investment Company Act) or in the event
the advisory agreement between the Adviser and the applicable Trust terminates for any reason.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">8. PROVISION OF CERTAIN INFORMATION BY SUB-ADVISER
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sub-adviser will promptly notify the Adviser and the Trusts in writing of the
occurrence of any of the following events:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Sub-adviser fails to be registered as an investment adviser under the Investment Advisers
Act or under the laws of any jurisdiction in which the Sub-adviser is required to be
registered as an investment adviser in order to perform its obligations under this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Sub-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 any Trust; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any change in actual control or management of the Sub-adviser or the portfolio manager of any
Fund.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">9. SERVICES TO OTHER CLIENTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser understands, and has advised each Trust&#146;s Board of Trustees, that the
Sub-adviser now acts, or may in the future act, as an investment adviser to fiduciary and other
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">managed accounts and as investment adviser or sub-adviser to other investment companies. Further,
the Adviser understands, and has advised each Trust&#146;s Board of Trustees, that the Sub-adviser and
its affiliates may give advice and take action for other accounts, including investment companies,
which differs from advice given or the timing or nature of action taken for a Fund. The Sub-adviser
is not obligated to initiate transactions for a Fund in any security that the Sub-adviser, its
partners, affiliates or employees may purchase or sell for their own accounts or other clients.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">10. CONSULTATION WITH OTHER SUB-ADVISERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As required by Rule&nbsp;17a-10 under the Investment Company Act, the Sub-adviser is
prohibited from consulting with the entities listed below concerning transactions for a Fund in
securities or other assets:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other sub-advisers to the Fund</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other sub-advisers to any other Fund</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other sub-advisers to a Fund under common control with such Fund</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided, however, the Sub-adviser may consult with any entity listed above that is an affiliate of
the Sub-adviser.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ONGOING RESPONSIBILITIES OF THE ADVISER.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser understands, and has advised the Trustees of the Trusts, that during the term
of this Agreement the Adviser shall retain responsibility for (i)&nbsp;providing the services set forth
in Section&nbsp;2 of this Agreement to the Trusts in the event the Sub-adviser fails, for whatever
reason, to provide such services and (ii)&nbsp;ensuring that the services provided by the Sub-adviser to
the Trusts pursuant to this Agreement are rendered in a manner such that the nature and quality of
such services are at least comparable to the nature and quality of the investment advisory services
heretofore rendered to the Trusts by the Adviser. Nothing in this Agreement is intended to limit or
terminate the Adviser&#146;s responsibilities under the Advisory Agreement, which obligations, including
the indemnification provisions thereof, shall remain in full force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">12. AMENDMENTS TO THE AGREEMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement (with the exception of Appendix&nbsp;A, which may be amended by the Adviser and
the Sub-adviser from time to time) may be amended by the parties hereto only if such amendment is
specifically approved by the vote of a majority of the Trustees of each affected Trust and by the
vote of a majority of the Trustees of each affected Trust who are not interested persons of any
party to this Agreement cast in person at a meeting called for the purpose of voting ort such
approval. Any required shareholder approval shall be effective with respect to any Fund if a
majority of the outstanding voting securities of that Fund votes to approve the amendment,
notwithstanding that the amendment may not have been approved by a majority of the outstanding
voting securities of (a)&nbsp;any other Fund affected by the amendment or (b)&nbsp;all the Funds of the
applicable Trust. No amendment shall be effective unless it is in writing and signed by all parties
hereto.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">13. ENTIRE AGREEMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement contains the entire understanding and agreement of the parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">14. HEADINGS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The headings in the sections of this Agreement are inserted for convenience of reference
only and shall not constitute a part hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">15. NOTICES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices required to be given pursuant to this Agreement shall be delivered or mailed
to the last known business address of the affected Trusts or applicable party in person or by
registered mail or a private mail or delivery service providing the sender with notice of receipt.
Notice shall be deemed given on the date delivered or mailed in accordance with this paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">16. SEVERABILITY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should any portion of this Agreement for any reason be held to be void in law or in
equity, this Agreement shall be construed, insofar as is possible, as if such portion had never
been contained herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">17. GOVERNING LAW
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Agreement shall be construed and interpreted in accordance with
the laws of The Commonwealth of Massachusetts, or any of the applicable provisions of the
Investment Company Act. To the extent that the laws of The Commonwealth of Massachusetts, or any of
the provisions in this Agreement, conflict with applicable provisions of the Investment Company
Act, the latter shall control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">18. LIMITATION OF LIABILITY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agreement and Declaration of Trust of each Trust, a copy of which, together with all
amendments thereto (the &#147;Declaration&#148;), is on file in the office of the Secretary of The
Commonwealth of Massachusetts, provides that the name of the applicable Trust refers to the
Trustees under the Declaration collectively as Trustees, but not as individuals or personally; and
no Trustee, shareholder, officer, employee or agent of the Trust shall be held to any personal
liability, nor shall resort be had to their private property, for the satisfaction of any
obligation or claim, in connection with the affairs of the Trust or any Fund thereof, but only the
assets belonging to the Trust, or to the particular Fund with respect to which such obligation or
claim arose, shall be liable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">19. CONFIDENTIALITY OF FUND HOLDINGS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sub-adviser agrees to treat the portfolio security positions of each Fund as
confidential information in accordance with the applicable Trust&#146;s &#147;Policy Regarding Disclosure of
Fund Holdings,&#148; as such policy may be amended from time to time, and to prohibit its employees from
trading on any such confidential information. The policy and any such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">amendment shall not be
binding upon the Sub-adviser until a copy has been provided to the Sub-adviser.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">20. COMPLIANCE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon execution of this Agreement, the Sub-adviser shall provide the Adviser and the
Trusts with the Sub-adviser&#146;s written policies and procedures (&#147;Compliance Policies&#148;) as required
by Rule&nbsp;206(4)-7 under the Investment Advisers Act. Throughout the term of this Agreement, the
Sub-adviser shall promptly submit to the affected Trust and the Adviser: (i)&nbsp;any material changes
to the Compliance Policies, (ii)&nbsp;notification of the commencement of any regulatory examination of
the Sub-adviser and documentation describing the results of any such
examination and of any periodic testing of the Compliance Policies, and (iii)&nbsp;notification of
any material compliance matter that relates to the services provided by the Sub-adviser to any
Trust, including but not limited to any material violation of the Compliance Policies or of the
Sub-adviser&#146;s code of ethics. Throughout the term of this Agreement, the Sub-adviser shall provide
the Adviser and the Trust with any certifications, information and access to personnel and
resources (including those resources that will permit testing of the Compliance Policies by the
Adviser) that the Trust and/or the Adviser may reasonably request to enable the Trusts to comply
with Rule&nbsp;38a-1 under the Investment Company Act.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>(THE REMAINDER OF THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK)</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed under
seal by their duly authorized officers as of the date first mentioned above.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK ADVISERS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John G. Vrysen
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">John G. Vrysen&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and <BR>Chief
Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">SOVEREIGN ASSET MANAGEMENT LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Barry H. Evans
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Barry H. Evans&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice President and <BR>Chief
Operating Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed under seal by
their duly authorized officers as of the date first mentioned above.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>

<TD colspan="3" align="left"><DIV style="text-indent: -5pt; margin-left: 5pt;">JOHN
HANCOCK CURRENT INTEREST<BR> on behalf of</DIV>
John Hancock Money Market Fund<BR>
John Hancock U.S. Government Cash Reserve
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><DIV style="text-indent: -5pt; margin-left: 5pt;">JOHN HANCOCK SOVEREIGN BOND FUND<BR>
on behalf of</DIV>
John Hancock Bond Fund
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><DIV style="text-indent: -5pt; margin-left: 5pt;">JOHN HANCOCK STRATEGIC SERIES<BR>
on behalf of</DIV>
John Hancock Strategic Income Fund
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK BOND TRUST<BR>
on behalf of<BR>
John Hancock Government Income Fund<BR>
John Hancock High Yield Fund<BR>
John Hancock Investment Grade Bond Fund
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK TAX-EXEMPT SERIES FUND<BR>
on behalf of<BR>
John Hancock Massachusetts Tax-Free Income Fund<BR>
John Hancock New York Tax-Free Income Fund
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK MUNICIPAL SERIES TRUST<BR>
on behalf of<BR>
John Hancock High Yield Municipal Bond Fund<BR>
John Hancock Tax-Free Bond Fund
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK EQUITY TRUST<BR>
on behalf of<BR>
John Hancock Growth Trends Fund
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">John Hancock Technology Leaders Fund
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK INVESTMENT TRUST II<BR>
on behalf of<BR>
John Hancock Financial Industries Fund<BR>
John Hancock Regional Bank Fund<BR>
John Hancock Small Cap Equity Fund
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK INVESTMENT TRUST III<BR>
on behalf of<BR>
John Hancock Mid Cap Growth Fund
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK WORLD FUND<BR>
on behalf of<BR>
John Hancock Health Sciences Fund
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK SERIES TRUST<BR>
on behalf of<BR>
John Hancock Focused Equity Fund<BR>
John Hancock Mid Cap Equity Fund<BR>
John Hancock Multi Cap Growth Fund<BR>
John Hancock Real Estate Fund<BR>
John Hancock Small. Cap Growth Fund,<BR>
John Hancock Technology Fund
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK INVESTMENT TRUST<BR>
on behalf of<BR>
John Hancock Balanced Fund<BR>
John Hancock Large Cap Equity Fund<BR>
John Hancock Large Cap Intrinsic Value Fund<BR>
John Hancock Small Cap Intrinsic Value Fund<BR>
John Hancock Sovereign Investors Fund
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK PATRIOT PREFERRED DIVIDEND FUND
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD nowrap colspan="3" align="left">JOHN HANCOCK PREFERRED INCOME FUND III
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK PATRIOT SELECT DIVIDEND TRUST
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK PATRIOT GLOBAL DIVIDEND FUND
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK PREFERRED INCOME FUND
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK PREFERRED INCOME FUND II
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND I
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK BANK AND THRIFT OPPORTUNITY FUND
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND II
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK INCOME SECURITIES TRUST
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK INVESTORS TRUST
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Executed on behalf of each Trust and its relevant Series<BR>
referenced above:
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Keith F. Hartstein
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Keith F. Hartstein&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u><B>APPENDIX A</B></u>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sub-adviser shall serve as investment sub-adviser for each Fund listed below. The Adviser
will pay the Sub-adviser, as full compensation for all services provided under this Agreement with
respect to each Fund, the fee computed separately for such Fund at an annual rate as follows (the
&#147;Sub-adviser Fee&#148;):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><u><B>Percentage of</B></u></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><u><B>Average Daily Net</B></u></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><u><B>Trust and Fund</B></u>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><u><B>Assets</B></u></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(See attachment to Appendix&nbsp;A)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sub-adviser Fee for each Fund shall be accrued for each calendar day, and the sum of the
daily fee accruals shall be paid monthly to the Sub-adviser <B>within 30 calendar days of the end of
each month</B>. The daily fee accruals will be computed by multiplying the fraction of one over the
number of calendar days in the year, by the applicable Sub-adviser Fee, and multiplying this
product by the net assets of the Fund. <B>The Adviser shall provide the Subadviser with such
information as the Sub-adviser may reasonably request supporting the calculation of the fees paid
to it hereunder. Fees shall be paid either by wire transfer or check, as directed by the
Sub-adviser.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, with respect to any Fund, this Agreement becomes effective or terminates, or if the manner
of determining the applicable Sub-adviser Fee changes, before the end of any month, the fee (if
any) for the period from the effective date to the end of such month or from the beginning of such
month to the date of termination or from the beginning of such month to the date of such change, as
the case may be, shall be pro rated according to the proportion which such period bears to the full
month in which such effectiveness or termination or change occurs.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balanced</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $2 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $2 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bond</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $1.5 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$1.5 - 2.0 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$2.0 - 2.5 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $2.5 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CA Tax-Free Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $500 m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $1 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial Industries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $500 m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $2 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Focused Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $800m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $800m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Government Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $300 m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $300m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $600m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Growth Trends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $2.4 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $2.4 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Health Sciences</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$200 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $200m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">High Yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $75m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $75m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$150m - $2.5b</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$2.5b - 5.0b</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $5 bil</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">High Yield Muni. Bond</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $75m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $75m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $150m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment Grade Bond</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $1.5 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $1.5 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Large Cap Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $3 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $3 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Large Cap Intrinsic
Value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MA Tax-Free Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $250m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $250m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$500m - $1bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $250m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $1.25 bil</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mid Cap Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $1 bil.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mid Cap Growth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $1 bil.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Money Market</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $250m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $250m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $500m</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Multi Cap Growth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $750m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $750m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NY Tax-Free Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $250m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $250m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$500m - $1bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $250m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; 1.25 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real Estate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $1.5 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $1.5 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Regional Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; 2 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Small Cap Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $1 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $1 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Small Cap Growth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $1.5 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $1.5 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Small Cap Intrinsic Value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $500 m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; 1 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sovereign Investors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $570 m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $750m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; 2.5 bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Strategic Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $100m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$100m - $250m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$250 - $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$500 - $650m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$650m - $1bil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; 1 bil</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax-Free Bond</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $1 bil.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $100m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $750m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; $800m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Technology Leaders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">US Gov&#146;t Cash Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $250m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $250m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $500m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $500m     </TD>
<TD> &#062; $2.5 bil</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;           </TD>
<TD>&#091;XX%&#093;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bank &#038; Thrift Opportunity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Income Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $150m
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $50m
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $100m
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; 300m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investors Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to $150m
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $50m
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">next $100m
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#062; 300m</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JH Preferred Income
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JH Preferred Income II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">JH Preferred Income III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JH Tax-Adv. Div. Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Patriot Global
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Patriot Preferred
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Patriot Prem. Dividend I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;XX%&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Patriot Prem. Dividend II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subadvisory
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
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</DIV></TD>
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</TD>
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</DIV></TD>
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<DOCUMENT>
<TYPE>EX-99.(2)(J)
<SEQUENCE>13
<FILENAME>b90494a1exv99wx2yxjy.htm
<DESCRIPTION>MASTER CUSTODIAN AGREEMENT DATED SEPTEMBER 10, 2008
<TEXT>
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<TITLE>exv99wx2yxjy</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Execution Copy </B></FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><U><B>Master Custodian Agreement</B></U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is made as of September&nbsp;10, 2008 by and among each management investment
company identified on Appendix <FONT style="FONT-variant: SMALL-CAPS">A </FONT>hereto (each such investment company and each management
investment company made subject to this Agreement in accordance with Section&nbsp;22.5 below, shall
hereinafter be referred to as a &#147;<B><I>Fund</I></B>&#148;), and <FONT style="FONT-variant: SMALL-CAPS">State Street Bank </FONT>and <FONT style="FONT-variant: SMALL-CAPS">Trust
Company</FONT>, a Massachusetts trust company (the &#147;<B><I>Custodian</I></B>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><I>W</I><B><I>itnesseth:</I></B></font>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT style="FONT-variant: SMALL-CAPS"><B>Whereas</B></FONT><B>, </B>each Fund may or may not be authorized to issue shares of common stock
or shares of beneficial interest in separate series (&#147;<B><I>Shares</I></B>&#148;), with each such series representing
interests in a separate portfolio of securities and other assets;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS"><B>Whereas</B></FONT><B>, </B>each Fund so authorized intends that this Agreement be applicable to each
of its series set forth on Appendix <FONT style="FONT-variant: SMALL-CAPS">A </FONT>hereto (such series together with all other series
subsequently established by the Fund and made subject to this Agreement in accordance with Section
22.6 below, shall hereinafter be referred to as the &#147;<B><I>Portfolio(s)</I></B>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS"><B>Whereas</B></FONT><B>, </B>each Fund not so authorized intends that this Agreement be applicable to it
and all references hereinafter to one or more &#147;Portfolio(s)&#148; shall be deemed to refer to such
Fund(s); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS"><B>Now</B></FONT><B>, </B><FONT style="FONT-variant: SMALL-CAPS"><B>Therefore</B></FONT><B>, </B>in consideration of the mutual covenants and agreements
hereinafter contained, the parties hereto agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>1.
<FONT style="FONT-variant: SMALL-CAPS"><U>Employment of Custodian and Property to be Held by It</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each Fund hereby employs the Custodian as a custodian of assets of the Portfolios, including
securities which the Fund, on behalf of the applicable Portfolio, desires to be held in places
within the United States (&#147;<B><I>domestic securities</I></B>&#148;) and securities it desires to be held outside the
United States (&#147;<B><I>foreign securities</I></B>&#148;). Each Fund, on behalf of its Portfolio(s), agrees to deliver
to the Custodian all securities and cash of the Portfolios, and all payments of income, payments of
principal or capital distributions received by it with respect to all securities owned by the
Portfolio(s) from time to time, and the cash consideration received by it for such Shares as may be
issued or sold from time to time. The Custodian shall not be responsible for any property of a
Portfolio which is not received by it or which is delivered out in accordance with Proper
Instructions (as such term is defined in Section&nbsp;9 hereof) including, without limitation, Portfolio
property (i)&nbsp;held by brokers, private bankers or other entities on behalf of the Portfolio (each a
&#147;<B><I>Local Agent</I></B>&#148;), (ii)&nbsp;held by Special Sub-Custodians (as such term is defined in Section&nbsp;7 hereof),
(iii)&nbsp;held by entities which have advanced monies to or on behalf of the Portfolio and which have
received Portfolio property as security for such advance(s) (each a &#147;<B><I>Pledgee</I></B>&#148;), or (iv)&nbsp;delivered
or otherwise removed from the custody of the Custodian (a)&nbsp;in connection with any Free Trade (as
such term is defined in Sections&nbsp;2.2(14) and 2.6(7) hereof) or (b)&nbsp;pursuant to Special Instructions
(as such term is defined in Section&nbsp;9 hereof). With respect to uncertificated shares (the
&#147;<B><I>Underlying Shares</I></B>&#148;) of registered &#147;investment companies&#148; (as defined in Section&nbsp;3(a)(1) of the
Investment Company Act of 1940, as amended from time to time (the &#147;<B><I>1940 Act</I></B>&#148;)), whether in the same
&#147;group of investment companies&#148; (as defined in Section&nbsp;12(d)(1)(G)(ii) of the 1940 Act) or
otherwise, including pursuant to Section&nbsp;12(d)(1)(F) of the 1940 Act (hereinafter sometimes
referred to as the &#147;<B><I>Underlying Portfolios</I></B>&#148;) the holding of confirmation statements that identify
the shares as being recorded in the Custodian&#146;s name on behalf of the Portfolios will be deemed
custody for purposes hereof.
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon receipt of Proper Instructions, the Custodian shall on behalf of the applicable
Portfolio(s) from time to time employ one or more sub-custodians located in the United States, but
only in accordance with an applicable vote by the Board of Trustees or the Board of Directors of
the Fund (as appropriate, and in each case, the &#147;<B><I>Board</I></B>&#148;) on behalf of the applicable Portfolio(s),
and provided that the Custodian shall have no more or less responsibility or liability to any Fund
on account of any actions or omissions of any sub-custodian so employed than any such
sub-custodian has to the Custodian. The Custodian may place and maintain each Fund&#146;s foreign
securities with foreign banking institution sub-custodians employed by the Custodian and/or
foreign securities depositories, all as designated in Schedules <FONT style="FONT-variant: SMALL-CAPS">A </FONT>and <FONT style="FONT-variant: SMALL-CAPS">B </FONT>hereto,
but only in accordance with the applicable provisions of Sections&nbsp;3 and 4 hereof.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent" nowrap><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>2.</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD colspan="3"><FONT style="FONT-variant: SMALL-CAPS">
<U>Duties of the Custodian with Respect to Property of the
Portfolios to be Held in the United States</U></FONT></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>2.1 <FONT style="FONT-variant: SMALL-CAPS"><U>Holding Securities</U></FONT>. The Custodian shall hold and
physically segregate for the account of each Portfolio all non-cash property, including collateral
of a <FONT style="FONT-variant: SMALL-CAPS">U</FONT>.<FONT style="FONT-variant: SMALL-CAPS">S</FONT>. registered broker-dealer held by the Portfolio, to be held by it in
the United States, including all domestic securities owned by such Portfolio other than (a)
securities which are maintained pursuant to Section&nbsp;2.8 in a clearing agency which acts as a
securities depository or in a book-entry system authorized by the <FONT style="FONT-variant: SMALL-CAPS">U</FONT>.<FONT style="FONT-variant: SMALL-CAPS">S</FONT>.
Department of the Treasury (each, a &#147;<B><I>U.S. Securities System</I></B>&#148;) and (b)&nbsp;Underlying Shares owned by
each Fund which are maintained pursuant to Section&nbsp;2.10 hereof in an account with State Street
Bank and Trust Company or such other entity which may from time to time act as a transfer agent
for the Underlying Portfolios and with respect to which the Custodian is provided with Proper
Instructions (the &#147;<B><I>Underlying Transfer Agent</I></B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>2.2 <FONT style="FONT-variant: SMALL-CAPS"><U>Delivery of Securities</U></FONT>. The Custodian shall release and
deliver domestic securities owned by a Portfolio held by the Custodian, in a
<FONT style="FONT-variant: SMALL-CAPS">U</FONT>.<FONT style="FONT-variant: SMALL-CAPS">S</FONT>. Securities System account of the Custodian or in an account at the
Underlying Transfer Agent, only upon receipt of Proper Instructions on behalf of the applicable
Portfolio, which may be continuing instructions when deemed appropriate by the parties, and only
in the following cases:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon sale of such securities for the account of the Portfolio in accordance
with customary or established market practices and procedures, including, without
limitation, delivery to the purchaser thereof or to a dealer therefor (or an agent of
such purchaser or dealer) against expectation of receiving later payment;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the receipt of payment in connection with any repurchase agreement
related to such securities entered into by the Portfolio;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of a sale effected through a <FONT style="FONT-variant: SMALL-CAPS">U</FONT>.<FONT style="FONT-variant: SMALL-CAPS">S</FONT>. Securities
System, in accordance with the provisions of Section&nbsp;2.8 hereof;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the depository agent in connection with tender or other similar offers for
securities of the Portfolio;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the issuer thereof or its agent when such securities are called, redeemed,
retired or otherwise become payable; provided that, in any such case, the cash or
other consideration is to be delivered to the Custodian;</TD>
</TR>

</TABLE>
</DIV>


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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the issuer thereof, or its agent, for transfer into the name of the Portfolio or into
the name of any nominee or nominees of the Custodian or into the name or nominee name of any
agent appointed pursuant to Section&nbsp;2.7 or into the name or nominee name of any sub-custodian
appointed pursuant to Section&nbsp;1; or for exchange for a different number of bonds,
certificates or other evidence representing the same aggregate face amount or number of
units; provided that, in any such case, the new securities are to be delivered to the
Custodian;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the sale of such securities for the account of the Portfolio, to the broker or its
clearing agent, against a receipt, for examination in accordance with &#147;street delivery&#148;
custom; provided that in any such case, the Custodian shall have no responsibility or
liability for any loss arising from the delivery of such securities prior to receiving payment
for such securities except as may arise from the Custodian&#146;s own negligence or willful
misconduct;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization,
reorganization or readjustment of the securities of the issuer of such securities, or
pursuant to provisions for conversion contained in such securities, or pursuant to any
deposit agreement; provided that, in any such case, the new securities and cash, if any, are
to be delivered to the Custodian;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of warrants, rights or similar securities, the surrender thereof in the exercise
of such warrants, rights or similar securities or the surrender of interim receipts or
temporary securities for definitive securities; provided that, in any such case, the new
securities and cash, if any, are to be delivered to the Custodian;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For delivery in connection with any loans of securities made by the Portfolio (a)&nbsp;against
receipt of collateral as agreed from time to time by the Fund on behalf of the Portfolio,
except that in connection with any loans for which collateral is to be credited to the
Custodian&#146;s account in the book-entry system authorized by the U.S. Department of the
Treasury, the Custodian will not be held liable or responsible for the delivery of securities
owned by the Portfolio prior to the receipt of such collateral or (b)&nbsp;to the lending agent,
or the lending agent&#146;s custodian, in accordance with written Proper Instructions (which may
not provide for the receipt by the Custodian of collateral therefor) agreed upon from time to
time by the Custodian and the Fund;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For delivery as security in connection with any borrowing by a Fund on behalf of a Portfolio
requiring a pledge of assets by the Fund on behalf of such Portfolio;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">12)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For delivery in accordance with the provisions of any agreement among the Fund on behalf of
the Portfolio, the Custodian and a broker-dealer registered under the Securities Exchange Act
of 1934 (the &#147;<B><I>Exchange Act</I></B>&#148;) and a member of the Financial Industry Regulatory Authority, Inc.
(&#147;<B><I>FINRA</I></B>,&#148; formerly known as The National Association of Securities Dealers, Inc.), relating to
compliance with the rules of The Options Clearing Corporation and of any registered national
securities exchange, or of any similar organization or organizations, regarding escrow or
other arrangements in connection with transactions by the Fund on behalf of a Portfolio;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">13)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For delivery in accordance with the provisions of any agreement among a Fund on behalf of
the Portfolio, the Custodian, and a futures commission merchant registered under the</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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</TABLE>
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</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commodity Exchange Act, relating to compliance with the rules of the
Commodity Futures Trading Commission (the &#147;<B><I>CFTC</I></B>&#148;) and/or any contract market, or
any similar organization or organizations, regarding account deposits in connection
with transactions by the Fund on behalf of a Portfolio;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">14)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the sale or other delivery of such investments (including, without
limitation, to one or more (a)&nbsp;Special Sub-Custodians or (b)&nbsp;additional custodians
appointed by the Fund, and communicated to the Custodian from time to time via a
writing duly executed by an authorized officer of the Fund, for the purpose of
engaging in repurchase agreement transactions(s), each a &#147;<B><I>Repo Custodian</I></B>&#148;), and prior
to receipt of payment therefor, as set forth in written Proper Instructions (such
delivery in advance of payment, along with payment in advance of delivery made in
accordance with Section&nbsp;2.6(7), as applicable, shall each be referred to herein as a
&#147;<B><I>Free Trade</I></B>&#148;), provided that such Proper Instructions shall set forth (a)&nbsp;the
securities of the Portfolio to be delivered and (b)&nbsp;the person(s) to whom delivery of
such securities shall be made;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">15)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon receipt of instructions from the Fund&#146;s transfer agent (the &#147;<B><I>Transfer
Agent</I></B>&#148;) for delivery to such Transfer Agent or to the holders of Shares in connection
with distributions in kind, as may be described from time to time in the currently
effective prospectus and statement of additional information of the Fund related to
the Portfolio (the &#147;<B><I>Prospectus</I></B>&#148;), in satisfaction of requests by holders of Shares for
repurchase or redemption;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">16)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of a sale processed through the Underlying Transfer Agent of
Underlying Shares, in accordance with Section&nbsp;2.10 hereof;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">17)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For delivery as initial or variation margin in connection with futures or
options on futures contracts entered into by the Fund on behalf of the Portfolio; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">18)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For any other purpose, but only upon receipt of Proper Instructions from the
Fund on behalf of the applicable Portfolio specifying (a)&nbsp;the securities of the
Portfolio to be delivered and (b)&nbsp;the person or persons to whom delivery of such
securities shall be made.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>2.3 <FONT style="FONT-variant: SMALL-CAPS"><U>Registration of Securities</U></FONT>. Domestic securities held by
the Custodian (other than bearer securities) shall be registered in the name of the Portfolio or in
the name of any nominee of a Fund on behalf of the Portfolio or of any nominee of the Custodian
which nominee shall be assigned exclusively to the Portfolio, unless the Fund has authorized in
writing the appointment of a nominee to be used in common with other registered management
investment companies having the same investment adviser as the Portfolio, or in the name or nominee
name of any agent appointed pursuant to Section&nbsp;2.7 or in the name or nominee name of any
sub-custodian appointed pursuant to Section&nbsp;1. All securities accepted by the Custodian on behalf
of the Portfolio under the terms of this Agreement shall be in &#147;street name&#148; or other good delivery
form. If, however, a Fund directs the Custodian to maintain securities in &#147;street name&#148;, the
Custodian shall utilize its best efforts only to timely collect income due the Fund on such
securities and to notify the Fund on a best efforts basis only of relevant corporate actions
including, without limitation, pendency of calls, maturities, tender or exchange offers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>2.4 <FONT style="FONT-variant: SMALL-CAPS"><U>Bank Accounts</U></FONT>. The Custodian shall open and maintain a
separate bank account or accounts in the United States in the name of each Portfolio of each Fund,
subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement,
and shall hold in such account or accounts, subject to the provisions hereof, all cash received by
it from or for the account of the Portfolio, other than
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">cash maintained by the Portfolio in a bank account established and used in accordance with
Rule&nbsp;17f-3 under the 1940 Act. Funds held by the Custodian for a Portfolio may be deposited by it
to its credit as Custodian in the banking department of the Custodian or in such other banks or
trust companies as it may in its discretion deem necessary or desirable; provided, however, that
every such bank or trust company shall be qualified to act as a custodian under the 1940 Act and
that each such bank or trust company and the funds to be deposited with each such bank or trust
company shall on behalf of each applicable Portfolio be approved by vote of a majority of the
Board. Such funds shall be deposited by the Custodian in its capacity as Custodian and shall be
withdrawable by the Custodian only in that capacity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>2.5 <FONT style="FONT-variant: SMALL-CAPS"><U>Collection of Income</U></FONT>. Except with respect to Portfolio
property released and delivered pursuant to Section&nbsp;2.2(14) or purchased pursuant to Section
2.6(7), and subject to the provisions of Section&nbsp;2.3, the Custodian shall collect on a timely basis
all income and other payments with respect to registered domestic securities held hereunder to
which each Portfolio shall be entitled either by law or pursuant to custom in the securities
business, and shall collect on a timely basis all income and other payments with respect to bearer
domestic securities if, on the date of payment by the issuer, such securities are held by the
Custodian or its agent. Without limiting the generality of the foregoing, the Custodian shall
detach and present for payment all coupons and other income items requiring presentation as and
when they become due and shall collect interest when due on securities held hereunder. The
Custodian shall credit income to the Portfolio as such income is received or in accordance with the
Custodian&#146;s then current payable date income schedule. Any credit to the Portfolio in advance of
receipt may be reversed when the Custodian determines that payment will not occur in due course and
the Portfolio may be charged at the Custodian&#146;s applicable rate for time credited. Income due each
Portfolio on securities loaned pursuant to the provisions of Section&nbsp;2.2 (10)&nbsp;shall be the
responsibility of the applicable Fund. The Custodian will have no duty or responsibility in
connection therewith, other than to provide the Fund with such information or data as may be
necessary to assist the Fund in arranging for the timely delivery to the Custodian of the income to
which the Portfolio is properly entitled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>2.6 <FONT style="FONT-variant: SMALL-CAPS"><U>Payment of Fund Monies</U></FONT>. The Custodian shall pay out
monies of a Portfolio as provided in Section&nbsp;5 and otherwise upon receipt of Proper Instructions
on behalf of the applicable Portfolio, which may be continuing instructions when deemed
appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following
cases only:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the purchase of domestic securities, derivatives or other instruments for
the account of the Portfolio but only (a)&nbsp;in accordance with customary or established
market practices and procedures, including, without limitation, delivering money to the
seller thereof or to a dealer therefor (or an agent for such seller or dealer) against
expectation of receiving later delivery of such securities, derivatives or other
instruments or evidence of title to such derivatives or other instruments to the
Custodian (or any bank, banking firm or trust company doing business in the United
States or abroad which is qualified under the 1940 Act to act as a custodian and has
been designated by the Custodian as its agent for this purpose) registered in the name
of the Portfolio or in the name of a nominee of the Custodian referred to in Section
2.3 hereof or in proper form for transfer; (b)&nbsp;in the case of a purchase effected
through a <FONT style="FONT-variant: SMALL-CAPS">U</FONT>.<FONT style="FONT-variant: SMALL-CAPS">S</FONT>. Securities System, in accordance with the conditions
set forth in Section&nbsp;2.8 hereof; (c)&nbsp;in the case of a purchase of Underlying Shares, in
accordance with the conditions set forth in Section&nbsp;2.10 hereof; (d)&nbsp;in the case of
repurchase agreements entered into between the applicable Fund on behalf of a Portfolio
and the Custodian, or another bank, or a broker-dealer which is a member of
<FONT style="FONT-variant: SMALL-CAPS">FINRA</FONT>, (i)&nbsp;against delivery of the securities either in certificate form or
through an entry crediting the Custodian&#146;s account at the Federal Reserve Bank with
such securities or (ii)&nbsp;against delivery of the receipt evidencing purchase by the</TD>
</TR>

</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Portfolio of securities owned by the Custodian along with written evidence
of the agreement by the Custodian to repurchase such securities from the Portfolio;
or (e)&nbsp;for transfer to a time deposit account of the Fund in any bank, whether
domestic or foreign; such transfer may be effected prior to receipt of a
confirmation from a broker and/or the applicable bank pursuant to Proper
Instructions from the Fund as defined herein;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In connection with conversion, exchange or surrender of securities owned by the
Portfolio as set forth in Section&nbsp;2.2 hereof;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the redemption or repurchase of Shares issued as set forth in Section&nbsp;8 hereof;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the payment of any expense or liability incurred by the Portfolio,
including but not limited to the following payments for the account of the Portfolio:
interest, taxes, management, accounting, transfer agent and legal fees, and operating
expenses of the Fund whether or not such expenses are to be in whole or part
capitalized or treated as deferred expenses;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the payment of any dividends on Shares declared pursuant to the Fund&#146;s
articles of incorporation or organization and by-laws or agreement or declaration of
trust, as applicable, and Prospectus (collectively, &#147;<B><I>Governing Documents</I></B>&#148;);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For payment of the amount of dividends received in respect of securities sold short;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the purchase of domestic investments including, without limitation,
repurchase agreement transactions involving delivery of Portfolio monies to Repo
Custodian(s), and prior to receipt of such investments, as set forth in written Proper
Instructions (such payment in advance of delivery, along with delivery in advance of
payment made in accordance with Section&nbsp;2.2(14), as applicable, shall each be referred
to herein as a &#147;<B><I>Free Trade</I></B>&#148;), provided that such Proper Instructions shall also set
forth (a)&nbsp;the amount of such payment and (b)&nbsp;the person(s) to whom such payment is
made;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For payment as initial or variation margin in connection with futures or
options on futures contracts entered into by the Fund on behalf of the Portfolio; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For any other purpose, but only upon receipt of Proper Instructions from the
Fund on behalf of the Portfolio specifying (a)&nbsp;the amount of such payment and (b)&nbsp;the
person or persons to whom such payment is to be made.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>2.7 <FONT style="FONT-variant: SMALL-CAPS"><U>Appointment of Agents</U></FONT>. The Custodian may at any time or
times in its discretion, upon notice to the Fund, appoint (and may at any time remove) any other
bank or trust company which is itself qualified under the 1940 Act to act as a custodian, as its
agent to carry out such of the provisions of this Section&nbsp;2 as the Custodian may from time to time
direct; provided, however, that the appointment of any agent shall not relieve the Custodian of
its responsibilities or liabilities hereunder. The Underlying Transfer Agent shall not be deemed
an agent or sub-custodian of the Custodian for purposes of this Section&nbsp;2.7 or any other provision
of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>

2.8  <U><FONT style="FONT-variant: SMALL-CAPS"> Deposit of Fund Assets in</FONT> U.S.   <FONT style="FONT-variant: SMALL-CAPS">Securities Systems</FONT></U>.

The Custodian may deposit and/or maintain securities owned by a Portfolio in a
U.S. Securities System in compliance with the conditions of Rule&nbsp;17f-4 under the
1940 Act, as amended from time to time.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>2.9 <FONT style="FONT-variant: SMALL-CAPS"><U>Segregated Account</U></FONT>. The Custodian shall upon
receipt of Proper Instructions on behalf of each applicable Portfolio, establish and maintain a
segregated account or accounts for and on behalf of each such Portfolio, into which account or
accounts may be transferred cash and/or securities of the Portfolio, including securities
maintained in an account by the Custodian pursuant to Section&nbsp;2.8 hereof and collateral of a
broker-dealer held by the Portfolio, (a)&nbsp;in accordance with the provisions of any agreement among
the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the
Exchange Act and a member of the <FONT style="FONT-variant: SMALL-CAPS">FINRA </FONT>(or any futures commission merchant registered
under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing
Corporation and of any registered national securities exchange (or the <FONT style="FONT-variant: SMALL-CAPS">CFTC </FONT>or any
registered contract market), or of any similar organization or organizations, regarding escrow or
other arrangements in connection with transactions by the Portfolio, (b)&nbsp;for purposes of
segregating cash or government securities in connection with options purchased, sold or written by
the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio,
(c)&nbsp;for the purposes of compliance by the Portfolio with the procedures required by Investment
Company Act Release No.&nbsp;10666, or any subsequent release of the <FONT style="FONT-variant: SMALL-CAPS">U</FONT>.<FONT style="FONT-variant: SMALL-CAPS">S</FONT>. Securities
and Exchange Commission (the &#147;<B><I>SEC</I></B>&#148;), or interpretative opinion of the staff of the <FONT style="FONT-variant: SMALL-CAPS">SEC</FONT>,
relating to the maintenance of segregated accounts by registered management investment companies,
and (d)&nbsp;for any other purpose in accordance with Proper Instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>2.10 <FONT style="FONT-variant: SMALL-CAPS"><U>Deposit of Fund Assets with the Underlying Transfer
Agent</U></FONT>. Underlying Shares beneficially owned by the Fund, on behalf of a Portfolio, shall
be deposited and/or maintained in an account or accounts maintained with an Underlying Transfer
Agent and the Custodian&#146;s only responsibilities with respect thereto shall be limited to the
following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon receipt of a confirmation or statement from an Underlying Transfer Agent
that such Underlying Transfer Agent is holding or maintaining Underlying Shares in the
name of the Custodian (or a nominee of the Custodian) for the benefit of a Portfolio,
the Custodian shall identify by book-entry that such Underlying Shares are being held
by it as custodian for the benefit of such Portfolio.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In respect of the purchase of Underlying Shares for the account of a Portfolio,
upon receipt of Proper Instructions, the Custodian shall pay out monies of such
Portfolio as so directed, and record such payment from the account of such Portfolio on
the Custodian&#146;s books and records.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In respect of the sale or redemption of Underlying Shares for the account of a
Portfolio, upon receipt of Proper Instructions, the Custodian shall transfer such
Underlying Shares as so directed, record such transfer from the account of such
Portfolio on the Custodian&#146;s books and records and, upon the Custodian&#146;s receipt of the
proceeds therefor, record such payment for the account of such Portfolio on the
Custodian&#146;s books and records.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Custodian shall not be liable to the Fund for any loss or damage to the Fund or any
Portfolio resulting from the maintenance of Underlying Shares with an Underlying Transfer
Agent except for losses resulting directly from the fraud, negligence or willful misconduct
of the Custodian or any of its agents or of any of its or their employees.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>2.11 <FONT style="FONT-variant: SMALL-CAPS"><U>Ownership Certificates for Tax Purposes</U></FONT>. The Custodian
shall execute ownership and other certificates and affidavits for all federal and state tax
purposes in connection with receipt
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of income or other payments with respect to domestic securities of each Portfolio held by
it and in connection with transfers of securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>2.12 <FONT style="FONT-variant: SMALL-CAPS"><U>Proxies</U></FONT>. Except with respect to Portfolio property
released and delivered pursuant to Section&nbsp;2.2(14), or purchased pursuant to Section&nbsp;2.6(7), the
Custodian shall, with respect to the domestic securities held hereunder, cause to be promptly
executed by the registered holder of such securities, if the securities are registered otherwise
than in the name of the Portfolio or a nominee of the Portfolio, all proxies, without indication
of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund such
proxies, all proxy soliciting materials and all notices relating to such securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>2.13 <FONT style="FONT-variant: SMALL-CAPS"><U>Communications Relating to Portfolio Securities</U></FONT>. Except
with respect to Portfolio property released and delivered pursuant to Section&nbsp;2.2(14), or purchased
pursuant to Section&nbsp;2.6(7), and subject to the provisions of Section&nbsp;2.3, the Custodian shall
transmit promptly to the applicable Fund for each Portfolio all written information (including,
without limitation, pendency of calls and maturities of domestic securities and expirations of
rights in connection therewith and notices of exercise of call and put options written by the Fund
on behalf of the Portfolio and the maturity of futures contracts purchased or sold by the Fund on
behalf of the Portfolio) received by the Custodian from issuers of the securities being held for
the Portfolio. With respect to tender or exchange offers, the Custodian shall transmit promptly to
the applicable Fund all written information received by the Custodian from issuers of the
securities whose tender or exchange is sought and from the party (or its agents) making the tender
or exchange offer. The Custodian shall not be liable for any untimely exercise of any tender,
exchange or other right or power in connection with domestic securities or other property of the
Portfolios at any time held by it unless (i)&nbsp;the Custodian is in actual possession of such domestic
securities or property and (ii)&nbsp;the Custodian receives Proper Instructions with regard to the
exercise of any such right or power, and both (i)&nbsp;and (ii)&nbsp;occur at least three business days prior
to the date on which the Custodian is to take action to exercise such right or power. The Custodian
shall also transmit promptly to the applicable Fund for each Portfolio all written information
received by the Custodian regarding any class action or other litigation in connection with
Portfolio securities or other assets issued in the United States and then held, or previously held,
during the term of this Agreement by the Custodian for the account of the Fund for such Portfolio,
including, but not limited to, opt-out notices and proof-of-claim forms. For avoidance of doubt,
upon and after the effective date of any termination of this Agreement, with respect to a Fund or
its Portfolio(s), as may be applicable, the Custodian shall have no responsibility to so transmit
any information under this Section&nbsp;2.13.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
<FONT style="FONT-variant: SMALL-CAPS">Section  </FONT>3.

<U><FONT style="FONT-variant: SMALL-CAPS">Provisions Relating to Rules </FONT>

17<FONT style="FONT-variant: SMALL-CAPS">f</FONT>-5 <FONT style="FONT-variant: SMALL-CAPS">and </FONT>
17<FONT style="FONT-variant: SMALL-CAPS">f</FONT>-7</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>3.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT style="FONT-variant: SMALL-CAPS"><U>Definitions</U></FONT>. As used throughout this Agreement, the
capitalized terms set forth below shall have the indicated meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B><I>Country Risk</I></B>&#148; means all factors reasonably related to the systemic risk of holding Foreign Assets
in a particular country including, but not limited to, such country&#146;s political environment,
economic and financial infrastructure (including any Eligible Securities Depository operating in
the country), prevailing or developing custody and settlement practices, and laws and regulations
applicable to the safekeeping and recovery of Foreign Assets held in custody in that country.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B><I>Eligible Foreign Custodian</I></B>&#148; has the meaning set forth in section (a)(1) of Rule&nbsp;17f-5, including
a majority-owned or indirect subsidiary of a <FONT style="FONT-variant: SMALL-CAPS">U</FONT>.<FONT style="FONT-variant: SMALL-CAPS">S</FONT>. Bank (as defined in Rule
17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set
forth in Rule&nbsp;17f-5 or by other appropriate action of the <FONT style="FONT-variant: SMALL-CAPS">SEC</FONT>), or a foreign branch of a
Bank (as defined in Section&nbsp;2(a)(5) of the 1940 Act) meeting the requirements
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible
Securities Depository.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B><I>Eligible Securities Depository</I></B>&#148; has the meaning set forth in section (b)(1) of Rule&nbsp;17f-7.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B><I>Foreign Assets</I></B>&#148; means any of the Portfolios&#146; investments (including foreign currencies) for which
the primary market is outside the United States and such cash and cash equivalents as are
reasonably necessary to effect the Portfolios&#146; transactions in such investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B><I>Foreign Custody Manager</I></B>&#148; has the meaning set forth in section (a)(3) of Rule&nbsp;17f-5.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B><I>Rule&nbsp;17f-5</I></B>&#148; means Rule&nbsp;17f-5 promulgated under the 1940 Act.<BR>
&#147;<B><I>Rule&nbsp;17f-7</I></B>&#148; means Rule&nbsp;17f-7 promulgated under the 1940 Act.

</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>3.2. <FONT style="FONT-variant: SMALL-CAPS"><U>The Custodian as
Foreign Custody Manager</U></FONT>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">3.2.1</FONT> <FONT style="FONT-variant: SMALL-CAPS"><U>Delegation to the Custodian as Foreign Custody Manager</U></FONT>. Each
Fund, by resolution adopted by its Board, hereby delegates to the Custodian, subject to Section
(b)&nbsp;of Rule&nbsp;17f-5, the responsibilities set forth in this Section&nbsp;3.2 with respect to Foreign
Assets of the Portfolios held outside the United States, and the Custodian hereby accepts such
delegation as Foreign Custody Manager with respect to the Portfolios.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">3.2.2</FONT> <FONT style="FONT-variant: SMALL-CAPS"><U>Countries Covered</U></FONT>. The Foreign Custody Manager shall be
responsible for performing the delegated responsibilities defined below only with respect to the
countries and custody arrangements for each such country listed on Schedule <FONT style="FONT-variant: SMALL-CAPS">A </FONT>to this
Agreement, which list of countries may be amended from time to time by any Fund with the agreement
of the Foreign Custody Manager. The Foreign Custody Manager shall list on Schedule <FONT style="FONT-variant: SMALL-CAPS">A </FONT>the
Eligible Foreign Custodians selected by the Foreign Custody Manager to maintain the assets of the
Portfolios, which list of Eligible Foreign Custodians may be amended from time to time in the sole
discretion of the Foreign Custody Manager. The Foreign Custody Manager will provide amended
versions of Schedule <FONT style="FONT-variant: SMALL-CAPS">A </FONT>in accordance with Section&nbsp;3.2.5 hereof.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon the receipt by the Foreign Custody Manager of Proper Instructions to open an account or to
place or maintain Foreign Assets in a country listed on Schedule <FONT style="FONT-variant: SMALL-CAPS">A</FONT>, and the fulfillment by
each Fund, on behalf of the applicable Portfolio(s), of the applicable account opening requirements
for such country, the Foreign Custody Manager shall be deemed to have been delegated by such Fund&#146;s
Board on behalf of such Portfolio(s) responsibility as Foreign Custody Manager with respect to that
country and to have accepted such delegation. Execution of this Agreement by each Fund shall be
deemed to be a Proper Instruction to open an account, or to place or maintain Foreign Assets, in
each country listed on Schedule <FONT style="FONT-variant: SMALL-CAPS">A</FONT>. Following the receipt of Proper Instructions directing
the Foreign Custody Manager to close the account of a Portfolio with the Eligible Foreign Custodian
selected by the Foreign Custody Manager in a designated country, the delegation by the Board on
behalf of such Portfolio to the Custodian as Foreign Custody Manager for that country shall be
deemed to have been withdrawn and the Custodian shall immediately cease to be the Foreign Custody
Manager with respect to such Portfolio with respect to that country.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Foreign Custody Manager may withdraw its acceptance of delegated responsibilities with respect
to a designated country upon written notice to the Fund. Forty-five (45)&nbsp;days (or such shorter or
longer period to which the parties may agree in writing) after receipt of any such notice by the
Fund, the Custodian shall have
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">no further responsibility in its capacity as Foreign Custody Manager to the Fund with
respect to the country as to which the Custodian&#146;s acceptance of delegation is withdrawn.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 <FONT style="FONT-variant: SMALL-CAPS"><U>Scope of Delegated Responsibilities</U></FONT>:</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <FONT style="FONT-variant: SMALL-CAPS"><U>Selection of Eligible Foreign Custodians</U></FONT>. Subject to the
provisions of this Section&nbsp;3.2, the Foreign Custody Manager may place and maintain the Foreign
Assets in the care of the Eligible Foreign Custodian selected by the Foreign Custody Manager in
each country listed on Schedule <FONT style="FONT-variant: SMALL-CAPS">A</FONT>, as amended from time to time. In performing its
delegated responsibilities as Foreign Custody Manager to place or maintain Foreign Assets with an
Eligible Foreign Custodian, the Foreign Custody Manager shall determine that the Foreign Assets
will be subject to reasonable care, based on the standards applicable to custodians in the country
in which the Foreign Assets will be held by that Eligible Foreign Custodian, after considering all
factors relevant to the safekeeping of such assets, including, without limitation the factors
specified in Rule&nbsp;17f-5(c)(1).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <FONT style="FONT-variant: SMALL-CAPS"><U>Contracts With Eligible Foreign Custodians</U></FONT>. The Foreign Custody
Manager shall determine that the contract governing the foreign custody arrangements with each
Eligible Foreign Custodian selected by the Foreign Custody Manager will satisfy the requirements
of Rule&nbsp;17f-5(c)(2).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <FONT style="FONT-variant: SMALL-CAPS"><U>Monitoring</U></FONT>. In each case in which the Foreign Custody Manager
maintains Foreign Assets with an Eligible Foreign Custodian selected by the Foreign Custody
Manager, the Foreign Custody Manager shall establish a system to monitor (i)&nbsp;the appropriateness
of maintaining the Foreign Assets with such Eligible Foreign Custodian and (ii)&nbsp;the contract
governing the custody arrangements established by the Foreign Custody Manager with the Eligible
Foreign Custodian. In the event the Foreign Custody Manager determines that the custody
arrangements with an Eligible Foreign Custodian it has selected are no longer appropriate, the
Foreign Custody Manager shall notify the Board in accordance with Section&nbsp;3.2.5 hereunder.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">3.2.4</FONT> <FONT style="FONT-variant: SMALL-CAPS"><U>Guidelines for the Exercise of Delegated Authority</U></FONT>. For
purposes of this Section&nbsp;3.2, the Board shall be deemed to have considered and determined to
accept such Country Risk as is incurred by placing and maintaining the Foreign Assets in each
country for which the Custodian is serving as Foreign Custody Manager of the Portfolios.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">3.2.5</FONT> <FONT style="FONT-variant: SMALL-CAPS"><U>Reporting Requirements</U></FONT>. The Foreign Custody Manager shall
report the withdrawal of the Foreign Assets from an Eligible Foreign Custodian and the placement
of such Foreign Assets with another Eligible Foreign Custodian by providing to the Board an
amended Schedule <FONT style="FONT-variant: SMALL-CAPS">A </FONT>at the end of the calendar quarter in which an amendment to such
Schedule has occurred. The Foreign Custody Manager shall make written reports notifying the Board
of any other material change in the foreign custody arrangements of the Portfolios described in
this Section&nbsp;3.2 after the occurrence of the material change.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">3.2.6</FONT> <FONT style="FONT-variant: SMALL-CAPS"><U>Standard of Care as Foreign Custody Manager of a Portfolio</U></FONT>. In
performing the responsibilities delegated to it, the Foreign Custody Manager agrees to exercise
reasonable care, prudence and diligence such as a person having responsibility for the safekeeping
of assets of management investment companies registered under the 1940 Act would exercise.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT style="FONT-variant: SMALL-CAPS">3.2.7</FONT>
<U><FONT style="FONT-variant: SMALL-CAPS">Representations with Respect to Rule </FONT>
17<FONT style="FONT-variant: SMALL-CAPS">f</FONT>-5</u>. The
Foreign Custody Manager represents to each Fund that it is a
<FONT style="FONT-variant: SMALL-CAPS">U</FONT>.<FONT style="FONT-variant: SMALL-CAPS">S</FONT>. Bank as defined
in section (a)(7) of Rule&nbsp;17f-5. Each Fund represents to the Custodian that its Board has
determined that it is reasonable for such Board to rely on the Custodian to perform the
responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody
Manager of the Portfolios.</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.8 <FONT style="FONT-variant: SMALL-CAPS"><U>Effective Date and Termination of the Custodian as Foreign Custody
Manager</U></FONT>. Each Board&#146;s delegation to the Custodian as Foreign Custody Manager of the
Portfolios shall be effective as of the date hereof and shall remain in effect until terminated at
any time, without penalty, by written notice from the terminating party to the non-terminating
party. Termination will become effective forty-five (45)&nbsp;days after receipt by the non-terminating
party of such notice. The provisions of Section&nbsp;3.2.2 hereof shall govern the delegation to and
termination of the Custodian as Foreign Custody Manager of the Portfolios with respect to
designated countries.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>3.3 <FONT style="FONT-variant: SMALL-CAPS"><U>Eligible Securities Depositories</U></FONT>.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">3.3.1</FONT> <FONT style="FONT-variant: SMALL-CAPS"><U>Analysis and Monitoring</U></FONT>. The Custodian shall (a)&nbsp;provide the
Fund (or its duly-authorized investment manager or investment adviser) with an analysis of the
custody risks associated with maintaining assets with the Eligible Securities Depositories set
forth on Schedule <FONT style="FONT-variant: SMALL-CAPS">B </FONT>hereto in accordance with section (a)(1)(i)(A) of Rule&nbsp;17f-7, and (b)
monitor such risks on a continuing basis, and promptly notify the Fund (or its duly-authorized
investment manager or investment adviser) of any material change in such risks, in accordance with
section (a)(1)(i)(B) of Rule&nbsp;17f-7.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">3.3.2</FONT> <FONT style="FONT-variant: SMALL-CAPS"><U>Standard of Care</U></FONT>. The Custodian agrees to exercise reasonable
care, prudence and diligence in performing the duties set forth in Section&nbsp;3.3.1.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>4. <FONT style="FONT-variant: SMALL-CAPS"><U>Duties of the Custodian with Respect to Property of the
Portfolios to be Held Outside the United States</U></FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>4.1 <FONT style="FONT-variant: SMALL-CAPS"><U>Definitions</U></FONT>. As used throughout this Agreement, the
capitalized terms set forth below shall have the indicated meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B><I>Foreign Securities System</I></B>&#148; means an Eligible Securities Depository listed on Schedule <FONT style="FONT-variant: SMALL-CAPS">B
</FONT>hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B><I>Foreign Sub-Custodian</I></B>&#148; means a foreign banking institution serving as an Eligible Foreign
Custodian.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>4.2. <FONT style="FONT-variant: SMALL-CAPS"><U>Holding Securities</U></FONT>. The Custodian shall identify on its
books as belonging to the Portfolios the foreign securities held by each Foreign Sub-Custodian or
Foreign Securities System. The Custodian may hold foreign securities for all of its customers,
including the Portfolios, with any Foreign Sub-Custodian in an account that is identified as
belonging to the Custodian for the benefit of its customers, provided however, that (i)&nbsp;the records
of the Custodian with respect to foreign securities of the Portfolios which are maintained in such
account shall identify those securities as belonging to the Portfolios and (ii), to the extent
permitted and customary in the market in which the account is maintained, the Custodian shall
require that securities so held by the Foreign Sub-Custodian be held separately from any assets of
such Foreign Sub-Custodian or of other customers of such Foreign Sub-Custodian.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>4.3. <FONT style="FONT-variant: SMALL-CAPS"><U>Foreign Securities Systems</U></FONT>. Foreign securities shall
be maintained in a Foreign Securities System in a designated country through arrangements
implemented by the Custodian or a Foreign Sub-Custodian, as applicable, in such country.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>4.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="FONT-variant: SMALL-CAPS"><U>Transactions in Foreign Custody Account</U></FONT>.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1. <FONT style="FONT-variant: SMALL-CAPS"><U>Delivery of Foreign Assets</U></FONT>. The Custodian or a Foreign Sub-Custodian
shall release and deliver foreign securities of the Portfolios held by the Custodian or such
Foreign Sub-Custodian, or in a Foreign Securities System account, only upon receipt of Proper
Instructions, which may be continuing instructions when deemed appropriate by the parties, and
only in the following cases:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the sale of such foreign securities for the Portfolio in accordance with
commercially reasonable market practice in the country where such foreign securities
are held or traded, including, without limitation: (<FONT style="FONT-variant: SMALL-CAPS">A</FONT>) delivery against
expectation of receiving later payment; or (<FONT style="FONT-variant: SMALL-CAPS">B</FONT>) in the case of a sale effected
through a Foreign Securities System, in accordance with the rules governing the
operation of the Foreign Securities System;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In connection with any repurchase agreement related to foreign securities;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the depository agent in connection with tender or other similar offers for
foreign securities of the Portfolios;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the issuer thereof or its agent when such foreign securities are called,
redeemed, retired or otherwise become payable;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the issuer thereof, or its agent, for transfer into the name of the
Custodian (or the name of the respective Foreign Sub-Custodian or of any nominee of
the Custodian or such Foreign Sub-Custodian) or for exchange for a different number of
bonds, certificates or other evidence representing the same aggregate face amount or
number of units;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To brokers, clearing banks or other clearing agents for examination or trade
execution in accordance with market custom; provided that in any such case, the
Foreign Sub-Custodian shall have no responsibility or liability for any loss arising
from the delivery of such foreign securities prior to receiving payment for such
foreign securities except as may arise from the Foreign Sub-Custodian&#146;s own negligence
or willful misconduct;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For exchange or conversion pursuant to any plan of merger, consolidation,
recapitalization, reorganization or readjustment of the securities of the issuer of
such securities, or pursuant to provisions for conversion contained in such
securities, or pursuant to any deposit agreement;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of warrants, rights or similar foreign securities, the surrender thereof
in the exercise of such warrants, rights or similar securities or the surrender of
interim receipts or temporary securities for definitive securities;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For delivery as security in connection with any borrowing by a Fund on behalf
of a Portfolio requiring a pledge of assets by the Fund on behalf of such Portfolio;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In connection with trading in options and futures contracts, including
delivery as original margin and variation margin;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the sale or other delivery of such foreign securities (including, without
limitation, to one or more Special Sub-Custodians or Repo Custodians) as a Free Trade,
provided that</TD>
</TR>

</TABLE>
</DIV>


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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>applicable Proper Instructions shall set forth (<FONT style="FONT-variant: SMALL-CAPS">A</FONT>) the foreign
securities to be delivered and (<FONT style="FONT-variant: SMALL-CAPS">B</FONT>) the person or persons to whom delivery
shall be made;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(xii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In connection with the lending of foreign securities; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(xiii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For any other purpose, but only upon receipt of Proper Instructions specifying
(<FONT style="FONT-variant: SMALL-CAPS">A</FONT>) the foreign securities to be delivered and (<FONT style="FONT-variant: SMALL-CAPS">B</FONT>) the person or
persons to whom delivery of such securities shall be made.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2. <FONT style="FONT-variant: SMALL-CAPS"><U>Payment of Portfolio Monies</U></FONT>. Upon receipt of Proper Instructions,
which may be continuing instructions when deemed appropriate by the parties, the Custodian shall
pay out, or direct the respective Foreign Sub-Custodian or the respective Foreign Securities
System to pay out, monies of a Portfolio in the following cases only:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the purchase of foreign securities for the Portfolio, unless otherwise
directed by Proper Instructions, by (<FONT style="FONT-variant: SMALL-CAPS">A</FONT>) delivering money to the seller
thereof or to a dealer therefor (or an agent for such seller or dealer) against
expectation of receiving later delivery of such foreign securities; or (<FONT style="FONT-variant: SMALL-CAPS">B</FONT>) in
the case of a purchase effected through a Foreign Securities System, in accordance
with the rules governing the operation of such Foreign Securities System;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In connection with the conversion, exchange or surrender of foreign securities
of the Portfolio;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the payment of any expense or liability of the Portfolio, including but
not limited to the following payments: interest, taxes, investment advisory fees,
transfer agency fees, fees under this Agreement, legal fees, accounting fees, and other
operating expenses;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purchase or sale of foreign exchange or foreign exchange contracts for
the Portfolio, including transactions executed with or through the Custodian or its
Foreign Sub-Custodians;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In connection with trading in options and futures contracts, including
delivery as original margin and variation margin;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the purchase of foreign investments including, without limitation,
repurchase agreement transactions involving delivery of Portfolio monies to Repo
Custodian(s), as a Free Trade, provided that applicable Proper Instructions shall set
forth (<FONT style="FONT-variant: SMALL-CAPS">A</FONT>) the amount of such payment and (<FONT style="FONT-variant: SMALL-CAPS">B</FONT>) the person or persons
to whom payment shall be made;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For payment of part or all of the dividends received in respect of securities sold
short;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In connection with the borrowing or lending of foreign securities; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For any other purpose, but only upon receipt of Proper Instructions specifying
(<FONT style="FONT-variant: SMALL-CAPS">A</FONT>) the amount of such payment and (<FONT style="FONT-variant: SMALL-CAPS">B</FONT>) the person or persons to whom
such payment is to be made.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3. <FONT style="FONT-variant: SMALL-CAPS"><U>Market Conditions</U></FONT>. Notwithstanding any provision of this Agreement to
the contrary, settlement and payment for Foreign Assets received for the account of the Portfolios
and delivery of Foreign Assets maintained for the account of the Portfolios may be effected in
accordance with the customary established securities trading or processing practices and
procedures in the country or market in which the</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">transaction occurs, including, without limitation, delivering Foreign Assets to the
purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) with the
expectation of receiving later payment for such Foreign Assets from such purchaser or dealer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian shall provide to each Board and Fund the information with respect to custody and
settlement practices in countries in which the Custodian employs a Foreign Sub-Custodian described
on Schedule <FONT style="FONT-variant: SMALL-CAPS">C </FONT>hereto at the time or times set forth on such Schedule. The Custodian may
revise Schedule <FONT style="FONT-variant: SMALL-CAPS">C </FONT>from time to time, provided that no such revision shall result in a
Board or Fund being provided with substantively less information than had been previously provided
hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>4.5. <FONT style="FONT-variant: SMALL-CAPS"><U>Registration of Foreign Securities</U></FONT>. The foreign
securities maintained in the custody of a Foreign Sub-Custodian (other than bearer securities)
shall be registered in the name of the applicable Portfolio or in the name of the Custodian or in
the name of any Foreign Sub-Custodian or in the name of any nominee of the foregoing, and the
applicable Fund on behalf of such Portfolio agrees to hold any such nominee harmless from any
liability as a holder of record of such foreign securities. The Custodian or a Foreign
Sub-Custodian shall not be obligated to accept securities on behalf of a Portfolio under the terms
of this Agreement unless the form of such securities and the manner in which they are delivered are
in accordance with reasonable market practice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>4.6 <FONT style="FONT-variant: SMALL-CAPS"><U>Bank Accounts</U></FONT>. The Custodian shall identify on its books
as belonging to the applicable Fund cash (including cash denominated in foreign currencies)
deposited with the Custodian. Where the Custodian is unable to maintain, or market practice does
not facilitate the maintenance of, cash on the books of the Custodian, a bank account or bank
accounts shall be opened and maintained outside the United States on behalf of a Portfolio with a
Foreign Sub-Custodian. All accounts referred to in this Section shall be subject only to draft or
order by the Custodian (or, if applicable, such Foreign Sub-Custodian) acting pursuant to the terms
of this Agreement to hold cash received by or from or for the account of the Portfolio. Cash
maintained on the books of the Custodian (including its branches, subsidiaries and affiliates),
regardless of currency denomination, is maintained in bank accounts established under, and subject
to the laws of, The Commonwealth of Massachusetts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>4.7. <FONT style="FONT-variant: SMALL-CAPS"><U>Collection of Income</U></FONT>. The Custodian shall use
reasonable commercial efforts to collect all income and other payments with respect to the Foreign
Assets held hereunder to which the Portfolios shall be entitled. In the event that extraordinary
measures are required to collect such income, the Fund and the Custodian shall consult as to such
measures and as to the compensation and expenses of the Custodian relating to such measures. The
Custodian shall credit income to the applicable Portfolio as such income is received or in
accordance with Custodian&#146;s then current payable date income schedule. Any credit to the Portfolio
in advance of receipt may be reversed when the Custodian determines that payment will not occur in
due course and the Portfolio may be charged at the Custodian&#146;s applicable rate for time credited.
Income on securities loaned other than from the Custodian&#146;s securities lending program shall be
credited as received.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>4.8 <FONT style="FONT-variant: SMALL-CAPS"><U>Shareholder Rights</U></FONT>. With respect to the foreign
securities held pursuant to this Section&nbsp;4, the Custodian shall use reasonable commercial efforts
to facilitate the exercise of voting and other shareholder rights, subject always to the laws,
regulations and practical constraints that may exist in the country where such securities are
issued. Each Fund acknowledges that local conditions, including lack of regulation, onerous
procedural obligations, lack of notice and other factors may have the effect of severely limiting
the ability of such Fund to exercise shareholder rights.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>4.9. <FONT style="FONT-variant: SMALL-CAPS"><U>Communications Relating to Foreign Securities</U></FONT>.
The Custodian shall transmit promptly to the applicable Fund written information with respect to
materials received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign
securities being held for the account of the Portfolios (including, without limitation, pendency
of calls and maturities of foreign securities and expirations of rights in connection therewith).
With respect to tender or exchange offers, the Custodian shall transmit promptly to the applicable
Fund written information with respect to materials so received by the Custodian from issuers of
the foreign securities whose tender or exchange is sought or from the party (or its agents) making
the tender or exchange offer. The Custodian shall not be liable for any untimely exercise of any
tender, exchange or other right or power in connection with foreign securities or other property
of the Portfolios at any time held by it unless (i)&nbsp;the Custodian or the respective Foreign
Sub-Custodian is in actual possession of such foreign securities or property and (ii)&nbsp;the
Custodian receives Proper Instructions with regard to the exercise of any such right or power, and
both (i)&nbsp;and (ii)&nbsp;occur at least three business days prior to the date on which the Custodian is
to take action to exercise such right or power. The Custodian shall also transmit promptly to the
applicable Fund all written information received by the Custodian via the Foreign Sub-Custodians
from issuers of the foreign securities being held for the account of the Portfolios regarding any
class action or other litigation in connection with Portfolio foreign securities or other assets
issued outside the United States and then held, or previously held, during the term of this
Agreement by the Custodian via a Foreign Sub-Custodian for the account of the Fund for such
Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. For avoidance
of doubt, upon and after the effective date of any termination of this Agreement, with respect to
a Fund or its Portfolio(s), as may be applicable, the Custodian shall have no responsibility to so
transmit any information under this Section&nbsp;4.9.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>4.10.
<FONT style="FONT-variant: SMALL-CAPS"><U>Liability of Foreign Sub-Custodians</U></FONT>. Each
agreement pursuant to which the Custodian employs a Foreign Sub-Custodian shall, to the extent
possible, require the Foreign Sub-Custodian to exercise reasonable care in the performance of its
duties, and to indemnify, and hold harmless, the Custodian from and against any loss, damage, cost,
expense, liability or claim arising out of or in connection with the Foreign Sub-Custodian&#146;s
performance of such obligations. At a Fund&#146;s election, the Portfolios shall be entitled to be
subrogated to the rights of the Custodian with respect to any claims against a Foreign Sub-Custodian
as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent
that the Portfolios have not been made whole for any such loss, damage, cost, expense, liability or
claim.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>4.11 <FONT style="FONT-variant: SMALL-CAPS"><U>Tax Law</U></FONT>. The Custodian shall have no responsibility or
liability for any obligations now or hereafter imposed on any Fund, the Portfolios or the Custodian
as custodian of the Portfolios by the tax law of the United States or of any state or political
subdivision thereof. It shall be the responsibility of each Fund to notify the Custodian of the
obligations imposed on such Fund with respect to the Portfolios or the Custodian as custodian of
the Portfolios by the tax law of countries other than those mentioned in the above sentence,
including responsibility for withholding and other taxes, assessments or other governmental
charges, certifications and governmental reporting. The sole responsibilities of the Custodian with
regard to such tax law shall be to use reasonable efforts to effect the withholding of local taxes
and related charges with regard to market entitlements/payments in accordance with local law and
subject to local market practice or custom, and to assist the Fund with respect to any claim for
exemption or refund under the tax law of countries for which such Fund has provided such
information. Except as specifically provided in this Agreement or otherwise agreed to in writing by
the Custodian, the Custodian shall have no independent obligation to determine the tax obligations
now or hereafter imposed on any of the Funds by any taxing authority or to obtain or provide
information relating thereto, and shall have no obligation or liability with respect to such tax
obligations, it being specifically understood and agreed that the Custodian shall not thereby or
otherwise be considered any Fund&#146;s tax advisor or tax counsel.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>4.12. <FONT style="FONT-variant: SMALL-CAPS"><U>Liability of Custodian</U></FONT>. The Custodian shall be
liable for the acts or omissions of a Foreign Sub-Custodian to the same extent as set forth with
respect to sub-custodians generally in this Agreement and, regardless of whether assets are
maintained in the custody of a Foreign Sub-Custodian or a Foreign Securities System, the Custodian
shall not be liable for any loss, damage, cost, expense, liability or claim resulting from
nationalization, expropriation, currency restrictions, or acts of war or terrorism, or any other
loss where the Sub-Custodian has otherwise acted with reasonable care.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u><FONT style="FONT-variant: SMALL-CAPS">Contractual Settlement Services </FONT>(<FONT style="FONT-variant: SMALL-CAPS">Purchase </FONT>/
<FONT style="FONT-variant: SMALL-CAPS">Sales</FONT>)</u>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>5.1 The Custodian shall, in accordance with the terms set out in this
section, debit or credit the appropriate cash account of each Portfolio in connection with (i)&nbsp;the
purchase of securities for such Portfolio, and (ii)&nbsp;proceeds of the sale of securities held on
behalf of such Portfolio, on a contractual settlement basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>5.2 The services described above (the &#147;<B><I>Contractual Settlement Services</I></B>&#148;)
shall be provided for such instruments and in such markets as the Custodian may advise from time
to time. The Custodian may terminate or suspend any part of the provision of the Contractual
Settlement Services under this Agreement at its sole discretion immediately upon notice to the
applicable Fund on behalf of each Portfolio, including, without limitation, in the event of force
majeure events affecting settlement, any disorder in markets, or other changed external business
circumstances affecting the markets or the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>5.3 The consideration payable in connection with a purchase transaction
shall be debited from the appropriate cash account of the Portfolio as of the time and date that
monies would ordinarily be required to settle such transaction in the applicable market. The
Custodian shall promptly recredit such amount at the time that the Portfolio or the Fund notifies
the Custodian by Proper Instruction that such transaction has been canceled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>5.4 With respect to the settlement of a sale of securities, a provisional
credit of an amount equal to the net sale price for the transaction (the &#147;<B><I>Settlement Amount</I></B>&#148;) shall
be made to the account of the Portfolio as if the Settlement Amount had been received as of the
close of business on the date that monies would ordinarily be available in good funds in the
applicable market. Such provisional credit will be made conditional upon the Custodian having
received Proper Instructions with respect to, or reasonable notice of, the transaction, as
applicable; and the Custodian or its agents having possession of the asset(s) (which shall exclude
assets subject to any third party lending arrangement entered into by a Portfolio) associated with
the transaction in good deliverable form and not being aware of any facts which would lead them to
believe that the transaction will not settle in the time period ordinarily applicable to such
transactions in the applicable market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>5.5. Simultaneously with the making of such provisional credit, the Portfolio
agrees that the Custodian shall have, and hereby grants to the Custodian, a security interest in
any property at any time held for the account of the Portfolio to the full extent of the credited
amount, and each Portfolio hereby pledges, assigns and grants to the Custodian a continuing
security interest and a lien on any and all such property under the Custodian&#146;s possession, in
accordance with the terms of this Agreement. In the event that the applicable Portfolio fails to
promptly repay any provisional credit, the Custodian shall have all of the rights and remedies of a
secured party under the Uniform Commercial Code of The Commonwealth of Massachusetts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>5.6 The Custodian shall have the right to reverse any provisional
credit or debit given in
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">connection with the Contractual Settlement Services at any time when the Custodian believes,
in its reasonable judgment, that such transaction will not settle in accordance with its terms or
amounts due pursuant thereto, will not be collectable or where the Custodian has not been provided
Proper Instructions with respect thereto, as applicable, and the Portfolio shall be responsible for
any costs or liabilities resulting from such reversal. Upon such reversal, a sum equal to the
credited or debited amount shall become immediately payable by the Portfolio to the Custodian and
may be debited from any cash account held for benefit of the Portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>5.7 In the event that the Custodian is unable to debit an account of the
Portfolio, and the Portfolio fails to pay any amount due to the Custodian at the time such amount
becomes payable in accordance with this Agreement, (i)&nbsp;the Custodian may charge the Portfolio for
costs and expenses associated with providing the provisional credit, including without limitation
the cost of funds associated therewith, (ii)&nbsp;the amount of any accrued dividends, interest and
other distributions with respect to assets associated with such transaction may be set off against
the credited amount, (iii)&nbsp;the provisional credit and any such costs and expenses shall be
considered an advance of cash for purposes of the Agreement and (iv)&nbsp;the Custodian shall have the
right to setoff against any property and to sell, exchange, convey, transfer or otherwise dispose
of any property at any time held for the account of the Portfolio to the full extent necessary for
the Custodian to make itself whole.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT style="FONT-variant: SMALL-CAPS"><U>Loan Servicing Provisions</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>6.1 <FONT style="FONT-variant: SMALL-CAPS"><U>General.</U></FONT>

 The following provisions shall apply with
respect to investments, property or assets in the nature of loans, or interests or participations
in loans, including without limitation interests in syndicated bank loans and bank loan
participations, whether in the <FONT style="FONT-variant: SMALL-CAPS">U</FONT>.<FONT style="FONT-variant: SMALL-CAPS">S</FONT>. or outside the <FONT style="FONT-variant: SMALL-CAPS">U</FONT>.<FONT style="FONT-variant: SMALL-CAPS">S</FONT>.
(collectively, &#147;<B>Loans</B>&#148;) entered into by a Fund on behalf of one or more of its Portfolios (referred
to in this Section&nbsp;5 as the &#147;Fund&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>6.2 <FONT style="FONT-variant: SMALL-CAPS"><U>Safekeeping</U></FONT>. Instruments, certificates, agreements
and/or other documents which the Custodian may receive with respect to Loans, if any (collectively
&#147;<B>Financing Documents</B>&#148;), from time to time, shall be held by the Custodian at its offices in Boston,
Massachusetts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>6.3 <FONT style="FONT-variant: SMALL-CAPS"><U>Duties of the Custodian</U></FONT>. The Custodian shall accept such
Financing Documents, if any, with respect to Loans as may be delivered to it from time to time by
the Fund. The Custodian shall be under no obligation to examine the contents or determine the
sufficiency of any such Financing Documents or to provide any certification with respect thereto,
whether received by the Custodian as original documents, photocopies, by facsimile or otherwise.
Without limiting the foregoing, the Custodian is under no duty to examine any such Financing
Documents to determine whether necessary steps have been taken or requirements met with respect to
the assignment or transfer of the related Loan or applicable interest or participation in such
Loan. The Custodian shall be entitled to assume the genuineness, sufficiency and completeness of
any Financing Documents received, and the genuineness and due authority of any signature appearing
on such documents. Notwithstanding any term of this Agreement to the contrary, with respect to any
Loans, (i)&nbsp;the Custodian shall be under no obligation to determine, and shall have no liability
for, the sufficiency of, or to require delivery of, any instrument, document or agreement
constituting, evidencing or representing such Loan, other than to receive such Financing Documents,
if any, as may be delivered or caused to be delivered to it by the Fund (or its investment manager
acting on its behalf), (ii)&nbsp;without limiting the generality of the foregoing, delivery of any such
Loan (including without limitation, for purposes of Section&nbsp;2.6 above) may be made to the Custodian
by, and may be represented solely by, delivery to the Custodian of a facsimile or photocopy of an
assignment agreement (an &#147;<B>Assignment Agreement</B>&#148;) or a confirmation or certification from the Fund
(or the investment manager) to the effect that it has acquired such Loan and/or has received or
will receive, and will deliver to the Custodian,
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">appropriate Financing Documents constituting, evidencing or representing such Loan (such
confirmation or certification, together with any Assignment Agreement, collectively, an &#147;<B>Assignment
Agreement or Confirmation</B>&#148;), in any case without delivery of any promissory note, participation
certificate or similar instrument (collectively, an &#147;<B>Instrument</B>&#148;), (iii)&nbsp;if an original Instrument
shall be or shall become available with respect to any such Loan, it shall be the sole
responsibility of the Fund (or the investment manager acting on its behalf) to make or cause
delivery thereof to the Custodian, and the Custodian shall be under no obligation at any time or
times to determine whether any such original Instrument has been issued or made available with
respect to such Loan, and shall not be under any obligation to compel compliance by the Fund to
make or cause delivery of such Instrument to the Custodian, and (iv)&nbsp;any reference to Financing
Documents appearing in this Section&nbsp;5 shall be deemed to include, without limitation, any such
Instrument and/or Assignment Agreement or Confirmation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If payments with respect to a Loan (&#147;<B>Loan Payment</B>&#148;) are not received by the Custodian on the date
on which they are due, as reflected in the Payment Schedule (as such term is defined in Section&nbsp;5.4
below) of the Loan (&#147;<B>Payment Date</B>&#148;), or in the case of interest payments, not received either on a
scheduled interest payable date, as reported to the Custodian by the Fund (or the investment
manager acting on its behalf) for the Loan (the &#147;<B>Interest Payable Date</B>&#148;), or in the amount of their
accrued interest payable, the Custodian shall promptly, but in no event later than one business day
after the Payment Date or the Interest Payable Date, give telephonic notice to the party obligated
under the Financing Documents to make such Loan Payment (the &#147;<B>Obligor</B>&#148;) of its failure to make
timely payment, and (2)&nbsp;if such payment is not received within three business days of its due date,
shall notify the Fund (or the investment manager on its behalf) of such Obligor&#146;s failure to make
the Loan Payment. The Custodian shall have no responsibility with respect to the collection of Loan
Payments which are past due, other than the duty to notify the Obligor and the Fund (or the
investment manager acting on its behalf) as provided herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian shall have no responsibilities or duties whatsoever under this Agreement, with
respect to Loans or the Financing Documents, except for such responsibilities as are expressly set
forth herein. Without limiting the generality of the foregoing, the Custodian shall have no
obligation to preserve any rights against prior parties or to exercise any right or perform any
obligation in connection with the Loans or any Financing Documents (including, without limitation,
no obligation to take any action in respect of or upon receipt of any consent solicitation, notice
of default or similar notice received from any bank agent or Obligor, except that the Custodian
shall undertake reasonable efforts to forward any such notice to the Fund or the investment manager
acting on its behalf). In case any question arises as to its duties hereunder, the Custodian may
request instructions from the Fund and shall be entitled at all times to refrain from taking any
action unless it has received Proper Instructions from the Fund or the investment manager and the
Custodian shall in all events have no liability, risk or cost for any action taken, with respect to
a Loan, pursuant to and in compliance with the Proper Instructions of such parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian shall be only responsible and accountable for Loan Payments actually received by it
and identified as for the account of the Fund; any and all credits and payments credited to the
Fund, with respect to Loans, shall be conditional upon clearance and actual receipt by the
Custodian of final payment thereon.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian shall promptly, upon the Fund&#146;s request, release to the Fund&#146;s investment manager or
to any party as the Fund or the Fund&#146;s investment manager may specify, any Financing Documents
being held on behalf of the Fund. Without limiting the foregoing, the Custodian shall not be deemed
to have or be charged with knowledge of the sale of any Loan, unless and except to the extent it
shall have received written notice and instruction from the Fund (or the investment manager acting
on its behalf) with respect thereto, and except to the extent it shall have received the sale
proceeds thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In no event shall the Custodian be under any obligation or liability to make any advance of its own
funds with respect to any Loan.
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>6.4 <FONT style="FONT-variant: SMALL-CAPS"><U>Responsibility of the Fund</U></FONT>. With respect to each Loan
held by the Custodian hereunder in accordance with the provisions hereof, the Fund shall (a)&nbsp;cause
the Financing Documents evidencing such Loan to be delivered to the Custodian; (b)&nbsp;include with
such Financing Documents an amortization schedule of payments (the &#147;<B>Payment Schedule</B>&#148;) identifying
the amount and due dates of scheduled principal payments, the Interest Payable Date(s) and related
payment amount information, and such other information with respect to the related Loan and
Financing Documents as the Custodian reasonably may require in order to perform its services
hereunder (collectively, &#147;<B>Loan Information</B>&#148;), in such form and format as the Custodian reasonably
may require; (c)&nbsp;take, or cause the investment manager to take, all actions necessary to acquire
good title to such Loan (or the participation in such Loan, as the case may be), as and to the
extent intended to be acquired; and (d)&nbsp;cause the Custodian to be named as its nominee for payment
purposes under the Financing Documents or otherwise provide for the direct payment of the Payments
to the Custodian. The Custodian shall be entitled to rely upon the Loan Information provided to it
by the Fund (or the investment manager acting on its behalf) without any obligation on the part of
the Custodian independently to verify, investigate, recalculate, update or otherwise confirm the
accuracy or completeness thereof; and the Custodian shall have no liability for any delay or
failure on the part of the Fund in providing necessary Loan Information to the Custodian, or for
any inaccuracy therein or incompleteness thereof. With respect to each such Loan, the Custodian
shall be entitled to rely on any information and notices it may receive from time to time from the
related bank agent, Obligor or similar party with respect to the related Loan, and shall be
entitled to update its records on the basis of such information or notices received, without any
obligation on its part independently to verify, investigate or recalculate such information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>6.5
<u><FONT style="FONT-variant: SMALL-CAPS">Instructions</FONT>;
<FONT style="FONT-variant: SMALL-CAPS">Authority to Act</FONT></u>. The certificate
of the Secretary or an Assistant Secretary of the Fund&#146;s Board of Directors, identifying certain
individuals to be officers of the Fund or employees of the Fund&#146;s investment manager authorized to
sign any such instructions, may be received and accepted as conclusive evidence of the incumbency
and authority of such to act and may be considered by the Custodian to be in full force and effect
until it receives written notice to the contrary from the Secretary or Assistant Secretary of the
Fund&#146;s Board. Notwithstanding any other provision of this Agreement, the Custodian shall have no
responsibility to ensure that any investment by the Fund with respect to Loans has been authorized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>6.6
<FONT style="FONT-variant: SMALL-CAPS"><U>Attachment.</U> </FONT> In case any portion of the Loans or the
Financing Documents shall be attached or levied upon pursuant to an order of court, or the
delivery or disbursement thereof shall be stayed or enjoined by an order of court, or any other
order, judgment or decrees shall be made or entered by any court affecting the property of the
Fund or any act of the Custodian relating thereto, the Custodian is hereby expressly authorized in
its sole discretion to obey and comply with all orders, judgments or decrees so entered or issued,
without the necessity of inquire whether such court had jurisdiction, and, in case the Custodian
obeys or complied with any such order, judgment or decree, it shall not be liable to anyone by
reason of such compliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U><FONT style="FONT-variant: SMALL-CAPS">Special
Sub</FONT>-<FONT style="FONT-variant: SMALL-CAPS">Custodians</FONT></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon receipt of Special Instructions (as such term is defined in Section&nbsp;9 hereof), the Custodian
shall, on behalf of one or more Portfolios, appoint one or more banks, trust companies or other
entities designated in such Special Instructions to act as a sub-custodian for the purposes of
effecting such transaction(s) as may be designated by a Fund in Special Instructions. Each such
designated sub-custodian is referred to herein as a &#147;<B><I>Special Sub-Custodian</I></B>.&#148; Each such duly
appointed Special Sub-Custodian shall be listed on Schedule <FONT style="FONT-variant: SMALL-CAPS">D </FONT>hereto, as it may be amended
from time to time by a Fund, with the acknowledgment of the Custodian. In connection with the
appointment of any Special Sub-Custodian, and in accordance with Special Instructions,
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Custodian shall enter into a sub-custodian agreement with the Fund and the Special
Sub-Custodian in form and substance approved by such Fund, provided that such agreement shall in
all events comply with the provisions of the 1940 Act and the rules and regulations thereunder and
the terms and provisions of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT style="FONT-variant: SMALL-CAPS"><U>Payments for Sales or Repurchases or Redemptions of
Shares</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian shall receive from the distributor of the Shares or from the Transfer Agent and
deposit into the account of the appropriate Portfolio such payments as are received for Shares
thereof issued or sold from time to time by the applicable Fund. The Custodian will provide timely
notification to such Fund on behalf of each such Portfolio and the Transfer Agent of any receipt
by it of payments for Shares of such Portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">From such funds as may be available for the purpose, the Custodian shall, upon receipt of
instructions from the Transfer Agent, make funds available for payment to holders of Shares who
have delivered to the Transfer Agent a request for redemption or repurchase of their Shares. In
connection with the redemption or repurchase of Shares, the Custodian is authorized upon receipt of
instructions from the Transfer Agent to wire funds to or through a commercial bank designated by
the redeeming shareholders. In connection with the redemption or repurchase of Shares, the
Custodian shall honor checks drawn on the Custodian by a holder of Shares, which checks have been
furnished by a Fund to the holder of Shares, when presented to the Custodian in accordance with
such procedures and controls as are mutually agreed upon from time to time between such Fund and
the Custodian.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT style="FONT-variant: SMALL-CAPS"><U>Proper Instructions and Special Instructions</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Proper Instructions</I></B><I>,</I><B><I>&#148; </I></B>which may also be standing instructions, as such term is used throughout
this Agreement shall mean instructions received by the Custodian from a Fund, a Fund&#146;s duly
authorized investment manager or investment adviser, or a person or entity duly authorized by
either of them. Such instructions may be in writing signed by the authorized person or persons or
may be in a tested communication or in a communication utilizing access codes effected between
electro-mechanical or electronic devices or may be by such other means and utilizing such
intermediary systems and utilities as may be agreed from time to time by the Custodian and the
person(s) or entity giving such instruction, provided that the Fund has followed any security
procedures agreed to from time to time by the applicable Fund and the Custodian including, but not
limited to, the security procedures selected by the Fund via the form of Funds Transfer Addendum
hereto. Oral instructions will be considered Proper Instructions if the Custodian reasonably
believes them to have been given by a person authorized to provide such instructions with respect
to the transaction involved; the Fund shall cause all oral instructions to be confirmed in
writing. For purposes of this Section, Proper Instructions shall include instructions received by
the Custodian pursuant to any multi-party agreement which requires a segregated asset account in
accordance with Section&nbsp;2.9 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Special Instructions&#148; </I></B>as such term is used throughout this Agreement, means Proper Instructions
countersigned or confirmed in writing by the Treasurer or any Assistant Treasurer of the
applicable Fund or any other person designated in writing by the Treasurer of such Fund, which
countersignature or confirmation shall be (a)&nbsp;included on the same instrument containing the
Proper Instructions or on a separate instrument clearly relating thereto and (b)&nbsp;delivered by
hand, by facsimile transmission, or in such other manner as the Fund and the Custodian agree in
writing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Concurrently with the execution of this Agreement, and from time to time thereafter, as
appropriate, each
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fund shall deliver to the Custodian, duly certified by such Fund&#146;s Treasurer or
Assistant Treasurer, a certificate setting forth: (i)&nbsp;the names, titles, signatures and scope of
authority of all persons authorized to give Proper Instructions or any other notice, request,
direction, instruction, certificate or instrument on behalf of the Fund and (ii)&nbsp;the names, titles
and signatures of those persons authorized to give Special Instructions. Such certificate may be
accepted and relied upon by the Custodian as conclusive evidence of the facts set forth therein and
shall be considered to be in full force and effect until receipt by the Custodian of a similar
certificate to the contrary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="FONT-variant: SMALL-CAPS"><U>Evidence of Authority</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian shall be protected in acting upon any instructions, notice, request, consent,
certificate or other instrument or paper believed by it to be genuine and to have been properly
executed by or on behalf of the applicable Fund. The Custodian may receive and accept a copy of a
resolution certified by the Secretary or an Assistant Secretary of any Fund as conclusive evidence
(a)&nbsp;of the authority of any person to act in accordance with such resolution or (b)&nbsp;of any
determination or of any action by the applicable Board as described in such resolution, and such
resolution may be considered as in full force and effect until receipt by the Custodian of written
notice to the contrary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT style="FONT-variant: SMALL-CAPS"><U>Actions Permitted without Express Authority</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian may in its discretion, without express authority from the applicable Fund on behalf
of each applicable Portfolio:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make payments to itself or others for minor expenses of handling securities or
other similar items relating to its duties under this Agreement; provided that all
such payments shall be accounted for to the Fund on behalf of the Portfolio;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Surrender securities in temporary form for securities in definitive form;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Endorse for collection, in the name of the Portfolio, checks, drafts and other
negotiable instruments; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In general, attend to all non-discretionary details in connection with the
sale, exchange, substitution, purchase, transfer and other dealings with the
securities and property of the Portfolio except as otherwise directed by the
applicable Board.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent" nowrap><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>12.</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> <FONT style="FONT-variant: SMALL-CAPS"><U>Duties of Custodian with Respect to the Books of Account and
Calculation of Net Asset Value and Net Income</U></FONT></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian shall cooperate with and supply necessary information to the entity or entities
appointed by the applicable Board to keep the books of account of each Portfolio and/or compute
the net asset value per Share of the outstanding Shares or, if directed in writing to do so by a
Fund on behalf of a Portfolio, shall itself keep such books of account and/or compute such net
asset value per Share. If so directed, the Custodian shall also calculate daily the net income of
the Portfolio as described in the Prospectus and shall advise the Fund and the Transfer Agent
daily of the total amounts of such net income and, if instructed in writing by an officer of the
Fund to do so, shall advise the Transfer Agent periodically of the division of such net income
among its
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">various components. Each Fund acknowledges and agrees that, with respect to investments
maintained with the Underlying Transfer Agent, the Underlying Transfer Agent is the sole source of
information on the number of shares of a fund held by it on behalf of a Portfolio and that the
Custodian has the right to rely on holdings information furnished by the Underlying Transfer Agent
to the Custodian in performing its duties under this Agreement, including without limitation, the
duties set forth in this Section&nbsp;12 and in Section&nbsp;13 hereof; provided, however, that the Custodian
shall be obligated to reconcile information as to purchases and sales of Underlying Shares
contained in trade instructions and confirmations received by the Custodian and to report promptly
any discrepancies to the Underlying Transfer Agent. The calculations of the net asset value per
Share and the daily income of each Portfolio shall be made at the time or times described from time
to time in the Prospectus. Each Fund acknowledges that, in keeping the books of account of the
Portfolio and/or making the calculations described herein with respect to Portfolio property
released and delivered pursuant to Section&nbsp;2.2(14), or purchased pursuant to Section&nbsp;2.6(7) hereof,
the Custodian is authorized and instructed to rely upon information provided to it by the Fund, the
Fund&#146;s counterparty(ies), or the agents of either of them.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>13. <FONT style="FONT-variant: SMALL-CAPS"><U>Records</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian shall with respect to each Portfolio create and maintain all records relating to its
activities and obligations under this Agreement in such manner as will meet the obligations of
each Fund under the 1940 Act, with particular attention to section 31 thereof and Rules&nbsp;31a-1 and
31a-2 thereunder. All such records shall be the property of the Fund and shall at all times during
the regular business hours of the Custodian be open for inspection by duly authorized officers,
employees or agents of such Fund and employees and agents of the <FONT style="FONT-variant: SMALL-CAPS">SEC</FONT>. The Custodian
shall, at a Fund&#146;s request, supply the Fund with a tabulation of securities owned by each
Portfolio and held by the Custodian and shall, when requested to do so by the Fund and for such
compensation as shall be agreed upon between the Fund and the Custodian, include certificate
numbers in such tabulations. Each Fund acknowledges that, in creating and maintaining the records
as set forth herein with respect to Portfolio property released and delivered pursuant to Section
2.2(14), or purchased pursuant to Section&nbsp;2.6(7) hereof, the Custodian is authorized and
instructed to rely upon information provided to it by the Fund, the Fund&#146;s counterparty(ies), or
the agents of either of them.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>14.
<u><FONT style="FONT-variant: SMALL-CAPS">Opinion of Fund</FONT>&#146;<FONT style="FONT-variant: SMALL-CAPS">s Independent Accountant</FONT></u>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian shall take all reasonable action, as a Fund with respect to a Portfolio may from
time to time request, to obtain from year to year favorable opinions from the Fund&#146;s independent
accountants with respect to its activities hereunder in connection with the preparation of the
Fund&#146;s Form <FONT style="FONT-variant: SMALL-CAPS">N</FONT>-1<FONT style="FONT-variant: SMALL-CAPS">A </FONT>or Form <FONT style="FONT-variant: SMALL-CAPS">N</FONT>-2, as applicable, and Form
<FONT style="FONT-variant: SMALL-CAPS">N</FONT>-<FONT style="FONT-variant: SMALL-CAPS">SAR </FONT>or other annual reports to the <FONT style="FONT-variant: SMALL-CAPS">SEC </FONT>and with respect to any other
requirements thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>15. <FONT style="FONT-variant: SMALL-CAPS"><U>Reports to Fund by Independent Public Accountants</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian shall provide the applicable Fund, on behalf of each of the Portfolios at such times
as such Fund may reasonably require, with reports by independent public accountants on the
accounting system, internal accounting control and procedures for safeguarding securities, futures
contracts and options on futures contracts, including securities deposited and/or maintained in a
<FONT style="FONT-variant: SMALL-CAPS">U</FONT>.<FONT style="FONT-variant: SMALL-CAPS">S</FONT>. Securities System or a Foreign Securities System (either, a &#147;<B><I>Securities
System</I></B>&#148;), relating to the services provided by the Custodian under this Agreement; such reports,
shall be of sufficient scope and in sufficient detail, as may reasonably be required by
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Fund to provide reasonable assurance that any material inadequacies would be disclosed
by such examination, and, if there are no such inadequacies, the reports shall so state.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>16. <FONT style="FONT-variant: SMALL-CAPS"><U>Compensation of Custodian</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian shall be entitled to reasonable compensation for its services and expenses as
Custodian, as agreed upon from time to time between each Fund on behalf of each applicable
Portfolio and the Custodian.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>17. <FONT style="FONT-variant: SMALL-CAPS"><U>Responsibility of Custodian</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not
be responsible for the title, validity or genuineness of any property or evidence of title thereto
received by it or delivered by it pursuant to this Agreement and shall be held harmless in acting
upon any notice, request, consent, certificate or other instrument reasonably believed by it to be
genuine and to be signed by the proper party or parties, including any futures commission merchant
acting pursuant to the terms of a three-party futures or options agreement. The Custodian shall be
held to the exercise of reasonable care in carrying out the provisions of this Agreement, but shall
be kept indemnified by and shall be without liability to any Fund for any action taken or omitted
by it in good faith without negligence, including, without limitation, acting in accordance with
any Proper Instruction. It shall be entitled to rely on and may act upon advice of counsel (who may
be counsel for the Fund) on all matters, and shall be without liability for any action reasonably
taken or omitted pursuant to such advice. The Custodian shall be without liability to any Fund or
Portfolio for any loss, liability, claim or expense resulting from or caused by anything which is
part of Country Risk (as defined in Section&nbsp;3 hereof), including without limitation
nationalization, expropriation, currency restrictions, or acts of war, revolution, riots or
terrorism.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except as may arise from the Custodian&#146;s own negligence or willful misconduct or the negligence or
willful misconduct of a sub-custodian or agent, the Custodian shall be without liability to any
Fund for any loss, liability, claim or expense resulting from or caused by; (i)&nbsp;events or
circumstances beyond the reasonable control of the Custodian or any sub-custodian or Securities
System or any agent or nominee of any of the foregoing, including, without limitation, the
interruption, suspension or restriction of trading on or the closure of any securities market,
power or other mechanical or technological failures or interruptions, computer viruses or
communications disruptions, work stoppages, natural disasters, or other similar events or acts;
(ii)&nbsp;errors by any Fund or its duly authorized investment manager or investment adviser in their
instructions to the Custodian provided such instructions have been in accordance with this
Agreement; (iii)&nbsp;the insolvency of or acts or omissions by a Securities System; (iv)&nbsp;any act or
omission of a Special Sub-Custodian including, without limitation, reliance on reports prepared by
a Special Sub-Custodian; (v)&nbsp;any delay or failure of any broker, agent or intermediary, central
bank or other commercially prevalent payment or clearing system to deliver to the Custodian&#146;s
sub-custodian or agent securities purchased or in the remittance or payment made in connection with
securities sold; (vi)&nbsp;any delay or failure of any company, corporation, or other body in charge of
registering or transferring securities in the name of the Custodian, any Fund, the Custodian&#146;s
sub-custodians, nominees or agents or any consequential losses arising out of such delay or failure
to transfer such securities including non-receipt of bonus, dividends and rights and other
accretions or benefits; (vii)&nbsp;delays or inability to perform its duties due to any disorder in
market infrastructure with respect to any particular security or Securities System; and (viii)&nbsp;any
provision of any present or future law or regulation or order of the United States of America, or
any state thereof, or any other country, or political subdivision thereof or of any court of
competent jurisdiction.
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Custodian shall be liable for the acts or omissions of a Foreign Sub-Custodian (as such
term is defined in Section&nbsp;4 hereof) to the same extent as set forth with respect to
sub-custodians generally in this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If a Fund on behalf of a Portfolio requires the Custodian to take any action with respect to
securities, which action involves the payment of money or which action may, in the opinion of the
Custodian, result in the Custodian or its nominee assigned to the Fund or the Portfolio being
liable for the payment of money or incurring liability of some other form, such Fund on behalf of
the Portfolio, as a prerequisite to requiring the Custodian to take such action, shall provide
indemnity to the Custodian in an amount and form satisfactory to it.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If a Fund requires the Custodian, its affiliates, subsidiaries or agents, to advance cash or
securities for any purpose (including but not limited to securities settlements, foreign exchange
contracts and assumed settlement) or in the event that the Custodian or its nominee shall incur or
be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with
the performance of this Agreement, except such as may arise from its or its nominee&#146;s own
negligent action, negligent failure to act or willful misconduct, any property at any time held
for the account of the applicable Portfolio shall be security therefor and should the Fund fail to
repay the Custodian promptly, the Custodian shall be entitled to utilize available cash and to
dispose of such Portfolio&#146;s assets to the extent necessary to obtain reimbursement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except as may arise from the Custodian&#146;s own negligence or willful misconduct, each Fund shall
indemnify and hold the Custodian harmless from and against any and all costs, expenses, losses,
damages, charges, counsel fees, payments and liabilities which may be asserted against the
Custodian (a)&nbsp;acting in accordance with any Proper Instruction or Special Instruction including,
without limitation, any Proper Instruction with respect to Free Trades including, but not limited
to, cost, expense, loss, damage, liability, tax, charge, assessment or claim resulting from (i)
the failure of the applicable Fund to receive income with respect to purchased investments, (ii)
the failure of the applicable Fund to recover amounts invested on maturity of purchased
investments, (iii)&nbsp;the failure of the Custodian to respond to or be aware of notices or other
corporate communications with respect to purchased investments, or (iv)&nbsp;the Custodian&#146;s reliance
upon information provided by the applicable Fund, such Fund&#146;s counterparty(ies) or the agents of
either of them with respect to Fund property released, delivered or purchased pursuant to either
of Section&nbsp;2.2(14) or Section&nbsp;2.6(7) hereof; (b)&nbsp;for the acts or omissions of any Special
Sub-Custodian; or (c)&nbsp;for the acts or omissions of any Local Agent or Pledgee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of equipment failure, work stoppage, governmental action, communication disruption or
other impossibility of performance beyond the Custodian&#146;s control, the Custodian shall take
reasonable steps to minimize service interruptions. The Custodian shall enter into and shall
maintain in effect, at all times during the term of this Agreement, with appropriate parties one
or more agreements making reasonable provision for (i)&nbsp;periodic back-up of the computer files and
data with respect to the Funds; and (ii)&nbsp;emergency use of electronic data processing equipment to
provide services under this Agreement. Upon reasonable request, the Custodian shall discuss with
senior management of the Funds such disaster recovery plan and/or provide a high-level
presentation summarizing such plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In no event shall the Custodian be liable for indirect, special or consequential damages.
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>18.
<u><FONT style="FONT-variant: SMALL-CAPS">Effective Period</FONT>, <FONT style="FONT-variant: SMALL-CAPS">Termination and
Amendment</FONT></u>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Agreement shall become effective as of its execution, shall continue in full force and effect
until terminated as hereinafter provided, may be amended at any time by mutual agreement of the
parties hereto and may be terminated by either party by an instrument in writing delivered or
mailed, postage prepaid to the other party, such termination to take effect not sooner than sixty
(60)&nbsp;days or, in the exercise of the sole discretion of the Funds, no later than ninety (90)&nbsp;days
after the date of such delivery or mailing; provided, however, that no Fund shall amend or
terminate this Agreement in contravention of any applicable federal or state regulations, or any
provision of such Fund&#146;s Governing Documents, and further provided, that any Fund on behalf of one
or more of the Portfolios may at any time by action of its Board (i)&nbsp;substitute another bank or
trust company for the Custodian by giving notice as described above to the Custodian, or (ii)
immediately terminate this Agreement in the event of the appointment of a conservator or receiver
for the Custodian by the Comptroller of the Currency or upon the happening of a like event at the
direction of an appropriate regulatory agency or court of competent jurisdiction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Termination of this Agreement with respect to any one particular Fund or Portfolio shall in no way
affect the rights and duties under this Agreement with respect to any other Fund or Portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon termination of the Agreement, the applicable Fund on behalf of each applicable Portfolio
shall pay to the Custodian such compensation as may be due as of the date of such termination and
shall likewise reimburse the Custodian for its costs, expenses and disbursements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>19. <FONT style="FONT-variant: SMALL-CAPS"><U>Successor Custodian</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If a successor custodian for one or more Portfolios shall be appointed by the applicable Board, the
Custodian shall, upon termination and receipt of Proper Instructions, deliver to such successor
custodian at the office of the Custodian, duly endorsed and in the form for transfer, all
securities of each applicable Portfolio then held by it hereunder and shall transfer to an account
of the successor custodian all of the securities of each such Portfolio held in a Securities System
or at the Underlying Transfer Agent. Custodian shall also provide to the successor custodian a
Fund&#146;s records (as described in Section&nbsp;13 of this Agreement) as reasonably requested by the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If no such successor custodian shall be appointed, the Custodian shall, in like manner, upon
receipt of Proper Instructions, deliver at the office of the Custodian and transfer such
securities, funds and other properties in accordance with such resolution.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that no Proper Instructions designating a successor custodian or alternative
arrangements shall have been delivered to the Custodian on or before the date when such
termination shall become effective, then the Custodian shall have the right to deliver to a bank
or trust company, which is a &#147;bank&#148; as defined in the 1940 Act, doing business in Boston,
Massachusetts or New York, New York, of its own selection, having an aggregate capital, surplus,
and undivided profits, as shown by its last published report, of not less than $25,000,000, all
securities, funds and other properties held by the Custodian on behalf of each applicable
Portfolio and all instruments held by the Custodian relative thereto and all other property held
by it under this Agreement on behalf of each applicable Portfolio, and to transfer to an account
of such successor custodian all of the securities of each such Portfolio held in any Securities
System or at the Underlying Transfer Agent. Thereafter, such bank or trust company shall be the
successor of the Custodian under this Agreement.
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that securities, funds and other properties remain in the possession of the
Custodian after the date of termination hereof owing to failure of any Fund to provide Proper
Instructions as aforesaid, the Custodian shall be entitled to fair compensation for its services
during such period as the Custodian retains possession of such securities, funds and other
properties and the provisions of this Agreement relating to the duties and obligations of the
Custodian shall remain in full force and effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>20. <u><FONT style="FONT-variant: SMALL-CAPS">
Audit Rights</FONT>; <FONT style="FONT-variant: SMALL-CAPS">Additional Sub</FONT>-<FONT style="FONT-variant: SMALL-CAPS">Certifications and
Reports</FONT></u>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>20.1 <FONT style="FONT-variant: SMALL-CAPS"><U>Audit Rights</U></FONT>. To the extent required by applicable
law, rule or regulation and upon request of a Fund (which shall include reasonable advance
notice), the Custodian shall allow such Fund&#146;s regulators or supervisory authorities to perform
periodic on-site audits as may be reasonably required to examine the Custodian&#146;s performance of
the services contemplated by this Agreement (the &#147;<B><I>Services</I></B>&#148;). Notwithstanding the foregoing, prior
to the performance of any audits of the Custodian&#146;s performance of the Services, the Fund will
request that such regulator or supervisory authority to the extent possible shall coordinate such
audit through the Custodian&#146;s primary regulator, the United States Federal Reserve Bank of Boston.
Nothing contained in this section shall obligate the Custodian to provide access to or otherwise
disclose: (i)&nbsp;any information that is unrelated to the relevant Fund and the provision of the
Services to such Fund; (ii)&nbsp;any information that is treated as confidential under the Custodian&#146;s
corporate policies, including, without limitation, internal audit reports, compliance or risk
management plans or reports, work papers and other reports and information relating to management
functions; or (iii)&nbsp;any other documents, reports or other information that the Custodian is
obligated to maintain in confidence as a matter of law or regulation. In addition, any access
provided hereunder to technology shall be limited to a demonstration by the Custodian of the
functionality thereof and a reasonable opportunity to communicate with the Custodian&#146;s personnel
regarding such technology.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>20.2
<u><FONT style="FONT-variant: SMALL-CAPS">Additional Sub</FONT>-<FONT style="FONT-variant: SMALL-CAPS">Certifications and Reports</FONT></u>. The
Custodian shall provide to the Funds: (a)&nbsp;sub-certifications in connection with Sarbanes-Oxley Act
of 2002 certification requirements; and (b)&nbsp;periodic reports and reasonable documentation for
delivery to the Funds&#146; Chief Compliance Officer in connection with Rule&nbsp;38a-1 under the 1940 Act
with respect to the Services and the Custodian&#146;s compliance with its operating policies and
procedures related thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>21.
<u><FONT style="FONT-variant: SMALL-CAPS">Confidentiality</FONT>; <FONT style="FONT-variant: SMALL-CAPS">Information Security</FONT></u>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>21.1 <FONT style="FONT-variant: SMALL-CAPS"><U>Confidentiality</U></FONT>. The parties hereto agree that each
shall treat confidentially all information provided by each party to the other party regarding its
business and operations. All confidential information provided by a party hereto shall be used by
any other party hereto solely for the purpose of rendering or receiving services pursuant to this
Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to
any third party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing shall not be applicable to any information (i)&nbsp;that is publicly available when
provided or thereafter becomes publicly available, other than through a breach of this Agreement,
or that is independently derived by any party hereto without the use of any information provided
by the other party hereto in connection with this Agreement, (ii)&nbsp;that is required in any legal or
regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or
other similar process, or by operation of law or regulation, or (iii)&nbsp;where the party seeking to
disclose has received the prior written consent of the party providing the information, which
consent shall not be unreasonably withheld. Furthermore, and notwithstanding anything in this
Section to the contrary, the Custodian may aggregate Fund or Portfolio data
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with similar data of other customers of the Custodian (&#147;<B><I>Aggregated Data</I></B>&#148;) and may use
Aggregated Data for purposes of constructing statistical models so long as such Aggregated Data
represents a sufficiently large sample that no Fund or Portfolio data can be identified either
directly or by inference or implication.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undertakings and obligations contained in this Section&nbsp;21.1 shall survive the termination or
expiration of this Agreement for a period of three (3)&nbsp;years.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>21.2 <FONT style="FONT-variant: SMALL-CAPS"><U>Information Security</U></FONT>. The Custodian has implemented
information security controls and procedures reasonably designed to protect the information and
data owned and/or used by the Custodian applicable to a Fund. Upon reasonable request, the
Custodian shall discuss with senior management of the Funds such controls and procedures and/or
provide a high-level presentation summarizing such controls and procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Section </FONT>22. <FONT style="FONT-variant: SMALL-CAPS"><U>General</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>22.1 <FONT style="FONT-variant: SMALL-CAPS"><U>Massachusetts Law to Apply</U></FONT>. This Agreement shall be
construed and the provisions thereof interpreted under and in accordance with laws of The
Commonwealth of Massachusetts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>22.2 <FONT style="FONT-variant: SMALL-CAPS"><U>Prior Agreements</U></FONT>. This Agreement supersedes and
terminates, as of the date hereof, all prior Agreements between each Fund on behalf of each of the
Portfolios and the Custodian relating to the custody of such Fund&#146;s assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>22.3 <FONT style="FONT-variant: SMALL-CAPS"><U>Assignment</U></FONT>. This Agreement may not be assigned by (a)
any Fund without the written consent of the Custodian or (b)&nbsp;by the Custodian without the written
consent of each applicable Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>22.4 <FONT style="FONT-variant: SMALL-CAPS"><U>Interpretive and Additional Provisions.</U></FONT> In connection
with the operation of this Agreement, the Custodian and each Fund on behalf of each of the
Portfolios, may from time to time agree on such provisions interpretive of or in addition to the
provisions of this Agreement as may in their joint opinion be consistent with the general tenor of
this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all
parties and shall be annexed hereto, provided that no such interpretive or additional provisions
shall contravene any applicable federal or state regulations or any provision of a Fund&#146;s Governing
Documents. No interpretive or additional provisions made as provided in the preceding sentence
shall be deemed to be an amendment of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>22.5 <FONT style="FONT-variant: SMALL-CAPS"><U>Additional Funds</U></FONT>. In the event that any management
investment company in addition to those listed on Appendix <FONT style="FONT-variant: SMALL-CAPS">A </FONT>hereto desires to have the
Custodian render services as custodian under the terms hereof, it shall so notify the Custodian in
writing, and if the Custodian agrees in writing to provide such services, such management
investment company shall become a Fund hereunder and be bound by all terms and conditions and
provisions hereof including, without limitation, the representations and warranties set forth in
Section&nbsp;22.7 below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>22.6 <FONT style="FONT-variant: SMALL-CAPS"><U>Additional Portfolios</U></FONT>. In the event that any Fund
establishes one or more series of Shares in addition to those set forth on Appendix <FONT style="FONT-variant: SMALL-CAPS">A
</FONT>hereto with respect to which it desires to have the Custodian render services as custodian
under the terms hereof, it shall so notify the Custodian in writing, and if the Custodian agrees
in writing to provide such services, such series of Shares shall become a Portfolio hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>22.7
<u><FONT style="FONT-variant: SMALL-CAPS"><U>The Parties</u></FONT>; <FONT style="FONT-variant: SMALL-CAPS">Representations and Warranties</FONT>;</u>
<FONT style="FONT-variant: SMALL-CAPS"><u>Recourse to Funds</U></FONT>. All references herein to the &#147;Fund&#148; are to each of the management
investment companies listed on Appendix <FONT style="FONT-variant: SMALL-CAPS">A</FONT>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">hereto, and each management investment company made subject to this Agreement in accordance
with Section&nbsp;22.5 above, individually, as if this Agreement were between such individual Fund and
the Custodian. In the case of a series corporation, trust or other entity, all references herein
to the &#147;Portfolio&#148; are to the individual series or portfolio of such corporation, trust or other
entity, or to such corporation, trust or other entity on behalf of the individual series or
portfolio, as appropriate. Any reference in this Agreement to &#147;the parties&#148; shall mean the
Custodian and such other individual Fund as to which the matter pertains.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7.1 <FONT style="FONT-variant: SMALL-CAPS"><U>Representations and Warranties</U></FONT>.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund hereby represents and warrants that (a)&nbsp;it is duly incorporated or organized and is
validly existing in good standing in its jurisdiction of incorporation or organization; (b)&nbsp;it has
the requisite power and authority under applicable law and its constituent documents and its
Governing Documents to enter into and perform this Agreement; (c)&nbsp;all requisite proceedings have
been taken to authorize it to enter into and perform this Agreement; (d)&nbsp;this Agreement constitutes
its legal, valid, binding and enforceable agreement; (e)&nbsp;its entrance into this Agreement shall not
cause a material breach or be in material conflict with any other agreement or obligation of the
Fund or any law or regulation applicable to it; and (f)&nbsp;its undertakings as set forth in this
Agreement comply with applicable provisions of the 1940 Act and rules promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Custodian hereby represents and warrants that (a)&nbsp;it is duly organized and validly
existing in its jurisdiction of organization; (b)&nbsp;it has the requisite power and authority under
applicable law to enter into and perform this Agreement; (c)&nbsp;all requisite proceedings have been
taken to authorize it to enter into and perform this Agreement; (d)&nbsp;this Agreement constitutes its
legal, valid, binding and enforceable agreement; and (e)&nbsp;its execution of this Agreement shall not
cause a material breach or be in material conflict with any other agreement or obligation of the
Custodian or any law or regulation applicable to it.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7.2 <FONT style="FONT-variant: SMALL-CAPS"><U>Recourse to the Funds</U></FONT>.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">A </FONT>copy of the Agreement and Declaration of Trust of each Fund that is a
Massachusetts business trust is on file with the Secretary of State of The Commonwealth of
Massachusetts. The parties hereto acknowledge and agree that: (i)&nbsp;recourse with respect to this
Agreement and instruments referenced and contemplated hereby is limited to the assets and property
of each respective Fund; and (ii)&nbsp;the obligations of, or arising under, this Agreement are not
binding upon any of the trustees, officers or shareholders of each Fund individually, but are
binding only upon the assets and property of each respective Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>22.8 <FONT style="FONT-variant: SMALL-CAPS"><U>Remote Access Services Addendum</U></FONT>. The Custodian and
each Fund agree to be bound by the terms of the Remote Access Services Addendum hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>22.9 <FONT style="FONT-variant: SMALL-CAPS"><U>Notices</U></FONT>. Any notice, instruction or other instrument
required to be given hereunder may be delivered in person to the offices of the parties as set
forth herein during normal business hours or delivered prepaid registered mail or by telex, cable
or telecopy to the parties at the following addresses or such other addresses as may be notified
by any party from time to time.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">To any Fund:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> c/o <FONT style="FONT-variant: SMALL-CAPS">John Hancock</FONT></TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>601 Congress Street Boston,</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="FONT-variant: SMALL-CAPS">MA </FONT>02110-2805</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attention: Charles <FONT style="FONT-variant: SMALL-CAPS">A</FONT>. Rizzo</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Telephone: 617-663-4006</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Telecopy: 617-663-2198</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-28-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">To the Custodian: </TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="FONT-variant: SMALL-CAPS">State Street Bank and Trust Company</FONT></TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lafayette Corporate Center Two Avenue de Lafayette &#150; <FONT style="FONT-variant: SMALL-CAPS">LCC</FONT>/5</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Attention: Thomas Forrester, Senior Vice President </TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Telephone: 617-662-7018 Telecopy:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Such notice, instruction or other instrument shall be deemed to have been served in the case of a
registered letter at the expiration of five business days after posting, in the case of cable
twenty-four hours after dispatch and, in the case of telex, immediately on dispatch and if
delivered outside normal business hours it shall be deemed to have been received at the next time
after delivery when normal business hours commence and in the case of cable, telex or telecopy on
the business day after the receipt thereof. Evidence that the notice was properly addressed,
stamped and put into the post shall be conclusive evidence of posting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>22.10 <FONT style="FONT-variant: SMALL-CAPS"><U>Counterparts</U></FONT>. This Agreement may be executed in
several counterparts, each of which shall be deemed to be an original, and all such counterparts
taken together shall constitute one and the same Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>22.11 <FONT style="FONT-variant: SMALL-CAPS"><U>Severability</U></FONT>. If any provision or provisions of this
Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>22.12 <FONT style="FONT-variant: SMALL-CAPS"><U>Reproduction of Documents</U></FONT>. This Agreement and all
schedules, addenda, exhibits, appendices, attachments and amendments hereto may be reproduced by
any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar
process. The parties hereto all/each agree that any such reproduction shall be admissible in
evidence as the original itself in any judicial or administrative proceeding, whether or not the
original is in existence and whether or not such reproduction was made by a party in the regular
course of business, and that any enlargement, facsimile or further reproduction of such
reproduction shall likewise be admissible in evidence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-variant: SMALL-CAPS">Section </FONT>22.13 <FONT style="FONT-variant: SMALL-CAPS"><U>Shareholder Communications Election</U></FONT>. <FONT style="FONT-variant: SMALL-CAPS">SEC </FONT>Rule
14b-2 requires banks which hold securities for the account of customers to respond to requests by
issuers of securities for the names, addresses and holdings of beneficial owners of securities of
that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of
this information. In order to comply with the rule, the Custodian needs each Fund to indicate
whether it authorizes the Custodian to provide such Fund&#146;s name, address, and share position to
requesting companies whose securities the Fund owns. If a Fund tells the Custodian &#147;no,&#148; the
Custodian will not provide this information to requesting companies. If a Fund tells the Custodian
&#147;yes&#148; or does not check either &#147;yes&#148; or &#147;no&#148; below, the Custodian is required by the rule to treat
the Fund as consenting to disclosure of this information for all securities owned by the Fund or
any funds or accounts established by the Fund. For a Fund&#146;s protection, the Rule prohibits the
requesting company from using the Fund&#146;s name and address for any purpose other than corporate
communications. Please indicate below whether the Fund consents or objects by checking one of the
alternatives below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">YES </FONT>&#091; &#093; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Custodian is authorized to release the Fund&#146;s name, address, and share
positions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">NO </FONT>&#091;<FONT style="FONT-variant: SMALL-CAPS">X</FONT>&#093; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Custodian is not authorized to release the Fund&#146;s name, address, and
share positions.
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><I>&#091;The remainder of this page intentionally left blank.&#093;</I>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-29-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><U>Signature Page</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">In </FONT>WITNESS WHEREOF, each of the parties has caused this instrument to be executed in its
name and behalf by its duly authorized representative under seal as of the date first
above-written.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" colspan="3"><FONT style="FONT-variant: SMALL-CAPS">Fund Signature attested to By:</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD colspan="4">EACH OF THE ENTITIES SET FORTH ON APPENDIX A HERETO</TD>

</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:&nbsp;
</DIV></TD>
    <TD align="left" valign="top" colspan="2" style="border-bottom: 1px solid #000000">/s/ Betsy Anne Seel
</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">By:&nbsp;
</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000" colspan="2">/s/ Gordon Shone</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD align="left" valign="top">&nbsp;</TD>    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"></TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD align="left" valign="top">Betsy Anne Seel
</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>Name:
</TD>
    <TD align="left" valign="top">Gordon Shone</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"></TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD align="left" valign="top">Assistant Secretary
</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>Title:
</TD>
    <TD align="left" valign="top">Treasurer</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" colspan="3"><FONT style="FONT-variant: SMALL-CAPS">Signature Attested to By:</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="4"><FONT style="FONT-variant: SMALL-CAPS">State Street Bank and trust company</FONT></TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:&nbsp;
</DIV></TD>
    <TD align="left" valign="top" colspan="2" style="border-bottom: 1px solid #000000">/s/ A. Elizabeth Howard
</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD align="left" valign="top" colspan="2" style="border-bottom: 1px solid #000000">/s/ Joseph C. Antonellis</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD align="left" valign="top" colspan="2">Elizabeth Howard
</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top" colspan="2">Joseph C. Antonellis</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD align="left" valign="top" colspan="2">Vice President and Senior Counsel
</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="3">Vice Chairman</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Master Custodian Agreement
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Appendix&nbsp;A<BR>
to the<BR>
Master Custodian Agreement<BR>
dated September&nbsp;10, 2008<BR>
between<BR>
John Hancock Funds and<BR>
State Street Bank and Trust Company
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>JOHN HANCOCK FUNDS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Bond Trust</B><BR>
JH Government Income Fund<BR>
JH High Yield Fund<BR>
JH Investment Grade Bond Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock California Tax-Free Income Fund</B><BR>
JH California Tax-Free Income Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Capital Series</B><BR>
JH Classic Value Fund<BR>
JH Classic Value Fund II<BR>
JH International Classic Value Fund<BR>
JH Large Cap Select Fund<BR>
JH U.S. Global Leaders Growth Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Current Interest</B><BR>
JH Money Market Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Equity Trust</B><BR>
JH Small Cap Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Investment Trus</B>t<BR>
JH Balanced Fund<BR>
JH Global Opportunities Fund<BR>
JH Large Cap Equity Fund<BR>
JH Small Cap Intrinsic Value Fund<BR>
JH Sovereign Investors Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Investment Trust II</B><BR>
JH Financial Industries Fund JH Regional Bank<BR>
Fund JH Small Cap Equity Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Investment Trust III</B><BR>
JH Greater China Opportunities Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Municipal Series&nbsp;Trust</B><BR>
JH High Yield Municipal Bond Fund<BR>
JH Tax-Free Bond Fund

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Appendix&nbsp;A
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Series&nbsp;Trust</B>
<BR>
JH Global Real Estate Fund <br>JH Mid Cap Equity Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Sovereign Bond Fund</B><BR>
JH Bond Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Strategic Series</B><BR>
JH Strategic Income Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Tax-Exempt Series&nbsp;Fund</B><BR>
JH Massachusetts Tax-Free Income Fund JH<BR>
New York Tax-Free Income Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock World Fund</B><BR>
JH Health Sciences Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Closed End Funds</B><BR>
JH Bank and Thrift Opportunity Fund<BR>
JH Income Securities Trust<BR>
JH Investors Trust<BR>
JH Patriot Premium Dividend Fund II<BR>
JH Preferred Income Fund<BR>
JH Preferred Income Fund II<BR>
JH Preferred Income Fund III<BR>
JH Tax Advantaged Global Shareholder Yield Fund<BR>
JH Tax-Advantaged Dividend Income Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>JOHN HANCOCK FUNDS III</B></U><BR>
JHF III Classic Mega Cap Fund<BR>
JHF III Global Shareholder Yield Fund<BR>
JHF III Growth Fund<BR>
JHF III Growth Opportunities Fund<BR>
JHF III International Core Fund<BR>
JHF III International Growth Fund<BR>
JHF III Intrinsic Value Fund<BR>
JHF III Leveraged Companies Fund<BR>
JHF III Rainier Growth Fund<BR>
JHF III US Core Fund<BR>
JHF III Value Opportunities Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>FOF &#151; Index</B><BR>
JHF III International Allocation Portfolio

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>NON-CUSTODY ACCOUNTS</B></U><BR>
John Hancock Bulk Trading Account John<BR>
Hancock Joint Repo Account

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>REMOTE ACCESS SERVICES ADDENDUM TO MASTER CUSTODIAN AGREEMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADDENDUM to that certain Master Custodian Agreement dated as of September&nbsp;10, 2008 (the
&#147;Custodian Agreement&#148;) by and among each management investment company identified on Appendix&nbsp;A
thereto or made subject thereto pursuant to Section&nbsp;22.5 thereof (each, a &#147;Customer&#148;) and State
Street Bank and Trust Company, including its subsidiaries and affiliates (&#147;State Street&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street has developed and/or utilizes proprietary or third-party accounting and other
systems in conjunction with the services that State Street provides to the Customer. In this
regard, State Street maintains certain information in databases under its ownership and/or control
that it makes available to its customers (the &#147;Remote Access Services&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>The Services</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">State Street agrees to provide the Customer, and its designated investment advisors, consultants
or other third parties who agree to abide by the terms of this Addendum (&#147;Authorized Designees&#148;)
with access to State Street propriety and third-party systems as may be offered by State Street
from time to time (each, a &#147;System&#148;) on a remote basis.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Security Procedures</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Customer agrees to comply, and to cause its Authorized Designees to comply, with remote access
operating standards and procedures and with user identification or other password control
requirements and other security devices and procedures as may be issued or required from time to
time by State Street or its third-party vendors for use of the System and access to the Remote
Access Services. The Customer is responsible for any use and/or misuse of the System and Remote
Access Services by its Authorized Designees. The Customer agrees to advise State Street immediately
in the event that it learns or has reason to believe that any person to whom it has given access to
the System or the Remote Access Services has violated or intends to violate the terms of this
Addendum and the Customer will cooperate with State Street in seeking injunctive or other equitable
relief. The Customer agrees to discontinue use of the System and Remote Access Services, if
requested, for any security reasons cited by State Street and State Street may restrict access of
the System and Remote Access Services by the Customer or any Authorized Designee for security
reasons or noncompliance with the terms of this Addendum at any time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Fees</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fees and charges for the use of the System and the Remote Access Services and related payment terms
shall be as set forth in the fee schedule in effect from time to time between the parties. The
Customer shall be responsible for any tariffs, duties or taxes imposed or levied by any government
or governmental agency by reason of the transactions contemplated by this Addendum, including,
without limitation, federal, state and local taxes, use, value added and personal property taxes
(other than income, franchise or similar taxes which may be imposed or assessed against State
Street). Any claimed exemption from such tariffs, duties or taxes shall be supported by proper
documentary evidence delivered to State Street.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Proprietary Information/Injunctive Relief</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The System and Remote Access Services described herein and the databases, computer programs,
screen formats, report formats, interactive design techniques, formulae, processes, systems,
software, know- how, algorithms, programs, training aids, printed materials, methods, books,
records, files, documentation and other information made available to the Customer by State Street
as part of the Remote Access Services and through the use of the System and all copyrights,
patents, trade secrets and other proprietary and intellectual property rights of State Street and
third-party vendors related thereto are the exclusive, valuable
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and confidential proprietary property of State Street and its relevant licensors and third-party
vendors (the &#147;Proprietary Information&#148;). The Customer agrees on behalf of itself and its Authorized
Designees to keep the Proprietary Information confidential and to limit access to its employees and
Authorized Designees (under a similar duty of confidentiality) who require access to the System for
the purposes intended. The foregoing shall not apply to Proprietary Information in the public
domain or required by law to be made public.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Customer agrees to use the Remote Access Services only in connection with the proper purposes
of this Addendum. The Customer will not, and will cause its employees and Authorized Designees not
to, (i)&nbsp;permit any third party to use the System or the Remote Access Services, (ii)&nbsp;sell, rent,
license or otherwise use the System or the Remote Access Services in the operation of a service
bureau or for any purpose other than as expressly authorized under this Addendum, (iii)&nbsp;use the
System or the Remote Access Services for any fund, trust or other investment vehicle without the
prior written consent of State Street, or (iv)&nbsp;allow or cause any information transmitted from
State Street&#146;s databases, including data from third-party sources, available through use of the
System or the Remote Access Services, to be published, redistributed or retransmitted for other
than use for or on behalf of the Customer, as State Street&#146;s customer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Customer agrees that neither it nor its Authorized Designees will modify the System in any way,
enhance, copy or otherwise create derivative works based upon the System, nor will the Customer or
its Authorized Designees reverse engineer, decompile or otherwise attempt to secure the source code
for all or any part of the System.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Customer acknowledges that the disclosure of any Proprietary Information, or of any information
which at law or equity ought to remain confidential, will immediately give rise to continuing
irreparable injury to State Street or its third-party licensors and vendors inadequately
compensable in damages at law and that State Street shall be entitled to obtain immediate
injunctive relief against the breach or threatened breach of any of the foregoing undertakings, in
addition to any other legal remedies which may be available.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Limited Warranties</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">State Street represents and warrants that it is the owner of and/or has the right to grant access
to the System and to provide the Remote Access Services contemplated herein. Because of the nature
of computer information technology including, but not limited to the use of the Internet, and the
necessity of relying upon third-party sources, and data and pricing information obtained from third
parties, the System and Remote Access Services are provided &#147;AS IS&#148; without warranty express or
implied including as to availability of the System, and the Customer and its Authorized Designees
shall be solely responsible for the use of the System and Remote Access Services and investment
decisions, results obtained, regulatory reports and statements produced using the Remote Access
Services. State Street and its relevant licensors and third-party vendors will not be liable to the
Customer or its Authorized Designees for any direct or indirect, special, incidental, punitive or
consequential damages arising out of or in any way connected with the System or the Remote Access
Services, nor shall any party be responsible for delays or nonperformance under this Addendum
arising out of any cause or event beyond such party&#146;s control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">EXCEPT AS EXPRESSLY SET FORTH IN THIS ADDENDUM, STATE STREET, FOR ITSELF AND ITS RELEVANT LICENSORS
AND THIRD-PARTY VENDORS EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES CONCERNING THE SYSTEM AND THE
SERVICES TO BE RENDERED HEREUNDER, WHETHER EXPRESS OR IMPLIED INCLUDING, WITHOUT LIMITATION, ANY
WARRANTY OF MERCHANTIBILITY OR FITNESS FOR A PARTICULAR PURPOSE.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Infringement</U>
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">State Street will defend or, at its option, settle any claim or action brought against the
Customer to the extent that it is based upon an assertion that access to or use of State Street
proprietary systems by the Customer under this Addendum constitutes direct infringement of any
United States patent or copyright or misappropriation of a trade secret, provided that the
Customer notifies State Street promptly in writing of any such claim or proceeding, cooperates
with State Street in the defense of such claim or proceeding and allows State Street sole control
over such claim or proceeding. Should the State Street proprietary system or any part thereof
become, or in State Street&#146;s opinion be likely to become, the subject of a claim of infringement
or the like under any applicable patent, copyright or trade secret laws, State Street shall have
the right, at State Street&#146;s sole option, to (i)&nbsp;procure for the Customer the right to continue
using the State Street proprietary system (ii)&nbsp;replace or modify the State Street proprietary
system so that the State Street proprietary system becomes noninfringing, or (iii)&nbsp;terminate this
Addendum without further obligation. This section constitutes the sole remedy to the Customer for
the matters described in this section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Termination</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each party to the Custodian Agreement may terminate this Addendum immediately for failure of any
other party to comply with any material term and condition of the Addendum by giving the other
party written notice of termination. This Addendum shall in any event terminate with and in
connection with the termination of the Custodian Agreement. The Customer&#146;s use of any third-party
System is contingent upon its compliance with any terms of use of such system imposed by such third
party and State Street&#146;s continued access to, and use of, such third-party system. In the event of
termination, the Customer will return to State Street all copies of documentation and other
confidential information in its possession or in the possession of its Authorized Designees and
immediately cease access to the System and Remote Access Services. The foregoing provisions with
respect to confidentiality and infringement will survive termination for a period of three (3)
years.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Miscellaneous</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Addendum constitutes the entire understanding of the parties to the Custodian Agreement with
respect to access to the System and the Remote Access Services. This Addendum cannot be modified
or altered except in a writing duly executed by each of State Street and the Customer and shall be
governed by and construed in accordance with the laws of The Commonwealth of Massachusetts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By its execution of the Custodian Agreement, the Customer: (a)&nbsp;confirms to State Street that it
informs all Authorized Designees of the terms of this Addendum; (b)&nbsp;accepts responsibility for its
and its Authorized Designees&#146; compliance with the terms of this Addendum; and (c)&nbsp;indemnifies and
holds State Street harmless from and against any and all costs, expenses, losses, damages,
charges, counsel fees, payments and liabilities arising from any failure of the Customer or any of
its Authorized Designees to abide by the terms of this Addendum.
</DIV>






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<DIV align="center">
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    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><B><I>F</I></B><I>UNDS </I><B><I>T</I></B><I>RANSFER </I><B><I>A</I></B><I>DDENDUM</I><br><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="b90494a1b9049400.gif" alt="(STATE STREET LOGO)"></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><U>OPERATING GUIDELINES</U></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">State Street</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. <B>OBLIGATION OF THE SENDER</B>: State Street is authorized to promptly debit Client&#146;s account(s)
upon the
receipt of a payment order in compliance with the selected Security Procedure chosen for funds
transfer and in the
amount of money that State Street has been instructed to transfer. State Street shall execute
payment orders in compliance with the
Security Procedure and with the Client&#146;s instructions on the execution date provided that such
payment order is received by the
customary deadline for processing such a request, unless the payment order specifies a later time.
All payment orders and
communications received after this time will be deemed to have been received on the next business
day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. <B>SECURITY PROCEDURE</B>: The Client acknowledges that the Security Procedure it has designated on the
Selection Form was
selected by the Client from Security Procedures offered by State Street. The Client agrees that the
Security Procedures are reasonable
and adequate for its wire transfer transactions and agrees to be bound by any payment orders,
amendments and cancellations, whether
or not authorized, issued in its name and accepted by State Street after being confirmed by any of
the selected Security Procedures.
The Client also agrees to be bound by any other valid and authorized payment order accepted by
State Street. The Client shall restrict
access to confidential information relating to the Security Procedure to authorized persons as
communicated in writing to State Street.
The Client must notify State Street immediately if it has reason to believe unauthorized persons
may have obtained access to such
information or of any change in the Client&#146;s authorized personnel. State Street shall verify the
authenticity of all instructions according to
the Security Procedure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. <B>ACCOUNT NUMBERS: </B>State Street shall process all payment orders on the basis of the account
number contained in the payment order. In the event of a discrepancy between any name indicated on
the payment order and the account number, the account number shall take precedence and govern.
Financial institutions that receive payment orders initiated by State Street at the instruction of
the Client may also process payment orders on the basis of account numbers, regardless of any name
included in the payment order. State Street will also rely on any financial institution
identification numbers included in any payment order, regardless of any financial institution name
included in the payment order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. <B>REJECTION: </B>State Street reserves the right to decline to process or delay the processing of a
payment order which (a)&nbsp;is in excess of the collected balance in the account to be charged at the
time of State Street&#146;s receipt of such payment order; (b)&nbsp;if initiating such payment order would
cause State Street, in State Street&#146;s sole judgment, to exceed any volume, aggregate dollar,
network, time, credit or similar limits upon wire transfers which are applicable to State Street;
or (c)&nbsp;if State Street, in good faith, is unable to satisfy itself that the transaction has been
properly authorized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5. <B>CANCELLATION OR AMENDMENT</B>: State Street shall use reasonable efforts to act on all authorized
requests to cancel or amend payment orders received in compliance with the Security Procedure
provided that such requests are received in a timely manner affording State Street reasonable
opportunity to act. However, State Street assumes no liability if the request for amendment or
cancellation cannot be satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. <B>ERRORS: </B>State Street shall assume no responsibility for failure to detect any erroneous
payment order provided that State Street complies with the payment order instructions as
received and State Street complies with the Security Procedure. The Security Procedure is
established for the purpose of authenticating payment orders only and not for the detection of
errors in payment orders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7. <B>INTEREST AND LIABILITY LIMITS</B>: State Street shall assume no responsibility for lost interest
with respect to the refundable amount of any unauthorized payment order, unless State Street is
notified of the unauthorized payment order within thirty (30)&nbsp;days of notification by State Street
of the acceptance of such payment order. In no event shall State Street be liable for special,
indirect or consequential damages, even if advised of the possibility of such damages and even for
failure to execute a payment order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8. <B>AUTOMATED CLEARING HOUSE (&#147;ACH&#148;) CREDIT ENTRIES/PROVISIONAL PAYMENTS</B>: When a Client initiates or
receives ACH credit and debit entries pursuant to these Guidelines and the rules of the National
Automated Clearing House Association and the New England Clearing House Association, State Street
will act as an Originating Depository Financial Institution and/or Receiving Depository
Institution, as the case may be, with respect to such entries. Credits given by State Street with
respect to an ACH credit entry are provisional until State Street receives final settlement for
such entry from the Federal Reserve Bank. If State Street does not receive such final settlement,
the Client agrees that State Street shall receive a refund of the amount credited to the Client in
connection with such entry, and the party making payment to the Client via such entry shall not be
deemed to have paid the amount of the entry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9. <B>CONFIRMATION STATEMENTS: </B>Confirmation of State Street&#146;s execution of payment orders shall
ordinarily be provided within 24 hours. Notice may be delivered through State Street&#146;s proprietary
information systems, such as, but not limited to Horizon and GlobalQuest<SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP>, account statements,
advices, or by facsimile or callback. The Client must report any objections to the execution of a
payment order within 30&nbsp;days.
</DIV>





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    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><B><I>F</I></B><I>UNDS </I><B><I>T</I></B><I>RANSFER </I><B><I>A</I></B><I>DDENDUM</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">State Street</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10. <B>LIABILITY ON FOREIGN ACCOUNTS: </B>State Street shall not be required to
repay any deposit made at a
non-U.S. branch of State Street, or any deposit made with State Street and
denominated in a non-U.S. dollar
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B><I>Serving Institutional Investors Worldwide </I></B><FONT style="FONT-variant: SMALL-CAPS"><sup><B>sm</B></sup></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">currency, if repayment of such deposit or the use of assets denominated in the non-U.S.
dollar currency is prevented, prohibited or otherwise blocked due to: (a)&nbsp;an act of war,
insurrection or civil strife; (b)&nbsp;any action by a non-U.S. government or instrumentality or
authority asserting governmental, military or police power of any kind, whether such authority
be recognized as a defacto or a dejure government, or by any entity, political or revolutionary
movement or otherwise that usurps, supervenes or otherwise materially impairs the normal
operation of civil authority; or(c) the closure of a non-U.S. branch of State Street in order to
prevent, in the reasonable judgment of State Street, harm to the employees or property of State
Street. The obligation to repay any such deposit shall not be transferred to and may not be
enforced against any other branch of State Street.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing provisions constitute the disclosure required by Massachusetts General Laws, Chapter
167D, Section&nbsp;36.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While State Street is not obligated to repay any deposit made at a non-U.S. branch or any
deposit denominated in a non-U.S. currency during the period in which its repayment has been
prevented, prohibited or otherwise blocked, State Street will repay such deposit when and if all
circumstances preventing, prohibiting or otherwise blocking repayment cease to exist.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11. <B>MISCELLANEOUS: </B>State Street and the Client agree to cooperate to attempt to recover any
funds erroneously paid to the
wrong party or parties, regardless of any fault of State Street or the Client, but the party
responsible for the erroneous payment shall
bear all costs and expenses incurred in trying to effect such recovery. These Guidelines may
not be amended except by a written
agreement signed by the parties.
</DIV>



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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">State Street</FONT>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B><I>Serving Institutional Investors Worldwide </I></B><FONT style="FONT-variant: SMALL-CAPS"><B>sm</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Security Procedure(s) Selection Form</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please select one or more of the funds transfer security procedures indicated below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SWIFT</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a cooperative society owned
and operated by member financial institutions that provides telecommunication services for its
membership. Participation is limited to securities brokers and dealers, clearing and depository
institutions, recognized exchanges for securities, and investment management institutions. SWIFT
provides a number of security features through encryption and authentication to protect against
unauthorized access, loss or wrong delivery of messages, transmission errors, loss of
confidentiality and fraudulent changes to messages. SWIFT is considered to be one of the most
secure and efficient networks for the delivery of funds transfer instructions. <I>Selection of this
security procedure would be most appropriate for existing SWIFT members.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Standing Instructions</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Standing Instructions may be used where funds are transferred to a broker on the Client&#146;s
established list of brokers with which it engages in foreign exchange transactions. Only the date,
the currency and the currency amount are variable. In order to establish this procedure, State
Street will send to the Client a list of the brokers that State Street has determined are used by
the Client. The Client will confirm the list in writing, and State Street will verify the written
confirmation by telephone. Standing Instructions will be subject to a mutually agreed upon limit.
If the payment order exceeds the established limit, the Standing Instruction will be confirmed by
telephone prior to execution.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-family: Wingdings">&#111;</FONT> <B>Remote Batch Transmission</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Wire transfer instructions are delivered via Computer-to-Computer (CPU-CPU) data communications
between the Client and State Street. Security procedures include encryption and or the use of a test key by those individuals
authorized as Automated Batch
Verifiers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Clients selecting this option should have an existing facility for completing CPU-CPU
transmissions. This delivery mechanism is typically
used for high-volume business.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Global Horizon Interchange</B><SUB style="FONT-size: 85%; vertical-align: text-bottom"><B>sm</B></SUB><B> Funds Transfer Service</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Global Horizon Interchange Funds Transfer Service (FTS)&nbsp;is a State Street proprietary
microcomputer-based wire initiation system. FTS enables Clients to electronically transmit
authenticated Fedwire, CHIPS or internal book transfer instructions to State Street. <I>This delivery
mechanism is most appropriate for Clients with a low-to-medium number of transactions (5-75 per
day), allowing Clients to enter, batch, and review wire transfer instructions on their PC prior to
release to State Street.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Telephone Confirmation (Callback)</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Telephone confirmation will be used to verify all non-repetitive funds transfer instructions
received via untested facsimile or phone. This procedure requires Clients to designate individuals
as authorized initiators and authorized verifiers. State Street will verify that the instruction
contains the signature of an authorized person and prior to execution, will contact someone other
than the originator at the Client&#146;s location to authenticate the instruction. <I>Selection of this
alternative is appropriate for Clients who do not have the capability to use other security
procedures.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT> <B>Repetitive Wires</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For situations where funds are transferred periodically (minimum of one instruction per calendar
quarter) from an existing authorized account to the same payee (destination bank and account
number) and only the date and currency amount are variable, a repetitive wire may be implemented.
Repetitive wires will be subject to a mutually agreed upon limit. If the payment order exceeds the
established limit, the instruction will be confirmed by telephone prior to execution. Telephone
confirmation is used to establish this process. Repetitive wire instructions must be reconfirmed
annually. <I>This alternative is recommended whenever funds are frequently transferred between the
same two accounts.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Transfers Initiated by Facsimile</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Client faxes wire transfer instructions directly to State Street Mutual Fund Services. Standard
security procedure requires the use of a random number test key for all transfers. Every six months
the Client receives test key logs from State Street. The test key contains alpha-numeric
characters, which the Client puts on each document faxed to State Street. This procedure ensures
all wire instructions received via fax are authorized by the Client.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>We provide this option for Clients who wish to batch wire instructions and transmit these as a
group to State Street Mutual Fund Services once or several times a day.</I>
</DIV>






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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">State Street</FONT>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B><I>Serving Institutional Investors Worldwide </I></B><FONT style="FONT-variant: SMALL-CAPS"><B>sm</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Instruct</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Instruct is a State Street web-based application designed to provide internet-enabled remote access
that allows for the capturing, verification and processing of various instruction types, including
securities, cash and foreign exchange transactions. Instruct is designed using industry standard
formats to facilitate straight-through processing. Instruct provides a number of security features
through user entitlements, industry standard encryption protocols, digital security certificates
and multiple tiers of user authentication requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Secure Transport</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Secure Transport is a file transfer application based upon the Secure File Transfer Protocol
standard that is designed to enable State Street clients/ investment managers to send file
based transfer and transaction instructions over the internet. Secure Transport features
multi-factor authenticators such as SecurID and digital certificates, and incorporates
industry-standard encryption protocols.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Automated Clearing House (ACH)</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">State Street receives an automated transmission or a magnetic tape from a Client for the
initiation of payment (credit)&nbsp;or collection (debit)&nbsp;transactions through the ACH network. The
transactions contained on each transmission or tape must be authenticated by the Client.
Clients using ACH must select one or more of the following delivery options:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Global Horizon Interchange Automated Clearing House Service</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Transactions are created on a microcomputer, assembled into batches and delivered to State
Street via fully authenticated electronic transmissions in standard NACHA formats.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transmission from Client PC to State Street Mainframe with Telephone Callback
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transmission from Client Mainframe to State Street Mainframe with Telephone Callback
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transmission from DST Systems to State Street Mainframe with Encryption
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetic Tape Delivered to State Street with Telephone Callback
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">State Street is hereby instructed to accept funds transfer instructions only via the delivery
methods and security procedures indicated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The selected delivery methods and security procedure(s) will be effective for payment orders
initiated by our
organization.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Key Contact Information</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Whom shall we contact to implement your selection(s)?
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>CLIENT OPERATIONS CONTACT</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>ALTERNATE CONTACT</B></TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City/State/Zip Code
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City/State/Zip Code</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone Number
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone Number</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile Number
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile Number</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SWIFT Number</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telex Number</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><B><I>F</I></B><I>UNDS </I><B><I>T</I></B><I>RANSFER </I><B><I>A</I></B><I>DDENDUM</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><IMG src="b90494a1b9049400.gif" alt="(LOGO)"></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS">State Street</FONT>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B><I>Serving Institutional Investors Worldwide </I></B><FONT style="FONT-variant: SMALL-CAPS"><B>sm</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>INSTRUCTION(S)</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>TELEPHONE CONFIRMATION</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fund</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Investment Adviser</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Authorized Initiators</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please Type or Print
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Please provide a listing of Fund officers or other individuals who are currently authorized to</I>
<B><I>INITIATE </I></B><I>wire transfer instructions to State Street:</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><B>NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>TITLE</B> (Specify whether position</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>SPECIMEN SIGNATURE</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">is with Fund or Investment Adviser)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Authorized Verifiers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please Type or Print
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Please provide a listing of Fund officers or other individuals who will be </I><B><I>CALLED BACK </I></B><I>to
verify the initiation of repetitive wires of $10&nbsp;million or more and all non-repetitive wire
instructions:</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>CALLBACK PHONE NUMBER</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>DOLLAR LIMITATION (IF ANY)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STATE STREET<BR>
GLOBAL CUSTODY NETWORK<BR>
SUBCUSTODIANS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Market</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Subcustodian</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Argentina
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank, N.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Australia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Hongkong and Shanghai Banking Corporation Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citigroup Pty. Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Austria
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank Austria Creditanstalt AG</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bahrain
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(as delegate of The Hongkong and Shanghai Banking Corporation Limited)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bangladesh
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standard Chartered Bank</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Belgium
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank AG, Netherlands (operating through its Amsterdam branch)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Benin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">via Soci&#233;t&#233; G&#233;n&#233;rale de Banques en C&#244;te d&#146;Ivoire, Abidjan, Ivory Coast</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bermuda
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank of Bermuda Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Botswana
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Barclays Bank of Botswana Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brazil
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank, N.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bulgaria
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ING Bank N.V.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Burkina Faso
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">via Soci&#233;t&#233; G&#233;n&#233;rale de Banques en C&#244;te d&#146;Ivoire, Abidjan, Ivory Coast</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">State Street Trust Company Canada</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cayman Islands
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Close Trustees (Cayman) Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chile
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco Ita&#250; Chile</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STATE STREET<BR>
GLOBAL CUSTODY NETWORK<BR>
SUBCUSTODIANS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Market</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Subcustodian</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">People&#146;s Republic
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank (China) Company Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">of China
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(as delegate of The Hongkong and Shanghai Banking Corporation Limited)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Shanghai and
Shenzhen)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Colombia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cititrust Colombia S.A. Sociedad Fiduciaria</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Costa Rica
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco BCT S.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Croatia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Privredna Banka Zagreb d.d</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cyprus Czech
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BNP Paribas Securities Services, S.A., Greece (operating through its Athens branch)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Republic
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ceskoslovensk&#225; obchodn&#237; Banka, a.s.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Denmark
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Skandinaviska Enskilda Banken AB, Sweden (operating through its Copenhagen branch)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ecuador
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco de la Producci&#243;n S.A. PRODUBANCO</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Egypt
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Egypt S.A.E.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(as delegate of The Hongkong and Shanghai Banking Corporation Limited)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Estonia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AS Hansapank</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Finland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Skandinaviska Enskilda Banken AB, Sweden (operating through its Helsinki branch)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">France</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank AG, Netherlands (operating through its Paris branch)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Germany</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank AG</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ghana</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Barclays Bank of Ghana Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greece</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">National Bank of Greece S.A.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STATE STREET<BR>
GLOBAL CUSTODY NETWORK<BR>
SUBCUSTODIANS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Market</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Subcustodian</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Guinea-Bissau
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">via Soci&#233;t&#233; G&#233;n&#233;rale de Banques en C&#244;te d&#146;Ivoire, Abidjan, Ivory Coast</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hong Kong
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standard Chartered Bank (Hong Kong) Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hungary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UniCredit Bank Hungary Zrt.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Iceland
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kaupthing Bank hf.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">India
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank AG</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Hongkong and Shanghai Banking Corporation Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Indonesia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank AG</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ireland Israel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank of Ireland</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Italy
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank Hapoalim B.M.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ivory Coast
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank S.p.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jamaica
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soci&#233;t&#233; G&#233;n&#233;rale de Banques en C&#244;te d&#146;Ivoire</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Japan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank of Nova Scotia Jamaica Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mizuho Corporate Bank Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jordan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sumitomo Mitsui Banking Corporation</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kazakhstan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(as delegate of The Hongkong and Shanghai Banking Corporation Limited)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SB HSBC Bank Kazakhstan JSC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kenya
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(as delegate of The Hongkong and Shanghai Banking Corporation Limited)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Barclays Bank of Kenya Limited</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STATE STREET<BR>
GLOBAL CUSTODY NETWORK<BR>
SUBCUSTODIANS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Market</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Subcustodian</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Republic of Korea
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank AG</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Hongkong and Shanghai Banking Corporation Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kuwait
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(as delegate of The Hongkong and Shanghai Banking Corporation Limited)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Latvia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A/s Hansabanka</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lebanon
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(as delegate of The Hongkong and Shanghai Banking Corporation Limited)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lithuania
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SEB Bankas AB</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Malaysia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standard Chartered Bank Malaysia Berhad</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mali
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">via Soci&#233;t&#233; G&#233;n&#233;rale de Banques en C&#244;te d&#146;Ivoire, Abidjan, Ivory Coast</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Malta
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Hongkong and Shanghai Banking Corporation Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mauritius
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Hongkong and Shanghai Banking Corporation Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mexico
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco Nacional de M&#233;xico S.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Morocco
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attijariwafa bank</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Namibia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standard Bank Namibia Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Netherlands
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank AG</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">New Zealand
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Hongkong and Shanghai Banking Corporation Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Niger
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">via Soci&#233;t&#233; G&#233;n&#233;rale de Banques en C&#244;te d&#146;Ivoire, Abidjan, Ivory Coast</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STATE STREET<BR>
GLOBAL CUSTODY NETWORK<BR>
SUBCUSTODIANS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Market</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Subcustodian</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stanbic IBTC Bank Plc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Nigeria</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Skandinaviska Enskilda Banken AB, Sweden (operating through its Oslo branch)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Norway</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Oman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(as delegate of The Hongkong and Shanghai Banking Corporation Limited)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank AG</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pakistan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Palestine
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(as delegate of The Hongkong and Shanghai Banking Corporation Limited)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank (Panama) S.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Panama Peru</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank del Per&#250;, S.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Philippines</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standard Chartered Bank</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Poland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank Handlowy w Warszawie S.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Portugal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco Comercial Portugu&#234;s S.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Puerto Rico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank N.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Qatar</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(as delegate of The Hongkong and Shanghai Banking Corporation Limited)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Romania</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ING Bank N.V.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Russia Saudi</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ING Bank (Eurasia) ZAO, Moscow</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Arabia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Saudi British Bank</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(as delegate of The Hongkong and Shanghai Banking Corporation Limited)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STATE STREET<BR>
GLOBAL CUSTODY NETWORK<BR>
SUBCUSTODIANS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Market</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Subcustodian</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Senegal
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">via Soci&#233;t&#233; G&#233;n&#233;rale de Banques en C&#244;te d&#146;Ivoire, Abidjan, Ivory Coast</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Serbia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unicredit Bank Serbia JSC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Singapore
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DBS Bank Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Overseas Bank Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Slovak Republic
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ceskoslovensk&#225; obchodn&#237; Banka, a.s.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Slovenia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UniCredit Bank Slovenija d.d.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">South Africa
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nedbank Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standard Bank of South Africa Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Spain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank S.A.E.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sri Lanka</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Hongkong and Shanghai Banking Corporation Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Swaziland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standard Bank Swaziland Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sweden</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Skandinaviska Enskilda Banken AB</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Switzerland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UBS AG</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit Suisse</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Taiwan
 R.O.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank of Taiwan</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Thailand</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standard Chartered Bank (Thai) Public Company Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Togo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">via Soci&#233;t&#233; G&#233;n&#233;rale de Banques en C&#244;te d&#146;Ivoire, Abidjan, Ivory Coast</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trinidad &#038; Tobago
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Republic Bank Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tunisia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banque Internationale Arabe de Tunisie</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STATE STREET<BR>
GLOBAL CUSTODY NETWORK<BR>
SUBCUSTODIANS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Market</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Subcustodian</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Turkey
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank, A.S.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Uganda
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Barclays Bank of Uganda Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ukraine
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ING Bank Ukraine</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">United Arab Emirates -
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dubai Financial Market
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(as delegate of The Hongkong and Shanghai Banking Corporation Limited)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">United Arab Emirates -
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dubai International
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(as delegate of The Hongkong and Shanghai Banking Corporation Limited)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Financial Center</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">United Arab Emirates -
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Abu Dhabi
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(as delegate of The Hongkong and Shanghai Banking Corporation Limited)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">United Kingdom
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">State Street Bank and Trust Company, United Kingdom branch</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Uruguay
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco Ita&#250; Uruguay S.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Venezuela
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank, N.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Vietnam
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Hongkong and Shanghai Banking Corporation Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Zambia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Barclays Bank of Zambia Plc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Zimbabwe
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Barclays Bank of Zimbabwe Limited</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE B</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STATE STREET<BR>
GLOBAL CUSTODY NETWORK<BR>
DEPOSITORIES OPERATING IN NETWORK MARKETS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Country</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Depositories</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Argentina
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Caja de Valores S.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Australia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Austraclear Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Austria
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Oesterreichische Kontrollbank AG (Wertpapiersammelbank Division)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bahrain
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clearing, Settlement, and Depository System of the Bahrain Stock Exchange</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bangladesh
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Depository Bangladesh Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Belgium
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banque Nationale de Belgique</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Euroclear Belgium</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Benin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">D&#233;positaire Central &#150; Banque de R&#232;glement</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bermuda
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bermuda Securities Depository</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brazil
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central de Cust&#243;dia e de Liquida&#231;&#227;o Financeira de T&#237;tulos Privados (CETIP)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Companhia Brasileira de Liquida&#231;&#227;o e Cust&#243;dia Sistema Especial de</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Liquida&#231;&#227;o e de Cust&#243;dia (SELIC)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bulgarian National Bank</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bulgaria
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Depository AD</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Burkina Faso
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">D&#233;positaire Central &#150; Banque de R&#232;glement The</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canadian Depository for Securities Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chile
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dep&#243;sito Central de Valores S.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">People&#146;s Republic
of China
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">China Securities Depository and Clearing Corporation Limited,
Shanghai Branch</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">China Securities Depository and Clearing Corporation Limited
Shenzhen Branch</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE B</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STATE STREET<BR>
GLOBAL CUSTODY NETWORK<BR>
DEPOSITORIES OPERATING IN NETWORK MARKETS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Country</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Depositories</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Colombia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dep&#243;sito Central de Valores</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dep&#243;sito Centralizado de
Valores de Colombia S..A. (DECEVAL)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Costa Rica
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central de Valores S.A. Sredi&#154;nja</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Croatia Cyprus
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">depozitarna agencija d.d. Central Depository</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Czech Republic
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and Central Registry</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Czech National Bank</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stredisko cenn&#253;ch pap&#237;ru &#150; Cesk&#225; republika</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Denmark
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">V&#230;rdipapircentralen</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Egypt
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Misr for Clearing, Settlement, and Depository S.A.E.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Bank of Egypt</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Estonia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AS Eesti V&#228;&#228;rtpaberikeskus</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Finland
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suomen Arvopaperikeskus Oy</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">France
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Euroclear France</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Germany
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clearstream Banking AG, Frankfurt</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greece
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Apothetirion Titlon AE</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank of Greece, System for Monitoring Transactions in Securities in
Book-Entry Form</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Guinea-Bissau
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">D&#233;positaire Central &#150; Banque de R&#232;glement</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE B</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STATE STREET<BR>
GLOBAL CUSTODY NETWORK<BR>
DEPOSITORIES OPERATING IN NETWORK MARKETS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Country</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Depositories</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hong Kong
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Moneymarkets Unit</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hong Kong Securities Clearing Company Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hungary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">K&#246;zponti Elsz&#225;mol&#243;h&#225;z &#233;s &#201;rt&#233;kt&#225;r (Budapest) Zrt. (KELER)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Iceland
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Icelandic Securities Depository Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">India
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Depository Services (India) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">National Securities Depository Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reserve Bank of India</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Indonesia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank Indonesia</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PT Kustodian Sentral Efek Indonesia</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Israel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tel Aviv Stock Exchange Clearing House Ltd. (TASE C</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Italy
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monte Titoli S.p.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ivory Coast
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">D&#233;positaire Central &#150; Banque de R&#232;glement</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jamaica
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jamaica Central Securities Depository</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Japan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank of Japan &#151; Net System</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Japan Securities Depository Center (JASDEC)&nbsp;Incorpor</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jordan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Depository Center</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kazakhstan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Securities Depository</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kenya
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Depository and Settlement Corporation Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Bank of Kenya</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Republic of Korea
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Korea Securities Depository</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE B</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STATE STREET<BR>
GLOBAL CUSTODY NETWORK<BR>
DEPOSITORIES OPERATING IN NETWORK MARKETS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Country</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Depositories</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kuwait
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kuwait Clearing Company</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Latvia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Latvian Central Depository</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lebanon
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banque du Liban</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Custodian and Clearing Center of Financial Instruments</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">for Lebanon and the Middle East (Midclear) S.A.L.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lithuania
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Securities Depository of Lithuania</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Malaysia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank Negara Malaysia</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bursa Malaysia Depository Sdn. Bhd.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mali</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">D&#233;positaire Central &#150; Banque de R&#232;glement</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Malta</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Securities Depository of the Malta Stock Exchange</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mauritius</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank of Mauritius</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mexico
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Depository and Settlement Co. Ltd.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Morocco
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">S.D. INDEVAL, S.A. de C.V.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Namibia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maroclear</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Netherlands
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank of Namibia</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">New Zealand
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Euroclear Nederland</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Niger
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Zealand Central Securities Depository Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Nigeria
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">D&#233;positaire Central &#150; Banque de R&#232;glement</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Securities Clearing System Limited</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE B</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STATE STREET<BR>
GLOBAL CUSTODY NETWORK<BR>
DEPOSITORIES OPERATING IN NETWORK MARKETS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Country</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Depositories</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Norway
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Verdipapirsentralen</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Oman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Muscat Depository &#038; Securities Registration Company, SAOC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pakistan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Depository Company of Pakistan Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">State Bank of Pakistan</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Palestine
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clearing, Depository and Settlement, a department</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">of the Palestine Securities Exchange</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Panama
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Latinoamericana de Valores, S.A. (LatinClear)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Peru
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Caja de Valores y Liquidaciones, Instituci&#243;n de</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compensaci&#243;n y Liquidaci&#243;n de Valores S.A</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Philippines
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Philippine Depository &#038; Trust Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registry of Scripless Securities (ROSS)&nbsp;of the Bureau of Treasury</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Poland
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rejestr Papier&#243;w Warto&#347;ciowych</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Krajowy Depozyt Papier&#243;w Wartos&#180;ciowych S.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Portugal
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">INTERBOLSA &#150; Sociedad Gestora de Sistemas de Liquida&#231;&#227;o</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">e de Sistemas Centralizados de Valores Mobili&#225;rios, S.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Qatar
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Clearing and Registration (CCR), a</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">department of the Doha Securities Market</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Romania
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.C. Depozitarul Central S.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">National Bank of Romania</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Russia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vneshtorgbank, Bank for Foreign Trade of the Russian Federation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">National Depository Center</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Saudi Arabia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tadawul Central Securities Depository</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE B</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STATE STREET<BR>
GLOBAL CUSTODY NETWORK<BR>
DEPOSITORIES OPERATING IN NETWORK MARKETS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Country</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Depositories</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Senegal
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">D&#233;positaire Central &#150; Banque de R&#232;glement</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Serbia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Registrar and Central Depository for Securities</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Singapore
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Central Depository (Pte) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monetary Authority of Singapore</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Slovak Republic
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N&#225;rodn&#225; banka slovenska</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Centralny depozitar cenn&#253;ch papierov SR, a.s.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Slovenia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KDD &#150; Centralna klirinsko depotna druzba d.d.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">South Africa
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Strate Ltd.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Spain
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IBERCLEAR</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sri Lanka
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Depository System (Pvt) Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sweden
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">V&#228;rdepapperscentralen VPC AB</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Switzerland
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SegaIntersettle AG</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Taiwan - R.O.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Taiwan Depository and Clearing Corporation</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Thailand
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thailand Securities Depository Company Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Togo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">D&#233;positaire Central &#150; Banque de R&#232;glement</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trinidad and Tobago
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Bank of Trinidad and Tobago</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tunisia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soci&#233;t&#233; Tunisienne Interprofessionelle pour la Compensation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">et de D&#233;p&#244;ts des Valeurs Mobili&#232;res (STICODEVAM)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE B</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STATE STREET<BR>
GLOBAL CUSTODY NETWORK<BR>
DEPOSITORIES OPERATING IN NETWORK MARKETS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Country</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Depositories</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Turkey
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Bank of Turkey</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Registry Agency</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Uganda
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank of Uganda</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ukraine
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mizhregionalny Fondovy Souz</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">National Bank of Ukraine</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">United Arab Emirates
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clearing and Depository System, a department of the Dubai Financial Market</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dubai Financial Market</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">United Arab Emirates
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Securities depository department of the Dubai International Financial Exchange</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dubai International</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Financial Center</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">United Arab Emirates
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clearing, Settlement, Depository and Registry department of the Abu Dhabi</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Abu Dhabi
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Exchange</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">United Kingdom
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Euroclear UK &#038; Ireland Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Uruguay
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco Central del Uruguay</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Venezuela
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco Central de Venezuela</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Caja Venezolana de Valores</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Vietnam
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vietnam Securities Depository</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Zambia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank of Zambia</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LuSE Central Shares Depository Limited</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>TRANSNATIONAL</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Euroclear Bank S.A./N.V.<BR>
Clearstream Banking, S.A.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE C</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>MARKET INFORMATION</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Publication/Type of Information</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Brief Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>(scheduled frequency)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><I><U>The Guide to Custody in
World Markets</U></I><BR>
(hardcopy annually and regular website
updates)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">An overview of settlement and safekeeping procedures,
custody practices and foreign investor considerations for the
markets in which State Street offers custodial services.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I><U>Global Custody Network Review</U></I><BR>
(annually)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Information relating to Foreign Sub-Custodians in State Street&#146;s Global
Custody Network. The Review stands as an integral part of the materials
that
State Street provides to its U.S. mutual fund clients to assist them in
complying
with SEC Rule&nbsp;17f-5. The Review also gives insight into State Street&#146;s
market
expansion and Foreign Sub-Custodian selection processes, as well as the
procedures and controls used to monitor the financial condition and
performance of our Foreign Sub-Custodian banks.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I><U>Securities Depository Review</U></I><BR>
(annually)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Custody risk analyses of the Foreign Securities Depositories presently
operating in Network markets. This publication is an integral part of the
materials that State Street provides to its U.S. mutual fund clients to
meet
informational obligations created by SEC Rule&nbsp;17f-7.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I><U>Global Legal Survey</U></I><BR>
(annually)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">With respect to each market in which State Street offers custodial
services,
opinions relating to whether local law restricts (i)&nbsp;access of a fund&#146;s
independent public accountants to books and records of a Foreign Sub-
Custodian or Foreign Securities System, (ii)&nbsp;a fund&#146;s ability to recover
in the
event of bankruptcy or insolvency of a Foreign Sub-Custodian or Foreign
Securities System, (iii)&nbsp;a fund&#146;s ability to recover in the event of a
loss by a
Foreign Sub-Custodian or Foreign Securities System, and (iv)&nbsp;the ability
of a
foreign investor to convert cash and cash equivalents to U.S. dollars.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I><U>Subcustodian Agreements</U></I><BR>
(annually)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Copies of the contracts that State Street has entered into with each
Foreign Sub-Custodian that maintains U.S. mutual fund assets in the
markets in
which State Street offers custodial services.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I><U>Global Market Bulletin</U></I><BR>
(daily or as necessary)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Information on changing settlement and custody conditions in
markets where State Street offers custodial services.
Includes changes in market and tax regulations, depository developments,
dematerialization information, as well as other market changes that may
impact
State Street&#146;s clients.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I><U>Foreign Custody Advisories</U></I><BR>
(as necessary)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For those markets where State Street offers custodial services
that exhibit special risks or infrastructures impacting custody,
State Street issues market advisories to highlight those unique
market factors which might impact our ability to offer
recognized custody service levels.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I><U>Material Change Notices</U></I><BR>
(presently on a quarterly basis or <BR>
as otherwise necessary)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Informational letters and accompanying materials confirming
State Street&#146;s foreign custody arrangements, including a
summary of material changes with Foreign Sub-Custodians that have occurred
during the previous quarter. The notices also identify any material
changes in
the custodial risks associated with maintaining assets with Foreign
Securities
Depositories.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE D </B><FONT style="FONT-variant: SMALL-CAPS"><B>to </B><u><B>Master<BR>
Custodian Agreement</B></u></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS"><U>Special Sub-Custodians</U></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">None.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->D-1<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(K)(1)
<SEQUENCE>14
<FILENAME>b90494a1exv99wx2yxkyx1y.htm
<DESCRIPTION>SERVICE AGREEMENT DATED JULY 1, 2009 WITH JOHN HANCOCK ADVISERS, LLC
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxkyx1y</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SERVICE AGREEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THIS AGREEMENT </B>(the &#147;Agreement&#148;) is made as of this 1<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP> day of July, 2009, by and
between the trusts listed in Appendix&nbsp;A (the &#147;Trusts&#148;), on behalf of themselves and each of their
funds (the &#147;Funds&#148;), John Hancock Investment Management Services, LLC (&#147;JHIMS&#148;) and John Hancock
Advisers, LLC (&#147;JHA&#148;) (JHIMS and JHA are collectively referred to as &#147;John Hancock&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WHEREAS</B>, each Trust desires to retain John Hancock to provide certain services to the Trust and the
Funds as described below; and John Hancock is willing to provide such services in the manner and on
the terms hereinafter set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NOW, THEREFORE</B>, each Trust and John Hancock hereby agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. </B><U><B>Services</B></U>. Subject to the general supervision of the Boards of Trustees of the Trusts
(the &#147;Boards of Trustees&#148;), John Hancock will provide (a)&nbsp;to the Trusts and each of the Funds the
services set forth below, and (b)&nbsp;to each of the Funds (if any) that is identified in Appendix&nbsp;B as
a feeder fund (&#147;Feeder Fund&#148;) that invests substantially all of its assets in a corresponding
master fund (&#147;Master Fund&#148;) having substantially similar investment objectives and policies, such
additional services and functions set forth below, as are reasonably necessary for the operation of
the Trusts and each Fund (&#147;Services&#148;). The Services, to the extent not required to be performed by
John Hancock pursuant to an investment advisory agreement with respect to a Fund, include, but are
not limited to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A. Legal services as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maintenance of each Fund&#146;s registration statement and federal and state
registration;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preparation of certain notices and proxy materials furnished to shareholders of
the Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preparation of periodic reports of each Fund to regulatory authorities, including
Form N-SAR and Rule&nbsp;24f-2 legal opinions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preparation of materials in connection with meetings of the Board of Trustees;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preparation of written contracts, distributions plans, compliance procedures,
corporate and trust documents and other legal documents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Research advice and consultation about certain legal, regulatory and compliance
issues;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Supervision, coordination and evaluation of certain services provided by outside
counsel; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Responses to subpoenas and appropriate information requests for shareholder
records.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Tax Services as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Arranging for, or participating in, the preparation of all required tax returns
for the Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review of required Fund distributions for excise, fiscal year-end and calendar
year-end;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preparation of Fund tax returns;
(4)&nbsp;Review of &#147;complex&#148; securities purchased by the Funds;
(5)&nbsp;Preparation of tax information that is included in a Fund&#146;s Form 1099-DIV;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preparation of financial statement tax adjustments and disclosures for the Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monitoring regulatory compliance with applicable IRS rules and regulations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preparation of tax provisions for excise, fiscal year-end and calendar year-end;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Analysis and consultation regarding certain tax matters; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review of final distributions relating to Fund mergers.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accounting Services as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preparation of expense budgets for the Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review of each Fund&#146;s net asset value on a daily basis;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review of security lending income of the Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review of commission recapture income of the Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Calculation of expense information included in Fund registration statements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monitoring of Fund expense caps and waivers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review of Fund expenses and authorization for disbursement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assessment and review of internal controls for the Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review of &#147;complex&#148; securities and country openings by the Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preparation of financial statements and other documents for specific Fund
transactions such as mergers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and preparation of materials for Board of Trustee meetings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(12)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preparation of Fund dividend distributions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(13)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Analysis and disposition of pricing errors; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(14)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordination and preparation of Board materials;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(15)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Development of Accounting Policies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(16)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review of contractual covenants and coordination of de-leveraging events;
associated with Closed End Fund lines of credit;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(17)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Support and coordination around internal and external audits;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(18)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review of financing breakeven analysis for Closed End Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(19)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review of cash and securities regulations and aged exception items;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(20)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review monthly custodian Operations Report and conduct monthly onsite risk
reviews;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(21)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review Fund prospectuses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(22)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Completion and review of 12b-1 expense cap calculations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(23)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Oversight of Blue Sky filings; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(24)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preparation of 24F-2 filings.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Valuation as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Development and maintenance of pricing policies and procedures for the Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Daily review of Fund market risk including development of reports to identify
market risk;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monitoring for Fund securities where trading has been suspended or markets are
closed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Development and maintenance of controls relating to valuation of Fund securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preparation of reports relating to the fair valuation of securities for Board of
Trustee meetings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Conducting Pricing Committee meetings as needed and assist in the determination
of fair valuation of securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review of pricing vendors, including onsite visits;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepare materials for monthly Pricing Committee meetings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monitor for significant events;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Analyze fair value prices to market open;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Periodically evaluate trigger levels; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(12)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Document fair value decisions.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">E. Financial Reporting and Performance as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the preparation of financial data or reports required by the Securities and
Exchange Commission or other regulatory authorities including the preparation of
semi-annual and annual reports for the Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preparation of Form N-CSR, Form N-Q, Form N-SAR and 24f-2 notices for the Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordination of external audits for the Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review of the investment performance of the Funds, including performance
attribution, and preparation of reports relating to such performance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maintain the Funds&#146; GAAP reporting policies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assist the Funds&#146; Audit Committees in annual fee proposals and monitor auditor
independence;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Administer and review the pre-approval process for the Funds&#146; auditors regarding
non-audit securities engagements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinate Closed End Funds annual financial statements and Audit Committee
approval; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review all data feeds and analyze and resolve all exceptions.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">F. Compliance as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monitoring of compliance by each Fund with applicable regulatory requirements,
including the 1940 Act; the Securities Act of 1933, as amended; the Securities Exchange
Act of 1934, as amended; the Sarbanes-Oxley Act of 2002; Title V of the
Gramm-Leach-Bliley Act (relating to the</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>privacy of customer information); the Bank Secrecy Act (relating to money-laundering);
and the Internal Revenue Code of 1986, as amended, and the rules and regulations under
each thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and processing of Fund litigation claims and settlements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Testing of policies and procedures relating to tax services, accounting services,
valuation, financial reporting and performance services for the Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maintenance of Fund Administration policies and procedures;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and coordination of sub-adviser proxy voting</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Develop ad-hoc reporting on compliance related matters;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and preparation of Board of Trustees materials; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review of sub-adviser compliance materials.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">G.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Service Provider Oversight (Vendor Management) as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assistance in the selection of service providers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Negotiation of existing service provider agreements including appropriate
amendments thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monitoring the performance of and the quality of services provided by service
providers under such agreements including the review of vendor reports, performance
measurement reporting and periodic due diligence reviews;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monitoring a service providers&#146; compliance with applicable regulatory
requirements; preparing compliance, risk, and financial reporting dashboards for service
providers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reporting periodically to the Board of Trustees on the service providers and the
services provided to the Trust and the Funds,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Responding to requests from regulators regarding the service providers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Establish a philosophy and framework for effective management and oversight of
Fund service providers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Development and review of Service Level Agreements; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepare materials and coordinate key vendor quarterly executive meeting.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">H.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Portfolio and Cash Management Services</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinate and execute transactions relating to the Funds such as Fund mergers,
subadviser changes, Fund rebalancing and Fund asset transfers (collectively, &#147;Fund
Events&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review matters relating to Fund mergers. Fund launches and Fund liquidations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Administer the Fund Commission Recapture Program;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review bank overdraft changes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Administer transition management program;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Analyze merger related costs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Administer the cash management of the Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Administer the Fund Line of Credit;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monitor collateral relating to Fund investments or accounts supporting bank lines
of credit;</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepare N-14 pro-forma merger related information; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinate operational activities associated with Fund of Funds rebalancing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Project Management Office Services</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Conduct monthly Fund Administration project prioritization meetings with senior
management;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Develop the master project list, prioritization schedule and Project Management
Office staffing model;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Adhere to Manulife&#146;s corporate Information Technology project prioritization
procedures (i.e. Project Gating and Steering Committee participation);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Facilitate project meetings and the development of business requirements, project
plans and summary dashboard reporting documents; execute select projects; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinate activities with internal and external Information Technology
representatives.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">J.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Additional services to Feeder Funds as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provision of information and reports to the Board of Trustees (i)&nbsp;to enable it to
make all necessary decisions regarding whether to invest the assets of a Feeder Fund in shares
of a particular Master Fund and (ii)&nbsp;as may be requested by the
Board of Trustees from time to time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordination with the board of directors, officers and service providers of each
Master Fund for purposes of obtaining all information, reports, certifications,
signatures and other materials reasonably necessary for preparing and filing of its
corresponding Feeder Fund&#146;s registration statement, shareholder reports and other
reports that may be filed pursuant to applicable securities laws and regulations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effecting daily trades into or from each Master Fund, settling all such
transactions and performing trading and settlement reconciliations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>facilitation of distributing Master Fund proxy solicitation materials to
corresponding Feeder Fund shareholders and/or coordinating with officers and service
providers of each Master Fund the incorporation of its proxy information into its
corresponding Feeder Fund proxy solicitation materials; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordination with officers and service providers of each Master Fund for purposes
of enabling its corresponding Feeder Fund to compile and maintain such books and records
as may be legally required or reasonably necessary or prudent for such Feeder Fund to
compile and maintain.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">K.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>EDGAR conversion and filing services (&#147;Edgar Services&#148;) as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the request of a Fund, John Hancock shall perform EDGAR Services for the Fund
relating to documents filed by the Fund through EDGAR.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">L.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Graphic Design Services as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the request of a Fund, John Hancock shall perform graphic design services
relating to fund documents.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD colspan="3">In connection with its provision of the Services, John Hancock will</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide such staff and personnel as are reasonably necessary to perform the
Services for the Trusts and the Funds. Without limiting the generality of the
foregoing, such staff and personnel shall be deemed to include officers of John Hancock
and its affiliates, and persons employed or otherwise retained by John Hancock, to
provide or assist in providing the Services to the Trusts and the Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maintain all books and records relating to the Services; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide the Trusts and the Funds with all office facilities to perform the
Services.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD colspan="3">The Services do not include services performed and personnel provided pursuant to contracts
with the Trust or the Funds by third-party custodians, transfer agents and other service
providers.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. </B><U><B>Compensation</B></U>. In consideration for the Services provided to the Trusts and the Funds by
John Hancock and its affiliates pursuant to this Agreement, each Fund will pay John Hancock such
fee or other compensation as may be approved by the Board of Trustees from time to time and set
forth in Appendix&nbsp;C hereto as the same may be amended from time to time. Any Services provided by a
person or entity other than John Hancock and its affiliates, including, without limitation,
services provided by attorneys not affiliated with John Hancock, are not covered under this
Agreement and are an expense of the Funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. </B><U><B>No Partnership or Joint Venture</B></U>. Each Trust, on behalf of itself and each of its Funds,
and John Hancock are not partners of or joint ventures with each other, and nothing herein shall be
construed so as to make any of the Trusts, on behalf of itself or any of its Funds, and John
Hancock partners or joint ventures or impose any liability as such on the Trust, any Fund or John
Hancock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. </B><U><B>Limitation of Liability</B></U>. John Hancock shall not be liable for any error of judgment or
mistake of law or for any loss suffered by the Funds in connection with the matters to which this
Agreement relates, except losses resulting from willful misfeasance, bad faith or negligence by
John Hancock in the performance of its duties or from reckless disregard by John Hancock of its
obligations under this Agreement. Any person, even though also employed by John Hancock, who may
be or become an employee of and paid by any of the Trusts shall be deemed, when acting within the
scope of his or her employment by the Trust, to be acting in such employment solely for the Trusts
and not as John Hancock&#146;s employee or agent.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>5. </B><U><B>Duration and Termination of Agreement</B></U>. This Agreement shall remain in effect until the
second anniversary of the date on which it was executed, and from year to year thereafter, but only
so long as such continuance is specifically approved at least annually by a majority of the Board
of Trustees and a majority of the Trustees who are not interested persons (as defined in the 1940
Act) of any of the Trusts or John Hancock. The Agreement may, on 60&nbsp;days&#146; written notice, be
terminated at any time without the payment of any penalty by any of the Trusts on behalf of itself
or any of its Funds (by vote of a majority of the Trustees of the Trust) or by John Hancock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>6. </B><U><B>Amendment</B></U>. No provision of this Agreement may be amended, waived, discharged or
terminated except by an instrument in writing signed by the party against which enforcement of the
amendment, waiver, discharge or termination is sought.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>7. </B><U><B>Governing Law</B></U>. This Agreement shall be governed by and construed in accordance with the
laws of the Commonwealth of Massachusetts without regard to the choice of law provisions thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>8. </B><U><B>Miscellaneous</B></U>. The captions in this Agreement are included for convenience of reference
only and in no way define or limit any of the provisions of this Agreement or otherwise affect
their construction or effect. This Agreement may be executed simultaneously in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. A copy of the Declaration of Trust of each Trust which is organized
as a Massachusetts business trust is on file with the Secretary of State of the Commonwealth of
Massachusetts and provides that no Trustee, shareholder, officer, employee or agent of the Trust
shall be subject to any personal liability in connection with Trust property or the affairs of the
Trust, but that only the assets belonging to the Trust, or to the particular Fund with respect to
which an obligation or claim arose, shall be liable.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(THE REMAINDER OF THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK)
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IN WITNESS WHEREOF</B>, the undersigned have caused this Agreement to be executed by their duly
authorized officers as of the date first written above.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
<TD width="48%">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="4" align="left" nowrap><B>JOHN HANCOCK INVESTMENT MANAGEMENT SERVICES, LLC</B><BR>
&nbsp;</TD>
</TR><TR>

    <TD valign="top"><b>By:</b>&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jeffrey H.Long
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;</TD>
    <TD align="left">Jeffrey H. Long&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD>&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left">
<B>JOHN HANCOCK ADVISERS, LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD valign="top"><b>By:&nbsp;</b></TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jeffrey H.Long
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;</TD>
    <TD align="left">Jeffrey H. Long&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD>&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left"><B>By all the Trusts listed in Appendix&nbsp;A</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD valign="top"><b>By:</b>&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Keith F. Hartstein
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>

    <TD valign="top">Name:&nbsp;</TD>
    <TD align="left">Keith F. Hartstein&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD>&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Appendix&nbsp;A</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Bond Trust</B><BR>
John Hancock Government Income Fund<BR>
John Hancock High Yield Fund<BR>
John Hancock Investment Grade Bond Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Current Interest</B><BR>
John Hancock Money Market Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Income Securities Trust</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Investment Trust</B><BR>
John Hancock Balanced Fund<BR>
John Hancock Global Opportunities Fund<BR>
John Hancock Small Cap Intrinsic Value Fund<BR>
John Hancock Sovereign Investors Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Investment Trust II</B><BR>
John Hancock Financial Industries Fund<BR>
John Hancock Regional Bank Fund<BR>
John Hancock Small Cap Equity Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Funds III</B><BR>
John Hancock Classic Value Mega Cap Fund<BR>
John Hancock Core High Yield Fund<BR>
John Hancock Disciplined Value Fund<BR>
John Hancock Global Shareholder Yield Fund<BR>
John Hancock Growth Opportunities Fund<BR>
John Hancock International Allocation Portfolio<BR>
John Hancock International Core Fund<BR>
John Hancock International Growth Fund<BR>
John Hancock Leveraged Companies Fund<BR>
John Hancock Rainier Growth Fund<BR>
John Hancock Small Cap Opportunities Fund<BR>
John Hancock U.S. Core Fund<BR>
John Hancock Value Opportunities Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Investors Trust</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Municipal Securities Trust</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">John Hancock High Yield Municipal Bond Fund<BR>
John Hancock Tax-Free Bond Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Preferred Income Fund</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Preferred Income Fund II</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Preferred Income Fund III</B>

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Series&nbsp;Trust</B><BR>
John Hancock Mid Cap Equity Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Sovereign Bond</B><BR>
John Hancock Bond Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Strategic Series</B><BR>
John Hancock Strategic Income Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Tax-Advantaged Dividend Income Fund</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Tax-Advantaged Global Shareholder Yield Fund</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Tax-Exempt Series&nbsp;Fund</B><BR>
John Hancock Massachusetts Tax-Free Income Fund<BR>
John Hancock New York Tax-Free Income Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock World Fund</B><BR>
John Hancock Health Sciences Fund

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Appendix&nbsp;B</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>The Feeder Funds are as follows:</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">None
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->B-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Appendix&nbsp;C</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Compensation</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each Fund listed in Appendix&nbsp;A shall reimburse John Hancock for its expenses associated with
providing all such Services described in this Agreement, including (a)&nbsp;direct compensation and
related personnel expenses, (b)&nbsp;direct expenses of office space, office equipment, utilities and
miscellaneous office expenses (&#147;Office Support&#148;), (c)&nbsp;direct expenses of computer hardware and
software (and the development thereof) used to support John Hancock in providing such Services and
IT support relating to such computer hardware and software, (d)&nbsp;other reasonable direct expenses
incurred by John Hancock in providing Services to the Funds including, without limitation, expenses
related to services provided by third parties such as Charles River, GainsKeeper and Confluence,
Bloomberg to John Hancock that are related to John Hancock&#146;s provision of Services to the Funds and
(e)&nbsp;overhead expenses (including Manulife Financial Corporation (&#147;Manulife&#148;) corporate overhead)
related to Office Support and personnel who provide services to each Fund (the &#147;Reimbursement&#148;),
provided that overhead expenses related to Office Support shall not exceed levels that are
allocated ordinarily to other Manulife business units. John Hancock shall determine, subject to
Board approval, the expenses to be reimbursed by each Fund; provided, however, that such expenses
shall not exceed levels that are fair and reasonable in light of the usual and customary charges
made by others for services of the same nature and quality. The Reimbursement shall be calculated
and paid monthly in arrears.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->C-1<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(K)(2)(A)
<SEQUENCE>15
<FILENAME>b90494a1exv99wx2yxkyx2yxay.htm
<DESCRIPTION>AMENDMENT DATED JULY 1, 2007 TO THE SERVICE AGREEMENT FOR TRANSFER AGENT SERVICES
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxkyx2yxay</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT TO</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK CLOSED END FUNDS</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SERVICE AGREEMENT</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FOR</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TRANSFER AGENT SERVICES</B>
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS AMENDMENT (this &#147;Amendment&#148;), dated July&nbsp;1, 2007, is entered into between Mellon Investor
Services LLC, a New Jersey limited liability company (&#147;Mellon&#148;), and John Hancock Patriot Premium
Dividend Fund I, John Hancock Patriot Premium Dividend Fund II, John Hancock Patriot Preferred
Dividend Fund, John Hancock Patriot Global Dividend Fund, John Hancock Patriot Select Dividend
Trust, John Hancock Investors Trust, John Hancock Income Securities Trust, John Hancock Bank and
Thrift Opportunity Fund, John Hancock Preferred Income Fund I, John Hancock Preferred Income Fund
II, John Hancock Preferred Income Fund III and John Hancock Tax-Advantaged Dividend Income Fund,
each a Massachusetts Business Trust and a Maryland corporation (each a &#147;Client&#148; and collectively
the &#147;Clients&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WHEREAS, Mellon and the Clients entered into that certain Service Agreement for Transfer Agent
Services dated June&nbsp;1, 2002, as amended (the &#147;Agreement&#148;), pursuant to which Mellon is providing
transfer agent and related services to the Clients. Capitalized terms used herein, but not
otherwise defined herein, shall have the meanings set forth in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WHEREAS, John Hancock Patriot Premium Dividend Fund I, John Hancock Patriot Global Dividend Fund
and John Hancock Patriot Preferred Dividend Fund (collectively, the &#147;Terminated Funds&#148;) have merged
into John Hancock Patriot Premium Dividend Fund II, and Mellon and Clients desire to amend the
Agreement as provided in this Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NOW THEREFORE, in consideration of the mutual conditions and agreements set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendments</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Agreement, including the applicable Exhibits, is hereby terminated solely
with respect to the Terminated Funds.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;D of the Agreement is amended to replace the Fee Schedule to John
Hancock Patriot Premium Dividend Fund II with the revised Exhibit&nbsp;D-l attached hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;D of the Agreement is hereby amended to replace the Investor Plan
Services Fee Schedule for each of the Clients with revised Exhibit&nbsp;D-2 attached hereto.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Term of the Amendment</U>. This Amendment shall become effective on the date hereof, and
shall remain in effect for so long as the Agreement shall remain in effect.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Ratification</U>. Except as expressly set forth herein, the Agreement is not modified
hereby and shall remain in full force and effect in accordance with the respective provisions
thereof and is in all respects ratified and affirmed.</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Partial Invalidity</U>. If any provision of this Amendment is held to be invalid or
unenforceable, such invalidity or unenforceability shall not invalidate this Amendment as a whole,
but this Amendment shall be construed as though it did not contain the particular provision held to
be invalid or unenforceable and the rights and obligations of the parties shall be construed and
enforced only to such extent as shall be permitted by applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Counterparts</U>. This Amendment may be executed in two or more counterparts, each of which,
when executed and delivered, shall be deemed an original for all purposes, but all of which
together shall constitute one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, Mellon and the Clients have caused these presents to be duly executed as of the
day and year first above written.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MELLON INVESTOR SERVICES LLC</B>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                    /s/ Lynore LeConche
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Lynore LeConche&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Relationship Manager&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND I</B><br>
<B>JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND II</B><br>
<B>JOHN HANCOCK PATRIOT PREFERRED DIVIDEND FUND</B><br>
<B>JOHN HANCOCK PATRIOT GLOBAL DIVIDEND FUND</B><br>
<B>JOHN HANCOCK PATRIOT SELECT DIVIDEND TRUST</B><br>
<B>JOHN HANCOCK INVESTORS TRUST</B><br>
<B>JOHN HANCOCK INCOME SECURITIES TRUST</B><br>
<B>JOHN HANCOCK BANK AND THRIFT OPPORTUNITY FUND</B><br>
<B>JOHN HANCOCK PREFERRED INCOME FUND I</B><br>
<B>JOHN HANCOCK PREFERRED INCOME FUND II</B><br>
<B>JOHN HANCOCK PREFERRED INCOME FUND III</B><br>
<B>JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND</B>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">             /s/ Alfred P. Ouellette
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Alfred P. Ouellette&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Assistant Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;D-l FEE SCHEDULE TO</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Patriot Premium Dividend II</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Initial Term of Agreement:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">One (1)&nbsp;Year
</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Fees Not Subject to Increase</B><br>
(During initial term only)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">One (1)&nbsp;Year
</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Administration &#038; Account Maintenance</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Administration </B>(Per month)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mellon will assign a Client Service Manager to consult with Client on all
facets of stock transfer administration, including, but not limited to,
securities regulations, transfer requirements, structuring of annual
meetings, stock option exercises, cash and stock dividends, etc. <br>
OFAC Reporting Fee (Per month)
<I>(the Administration and Account Maintenance fees cover all of
the services, and are subject to the allowances, listed
below)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Allowance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Fee</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Number of active accounts maintained
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$/year</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Number of inactive accounts maintained
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">% of Active a/c</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Fee</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Number of dividend reinvestment accounts maintained
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Number of legal review items processed
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Number of certificates issued and book entry credits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Number of certificates cancelled and book entry debits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Number of additional mailings per year (including one enclosure)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">See Below
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Number of reports, analyses, lists, or labels
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">See Below
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Number of Inspectors of Election
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Number of respondent bank omnibus proxies
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Number of shareholder telephone calls handled by
Interactive Voice Response System</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Number of shareholder telephone calls transferred out of
the IVR to aCustomer Service Representative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Number of correspondence items responding to shareholder inquiries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Number of Investor ServiceDirect&#174; transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px"><I>(ISD transactions are defined as any shareholder transaction
initiated through ISD, including, but
not limited to, share sales or purchases, duplicate statement or tax
form requests, address or pin
changes, account changes or updates and certificate requests)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Number of state mandated due diligence mailings for lost property , as required</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Number of SEC mandated lost shareholder database searches</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">MLink Administration fee (Electronic delivery of material)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Evote Administration fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Telephone Votes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Internet</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dividend Disbursement Fee</B><br>
Number of dividends processed per year (including one enclosure)<br>
<I>(the dividend disbursement fee includes all of the services listed below)</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1px">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preparing and mailing checks</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reconciling checks</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preparing payment register in list form</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Withholding and filing taxes for non-resident aliens and others</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Filing federal tax information returns</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Processing &#147;B&#148; and &#147;C&#148; notices received from the IRS</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mailing required statements (Form&nbsp;1099DIV or Form&nbsp;1042) to registered holders</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Maintaining stop payment files and issuing replacement checks</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Maintaining separate dividend addresses</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Receiving, verifying and posting funds to cover entire dividend distribution on mailing date of checks</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">John Hancock Patriot Premium Dividend II<BR>
Fee Schedule &#151; Page 2
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Escheatment Services</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Annual Compliance Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SEC mandated electronic database and new address retrieval mailing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(subject to the following minimum)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Each state mandated due diligence mailing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(subject to the following minimum)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">In-Depth Search and Location Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>(Annual compliance services include all of the services listed below)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Assist in establishing compliance with the unclaimed property
requirements of all jurisdictions that may have a claim on
escheatable property held by your organization
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Processing records and property subject to reporting based upon
current state statutes, rules, and regulations
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Requesting penalty and interest release agreements and
indemnification from future claim agreements (on property remitted)
from the states that offer such agreements
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Identifying property that has become escheatable since the last filing
date
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Assist in reviewing state regulations to determine if there have been
any changes in reporting procedures
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reporting and remitting property to states
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CLIENT SERVICE DIRECT&#174; System Access</B><br>
<U><I>(the Client ServiceDirect fee includes all of the services listed below)</I></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Providing client access to Mellon&#146;s mainframe inquiry and
internet based system for management reporting and shareholder
records</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Providing daily data on registered shareholders</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Providing daily access to proxy tabulation file during proxy season</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>DIRECT REGISTRATION/PROFILE SYSTEM</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Enrollment Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Annual Surety Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock Distribution Event &#151; full, full and fractional shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DRS Fee, per statement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investor directed movement of shares, each</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Broker directed movement of shares, each</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DRS/Profile reject fee, each</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DRS/Profile Broker Authorization Form, each</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">John Hancock Patriot Premium Dividend II<BR>
Fee Schedule &#151; Page 3
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ACH/DIRECT DEPOSIT SERVICES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Initial Setup Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Annual Maintenance Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ACH file transmission, each distribution, per item</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Placement of Stop Payment Order</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Returns/Reversals, per occurrence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>(Annual Maintenance includes all of the services listed below)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Processing returned authorization forms<br>
Posting bank information to accounts<br>
Creating pre-note transactions and sending to clearinghouse<br>
Following up on rejects<br>
Produce and mail checks for returned items
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">John Hancock Patriot Premium Dividend II<BR>
Fee Schedule &#151; Page 4
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ADDITIONAL SERVICES AVAILABLE UPON REQUEST
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>SHAREHOLDER LISTS AND ANALYSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Minimum charge for each of the below services)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lists, per name listed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Labels, per label printed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Analysis, per name passed on database</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Analysis, per name listed in report</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Custom Lists or Analyses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>STANDARD MAILING SERVICES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Minimum charge for each of the below services)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Addressing mailing medium, per name</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Affixing labels, per label</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Machine Inserting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP> Enclosure, per piece</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> Enclosure, per piece</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Each Enclosure thereafter, per piece</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Manual Inserting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>OTHER SERVICES</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Confidential Proxy Voting</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends &#151; Special Cash Dividends</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Electronic Distribution of Materials</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign Tax Re-claim</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Householding of Annual Meeting and Other Materials</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interactive Online Meeting Services</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Logistics Services (including document transportation, fulfillment,</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">printing and media placement)</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mailing Quarterly or Periodic Reports</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maintaining Mail Lists</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secondary Offerings or Closings</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock Splits and Stock Dividends</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Special Meetings</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Survey Tabulation</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">John Hancock Patriot Premium Dividend II<BR>
Fee Schedule &#151; Page 5
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ADDITIONAL SERVICES PROVIDED BY MELLON</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">In addition to transfer agent services, Mellon Investor Services also provides the following
related services. Contact your Sales Representative or Client Service Manager for additional
information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bank/Broker Distributions<br>
Corporate Stock Buy-Back Services<br>
Custodial Services<br>
Direct Purchase &#038; Dividend Reinvestment Services<br>
Employee Stock Option Plan Administration<br>
Employee Stock Purchase Plan Administration<br>
Escrow Services<br>
Exchange or Tender Offer Processing<br>
Financial Planning Services<br>
Odd-Lot Program Administration<br>
Proxy Solicitation<br>
StockWatch (beneficial owner identification)<br>
Subscription Agent Services<br>
Rights Agency<br>
Warrant Agency
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">John Hancock Patriot Premium Dividend II<BR>
Fee Schedule &#151; Page 6
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPENSES AND OTHER CHARGES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Fees and Out of Pocket Expenses: </I>The cost of stationery and supplies, including but not limited to
transfer sheets, dividend checks, envelopes, and paper stock, together with any disbursement for
telephone, postage, mail insurance, travel for annual meeting, link-up charges for ADP and tape
charges from DTC are billed in addition to the above fees. All charges and fees, out of pocket
costs, expenses and disbursements of Mellon are due and payable by Client upon receipt of an
invoice from Mellon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to any shareholder mailing processed by Mellon, Client shall, at least one business
day prior to mail date, provide immediately available funds sufficient to cover all postage due on
such mailing. For any dividend mailing, Client shall, at least one business day prior to the mail
date, also provide immediately available funds sufficient to pay the aggregate amount of dividends
to be paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Share Sale Program: </I>Client may appoint Mellon to administer, through Mellon&#146;s affiliate, Mellon
Bank, N.A., a program allowing Client&#146;s shareholders to liquidate book-entry shares, held in the
Direct Registration System (&#147;DRS&#148;), pursuant to the Client&#146;s stock purchase and/or dividend
reinvestment plan. The charge for each such sale, and the process for selling such shares, shall be
as described in the Client&#146;s plan. If Client does not have a separate stock purchase or dividend
reinvestment plan, then Client hereby appoints and directs Mellon to implement and administer,
through Mellon Bank, N.A., a share selling program allowing Client&#146;s shareholders to liquidate DRS
shares. The transaction fee for each such sale shall be $ plus $&nbsp;&nbsp;per share. Under the program,
upon receipt of a sell request by a registered shareholder, Mellon Bank, N.A. will process the
request through FutureShare Financial (&#147;FSF&#148;), a registered broker/dealer and member of NASD/SIPC
and an affiliate of Mellon. Proceeds of the sale will be sent to the shareholder in the form of a
check (less the transaction fee). Sale requests will typically be combined with other sale requests
received from Client shareholders and shares will be submitted in bulk to FSF for sale. Shares will
be sold usually within one business day of Mellon&#146;s receipt of the sale request, but in no event
more than five business days (except where deferral is necessary under state or federal
regulations). The price per share received by the selling shareholder will equal the market price
Mellon receives for the shares (or if more than one bulk trade is executed on the day the shares
are sold, then the price per share shall equal the weighted average market price received for all
Client shares sold that day).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Offering Administration Fee: </I>A minimum fee of $ will be imposed for activities associated with
initial public offerings (IPO&#146;s), secondary offerings and/or closings. The fee covers the
coordination of efforts necessary between Mellon, the Client&#146;s underwriters, the banknote company
and DTC in order to effect the closing. This fee will cover the issuance of up to 200 certificates
and/or book-entry credits. Certificates and/or book-entry credits over this amount will be billed
at $ each. This fee is in addition to any fees Mellon may charge for coordination of selling
shareholders, custody services and/or escrow services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Conversion: </I>If an out-of-proof condition exists at the time of conversion, and such condition is
not resolved within 90 calendar days of such conversion, Client agrees to provide Mellon with funds
or shares sufficient to resolve the out-of-proof condition promptly after the expiration of such 90
day period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Deconversion: </I>Upon expiration or termination of this Agreement, Client shall pay Mellon a fee for
deconversion services (e.g., providing shareholder lists and files, producing and shipping records,
answering successor agent inquiries). This fee shall be based on Mellon&#146;s then-current deconversion
fee schedule. Mellon may withhold the Client&#146;s records, reports and unused certificate stock
pending Client&#146;s payment in full of all fees and expenses owed to Mellon under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Legal Expenses, System Modifications: </I>Certain expenses may be incurred in resolving legal matters
that arise in the course of performing services hereunder. This may result in a separate charge to
cover Mellon&#146;s expenses (including the cost of external or internal counsel) in resolving such
matters; provided that any legal expenses charged to the Client shall be reasonable.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">John Hancock Patriot Premium Dividend II<BR>
Fee Schedule &#151; Page 7
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event any federal, state or local laws, rules or regulations are enacted that require Mellon
to (i)&nbsp;make any adjustments and/or modifications to its current system, or (ii)&nbsp;provide additional
services to Client for which Mellon is not being compensated hereunder, then Client shall
compensate Mellon (a)&nbsp;on a pro rata basis proportionate to the Client&#146;s registered shareholder
base, for the costs associated with making such required adjustments and/or modifications, or (b)
according to Mellon&#146;s standard fees established, in good faith, with respect to such additional
services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Other Services: </I>Fees for any services provided to Client by or on behalf of Mellon hereunder that
are not set forth above will be based on Mellon&#146;s standard fees at the time such services are
provided or, if no standard fees have been established, an appraisal of the work to be performed.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">John Hancock Patriot Premium Dividend II<BR>
Fee Schedule &#151; Page 8
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(K)(2)(B)
<SEQUENCE>16
<FILENAME>b90494a1exv99wx2yxkyx2yxby.htm
<DESCRIPTION>AMENDMENT DATED SEPTEMBER 25, 2007 TO THE SERVICE AGREEMENT FOR TRANSFER AGENT SERVICES
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxkyx2yxby</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT TO</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK CLOSED END FUNDS</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SERVICE AGREEMENT</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FOR</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TRANSFER AGENT SERVICES</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS AMENDMENT (this &#147;Amendment&#148;), dated September&nbsp;25, 2007, is entered into between Mellon
Investor Services LLC, a New Jersey limited liability company (&#147;Mellon&#148;), and John Hancock Patriot
Premium Dividend Fund II, John Hancock Patriot Select Dividend Trust, John Hancock Investors Trust,
John Hancock Income Securities Trust, John Hancock Bank and Thrift Opportunity Fund, John Hancock
Preferred Income Fund , John Hancock Preferred Income Fund II, John Hancock Preferred Income Fund
III, John Hancock Tax-Advantaged Dividend Income Fund (collectively, the &#147;Existing Clients&#148;) and
John Hancock Tax-Advantaged Global Shareholder Yield Fund (together with the Existing Clients, the
&#147;Clients&#148;), each a Massachusetts Business Trust and a Maryland corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WHEREAS, Mellon and the Existing Clients entered into that certain Service Agreement for Transfer
Agent Services dated June&nbsp;1, 2002, as amended (the &#147;Agreement&#148;), pursuant to which Mellon is
providing transfer agent and related services to the Existing Clients. Capitalized terms used
herein, but not otherwise defined herein, shall have the meanings set forth in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WHEREAS, Mellon and the Clients desire to amend the Agreement as provided in this Amendment to add
John Hancock Tax-Advantaged Global Shareholder Yield Fund as a Client under the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NOW THEREFORE, in consideration of the mutual conditions and agreements set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendments</U>. The Agreement is hereby amended to add John Hancock Tax-Advantaged Global
Shareholder Yield Fund as a Client thereto under the same terms and conditions of the
Agreement, including the Investor Plan Services Fee Schedule set forth in Exhibit&nbsp;D thereto,
and the Fee Schedule attached as Exhibit&nbsp;D hereto and hereby made part of the Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Term of the Amendment</U>. This Amendment shall become effective on the date hereof, and
shall remain in effect for so long as the Agreement shall remain in effect.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Ratification</U>. Except as expressly set forth herein, the Agreement is not modified
hereby and shall remain in full force and effect in accordance with the respective provisions
thereof and is in all respects ratified and affirmed.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Partial Invalidity</U>. If any provision of this Amendment is held to be invalid or
unenforceable, such invalidity or unenforceability shall not invalidate this Amendment as a
whole, but this Amendment shall be construed as though it did not contain the particular
provision held to be invalid or unenforceable and the rights and obligations of the parties
shall be construed and enforced only to such extent as shall be permitted by applicable law.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Counterparts</U>. This Amendment may be executed in two or more counterparts, each of
which, when executed and delivered, shall be deemed an original for all purposes, but all of
which together shall constitute one and the same instrument.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, Mellon and the Clients have caused these presents to be duly executed as of the
day and year first above written.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MELLON INVESTOR SERVICES LLC</B>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                    /s/ Lynore LeConche
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Lynore LeConche&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Relationship Manager&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND II</B><br>
<B>JOHN HANCOCK PATRIOT SELECT DIVIDEND TRUST</B><br>
<B>JOHN HANCOCK INVESTORS TRUST</B><br>
<B>JOHN HANCOCK INCOME SECURITIES TRUST</B><br>
<B>JOHN HANCOCK BANK AND THRIFT OPPORTUNITY FUND</B><br>
<B>JOHN HANCOCK PREFERRED INCOME FUND</B><br>
<B>JOHN HANCOCK PREFERRED INCOME FUND II</B><br>
<B>JOHN HANCOCK PREFERRED INCOME FUND III</B><br>
<B>JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND</B><br>
<B>JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND</B>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                       /s/ Alfred P. Ouellette
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Alfred P. Ouellette&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Assistant Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(K)(2)(C)
<SEQUENCE>17
<FILENAME>b90494a1exv99wx2yxkyx2yxcy.htm
<DESCRIPTION>AMENDMENT DATED OCTOBER 10, 2007 TO THE SERVICE AGREEMENT FOR TRANSFER AGENT SERVICES
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxkyx2yxcy</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT # 3 TO</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK CLOSED END FUNDS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SERVICE AGREEMENT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FOR</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TRANSFER AGENT SERVICES</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS AMENDMENT (this &#147;#3 Amendment&#148;), dated October&nbsp;10, 2007, is entered into between Mellon
Investor Services LLC, a New Jersey limited liability company (&#147;Mellon&#148;) and John Hancock Patriot
Select Dividend Trust, John Hancock Patriot Premium Dividend Fund II, John Hancock Investors Trust,
John Hancock Income Securities Trust, John Hancock Bank And Thrift Opportunity Fund, John Hancock
Preferred Income Fund, John Hancock Preferred Income Fund II, John Hancock Preferred Income Fund
III, John Hancock Tax-Advantaged Dividend Income Fund, and John Hancock Tax-Advantaged Global
Shareholder Yield Fund, each a Massachusetts Business Trust, a Maryland corporation (each a
&#147;Client&#148; and collectively the &#147;Clients&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WHEREAS, Mellon and Client entered into that certain Service Agreement for Transfer Agent Services
dated June&nbsp;1, 2002, as amended by an amendment dated July&nbsp;1, 2007, and as further amendment by an
amendment dated (collectively the &#147;Agreement&#148;), pursuant to which Mellon is providing transfer
agent and related services to Clients. Capitalized terms used herein, but not otherwise defined
herein, shall have the meanings set forth in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WHEREAS, John Hancock Patriot Select Dividend Trust, (the &#147;Terminated Fund&#148;) has merged into John
Hancock Patriot Premium Dividend Fund II, and Mellon and Clients desire to amend the Agreement as
provided in this Amendment #3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NOW THEREFORE, in consideration of the mutual conditions and agreements set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendments</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Agreement, including the applicable Exhibits, is hereby terminated solely with
respect to the Terminated Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;D of the Agreement is amended to replace the Fee Schedule to John Hancock
Patriot Premium Dividend Fund II with the revised Exhibit&nbsp;D-1 attached hereto.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Term of the Amendment</U>. This Amendment shall become effective on the date hereof, and
shall remain in effect for so long as the Agreement shall remain in effect.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Ratification</U>. Except as expressly set forth herein, the Agreement is not modified
hereby and shall remain in full force and effect in accordance with the respective provisions
thereof and is in all respects ratified and affirmed.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Partial Invalidity</U>. If any provision of this Amendment is held to be invalid or
unenforceable, such invalidity or unenforceability shall not invalidate this Amendment as a
whole, but this Amendment shall be construed as though it did not contain the particular
provision held to be invalid or unenforceable and the rights and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obligations of the parties
shall be construed and enforced only to such extent as shall be permitted by applicable law.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Counterparts</U>. This Amendment may be executed in two or more counterparts, each of
which, when executed and delivered, shall be deemed an original for all purposes, but all of
which together shall constitute one and the same instrument.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, Mellon and Client have caused these presents to be duly executed as of the day
and year first above written.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MELLON INVESTOR SERVICES LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Lynore LeConche
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Lynore LeConche&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Relationship Manager&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND II<BR>
JOHN HANCOCK INVESTORS TRUST<BR>
JOHN HANCOCK INCOME SECURITES TRUST<BR>
JOHN HANCOCK BANK AND THRIFT OPPORTUNITY FUND<BR>
JOHN HANCOCK PREFERRED INCOME FUND<BR>
JOHN HANCOCK PREFERRED INCOME FUND II<BR>
JOHN HANCOCK PREFERRED INCOME FUND III<BR>
JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND<BR>
JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND

</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">        /s/ Alfred P. Ouellette
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Alfred P. Ouellette&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Assistant Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(K)(2)(D)
<SEQUENCE>18
<FILENAME>b90494a1exv99wx2yxkyx2yxdy.htm
<DESCRIPTION>AMENDMENT DATED JULY 1, 2010 TO THE SERVICE AGREEMENT FOR TRANSFER AGENT SERVICES
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxkyx2yxdy</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT TO</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK CLOSED END FUNDS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SERVICE AGREEMENT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FOR</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TRANSFER AGENT SERVICES</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS AMENDMENT (this &#147;Amendment&#148;) dated as of July&nbsp;1, 2010, is entered into between Mellon
Investor Services LLC, a New Jersey limited liability company (&#147;Mellon&#148;) and John Hancock Patriot
Premium Dividend Fund II, John Hancock Investors Trust, John Hancock Income Securities Trust, John
Hancock Bank And Thrift Opportunity Fund, John Hancock Preferred Income Fund, John Hancock
Preferred Income Fund II, John Hancock Preferred Income Fund III, and John Hancock Tax-Advantaged
Dividend Income Fund, and John Hancock Tax-Advantaged Global Shareholder Yield Fund, each a
Massachusetts Business Trust, (each a &#147;Client&#148; and collectively the &#147;Clients&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WHEREAS, Mellon and the Clients entered into that certain Service Agreement for Transfer Agent
Services dated June&nbsp;1, 2002, as amended (the &#147;Agreement&#148;), pursuant to which Mellon is providing
transfer agent and related services to Clients. Capitalized terms used herein, but not otherwise
defined herein, shall have the meanings set forth in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WHEREAS, Mellon and Clients desire to amend the Agreement as provided in this Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NOW THEREFORE, in consideration of the mutual conditions and agreements set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendments to Agreement</U></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;2(a) of the Agreement is hereby amended and restated in its
entirety to read as follows:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;(a) Effective July&nbsp;1, 2010, this Agreement shall continue for a term of two (2)
years ending on June&nbsp;30, 2012, provided however, the Clients may terminate this
Agreement at any time and without penalty on ninety (90)&nbsp;days written notice to
Mellon.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;D for each Client is hereby deleted in its entirety and replaced with
the attached revised Exhibit&nbsp;D.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;4(a) of the Agreement is hereby amended to add the following Section
4(a)(iv):</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;(iv) it shall adopt and maintain such policies, procedures and controls reasonably
designed to ensure that the performance of its obligations as set forth in this
Agreement is in compliance with all applicable rules and regulations, including, but
not limited to those rules and regulations applicable to transfer agents performing
such services as described in this Agreement and applicable to customer
information.&#148;</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;6 of the Agreement is hereby amended to add the following Section (g):</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;(g) Subject to the following sentence, Mellon shall create and maintain in complete
and accurate form all books and records required of it pursuant to its duties
hereunder in accordance with all applicable laws, rules and regulations, including
but not limited to records required by the Securities Exchange Act of 1934, as
amended (the &#147;1934 Act&#148;). Mellon agrees that all such records prepared or maintained
by Mellon are the property of the Client and will be preserved, maintained and made
available in accordance with such applicable laws, rules and regulations and will be
surrendered to the Client promptly on and in accordance with the Client&#146;s request,
provided that Mellon retain copies of such records to the extent required by
applicable law or Mellon&#146;s record retention policies.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;8 of the Agreement is hereby amended to add the following Section (c):</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;(c) If the Fund is a Massachusetts business trust, Mellon agrees that it shall have
recourse only to the assets of the Client for the payment of claims or obligations
as between Mellon and the Client arising out of this Agreement, and Mellon shall not
seek satisfaction of any such claim or obligation from the trustees or shareholders
of the Client in their capacity as such. In any case, each Client shall be liable
only for its own obligations to Mellon under this Agreement and shall not be jointly
or severally liable for the obligations of any other Client hereunder.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&#147;(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> The Agreement is hereby amended to add the following new Section&nbsp;17:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;17. <B><I>Information Security. </I></B>As part of the services provided by Mellon hereunder,
Mellon agrees that it shall take the steps and security precautions outlined in its
information security policies and procedures, a summary of which has been provided
to each Client. Each Client acknowledges that such policies and procedures are
subject to change at any time by Mellon, provided that the protections afforded
thereby will not be intentionally diminished in comparison with those provided by
Mellon to Client prior to such change. Mellon shall notify Client of any
unauthorized use of, or unauthorized access to, Client nonpublic personal
information (as defined by applicable law) promptly upon Mellon becoming aware of
such unauthorized use or unauthorized access.&#148;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Term of the Amendment</U>. This Amendment shall become effective upon due
execution and delivery by both parties hereto, and shall remain in effect for so long as the
Agreement shall remain in effect.</TD>
</TR>







</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Ratification</U>. Except as expressly set forth herein, the Agreement is not modified
hereby and shall remain in full force and effect in accordance with the respective
provisions thereof and is in all respects ratified and affirmed.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Partial Invalidity</U>. If any provision of this Amendment is held to be invalid or
unenforceable, such invalidity or unenforceability shall not invalidate this Amendment as a
whole, but this Amendment shall be construed as though it did not contain the particular
provision held to be invalid or unenforceable and the rights and obligations of the parties
shall be construed and enforced only to such extent as shall be permitted by applicable law.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Counterparts</U>. This Amendment may be executed in two or more counterparts, each of
which, when executed and delivered, shall be deemed an original for all purposes, but all of
which together shall constitute one and the same instrument.</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, Mellon and Clients have caused these presents to be duly executed as of the day
and year first above written.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MELLON INVESTOR SERVICES LLC</B>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                    /s/ Lynore LeConche
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Lynore LeConche&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Relationship Manager&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND II</B><br>
<B>JOHN HANCOCK INVESTORS TRUST</B><br>
<B>JOHN HANCOCK INCOME SECURITIES TRUST</B><br>
<B>JOHN HANCOCK BANK AND THRIFT OPPORTUNITY FUND</B><br>
<B>JOHN HANCOCK PREFERRED INCOME FUND</B><br>
<B>JOHN HANCOCK PREFERRED INCOME FUND II</B><br>
<B>JOHN HANCOCK PREFERRED INCOME FUND III</B><br>
<B>JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND</B><br>
<B>JOHN HANCOCK TAX-ADVANTAGED SHAREHOLDER YIELD FUND</B>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">            /s/ Charles A. Rizzo
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Charles A. Rizzo&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;D</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>STOCK TRANSFER FEE SCHEDULE</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following schedule is intended to be a comprehensive summary of the fees associated with this
proposal. The pricing as listed below is valid for ninety days from the date of submission or
until &#147;date&#148;. Fees are not subject to increase during the initial term.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Initial Term of Agreement:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Two (2)&nbsp;Years<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Fees Not Subject to Increase</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Two (2)&nbsp;Years</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Administration &#038; Account Maintenance</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mellon will assign a Client Service Manager to consult with Client on all facets of stock
transfer administration, including, but not limited to, securities regulations, transfer
requirements, structuring of annual meetings, stock option exercises, cash and stock dividends,
etc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Monthly OFAC Reporting is included in the monthly administration and accounts maintenance fees
listed below.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Administration &#038;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Administration &#038;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Account Maintenance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Account Maintenance</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(per month)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(per month)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fund Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010-2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011-2012</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Hancock Bank &#038; Thrift (&#147;BTO&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Hancock Income Securities Trust (&#147;Income Securities&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Hancock Investors Trust (&#147;Investors Trust&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Hancock Patriot Premium Dividend II (&#147;Patriot Prem Div II&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Hancock Preferred Income (&#147;Preferred Income&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Hancock Preferred Income II (&#147;Preferred Income II&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Hancock Preferred Income III (&#147;Preferred Income HI&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Hancock Tax-Advantaged Global Shareholder Yield Fund (&#147;Tax-Adv. Global S/H Yield&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Hancock Tax-Advantaged Dividend Income Fund (&#147;Tax-Adv. Div Income&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Subject to Section 2(a) of the Agreement</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Administration and Account Maintenance fees cover all of the services and are subject to the
allowances listed below.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"> &#151; <I>All allowances are on a per fund basis</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Tax-Adv. Global</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Fee</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">BTO</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Income Securities</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Investors Trust</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000">Patriot
Prem DIv II<SUP style="FONT-size: 85%; vertical-align: text-top">(b)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Preferred Income</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Preferred Income II</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Preferred Income III</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">S/HYield</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Tax-Adv. Div Income</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of Active Accounts Maintained
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="bottom">$/Year
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of Inactive Accounts
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">% of Active A/C Fee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of Dividend Reinvestment Accounts Maintained
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">4.00</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of Legal Review Items Processed
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of Certificates Issued &#038; Book Entry Credits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of Certificates Cancelled &#038; Book Entry Debits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of Additional Mailings per Year (including one enclosure)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="bottom">See Below
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of Reports, Analyses, Lists, or Labels
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="bottom">See Below
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of Inspectors of Election</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of Respondent Bank Omnibus Proxies
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of S/H Telephone Calls Handled by IVR System <SUP style="FONT-size: 85%; vertical-align: text-top">(d)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of S/H Telephone Calls Transferred from IVR to CSR <SUP style="FONT-size: 85%; vertical-align: text-top">(d)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of Correspondence Items Responding to S/H Inquiries
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of Investor ServiceDirect<SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP> Transactions <SUP style="FONT-size: 85%; vertical-align: text-top">(e)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>IVR = Interactive Voice Response; CSR = Customer Service Representative</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>ISD transactions are defined as any shareholder transaction initiated through ISD, including,
but not limited to, share sales or purchases, duplicate statement or tax form requests,
address or pin changes, account changes or updates and certificate requests.</TD>
</TR>

</TABLE>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Stock Transfer Fee
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Schedule &#151; Page 2
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>All allowances are on a per fund basis</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Tax-Adv.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Global S/H</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Fee</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">BTO</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Income Securities</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Investors Trust</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Patriot Prem Div II</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Preferred Income</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Preferred Income II</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Preferred Income III</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Yield</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Tax-Adv. Div Income</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of State Mandated Due Diligence Mailings for Lost Property
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="bottom">S per a/c S min.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No. of SEC Mandated Lost S/H Database Searches
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="bottom">$ per a/c 0 min
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MLink Administration Fee (Electronic delivery of material)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Evote Administration Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Telephone Votes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Internet</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investor / Broker Directed Movement of Shares
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Stock Transfer
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Fee Schedule &#151; Page 3
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Dividend Disbursement Fee</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Number of dividends processed per year. The dividend disbursement fee includes all of the services
listed below.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fund Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Included</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BTO</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Income Securities</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investors Trust</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Patriot Prem Div II</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Preferred Income</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Preferred Income II</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Preferred Income III</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tax-Adv. Global S/H Yield</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tax-Adv. Div Income</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Preparing and mailing checks</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Reconciling checks</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Preparing payment register in list form</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Withholding and filing taxes for non-resident aliens and others</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Filing federal tax information returns</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Processing &#147;B&#148; and &#147;C&#148; notices received from the IRS</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Mailing required statements (Form&nbsp;1099DIV or Form&nbsp;1042) to registered holders</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Maintaining stop payment files and issuing replacement checks</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Maintaining separate dividend addresses</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Receiving, verifying and posting funds to cover entire dividend distribution on mailing date
of checks</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Stock Transfer
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Fee Schedule &#151; Page 4
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Escheatment Services</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Annual Compliance Services
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SEC Mandated Electronic Database &#038; New Address Retrieval Mailing<br>
<I>(subject to the following minimum)</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>

</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Each state mandated due diligence mailing </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$per account $&nbsp;</TD>
</TR>
<TR>
<TD><I>(subject to the following minimum)</i></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$per account $&nbsp;</TD>
</TR>
</table>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In-Depth Search and Location Services<br>
<I>(Annual compliance services include all of the services listed below)</I>
</DIV>





<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assist in establishing compliance with the unclaimed property requirements of all
jurisdictions that may have a claim on escheatable property held by your organization</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Processing records and property subject to reporting based upon current state statutes, rules,
and regulations</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Requesting penalty and interest release agreements and indemnification from future claim
agreements (on property remitted) from the states that offer such agreements</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Identifying property that has become escheatable since the last filing date</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assist in reviewing state regulations to determine if there have been any changes in reporting
procedures</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reporting and remitting property to states</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLIENT SERVICE DIRECT&#174; System Access</B><br>
<I>(the Client ServiceDirect fee includes all of the services listed below)</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Providing client access to Mellon&#146;s mainframe inquiry and internet based system for
management reporting and shareholder records</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Providing daily data on registered shareholders</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Providing daily access to proxy tabulation file during proxy season</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>DIRECT REGISTRATION/PROFILE SYSTEM</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Enrollment Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Annual Surety Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock Distribution Event &#151; full, full and fractional shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DRS Fee, per statement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investor directed movement of shares, each</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Broker directed movement of shares, each</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DRS/Profile reject fee, each</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DRS/Profile Broker Authorization Form, each</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Stock Transfer
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Fee Schedule &#151; Page 5
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ACH/DIRECT DEPOSIT SERVICES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Initial Setup Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Annual Maintenance Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ACH file transmission, each distribution, per item</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Placement of Stop Payment Order</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Returns/Reversals, per occurrence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>(Annual Maintenance includes all of the services listed below)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left:2%">Processing returned authorization forms<br>
Posting bank information to accounts<br>
Creating pre-note transactions and sending to clearinghouse<br>
Following up on rejects<br>
Produce and mail checks for returned items
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Stock Transfer
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Fee Schedule &#151; Page 6
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ADDITIONAL SERVICES AVAILABLE UPON REQUEST
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>SHAREHOLDER LISTS AND ANALYSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minimum charge for each of the below services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lists, per name listed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Labels, per label printed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Analysis, per name passed on database</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Analysis, per name listed in report</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Custom Lists or Analyses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>STANDARD MAILING SERVICES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minimum charge for each of the below services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Addressing mailing medium, per name</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Affixing labels, per label</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Machine Inserting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP> Enclosure, per piece 2<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> Enclosure, per
piece Each Enclosure thereafter, per piece
Manual Inserting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OTHER SERVICES</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Confidential Proxy Voting</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends &#151; Special Cash Dividends</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Electronic Distribution of Materials</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign Tax Re-claim</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Householding of Annual Meeting and Other Materials</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interactive Online Meeting Services</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Logistics Services (including document transportation, fulfillment,</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">printing and media placement)</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mailing Quarterly or Periodic Reports</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maintaining Mail Lists</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secondary Offerings or Closings</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock Splits and Stock Dividends</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Special Meetings</DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Survey Tabulation</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Stock Transfer Fee
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Schedule &#151; Page 7
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ADDITIONAL SERVICES PROVD3ED BY MELLON</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">In addition to transfer agent services, Mellon Investor Services also
provides the following related services.<br>
Contact your Sales Representative or Client Service Manager for additional information.

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bank/Broker Distributions<br>
Corporate Stock Buy-Back Services<br>
Custodial Services<br>
Direct Purchase &#038; Dividend Reinvestment Services<br>
Employee Stock Option Plan Administration<br>
Employee Stock Purchase Plan Administration<br>
Escrow Services<br>
Exchange or Tender Offer Processing<br>
Financial Planning Services<br>
Odd-Lot Program Administration<br>
Proxy Solicitation<br>
Stock Watch (beneficial owner identification)<br>
Subscription Agent Services<br>
Rights Agency<br>
Warrant Agency
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Stock Transfer Fee
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Schedule &#151; Page 8
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPENSES AND OTHER CHARGES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Fees and Out of Pocket Expenses: </I>The cost of stationery and supplies, including but not limited to
transfer sheets, dividend checks, envelopes, and paper stock, together with any disbursement for
telephone, postage, mail insurance, travel for annual meeting, link-up charges for ADP and tape
charges from DTC are billed in addition to the above fees. All charges and fees, out of pocket
costs, expenses and disbursements of Mellon are due and payable by Client upon receipt of an
invoice from Mellon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to any shareholder mailing processed by Mellon, Client shall, at least one business
day prior to mail date, provide immediately available funds sufficient to cover all postage due on
such mailing. For any dividend mailing, Client shall, at least one business day prior to the mail
date, also provide immediately available funds sufficient to pay the aggregate amount of dividends
to be paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Share Sale Program: </I>Client may appoint Mellon to administer, through Mellon&#146;s affiliate, Mellon
Bank, N.A., a program allowing Client&#146;s shareholders to liquidate book-entry shares, held in the
Direct Registration System (&#147;DRS&#148;), pursuant to the Client&#146;s stock purchase and/or dividend
reinvestment plan. The charge for each such sale, and the process for selling such shares, shall be
as described in the Client&#146;s plan. If Client does not have a separate stock purchase or dividend
reinvestment plan, then Client hereby appoints and directs Mellon to implement and administer,
through Mellon Bank, N.A., a share selling program allowing Client&#146;s shareholders to liquidate DRS
shares. The transaction fee for each such sale shall be $ plus $&nbsp;&nbsp;per share. Under the program, upon
receipt of a sell request by a registered shareholder, Mellon Bank, N.A. will process the request
through FutureShare Financial (&#147;FSF&#148;), a registered broker/dealer and member of NASD/SIPC and an
affiliate of Mellon. Proceeds of the sale will be sent to the shareholder in the form of a check
(less the transaction fee). Sale requests will typically be combined with other sale requests
received from Client shareholders and shares will be submitted in bulk to FSF for sale. Shares will
be sold usually within one business day of Mellon&#146;s receipt of the sale request, but in no event
more than five business days (except where deferral is necessary under state or federal
regulations). The price per share received by the selling shareholder will equal the market price
Mellon receives for the shares (or if more than one bulk trade is executed on the day the shares
are sold, then the price per share shall equal the weighted average market price received for all
Client shares sold that day).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Offering Administration Fee: </I>A minimum fee of $will be imposed for activities associated with
initial public offerings (IPO&#146;s), secondary offerings and/or closings. The fee covers the
coordination of efforts necessary between Mellon, the Client&#146;s underwriters, the banknote company
and DTC in order to effect the closing. This fee will cover the issuance of up to 200 certificates
and/or book-entry credits. Certificates and/or book-entry credits over this amount will be billed
at $ each. This fee is in addition to any fees Mellon may charge for coordination of selling
shareholders, custody services and/or escrow services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Conversion: </I>If an out-of-proof condition exists at the time of conversion, and such condition
is not resolved within 90 calendar days of such conversion, Client agrees to provide Mellon
with funds or shares sufficient to resolve the out-of-proof condition promptly after the
expiration of such 90&nbsp;day period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Deconversion: </I>Upon expiration or termination of this Agreement, Client shall pay Mellon a fee for
deconversion services (e.g., providing shareholder lists and files, producing and shipping
records, answering successor agent inquiries). This fee shall be based on Mellon&#146;s then-current
deconversion fee schedule. Mellon may withhold the Client&#146;s records, reports and unused
certificate stock pending Client&#146;s payment in full of all fees and expenses owed to Mellon under
this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Legal Expenses, System Modifications: </I>Certain expenses may be incurred in resolving legal matters
that arise in the course of performing services hereunder. This may result in a separate charge to
cover Mellon&#146;s expenses (including the cost of external or internal counsel) in resolving such
matters; provided that any legal expenses charged to the Client shall be reasonable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event any federal, state or local laws, rules or regulations are enacted that require Mellon
to (i)&nbsp;make any adjustments and/or modifications to its current system, or (ii)&nbsp;provide additional
services to Client for which Mellon is not being compensated hereunder, then Client shall
compensate Mellon (a)&nbsp;on a pro rata basis proportionate to the Client&#146;s registered shareholder
base, for the costs associated with making such required adjustments and/or modifications, or (b)
according to Mellon&#146;s standard fees established, in good faith, with respect to such additional
services.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Stock Transfer
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Fee Schedule &#151; Page 9
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Other Services: </I>Fees for any services provided to Client by or on behalf of Mellon hereunder that
are not set forth above will be based on Mellon&#146;s standard fees at the time such services are
provided or, if no standard fees have been established, an appraisal of the work to be performed.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Stock Transfer
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Fee Schedule &#151; Page 10
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(K)(2)(E)
<SEQUENCE>19
<FILENAME>b90494a1exv99wx2yxkyx2yxey.htm
<DESCRIPTION>AMENDMENT DATED OCTOBER 18, 2010 TO THE SERVICE AGREEMENT FOR TRANSFER AGENT SERVICES
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxkyx2yxey</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT TO</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK CLOSED END FUNDS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SERVICE AGREEMENT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FOR</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TRANSFER AGENT SERVICES</B>
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS AMENDMENT (this &#147;Amendment&#148;) dated October&nbsp;18, 2010 to the Service Agreement for Transfer
Agent Services dated June&nbsp;1, 2002, as amended (the &#147;Agreement&#148;), is entered into between Mellon
Investor Services LLC, a New Jersey limited liability company (&#147;Mellon&#148;), and John Hancock Premium
Dividend Fund (previously known as John Hancock Patriot Premium Dividend Fund II), a Massachusetts
Business Trust (&#147;Client&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WHEREAS, effective October&nbsp;18, 2010 John Hancock Patriot Premium Dividend Fund II changed its name
to John Hancock Premium Dividend Fund, and Mellon and the Client are entering into this Amendment
for the purpose of reflecting this name change in the Agreement, pursuant to which Mellon will
provide transfer agent and related services to Client. Capitalized terms used herein, but not
otherwise defined herein, shall have the meanings set forth in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WHEREAS, Mellon and Client desire to amend the Agreement as provided in this Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NOW THEREFORE, in consideration of the mutual conditions and agreements set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendments to Agreement</U></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Agreement is being amended to reflect the name change of John Hancock
Patriot Premium Dividend Fund II to John Hancock Premium Dividend Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;D is hereby amended to include the attached.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Term of the Amendment</U>. This amendment shall become effective upon due execution and
delivery by both parties hereto, and shall remain in effect for so long as the Agreement shall
remain in effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Ratification</U>. Except as expressly set forth herein, the Agreement is not modified
hereby and shall remain in full force and effect in accordance with the respective provisions
thereof and is in all respects ratified and affirmed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Partial Invalidity</U>. If any provision of this Amendment is held to be invalid or
unenforceable, such invalidity or unenforceability shall not invalidate this Amendment as a
whole, but this Amendment shall be construed as though it did not contain the particular
provision held to be invalid or unenforceable and the rights and obligations of the parties
shall be construed and enforced only to such extent as shall be permitted by applicable law.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Counterparts</U>. This Amendment may be executed in two or more counterparts, each
of which, when executed and delivered, shall be deemed an original for all purposes, but all
of which together shall constitute one and the same instrument.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, Mellon and Client have caused these presents to be duly executed as of the
day and year first above written.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left"><B>MELLON INVESTOR SERVICES LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>

    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Lynore LeConche
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>
</TR><TR>

    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Lynore LeConche&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>
</TR><TR>

    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Relationship Manager&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left"><B>JOHN HANCOCK PREMIUM DIVIDEND FUND</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>

    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Charles A. Rizzo
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Charles A. Rizzo&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(K)(2)(F)
<SEQUENCE>20
<FILENAME>b90494a1exv99wx2yxkyx2yxfy.htm
<DESCRIPTION>AMENDMENT DATED APRIL 6, 2011 TO THE SERVICE AGREEMENT FOR TRANSFER AGENT SERVICES
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxkyx2yxfy</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">AMENDMENT TO
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">JOHN HANCOCK CLOSED END FUNDS
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">SERVICE AGREEMENT
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">FOR
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">TRANSFER AGENT SERVICES
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS AMENDMENT (this &#147;Amendment&#148;) dated April&nbsp;6,2011 to the Service Agreement for Transfer
Agent Services dated June&nbsp;1, 2002, as amended (the &#147;Agreement&#148;), is entered into between Mellon
Investor Services LLC, a New Jersey limited liability company (&#147;Mellon&#148;), and John Hancock Hedged
Equity &#038; Income Fund, a Massachusetts Business Trust ( &#147;Client&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WHEREAS, Mellon and the Client are entering into this Amendment for the purpose of adding John
Hancock Hedged Equity &#038; Income Fund to the Agreement, pursuant to which Mellon will
provide transfer agent and related services to Client. Capitalized terms used herein, but not
otherwise defined herein, shall have the meanings set forth in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WHEREAS, Mellon and Client desire to amend the Agreement as provided in this Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NOW THEREFORE, in consideration of the mutual conditions and agreements set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendments to Agreement</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Agreement is hereby amended to add John Hancock Hedged Equity &#038;
Income Fund;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;D is hereby amended to include the attached.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Term of the Amendment</U>. This amendment shall become effective upon due
execution and delivery by both parties hereto, and shall remain in effect for so long as the
Agreement shall remain in effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Ratification</U>. Except as expressly set forth herein, the Agreement is not
modified hereby and shall remain in full force and effect in accordance with the respective
provisions thereof and is in all respects ratified and affirmed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Partial Invalidity</U>. If any provision of this Amendment is held to be invalid
or unenforceable, such invalidity or unenforceability shall not invalidate this Amendment as a
whole, but this Amendment shall be construed as though it did not contain the particular
provision held to be invalid or unenforceable and the rights and obligations of the parties
shall be construed and enforced only to such extent as shall be permitted by applicable law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Counterparts</U>. This Amendment may be executed in two or more counterparts,
each of which, when executed and delivered, shall be deemed an original for all purposes, but
all of which together shall constitute one and the same instrument.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, Mellon and Client have caused these presents to be duly executed as of the day
and year first above written.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left">MELLON INVESTOR SERVICES LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>

    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Lynore LeConche
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Lynore LeConche&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Relationship Manager&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>

    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD nowrap colspan="4" align="left">JOHN HANCOCK HEDGED EQUITY &#038; INCOME FUND<BR>
&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>

</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">      /s/ Charles A. Rizzo
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Charles A. Rizzo&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;D
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STOCK TRANSFER FEE SCHEDULE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following schedule is intended to be a comprehensive summary of the fees associated with this
proposal. The pricing as listed below is valid for ninety days from the date of submission or until
&#147;date&#148;. Fees are not subject to increase during the initial term.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Initial Term of Agreement:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">Two (2)&nbsp;years<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Fees Not Subject to Increase</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">Two (2)&nbsp;Years</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Administration </B>&#038; <B>Account Maintenance</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mellon will assign a Client Service Manager to consult with Client on all facets of stock transfer
administration, including, but not limited to, securities regulations, transfer requirements,
structuring of annual meetings, stock option exercises, cash and stock dividends, etc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Monthly OFAC Reporting is included in the monthly administration and accounts maintenance fees
listed below.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Administration &#038;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Administration &#038;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Account Maintenance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Account Maintenance</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(per month)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(per month)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fund Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010-2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011-2012</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Hancock
Hedged Equity &#038;
Income Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Administration and Account Maintenance fees cover all of the services and are subject to
the allowances listed below.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Subject to Section 2(a) of the Agreement</TD>
</TR>

</TABLE>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Stock Transfer
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Fee
Schedule - Page 1
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>JH</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Hedged</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Equity &#038;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Income</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of Active Accounts Maintained</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of Inactive Accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of Dividend Reinvestment Accounts Maintained</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of Dividend Processed per year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of Legal Review Items Processed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of Certificates Issued &#038; Book Entry Credits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of Certificates Cancelled &#038; Book Entry Debits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of Additional Mailings per Year (including one enclosure)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of Reports, Analyses, Lists, or Labels</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of Inspectors of Election</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of Respondent Bank Omnibus Proxies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of S/H Telephone Calls Handled by IVR System<SUP style="FONT-size: 85%; vertical-align: text-top"> (d)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>IVR = Interactive Voice Response; CSR = Customer Service
Representative</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>ISD transactions are defined as any shareholder transaction initiated
through ISD, including, but not limited to, share sales or purchases, duplicate statement or
tax form requests, address or pin changes, account changes or updates and certificate
requests.</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of SIH Telephone Calls Handled by IVR System<SUP style="FONT-size: 85%; vertical-align: text-top"> (d)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of SIH Telephone Calls Transferred from IVR to CSR<SUP style="FONT-size: 85%; vertical-align: text-top"> (d)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of Correspondence Items Responding to SIH Inquiries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of
Investor ServiceDirect&#174; Transactions<SUP style="FONT-size: 85%; vertical-align: text-top"> (d)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>JH Hedged</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Equity &#038;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Income</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of State Mandated Due Diligence Mailings for Lost
Property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">No. of SEC Mandated Lost S/H Database Searches</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Stock Transfer
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Fee Schedule - Page 2
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(K)(2)(G)
<SEQUENCE>21
<FILENAME>b90494a1exv99wx2yxkyx2yxgy.htm
<DESCRIPTION>AMENDMENT DATED JANUARY 27, 2012 TO THE SERVICE AGREEMENT FOR TRANSFER AGENT SERVICES
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxkyx2yxgy</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT TO</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK CLOSED END FUNDS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SERVICE AGREEMENT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FOR</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TRANSFER AGENT SERVICES</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>January&nbsp;27, 2012</B>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS AMENDMENT (this &#147;Amendment&#148;) dated January&nbsp;27, 2012 to the Service Agreement for Transfer
Agent Services dated June&nbsp;1, 2002, as amended (the &#147;Agreement&#148;), is entered into among
Computershare Shareowner Services LLC (formerly known as Mellon Investor Services LLC), a New
Jersey limited liability company (&#147;Agent&#148;), and John Hancock Bank and Thrift Opportunity Fund, John
Hancock Hedged Equity &#038; Income Fund, John Hancock Income Securities Trust, John Hancock Investors
Trust, John Hancock Preferred Income Fund, John Hancock Preferred Income Fund II, John Hancock
Preferred Income Fund III, John Hancock Premium Dividend Fund, John Hancock Tax-Advantaged Dividend
Income Fund and John Hancock Tax-Advantaged Global Shareholder Yield Fund, each a Massachusetts
Business Trust (collectively, the &#147;Clients&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WHEREAS, Agent and the Clients desire to amend the Agreement as provided in this Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NOW THEREFORE, in consideration of the mutual conditions and agreements set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendment to Agreement</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;D to the Agreement is hereby amended by: (i)&nbsp;replacing &#147;Direct Purchase &#038; Dividend
Reinvestment Services&#148; under &#147;Additional Services Provided by Mellon&#148; with &#147;Direct Purchase
and Dividend Reinvestment Services Fees are set forth on Schedule&nbsp;1 to Exhibit&nbsp;D&#148; and (ii)
by adding the attached Schedule&nbsp;1 to Exhibit&nbsp;D. For the avoidance of doubt, the attached
Schedule&nbsp;1 to Exhibit&nbsp;D replaces Exhibit&nbsp;1 executed among the parties on April&nbsp;26, 2011.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Term of the Amendment</U>. This amendment shall become effective upon due execution and
delivery by the parties hereto, and shall remain in effect for so long as the Agreement shall
remain in effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Ratification</U>. Except as expressly set forth herein, the Agreement is not modified
hereby and shall remain in full force and effect in accordance with the respective provisions
thereof and is in all respects ratified and affirmed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Partial Invalidity</U>. If any provision of this Amendment is held to be invalid or
unenforceable, such invalidity or unenforceability shall not invalidate this Amendment as a
whole, but this Amendment shall be construed as though it did not contain the particular
provision held to be invalid or unenforceable and the rights and obligations of the parties
shall be construed and enforced only to such extent as shall be permitted by applicable law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Counterparts</U>. This Amendment may be executed in two or more counterparts, each of
which, when executed and delivered, shall be deemed an original for all purposes, but all of
which together shall constitute one and the same instrument.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the parties hereto have caused these presents to be duly executed as of the day
and year first above written.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="4" align="left" nowrap><B>COMPUTERSHARE SHAREOWNER SERVICES LLC</B><BR><BR>
&nbsp;</TD>
   <TD valign="top" align="left">&nbsp;</TD>

</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Lynore LeConche
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR><TR>

    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Lynore LeConche&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>
</TR><TR>

    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Relationship Manager&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="4" align="left" nowrap><B>JOHN HANCOCK BANK AND THRIFT OPPORTUNITY FUND<BR>
JOHN HANCOCK HEDGED EQUITY &#038; INCOME FUND<BR>
JOHN HANCOCK INCOME SECURITIES TRUST<BR>
JOHN HANCOCK INVESTORS TRUST<BR>
JOHN HANCOCK PREFERRED INCOME FUND<BR>
JOHN HANCOCK PREFERRED INCOME FUND II<BR>
JOHN HANCOCK PREFERRED INCOME FUND III<BR>
JOHN HANCOCK PREMIUM DIVIDEND FUND<BR>
JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND<BR>
JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND</B>
&nbsp;</TD>
   <TD valign="top" align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>

    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">     /s/ Salvatore Schiavone
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>
</TR><TR>

    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Salvatore Schiavone&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>
</TR><TR>

    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" colspan="2">Treasurer of the Funds listed Above&nbsp;</TD>
 <TD align="left">&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Schedule&nbsp;1 to Exhibit&nbsp;D
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>INVESTOR PLAN SERVICES FEE SCHEDULE</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Item</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Note</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Paid By</B> <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Plan Set Up Fee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Per Fund
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fulfillment Processing
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Per request <SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Company</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Reinvestment Trading Fee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Per share
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Participant</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Purchase of Additional Shares By
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Per investment
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Participant</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">check
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Per investment</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By Electronic Transfer Trading Fee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Per share</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sale of Shares <SUP style="FONT-size: 85%; vertical-align: text-top">3 </SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Participant Per share</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trading Fee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Safekeeping</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Duplicate Statement &#151; Prior Year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top">Insufficient Funds or Rejected <BR>
Automatic Debit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center">Per check or debit i Participant<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Other services including (but not limited to):<BR>

Certificate Issuance
Transfer of Shares
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Company</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Out of Pocket Expenses including (but not
limited to): Forms/Brochures, Postage, 800
Number, etc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Company</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Notes</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Note 1</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fees could be:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;P&#148;, Participant Paid or &#147;C&#148;, Company Paid.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Note 2</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Documents on Demand (DoD) &#151; Paper based fulfillment processing
(including all materials and processing such as, printing,
postage, stationery, telephone request, etc., when applicable)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="white-space: nowrap">Note 3</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Including sales of fractional shares upon termination from plan.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->D-1<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(K)(3)
<SEQUENCE>22
<FILENAME>b90494a1exv99wx2yxkyx3y.htm
<DESCRIPTION>CHIEF COMPLIANCE OFFICER SERVICES AGREEMENT DATED MARCH 10, 2009
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxkyx3y</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CHIEF COMPLIANCE OFFICER<BR>
SERVICES AGREEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THIS AGREEMENT </B>(the &#147;Agreement&#148;) is made as of this 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of March, 2009 by and among
the trusts listed in Appendix&nbsp;A (the &#147;Trusts&#148;), on behalf of themselves and each of their funds
(the &#147;Funds&#148;), John Hancock Investment Management Services, LLC (&#147;JHIMS&#148;) and John Hancock
Advisers, LLC (&#147;JHA&#148;) (JHIMS and JHA are collectively referred to as &#147;John Hancock&#148;) and the
Trust&#146;s Chief Compliance Officer, Frank Knox (the &#147;CCO).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WHEREAS</B>, Rule&nbsp;38a-1 under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), requires
each Trust to: (i)&nbsp;establish a compliance program that is reasonably designed to prevent violations
of the Federal Securities Laws (as defined in Rule&nbsp;38a-1); and (ii)&nbsp;designate an individual to
serve as the CCO, with overall responsibility for administering the Trust&#146;s compliance program;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WHEREAS</B>, each Trust desires to retain the CCO to provide the services set forth below to the Trust
and each of its Funds and the CCO is willing to furnish such services in the manner and on the
terms hereinafter set forth; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WHEREAS</B>, each Trust desires to retain John Hancock to provide administrative services to the CCO as
described below and John Hancock is willing to furnish such services in the manner and on the terms
hereinafter set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NOW, THEREFORE</B>, each Trust, the CCO and John Hancock hereby agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. </B><U><B>CCO and CCO Services</B></U>. Subject to the general supervision of the Boards of Trustees of
the Trusts (the &#147;Board&#148;), the CCO will provide the Trusts and each of the Funds the CCO services
set forth below as are reasonably necessary for the operation of the Trusts and each Fund (the &#147;CCO
Services&#148;). The CCO Services include, but are not limited to
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>coordinating the implementation of policies and procedures reasonably designed
to prevent violation of federal securities laws by the Funds, including policies and
procedures that provide for the oversight of compliance by each investment adviser,
subadviser, principal underwriter, administrator, and transfer agent of the Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing, at least annually, the adequacy of the policies and procedures of
the Funds and each investment adviser, subadviser, principal underwriter, administrator
and transfer agent of the Funds; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>providing, at least annually, a written report to the Board that at minimum,
addresses:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the operation of the policies and procedures of the Funds and
each investment adviser, subadviser, principal underwriter, administrator, and
transfer agent of the Funds, any material changes made to those policies and
procedures since the date of the last report, and any material changes</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the
policies and procedures recommended as a result of the annual review described
in Section&nbsp;1.2 above; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each material compliance matter that occurred since the date of
the last report.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the provision of the CCO Services by the CCO, John Hancock will at the expense
of the Trusts:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>either provide such staff and personnel to the CCO as are reasonably necessary
to perform the CCO Services or assist the CCO in hiring such staff and personnel;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide the Trusts with all office space, office equipment, utilities and other
office support as the CCO may reasonably request to perform the CCO Services (&#147;Office
Support&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide the CCO with computer hardware and software (and the development
thereof) used to support CCO Services and IT support relating to such computer hardware
and software; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide the CCO with such other services as the CCO may reasonably request in
order to perform his or her duties as the CCO of the Funds including, without
limitation, services provided by third parties such as Charles River, GainsKeeper and
Confluence, Bloomberg that are related to John Hancock&#146;s provision of CCO Services to
the Funds;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Expenses of providing the services set forth in (1)&nbsp;through (4)&nbsp;above to be paid by the Trust
include overhead expenses (including Manulife Financial Corporation (&#147;Manulife&#148;) corporate
overhead) related to Office Support and personnel who provide services to each Fund pursuant to
this Agreement (the &#147;Reimbursement&#148;), provided that overhead expenses related to Office Support
shall not exceed levels that are allocated ordinarily to other Manulife business units. John
Hancock shall determine, subject to Board approval, the expenses to be reimbursed by each Fund
pursuant to this Agreement (the &#147;Reimbursement&#148;); provided, however, that such expenses shall not
exceed levels that are fair and reasonable in light of the usual and customary charges made by
others for services of the same nature and quality. The Reimbursement shall be calculated and paid
monthly in arrears.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CCO Services do not include services performed and personnel provided pursuant to contracts
with the Trust or the Funds by third-party custodians, transfer agents and other service providers.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Compensation</B></U>. In consideration for the CCO Services provided by the CCO pursuant to
this Agreement, each Fund will pay the CCO such compensation as may be approved by the Board
in accordance with Rule&nbsp;38a-1 from time to time. Any services provided to the CCO or the Funds
relating to the CCO Services by a person or entity other than John Hancock and its affiliates,
including, without limitation, services provided by attorneys not affiliated with John
Hancock, are not covered under this Agreement and are an expense of the Funds.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>No Partnership or Joint Venture</B></U>. Each Trust, on behalf of itself and each of its
Funds, John Hancock and the CCO are not partners of or joint venturers with each other, and
nothing herein shall be construed so as to make any of the Trusts, on behalf of itself or any
of its Funds, John Hancock or the CCO partners or joint venturers or impose any liability as
such on the Trust, any Fund, John Hancock or the CCO.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Limitation of Liability</B></U><B>. </B>Neither the CCO nor John Hancock shall be liable for any
error of judgment or mistake of law or for any loss suffered by the Funds in connection with
the matters to which this Agreement relates, except losses resulting from willful misfeasance,
bad faith or negligence by the CCO or John Hancock in the performance of its duties or from
reckless disregard by the CCO or John Hancock of its obligations under this Agreement. Any
person, even though also employed by John Hancock, who may be or become an employee of and
paid by any of the Trusts shall be deemed, when acting within the scope of his or her
employment by the Trust, to be acting in such employment solely for the Trusts and not as John
Hancock&#146;s employee or agent.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Duration and Termination of Agreement</B></U>. This Agreement shall remain in effect until
the second anniversary of the date on which it was executed, and from year to year thereafter,
but only so long as such continuance is specifically approved at least annually by a majority
of the Board and a majority of the Independent Trustees. The Agreement may be terminated: (a)
at any time on written notice without the payment of any penalty by any of the Trusts on
behalf of itself or any of its Funds (by vote of a majority of the Trustees of the Trust); or
(b)&nbsp;on 30&nbsp;days&#146; written notice to the Trusts by the CCO or John Hancock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Amendment</B></U>. No provision of this Agreement may be amended, waived, discharged or
terminated except by an instrument in writing signed by the party against which enforcement of
the amendment, waiver, discharge or termination is sought.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Governing Law</B></U>. This Agreement shall be governed by and construed in accordance with
the laws of the Commonwealth of Massachusetts without regard to the choice of law provisions
thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Miscellaneous</B></U>. The captions in this Agreement are included for convenience of
reference only and in no way define or limit any of the provisions of this Agreement or
otherwise affect their construction or effect. This Agreement may be executed simultaneously
in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. A copy of the Declaration of Trust of
each Trust which is organized as a Massachusetts business trust is on file with the Secretary
of State of the Commonwealth of Massachusetts and provides that no Trustee, shareholder,
officer, employee or agent of the Trust shall be subject to any personal liability in
connection with Trust property or the affairs of the Trust, but that only the assets belonging
to the Trust, or to the particular Fund with respect to which an obligation or claim arose,
shall be liable.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IN WITNESS WHEREOF</B>, the undersigned have caused this Agreement to be executed by their duly
authorized Officers e date first written above.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Frank Knox
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR><TR>
    <TD colspan="3" align="left">Frank Knox, CCO of the Trusts&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>

    <TD width="15%">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left"><B>John Hancock Investment Management Services, LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>

    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John Danello
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>
</TR><TR>
 <TD>&nbsp;</TD>
    <TD colspan="2" align="left">John J. Danello&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left"><B>John Hancock Advisers, LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD valign="top" align="left">&nbsp;</TD>
</TR>


<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John Danello
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">John J. Danello&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left"><B>By the Trusts Listed Below</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD valign="top" align="left">&nbsp;</TD>

</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Thomas M. Kinzler
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Thomas M. Kinzler&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD align="left">&nbsp;</TD>

</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left"><B>JOHN HANCOCK FUNDS III<BR>
On Behalf of each of its Series</B>
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left"><B>JOHN HANCOCK BOND TRUST<BR>
on behalf of each of its series</B>
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD valign="top" align="left">&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left" nowrap><B>JOHN HANCOCK CALIFORNIA TAX-FREE INCOME<BR>
on behalf of each of its series</B>
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD valign="top" align="left">&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left"><B>JOHN HANCOCK CAPITAL SERIES<BR>
on behalf of each of its series</B>
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left"><B>JOHN HANCOCK CURRENT INTEREST<BR>
on behalf of each of its series</B>
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left"><B>JOHN HANCOCK EQUITY TRUST<BR>
on behalf of each of its series</B>
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="6" align="left"><B>JOHN HANCOCK INVESTMENT TRUST<BR>
on behalf of each of its series<BR><BR>
JOHN HANCOCK INVESTMENT TRUST I1<BR>
on behalf of each of its series</B>
&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>

    <TD colspan="5" align="left"><B>JOHN HANCOCK INVESTMENT TRUST I11<BR>
on behalf of each of its series</B>
&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5" align="left"><B>JOHN HANCOCK MUNICIPAL SERIES TRUST<BR>
on behalf of each of its series<BR>
<BR>
JOHN HANCOCK SERIES TRUST<BR>
on behalf of each of its series<BR>
<BR>
JOHN HANCOCK SOVEREIGN BOND FUND<BR>
on behalf of each of its series<BR>
<BR>

JOHN HANCOCK STRATEGIC SERIES<BR>
on behalf of each of its series<BR>
<BR>
JOHN HANCOCK TAX-EXEMPT SERIES FUND<BR>
on behalf of each of its series<BR>
<BR>
JOHN HANCOCK WORLD FUND<BR>
on behalf of each of its series<BR>
<BR>
JOHN HANCOCK BANK &#038; THRIFT OPPORTUNITY FUND<BR>
<BR>
JOHN HANCOCK INCOME SECURITIES TRUST<BR>
<BR>
JOHN HANCOCK INVESTORS TRUST<BR>
<BR>
JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND II<BR>
<BR>
JOHN HANCOCK PREFERRED INCOME FUND<BR>
<BR>
JOHN HANCOCK PREFERRED INCOME FUND II<BR>
<BR>
JOHN HANCOCK PREFERRED INCOME FUND III<BR>
<BR>
JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND<BR>

<BR>
JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND</B><BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>APPENDIX A</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK FUNDS III</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK BOND TRUST</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK CALIFORNIA TAX-FREE INCOME</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK CAPITAL SERIES</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK CURRENT INTEREST</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK EQUITY TRUST</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK INVESTMENT TRUST</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK INVESTMENT TRUST II</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK INVESTMENT TRUST III</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK MUNICIPAL SERIES TRUST</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK SERIES TRUST</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK SOVEREIGN BOND FUND</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK STRATEGIC SERIES</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK TAX-EXEMPT SERIES FUND</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK WORLD FUND</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK BANK &#038; THRIFT OPPORTUNITY FUND</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK INCOME SECURITIES TRUST</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK INVESTORS TRUST</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK PATRIOT PREMIUM DIVIDEND INCOME FUND II</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK PREFERRED INCOME FUND</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK PREFERRED INCOME FUND II</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK PREFERRED INCOME FUND III</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND</B>

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(R)(1)
<SEQUENCE>23
<FILENAME>b90494a1exv99wx2yxryx1y.htm
<DESCRIPTION>CODE OF ETHICS DATED JANUARY 1, 2008 (REVISED JANUARY 11, 2011) OF THE ADVISER
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxryx1y</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>John Hancock Code of Ethics</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>January&nbsp;1, 2008</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(revised January&nbsp;1, 2011)</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>This is the Code of Ethics for the following:</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Advisers, LLC and<BR>
John Hancock Investment Management Services, LLC<BR>
(each, a &#147;John Hancock Adviser&#148;)</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Funds, LLC</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>John Hancock Distributors, LLC, and</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>each open-end and closed-end fund advised by a John Hancock Adviser<BR>
(the &#147;John Hancock Affiliated Funds&#148;)</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(together, called &#147;John Hancock&#148;)</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">John Hancock is required by law to adopt a Code of Ethics. The purposes of a Code of Ethics
are to ensure that companies and their &#147;covered employees&#148;<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP> comply with all applicable
laws and to prevent abuses in the investment advisory business that can arise when conflicts of
interest exist between the employees of an investment advisor and its clients. By adopting and
enforcing a Code of Ethics, we strengthen the trust and confidence entrusted in us by demonstrating
that at John Hancock, client interests come first.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Code of Ethics (the &#147;Code&#148;) that follows represents a balancing of important interests. On the
one hand, as registered investment advisers, the John Hancock Advisers owe a duty of undivided
loyalty to their clients, and must avoid even the appearance of a conflict that might be perceived
as abusing the trust they have placed in John Hancock. On the other hand, the John Hancock Advisers
do not want to prevent conscientious professionals from investing for their own accounts where
conflicts do not exist or that are immaterial to investment decisions affecting the John Hancock
Advisers&#146; clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When conflicting interests cannot be reconciled, the Code makes clear that, first and foremost,
covered employees owe a fiduciary duty to John Hancock clients. In most cases, this means that the
affected employee will be required to forego conflicting personal securities transactions. In some
cases, personal investments will be permitted, but only in a manner, which, because of the
circumstances and applicable controls, cannot reasonably be perceived as adversely affecting John
Hancock client portfolios or taking unfair advantage of the relationship John Hancock employees
have to John Hancock clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Code contains specific rules prohibiting defined types of conflicts. Since every potential
conflict cannot be anticipated by the Code, it also contains general provisions prohibiting
conflict situations. In view of these general provisions, it is critical that any covered employee
who is in doubt about the applicability of the Code in a given situation seek a determination from
Code of Ethics Administration or the Chief Compliance Officer about the propriety of the conduct in
advance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is critical that the Code be strictly observed. Not only will adherence to the Code ensure that
John Hancock renders the best possible service to its clients, it will help to ensure that no
individual is liable for violations of law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It should be emphasized that adherence to this policy is a fundamental condition of employment at
John Hancock. Every covered employee is expected to adhere to the requirements of the Code despite
any inconvenience that may be involved. Any covered employee failing to do so may be subject to
disciplinary action, including financial penalties and termination of employment in conjunction
with the John Hancock Schedule of Fines and Sanctions or as determined by Ethics Oversight
Committee..
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&#147;Covered employees&#148; includes all &#147;access
persons&#148; as defined under Securities and Exchange Commission (&#147;SEC&#148;) Rule&nbsp;17j-1
under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), and
&#147;supervised persons&#148; as defined under SEC Rule&nbsp;204A-1 under the Investment
Advisers Act of 1940, as amended (the &#147;Advisers Act&#148;).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Table of Contents</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="95%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Section&nbsp;1: General Principals</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Section&nbsp;2: To Whom Does This Code Apply?</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Access Person Designations
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Section&nbsp;3: Which Accounts and Securities are Subject to the Code&#146;s Personal
Trading Requirements</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Preferred Brokerage Account Requirement
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Section&nbsp;4: Overview of Policies</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">7</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Section&nbsp;5: Policies in the Code of Ethics</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Affiliated Funds Reporting Requirement and Holding Period
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pre-clearance Requirement of Securities Transactions
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-15px"><I>Pre-clearance of IPOs, Private Placements and Limited Offerings</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">10</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-15px"><I>Pre-clearance of MFC securities</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">10</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-15px"><I>Pre-clearance Process</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">10</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ban on Short-Term Profits
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">11</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ban on IPOs for Access Level I Persons
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">11</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ban on Speculative Transactions in MFC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ban on ownership of publicly traded securities of subadvisers and their controlling parent
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ban on Restricted Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">13</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Excessive Trading
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">13</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Disclosure of Private Placement Conflicts
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">13</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Seven Day Blackout Period for Access Level I Persons
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">14</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Three Day Blackout Period for Access Level II Persons
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">14</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Restriction on Securities under Active Consideration
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exceptions
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-15px"><I>De Minimus Trading Rule</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-15px"><I>Market Cap Securities Exception</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-15px"><I>Trading in Exchange Traded Funds/Notes and Options on Covered Securities</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Section&nbsp;6: Policies outside of the Code of Ethics</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MFC Code of Business Conduct &#038; Ethics
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Gift &#038; Entertainment Policy for the Advisers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Insider Trading Policy
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">17</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Whistleblower Policy for the Advisers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">17</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Policy and Procedures Regarding Disclosure of Portfolio Holdings
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">18</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Section&nbsp;7: Reporting and Other Disclosures outside the Code of Ethics</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Broker Letter/Duplicate Confirm Statements
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investment Professional Disclosure of Personal Securities Conflicts
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Section&nbsp;8: Reporting Requirements and Other Disclosures inside the Code of Ethics</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Initial Holdings Report and Annual Holdings Report
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Quarterly Transaction Certification
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Quarterly Brokerage Account Certification
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">22</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Annual Certification of Code of Ethics
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">23</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Reporting of Gifts, Donations, and Inheritances
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="95%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Section&nbsp;9: Subadviser Compliance</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Adoption and Approval
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Reporting and Recordkeeping Requirements
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">25</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Section&nbsp;10: Reporting to the Board</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">25</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Section&nbsp;11: Reporting Violations</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">25</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Section&nbsp;12: Interpretation and Enforcement</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">26</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Section&nbsp;13: Exemptions &#038; Appeals</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">27</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Section&nbsp;14: Education of Employees</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Section&nbsp;15: Recordkeeping</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Appendix&nbsp;A: Access Person Categories</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">29</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Appendix&nbsp;B: Affiliated Funds</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Appendix&nbsp;C: Pre-clearance Procedures</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Appendix&nbsp;D: Subadviser Publicly Traded Securities Restriction List</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">40</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Appendix&nbsp;E: Other Important Policies Outside the Code</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">44</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Appendix&nbsp;F: Investment Professional Disclosure of Personal Securities Conflicts</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">45</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Appendix&nbsp;G: John Hancock Advisers Schedule of Fines and Sanctions</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Appendix&nbsp;H: Chief Compliance Officers and Compliance Contacts</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">47</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1) General Principles</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each covered person within the John Hancock organization is responsible for maintaining the
very highest ethical standards when conducting our business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>This means that:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> You have a fiduciary duty at all times to place the interests of our clients and fund investors
first.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> All of your personal securities transactions must be conducted consistent with the provisions of
the Code that apply to you and in such a manner as to avoid any actual or potential conflict of
interest or other abuse of your position of trust and responsibility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> You should not take inappropriate advantage of your position or engage in any fraudulent or
manipulative practice (such as front-running or manipulative market timing) with respect to our
clients&#146; accounts or fund investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> You must treat as confidential any information concerning the identity of security holdings and
financial circumstances of clients or fund investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> You must comply with all applicable federal securities laws, which, for purposes of the Code,
means the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), the Securities Exchange Act of
1934, the Sarbanes-Oxley Act of 2002, the 1940 Act, the Advisers Act, Title V of the
Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy
Act as it applies to funds and investment advisers, and any rules adopted there under by the SEC or
the Department of the Treasury.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> You must promptly report any violation of the Code that comes to your attention to the Chief
Compliance Officer of your company &#151; <B>see Appendix&nbsp;H.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is essential that you understand and comply with the general principles, noted above, in letter
and in spirit as no set of rules can anticipate every possible problem or conflict situation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>As described in section 12 &#147;Interpretation and Enforcement&#148; on page 24 of the Code, failure to
comply with the general principles and the provisions of the Code may result in disciplinary
action, including termination of employment.</B>
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2) To Whom Does This Code Apply?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Code applies to you if you are:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a director, officer or other &#147;Supervised Employee&#148;<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP> of a John Hancock Adviser;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an interested director, officer or access person<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP> of John Hancock Funds, LLC,
John Hancock Distributors, LLC, or a John Hancock open-end or closed-end fund registered under
the 1940 Act and are advised by a John Hancock Adviser;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an independent member of the Board of John Hancock Trust or John Hancock Funds II;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an employee of Manulife Financial Corporation (&#147;MFC&#148;) or its subsidiaries who participates
in making recommendations for, or receives information about, portfolio trades or holdings of
the John Hancock Affiliated Funds. The preceding excludes MFC Global Investment Management
(U.S.A.) Limited, MFC Global Investment Management (U. S) LLC, and Declaration Management and
Research, LLC each of whom have adopted their own code of ethics in accordance with Rule
204A-1 under the Advisers Act.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, notwithstanding anything herein to the contrary, the Code does not apply to any Board
member of John Hancock Funds who is not an &#147;interested person&#148; (as defined in Section&nbsp;2(a)(19) of
the 1940 Act) of the Funds (an &#147;Independent Board Member&#148;), so long as he or she is subject to a
separate Code of Ethics.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please note that if a policy described below applies to you, it also applies to all accounts over
which you have a beneficial interest. Normally, you will be deemed to have a beneficial interest in
your personal accounts, those of a spouse, &#147;significant other,&#148; minor children or family members
sharing the same household, as well as all accounts over which you have discretion or give advice
or information. &#147;Significant others&#148; are defined for these purposes as two people who (1)&nbsp;share
the same primary residence; (2)&nbsp;share living expenses; and (3)&nbsp;are in a committed relationship and
intend to remain in the relationship indefinitely.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are four categories for persons covered by the Code, taking into account their positions,
duties and access to information regarding fund portfolio trades. You have been notified about
which of these categories applies to you, based on Code of Ethics Administration&#146;s understanding of
your current role. If you have a level of investment access beyond your assigned category, or if
you
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>A &#147;Supervised Employee&#148; is defined by the
Advisers Act to mean a partner, officer, director (or other person occupying a
similar status or performing similar functions) or employee, as well as any
other person who provides advice on behalf of the adviser and is subject to the
adviser&#146;s supervision and control. However, in reliance on the Prudential
no-action letter, John Hancock does not treat as a &#147;Supervised Employee&#148; any of
its &#147;non-advisory personnel&#148;, as defined below.<BR style="font-size: 6pt">
<BR style="font-size: 6pt">
In reliance on the Prudential no-action letter, John Hancock treats as an
&#147;Advisory Person&#148; any &#147;Supervised Employee&#148; who is involved, directly, or
indirectly, in John Hancock Financial Services investment advisory activities,
as well as any &#147;Supervised Employee&#148; who is an &#147;Access Person&#148;. John Hancock
treats as &#147;non-advisory personnel&#148;, and does not treat as a &#147;Supervised
Person&#148;, those individuals who have no involvement, directly or indirectly, in
John Hancock investment advisory activities, and who are not &#147;Access Persons&#148;.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>You are an &#147;Access Person&#148; if you are a &#147;Supervised
Person&#148; who has access to non-public information regarding any client&#146;s
purchase or sale of securities, or non-public information regarding the
portfolio holdings of any John Hancock Affiliated Fund, or who is involved in
making securities recommendations to clients, or who has access to such
recommendations that are non-public.</TD>
</TR>

</TABLE>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">are promoted or change duties and as a result should more appropriately be included in a different
category, it is your responsibility to notify Code of Ethics Administration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Access Person Designations:</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The basic definitions of four categories, with examples, are provided below. The more detailed
definitions of each category are attached as <B>Appendix&nbsp;A.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>&#147;Access Level I&#148;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&#147;Access Level II&#148;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&#147;Access Level III&#148;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&#147;Access Level IV&#148;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Investment Access</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Regular Access</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Periodic Access</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Board Members</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A person who, in
connection with
his/her regular
functions or duties,
makes or
participates in
making
recommendations
regarding the
purchase or sale of
securities by the
Fund or account.<BR>
<br><U>Examples</U>:
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B> Portfolio
Managers</DIV><BR style="font-size: 6pt"><BR style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B> Analysts</DIV><BR style="font-size: 6pt">
<BR style="font-size: 6pt"><DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B> Traders</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A person who, in
connection with his/her
regular functions or
duties, has regular
access to nonpublic
information regarding any
clients&#146; purchase or sale
of securities, or
nonpublic information
regarding the portfolio
holdings of any John
Hancock Affiliated Fund
or who is involved in
making securities
recommendations to
clients, or who has
regular access to such
recommendations that are
nonpublic.<BR style="font-size: 6pt"><BR style="font-size: 6pt"><BR style="font-size: 6pt">
<U>Examples</U>:<BR style="font-size: 6pt"><BR style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B> Office of the
Chief Compliance Officer</DIV><BR style="font-size: 6pt"><BR style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B> Fund
Administration</DIV><BR style="font-size: 6pt"><BR style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B> Investment
Management Services,</DIV><BR style="font-size: 6pt"><BR style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B> Administrative
Personnel for Access
Level I Persons</DIV><BR style="font-size: 6pt"><BR style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B> Technology<BR style="font-size: 6pt">
Resources Personnel</DIV><BR style="font-size: 6pt"><BR style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B> Private Client
Group Personnel</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A person who, in
connection with
his/her regular
functions or
duties, has
periodic access to
nonpublic
information
regarding any
clients&#146; purchase
or sale of
securities, or
nonpublic
information
regarding the
portfolio holdings
of any John Hancock
Affiliated Fund.<BR style="font-size: 6pt">
<BR style="font-size: 6pt">
<U>Examples</U>:<BR style="font-size: 6pt"><BR style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B> Legal Staff</DIV><BR style="font-size: 6pt"><BR style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B> Marketing</DIV><BR style="font-size: 6pt"><BR style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B> Product
Development</DIV><BR style="font-size: 6pt"><BR style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B> E-Commerce</DIV><BR style="font-size: 6pt"><BR style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B> Corporate
Publishing</DIV><BR style="font-size: 6pt"><BR style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>
Administrative
Personnel for
Access Level II
Persons</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">An Independent
Board Member of
John Hancock Trust
or John Hancock
Funds II</TD>
</TR>
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</TABLE>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3) Which Accounts and Securities are Subject to the Code&#146;s Personal Trading Restrictions</B>?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Code describes &#147;Personal Trading Requirements&#148; (i.e., John Hancock Mutual Fund
reporting requirement and holding period, the pre-clearance requirement, the ban on short-term
profits, the ban on IPOs, the disclosure of private placement conflicts and the reporting
requirements) that apply to your access category as described above, then the requirements apply to
trades for any account in which you have a beneficial interest. Normally, this includes your
personal accounts, those of a spouse, &#147;significant other,&#148; minor children or family members sharing
your household, as well as all accounts over which you have discretion or give advice or
information. This includes all brokerage accounts that contain securities (<B>including brokerage
accounts that only contain securities exempt from reporting, e.g., brokerage accounts holding
shares of non- affiliated mutual funds</B>).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>This also includes all accounts holding John Hancock Affiliated Funds as well as accounts in the MFC Global Share Ownership Plan.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accounts over which you have no direct or indirect influence or control are exempt. To prevent
potential violations of the Code, you are strongly encouraged to request clarification for any
accounts that are in question.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>These personal trading requirements do not apply to the following securities:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Direct obligations of the U.S. government (e.g., treasury securities) and indirect
obligations of the U. S government having less than one year to maturity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bankers&#146; acceptances, bank certificates of deposit, commercial paper, and high quality
short-term debt obligations, including repurchase agreements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares issued by money market funds and all other open-end mutual funds registered under
the 1940 Act that are not advised or subadvised by a John Hancock Adviser or another Manulife
entity<SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP>;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commodities and options and futures on commodities; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities in accounts over which you have no direct or indirect influence or control.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Except as noted above, the Personal Trading Requirements apply to all securities, including:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stocks;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bonds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Government securities that are not direct obligations of the U.S. government, such as
Fannie Mae, or municipal securities, in each case that mature in more than one year;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>John Hancock Affiliated Funds;<SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Closed-end funds;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">4</TD>
    <TD>&nbsp;</TD>
    <TD>Different requirements apply to shares of John
Hancock Affiliated Funds. See the section titled &#147;Reporting Requirement and
Holding Period for positions in John Hancock Affiliated Funds&#148; on page 8 of
this Code. A list of Affiliated Funds can be found in Appendix&nbsp;B.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Options on securities, on indexes, and on currencies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Limited partnerships;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exchange traded funds and notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Domestic unit investment trusts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Non-US unit investment trusts and Non-US mutual funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Private investment funds and hedge funds; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Futures, investment contracts or any other instrument that is considered a &#147;security&#148;
under the Securities Act of 1933.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Preferred Brokerage Account Requirements:</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This rule applies to new access persons commencing employment after January&nbsp;1, 2008, plus any new
brokerage accounts established by existing access persons.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While employed by John Hancock, you must maintain your accounts at one of the preferred brokers
approved by John Hancock. The following are the preferred brokers for you to maintain your covered
accounts:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Charles Schwab</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>E*trade</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Fidelity</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Citigroup Smith Barney</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Merrill Lynch</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Morgan Stanley</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>TDAmeritrade</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>UBS Financial</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Scottrade</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Exceptions: </B>With approval from Code of Ethics Administration, you can maintain a brokerage account
at a broker-dealer other than the ones listed above if any of the following applies:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it contains only securities that can&#146;t be transferred;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it exists solely for products or services that one of the above broker/dealers can not
provide;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it exists solely because your spouse&#146;s or significant other&#146;s employer also prohibits
external covered accounts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is managed by a third-party registered investment adviser;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is restricted to trading interests in non-Hancock 529 College Savings Plans;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is associated with an ESOP (employee stock option plan) or an ESPP (employee stock
purchase plan) in which a related covered person is the participant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is required by a direct purchase plan, a dividend reinvestment plan, or an automatic
investment plan with a public company in which regularly scheduled investments are made or
planned;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is required by a trust agreement;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is associated with an estate of which you are the executor, but not a beneficiary, and
your involvement with the account is temporary; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transferring the account would be inconsistent with other applicable rules.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What do I need to do to comply?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You will need to transfer assets of current brokerage accounts to one of the preferred
brokers/dealers listed above within 45&nbsp;days of commencement of employment and close your current
accounts
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Or</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You will need to contact Code of Ethics Administration to obtain an exemption request form to
submit a request for permission to maintain a brokerage account with a broker/dealer not on John
Hancock&#146;s preferred broker list.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4) Overview of Policies</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Access Level I</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Access Level II</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Access Level III</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Access Level IV</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Person</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Person</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Person</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B> Person</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General principles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Policies Inside the Code</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reporting
requirement and holding period for positions in John
Hancock Affiliated Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pre-clearance requirement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Limited</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pre-clearance requirement for initial public offerings (&#147;IPOs&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Prohibited</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pre-clearance requirement on private placements/ limited
offerings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ban on IPOs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ban on short-term profits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fund trade blackout period rule</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ban on speculative trading in MFC stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ban on ownership of publicly traded subadvisers and controlling
parent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Reporting Requirements &#038; Disclosures</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reporting of gifts, donations, and inheritances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Duplicate confirms &#038; statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Initial &#038; annual certification of the Code</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Initial &#038; annual holdings reporting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Quarterly personal transaction reporting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Limited</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Access Level I</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Access Level II</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Access Level III</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Access Level IV</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Person</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Person</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Person</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Person</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Disclosure of private placement conflicts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Policies Outside the Code</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MFC Code of Business Conduct &#038; Ethics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Hancock Gift &#038; Entertainment Policy for the Advisers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Hancock Insider Trading Policy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Hancock Whistleblower Policy for the Advisers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Policy and Procedures Regarding Disclosure of Portfolio Holdings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment Professional Personal Security Ownership Disclosure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Yes</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>No</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5) Policies in the Code of Ethics</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>John Hancock Affiliated Funds Reporting Requirement and Holding Period</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: All Access Levels</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You must follow the reporting requirement and the holding period requirement specified below if you
purchase either:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> a &#147;John Hancock Mutual Fund&#148; (i.e., a 1940 Act mutual fund that is advised or sub-advised by a
John Hancock Adviser or by another Manulife entity); or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> a &#147;John Hancock Variable Product&#148; (i.e., contracts funded by insurance company separate accounts
that use one or more portfolios of John Hancock Trust).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The reporting requirement and the holding period requirement for positions in John Hancock
Affiliated Funds do not include John Hancock money market funds and any dividend reinvestment,
payroll deduction, systematic investment/withdrawal and/or other program trades.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Reporting Requirement: </B>You must report your holdings and your trades in a John Hancock Affiliated
Fund held in an outside brokerage account. This is not a pre-clearance requirement&#151;you can report
your holdings after you trade by submitting duplicate confirmation statements to Code of Ethics
Administration. If you are an Access Level I Person, Access Level II Person, or Access Level III
Person, you must also make sure that your holdings in a John Hancock Affiliated Fund are included
in your Initial Holdings Report (upon hire or commencement of access designation).
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you purchase a John Hancock Variable Product, you must notify Code of Ethics Administration of
your contract or policy number.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Code of Ethics Administration will rely on the operating groups of the John Hancock Affiliated
Funds for administration of trading activity, holdings and monitoring of market timing policies.
Accordingly employees will not be required to file duplicate transaction and holdings reports for
these products as long as the accounts holding these products are held with the respective John
Hancock operating group, i.e. John Hancock Signature Services, Inc. and the contract
administrators supporting the John Hancock variable products.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Code of Ethics Administration will have access to this information upon request.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Holding Requirement: </B>You cannot profit from the purchase and sale of a John Hancock Mutual Fund
within 30 calendar days. The purpose of this policy is to address the risk, real or perceived, of
manipulative market timing or other abusive practices involving short-term personal trading in the
John Hancock Affiliated Funds. Any profits realized on short-term trades must be surrendered by
check payable to John Hancock Advisers, LLC, which will be contributed to a charity of its choice.
You may request an exemption from this policy for involuntary sales due to unforeseen corporate
activity (such as a merger), or for sales due to hardship reasons (such as unexpected medical
expenses) by sending an e-mail to the Chief Compliance Officer of your company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Pre-clearance Requirement of Securities Transactions</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: Access Level I Persons, Access Level II Persons</i></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Also, for a <U>limited category of trades:</U></I></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Access Level III Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Access Level I Persons and Access Level II Persons: </B>If you are an Access Level I Person or Access
Level II Person, you must &#147;pre-clear&#148; (i.e., receive advance approval of) any personal securities
transactions in the categories described in section 3: &#147;Which Accounts and Securities are Subject
to the Code&#146;s Personal Trading Restrictions&#148; on page 4 of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Due to this pre-clearance requirement, participation in investment clubs and special orders, such
as &#147;good until canceled orders&#148; and &#147;limit orders,&#148; are prohibited.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Place day orders only, i.e., orders that automatically expire at the end of the trading session. Be
sure to check the status of all orders at the end of the trading day and cancel any orders that
have not been executed. If any Access Person leaves an order open and it is executed the next day
(or later), the transaction will constitute a violation of the Code by the Access Person.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Limited Category of Trades for Access Level III Persons: </B>If you are an Access Level III Person,
you must pre-clear transactions in securities of any closed-end funds advised by a John Hancock
Adviser, as well as transactions in IPOs, private placements and limited offerings. An Access Level
III Person is not required to pre-clear other trades. However, please keep in mind that an Access
Level III Person is required to report securities transactions after every trade (even those
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">that
are not required to be pre-cleared) by requiring your broker to submit duplicate confirmation
statements, as described in section 7 of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Pre-clearance of IPOs, Private Placements and Limited Offerings </B>Pre-clearance requests for these
securities require some special considerations&#151;the decision will take into account whether, for
example: (1)&nbsp;the investment opportunity should be reserved for John Hancock clients; and (2)&nbsp;is it
being offered to you because of your position with John Hancock. A separate procedure should be
followed for requesting pre-clearance on these securities. <B>See Appendix&nbsp;C.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pre-clearance of MFC securities:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Applies to: Access Level I Persons, Access Level II Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All personal transactions in MFC securities including stock, company issued options, and any other
securities such as debt must be pre-cleared excluding trades in the MFC Global Share Ownership
Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pre-clearance Process:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may pre-clear a trade through the Personal Trading &#038; Reporting System by following the steps
outlined in the pre-clearance procedures, which are attached in Appendix&nbsp;C.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Please note that:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> You may not trade until clearance approval is received.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> Clearance approval is valid only for the date granted (i.e. the pre-clearance requested date and
the trade date should be the same).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> A separate procedure should be followed for requesting pre-clearance of an IPO, a private
placement, a limited offering as detailed in Appendix&nbsp;C.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Code of Ethics Administration must maintain a five-year record of all pre-clearances of private
placement purchases by Access Level I Persons, and the reasons supporting the clearances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The pre-clearance policy is designed to proactively identify potential &#147;problem trades&#148; that raise
front-running, manipulative market timing or other conflict of interest concerns (example: when an
Access Level II Person trades a security on the same day as a John Hancock Affiliated Fund).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain transactions in securities that would normally require pre-clearance are exempt from the
pre-clearance requirement in the following situations: (1)&nbsp;shares are being purchased as part of an
automatic investment plan; (2)&nbsp;shares are being purchased as part of a dividend reinvestment plan;
or (3)&nbsp;transactions are being made in an account over which you have designated a third party as
having discretion to trade (you must have approval from the Chief Compliance Officer to establish a
discretionary account).
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Ban on Short-Term Profits</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: Access Level I Persons, Access Level II Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you are an Access Level I Person or Access Level II Person, you cannot profit from the purchase
and sale (or sale and purchase) of the same (or equivalent) securities within 60 calendar days.
This applies to any personal securities trades in the categories described in section 3: &#147;Which
Accounts and Securities are Subject to the Code&#146;s Personal Trading Restrictions&#148; on page 4 of the
Code, except for personal security trades of John Hancock Affiliated Funds which you can not profit
from within 30&nbsp;days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may invest in derivatives, excluding certain equity options on MFC
securities<SUP style="FONT-size: 85%; vertical-align: text-top">5</SUP> or sell short provided the transaction period exceeds the
60-day holding period
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Remember, if you donate or gift a security, it is considered a sale and is subject to this rule.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This restriction does not apply to trading within a sixty calendar day period if you do not realize
a profit.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The purpose of this policy is to address the risk, real or perceived, of front-running,
manipulative market timing or other abusive practices involving short-term personal trading. Any
profits in excess of $100.00 realized on short-term trades must be surrendered by check payable to
John Hancock Advisers, LLC, which will be contributed to a charity of its choice
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may request an exemption from this policy for involuntary sales due to unforeseen corporate
activity (such as a merger), or for sales due to hardship reasons (such as unexpected medical
expenses) from Code of Ethics Administration. In addition, transactions in securities with the
following characteristics will typically be granted an exemption from this provision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Ban on IPOs</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: Access Level I Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you are an Access Level I Person, you may not acquire securities in an IPO. You may not
purchase any newly-issued securities until the next business (trading)&nbsp;day after the offering date.
This applies to any personal securities trades in the categories described above in the section
&#147;Which Accounts and Securities are Subject to the Code&#146;s Personal Trading Restrictions&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are two main reasons for this prohibition: (1)&nbsp;these purchases may suggest that persons have
taken inappropriate advantage of their positions for personal profit; and (2)&nbsp;these purchases may
create at least the appearance that an investment opportunity that should have been available to
the John Hancock Affiliated Funds was diverted to the personal benefit of an individual employee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may request an exemption for certain investments that do not create a potential conflict of
interest, such as: (1)&nbsp;securities of a mutual bank or mutual insurance company received as
compensation in a demutualization and other similar non-voluntary stock acquisitions; (2)&nbsp;fixed
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">rights offerings; or (3)&nbsp;a family member&#146;s participation as a form of employment compensation in
their employer&#146;s IPO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Ban on Speculative Transactions in MFC</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: All Access Levels</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All covered employees under this code are prohibited from engaging in speculative transactions
involving securities of MFC, since these transactions might be seen as evidencing a lack of
confidence in, and commitment to, the future of MFC or as reducing the incentive to maximize the
performance of MFC and its stock price. Accordingly, all covered employees, as well as their
family members, are prohibited from entering into any transaction involving MFC securities for
their personal account which falls into the following categories:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Short sales of MFC securities
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Buying put options or selling call options on MFC securities
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Ban on ownership of publicly traded securities of subadvisers and their controlling parent</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: All Access Levels excluding Access Level III</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As an Access Level I or Access Level II Person you are prohibited from purchasing publicly
traded securities of any subadviser of a John Hancock Affiliated Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As an Access Level IV you are prohibited from purchasing publicly traded securities of any
subadviser of a John Hancock Affiliated Fund, as well as the publicly traded securities of the
controlling parent of a subadviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">MFC securities are excluded from this prohibition for Access Level I &#038; Access Level II Persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A complete list of these securities can be found in Appendix&nbsp;D.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Ban on Restricted Securities</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: All Access Levels excluding Access Level IV</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No pre-clearance will be approved for securities appearing on the John Hancock Restricted
List. Securities are placed on the Restricted List if:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>John Hancock or a member of John Hancock has received material non-public inside
information on a security or company; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the judgment of the Legal Department, circumstances warrant addition of a security to
this list</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Restricted List is a confidential list of companies that is maintained in the possession of the
Legal Department.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Excessive Trading</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: All Access Levels excluding Access Level IV</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While active personal trading may not in and of itself raise issues under applicable laws and
regulations, we believe that a very high volume of personal trading can be time consuming and can
increase the possibility of actual or apparent conflicts with portfolio transactions. Accordingly,
an unusually high level of personal trading activity is strongly discouraged and may be monitored
by Code of Ethics Administration to the extent appropriate for the category of person, and a
pattern of excessive trading may lead to the taking of appropriate action under the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An Access Person effecting more than 45 trades in a quarter, or redeeming shares of a John Hancock
Affiliated Fund within 30&nbsp;days of purchase, should expect additional scrutiny of his or her trades
and he or she may be subject to limitations on the number of trades allowed during a given period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Disclosure of Private Placement Conflicts</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: Access Level I Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you are an Access Level I Person and you own securities purchased in a private placement, you
must disclose that holding when you participate in a decision to purchase or sell that same
issuer&#146;s securities for a John Hancock Affiliated Fund. This applies to any private placement
holdings in the categories described above in section 3: &#147;Which Accounts and Securities are Subject
to the Code&#146;s Personal Trading Restrictions&#148; on page 4 of the Code. Private placements are
securities exempt from SEC registration under section 4(2), section 4(6) and/or rules 504 &#150;506
under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The investment decision must be subject to an independent review by investment personnel with no
personal interest in the issuer.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The purpose of this policy is to provide appropriate scrutiny in situations in which there is a
potential conflict of interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Seven Day Blackout Period</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: Access Level I Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An Access Level I Person is prohibited from buying or selling a security within seven calendar days
before and after that security is traded for a fund that the Person manages unless no conflict of
interest exists in relation to that security as determined by Code of Ethics Administration. If a
conflict exists, Code of Ethics will report conflict to Ethics Oversight Committee for review.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, Access Level I Persons are prohibited from knowingly buying or selling a security
within seven calendar days before and after that security is traded for a John Hancock Affiliated
Fund unless no conflict of interest exists in relation to that security. This applies to any
personal securities trades in the categories described above in section 3: &#147;Which Accounts and
Securities are Subject to the Code&#146;s Personal Trading Restrictions&#148; on page 4 of the Code. If a
John Hancock Affiliated Fund trades in a security within seven calendar days before or after an
Access Level I Person trades in that security, the Person may be required to demonstrate that he or
she did not know that the trade was being considered for that John Hancock Affiliated Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You will be required to sell any security purchased in violation of this policy unless it is
determined that no conflict of interest exists in relation to that security (as determined by Code
of Ethics Administration Any profits realized on trades determined by Code of Ethics Administration
to be in violation of this policy must be surrendered by check payable to John Hancock Advisers,
LLC, which will be contributed to a charity of its choice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Three Day Blackout Period</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: Access Level II Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An Access Level II Person is prohibited from knowingly buying or selling a security within three
calendar days before and after that security is traded for a John Hancock Affiliated Fund unless no
conflict of interest exists in relation to that security as determined by Code of Ethics
Administration. </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#149;&nbsp;If a conflict exists, Code of Ethics will report conflict to Ethics Oversight
Committee<SUP style="FONT-size: 85%; vertical-align: text-top">6</SUP> for review.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#149; This applies to any personal securities trades in the categories described above in section 3:
&#147;Which Accounts and Securities are Subject to the Code&#146;s Personal Trading Restrictions&#148; on page 4
of the Code. If a John Hancock Affiliated Fund trades in a security within three calendar days
before or after the Person trade in that security, you may be required to demonstrate that the
Person did not know that the trade was being considered for that John Hancock Affiliated Fund.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">6</TD>
    <TD>&nbsp;</TD>
    <TD>The Ethics Oversight Committee shall consist of the Chief Executive
Officer, Chief Compliance Officer, Chief Investment Officer, Chief Legal Officer, Chief Financial
Officer of the Trusts, Chief Counsel of Global Compliance, Chief Compliance Officer of US Compliance,
President of MFC GIM (US)&nbsp;and a Senior Representative from Human Resources</TD>
</TR>

</TABLE>


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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You will be required to sell any security purchased in violation of this policy unless it is
determined that no conflict of interest exists in relation to that security as determined Code of
Ethics Administration. Any profits realized on trades determined by Code of Ethics Administration
to be in violation of this policy must be surrendered by check payable to John Hancock Advisers,
LLC, which will be contributed to a charity of its choice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Restriction on Securities under Active Consideration </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: Access Level I &#038; Access Level II Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Access Level I Persons and Access Level II Persons are prohibited from buying or selling a security
if the security is being actively traded by a John Hancock Affiliated Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exceptions:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Personal Trading and Reporting System will utilize the following exception criteria when
determining approval or denial of pre-clearances requests:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>De Minimis Trading Rule: </B>Pre-clearance requests for 500 shares or less of a particular security
with a market value of $25,000.00 or less, aggregated daily, would, in most cases, not be subject
to the blackout period restrictions and the restriction on actively traded securities because
management has determined that transactions of this size do not present any conflict of interest as
long as the requestor is not associated with the conflicting fund or account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Market Cap Securities Exception: </B>Pre-clearance requests in a security with a market capitalization
of $5&nbsp;billion or more would in most cases except where another conflict occurs such as frontrunning
violation, not be subject to the blackout period restrictions and the restriction on actively
traded securities because management determined that transactions in these types of companies do
not present any conflict of interest as long as the requestor is not associated with the
conflicting fund or account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Trading in Exchange Traded Funds/Notes and Options on covered securities</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exchange Traded Funds, Exchange Traded Notes and Options on covered securities are required to
receive pre-clearance approval prior to trading. However if the Exchange Traded Fund/Note or Option
has an average market capitalization of $5&nbsp;billion or more; or is based on a non covered security;
or is based on one of the following broad based indices it will be treated as a market cap
exception security.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the S&#038;P 100, S&#038;P Midcap 400, S&#038;P 500, FTSE 100, and Nikkei 225;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Direct obligations of the U.S. Government (e.g., treasury securities)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indirect obligations of the U.S. Government with a maturity of less than 1&nbsp;year (GNMA)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commodities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Foreign currency</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6) Policies Outside of the Code of Ethics</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The John Hancock Affiliated Funds have certain policies that are not part of the Code, but are
equally important:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>MFC Code of Business Conduct &#038; Ethics</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: All Covered Employees excluding Access Level IV Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The MFC Code of Business Conduct and Ethics (the &#147;MFC Code&#148;) provides standards for ethical
behavior when representing the Company and when dealing with employees, field representatives,
customers, investors, external suppliers, competitors, government authorities and the public.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The MFC Code applies to directors, officers and employees of MFC, its subsidiaries and controlled
affiliates. Sales representatives and third party business associates are also expected to abide by
all applicable provisions of the MFC Code and adhere to the principles and values set out in the
MFC Code when representing Manulife to the public or performing services for, or on behalf of,
Manulife.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other important issues in the MFC Code include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>MFC values &#150; P.R.I.D.E.;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ethics in workplace;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ethics in business relationships;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Misuse of inside information;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Receiving or giving of gifts, entertainment or favors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Misuse or misrepresentation of your corporate position;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Disclosure of confidential or proprietary information;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Disclosure of outside business activities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Antitrust activities; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Political campaign contributions and expenditures relating to public officials.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Gift &#038; Entertainment Policy for the John Hancock Advisers</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: All Covered Employees excluding Access Level IV Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You are subject to the Gift and Entertainment Policy for the John Hancock Advisers which is
designed to prevent the appearance of an impropriety, potential conflict of interest or improper
payment.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Gift &#038; Entertainment Policy covers many issues relating to giving and accepting of gifts and
entertainment when dealing with business partners, such as:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gift &#038; Business Entertainment Limits</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restrictions on Gifts &#038; Entertainment</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reporting of Gifts &#038; Entertainment</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>John Hancock Insider Trading Policy </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: All Covered Employees excluding Access Level IV Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The antifraud provisions of the federal securities laws generally prohibit persons with material
non-public information from trading on or communicating the information to others. Sanctions for
violations can include civil injunctions, permanent bars from the securities industry, civil
penalties up to three times the profits made or losses avoided, criminal fines and jail sentences.
While Access Level I Persons are most likely to come in contact with material non-public
information, the rules (and sanctions) in this area apply to all persons covered under this code
and extend to activities both related and unrelated to your job duties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The John Hancock Insider Trading Policy (the &#147;Insider Trading Policy&#148;) covers a number of important
issues, such as:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Possession of </U>material non-public information</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The misuse of material non-public information</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Restricting access to material nonpublic information</U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>John Hancock Whistleblower Policy</B></U><B>:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: All Covered Employees excluding Access Level IV Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Audit Committee of the mutual funds&#146; Board of Trustees investigates improprieties or suspected
improprieties in the operations of a fund and has established procedures for the confidential,
anonymous submission by employees of John Hancock Advisers, LLC and John Hancock Investment
Management Services, LLC. (collectively the &#147;Advisers&#148;) or any other provider of accounting
related services, of complaints regarding accounting, internal accounting controls, or auditing
matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The objective of this policy is to provide a mechanism by which complaints and concerns regarding
accounting, internal accounting controls or auditing matters may be raised and addressed without
the fear or threat of retaliation. The funds desire and expect that the employees and officers of
the Advisers, or any other service provider to the funds will report any complaints or concerns
they may have regarding accounting, internal accounting controls or auditing matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Persons may submit complaints or concerns to the attention of funds&#146; Chief Compliance Officer by
sending a letter or other writing to the funds&#146; principal executive offices, by telephone call to
or an email to the Ethics Hotline, Ethics Hotline can be reached at 1-866-294-9534, or through the
Ethicspoint website at www.manulifeethics.com. The Ethics Hotline and Ethicspoint website
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">are
operated by an independent third party, which maintains the anonymity of all complaints. Complaints
and concerns may be made anonymously to the funds&#146; Chief Compliance Officer. In addition any
complaints or concerns may also be communicated anonymously, directly to any member of the Audit
Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Policy and Procedures Regarding Disclosure of Portfolio Holdings</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: All Covered Employees excluding Access Level IV Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is our policy not to disclose nonpublic information regarding Fund portfolio holdings except in
the limited circumstances noted in this Policy. You can only provide nonpublic information
regarding portfolio holdings to any person, including affiliated persons, on a &#147;need to know&#148; basis
(<I>i.e., </I>the person receiving the information must have a legitimate business purpose for obtaining
the information prior to it being publicly available and you must have a legitimate business
purpose for disclosing the information in this manner). We consider nonpublic information
regarding Fund portfolio holdings to be confidential and the intent of the policy and procedures is
to guard against selective disclosure of such information in a manner that would not be in the best
interest of Fund shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A listing of other corporate and divisional policies with which you should be familiar is listed in
Appendix&nbsp;E.
</DIV>










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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7) Reports and Other Disclosures Outside the Code of Ethics</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Broker Letter/Duplicate Confirm Statements </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: All Access Levels excluding Access Level IV</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with Rule&nbsp;17j-1(d)(2) under the 1940 Act and Rule&nbsp;204A-1(b) under the Advisers Act,
you are required to report to Code of Ethics Administration each transaction in any reportable
security. This applies to any personal securities trades in the categories described above in
section 3: &#147;Which Accounts and Securities are Subject to the Code&#146;s Personal Trading Restrictions&#148;
on page 4 of the Code, as well as trades in John Hancock Affiliated Funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To comply with these rules noted above you are required by this Code and by the Insider Trading
Policy to inform your broker-dealer that you are employed by a financial institution. Your
broker-dealer is subject to certain rules designed to prevent favoritism toward your accounts. You
may not accept negotiated commission rates that you believe may be more favorable than the broker
grants to accounts with similar characteristics.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When a brokerage account in which you have a beneficial interest is opened you must do the
following before any trades are made:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notify the broker-dealer with which you are opening an account that you are an employee of
John Hancock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notify the broker-dealer if you are registered with the Financial Industry Regulatory
Authority (the successor to the National Association of Securities Dealers) or are employed by
John Hancock Funds, LLC or John Hancock Distributors, LLC</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notify Code of Ethics Administration, in writing, to disclose the new brokerage account
before you place any trades,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Code of Ethics Administration will notify the broker-dealer to have duplicate written confirmations
of any trade, as well as statements or other information concerning the account, sent to John
Hancock, Code of Ethics Administration, 601 Congress Street, 11<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor, Boston, MA
02210-2805.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Code of Ethics Administration may rely on information submitted by your broker as part of your
reporting requirements under the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Investment Professional Disclosure of Personal Securities Conflicts</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: Access Level I</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As an investment professional, you must promptly disclose your direct or indirect beneficial
interest in a security that is under consideration for purchase or sale in a John Hancock
Affiliated Fund or account. See Appendix&nbsp;F.
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8) Reporting Requirements and Other Disclosures Inside the Code of Ethics</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Initial Holdings Report and Annual Holdings Report </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: All Access Levels</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with Rule&nbsp;17j-1(d) under the 1940 Act and Rule&nbsp;204A-1(b) under the Advisers Act; you
must file an initial holdings report within 10 calendar days after becoming an Access Person. The
information must be current as of a date no more than 45&nbsp;days prior to your becoming an Access
Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, on an annual basis you must also certify to an annual holdings report within 45
calendar days after the required certification date determined by Code of Ethics Administration.
The information in the report must be current as of a date no more than 45&nbsp;days prior to the date
the report is submitted. This applies to any personal securities holdings in the categories
described in section 3: &#147;Which Accounts and Securities are Subject to the Code&#146;s Personal Trading
Restrictions&#148; found on page 4 of the Code. It also includes holdings in John Hancock Affiliated
Funds, including holdings in the John Hancock 401(k) plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Limited Category for Access Level IV Persons: </B>Access Level IV Persons shall <I>only </I>be required to
report the following information in their initial and annual holdings reports:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An Independent Board Member of John Hancock Trust must report any Insurance Contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An Independent Board Member of John Hancock Funds II must report shares of any John
Hancock Funds II Affiliated Funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You will receive an annual holdings certification packet from Code of Ethics Administration. Your
annual holdings certification requirement will include a listing of your brokerage accounts on
record with Code of Ethics Administration as of the required certification date and will be
accompanied by copies of brokerage account statements for the certification date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You will be required to review your annual holdings certification packet and return a signed
certification form to Code of Ethics Administration by the required due date, attesting that the
annual holdings certification information packet is accurate and complete.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This method will ensure that the holdings reporting requirements of Rule&nbsp;17j-1(d) under the 1940
Act and Rule&nbsp;204A-1(b) under the Advisers Act are satisfied:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the title and type of security, and as applicable the exchange ticker symbol or CUSIP
number, number of shares, and principal amount of each reportable security;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the name of any broker, dealer or bank with which you maintain an account; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date that you submit your certification.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Holdings in John Hancock Affiliated Funds &#038; Variable Products must be reported if these holdings
are held in an outside brokerage account.</B>
</DIV>



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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Group Savings and Retirement Services is charged with the administration of the Global Share
Ownership Plan. Accordingly employees will not be required to file a duplicate holding report for
the shares held in this plan. Code of Ethics Administration will have access to this information
upon request.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Even if you have no holdings to report you will be asked to complete this requirement.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Quarterly Transaction Certification</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Applies to: Access Level I Persons, Access Level II Person &#038; Access
Level III Person</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Also,
for a <U>limited category of trades:</U></I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Access Level IV Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with Rule&nbsp;17j-1(d) under the 1940 Act and Rule&nbsp;204A-1(b) under the Advisers Act, on
a quarterly basis, all access persons, excluding Access Level IV Persons, are required to certify
that all transactions in their brokerage accounts, as well as transactions in John Hancock
Affiliated Funds, have been effected in accordance with the Code. Within 30 calendar days after the
end of each calendar quarter, you will be asked to log into the John Hancock Personal Trading and
Reporting System to certify that the system has accurately captured all transactions for the
preceding calendar quarter for accounts and trades which are required to be reported pursuant to
section 3: &#147;Which Accounts and Securities are Subject to the Code&#146;s Personal Trading Restrictions&#148;
on page 4 of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Transactions in John Hancock Affiliated Funds and Variable Products must be reported if these
transactions are executed in an outside brokerage account.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Group Savings and Retirement Services is charged with the administration of the Global Share
Ownership Plan. Accordingly employees will not be required to file a duplicate transaction report
for this plan. Code of Ethics Administration will have access to this information upon request</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Even if you have no transactions to report you will be asked to complete the certification.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Limited Category for Access Level IV Persons:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An Independent Board Member of John Hancock Trust must report transactions in any contracts that
are funded by a John Hancock Trust Affiliated Fund under the trust as well as transactions in any
other Covered Security if the trustee, at the time of that transaction, knew or, in the ordinary
course of fulfilling his or her official duties as a trustee of the Trust, should have known that,
during the 15-day period immediately preceding or after the date of the transaction by the trustee,
the covered security is or was under active consideration for purchase or sale by the Trust or its
investment adviser or subadviser or is or was purchased or sold by the Trust.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An Independent Board Member of John Hancock Funds II must report a transaction in any shares of a
John Hancock Funds II Affiliated Fund as well as transactions in any other Covered Security if the
trustee, at the time of that transaction, knew or, in the ordinary course of fulfilling his or her
official duties as a trustee of a Trust, should have known that during the 15-day period
immediately preceding or after the date of the transaction in a Covered Security by the trustee, a
Fund purchased or sold the Covered Security or the Covered Security was under Active Consideration
for purchase or sale by a Fund, its investment adviser or its subadviser(s).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Even if you have no transactions to report you will be asked to complete the certification.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Code of Ethics Administration will provide quarterly reporting to each Board member with specific
details related to your board assignments and with a summary of your transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For each transaction required to be reported you must certify the following information was
captured accurately:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date of the transaction, the title, and as applicable the exchange ticker symbol or
CUSIP number, interest rate and maturity date, number of shares, and principal amount of
each reportable security involved;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the nature of the transaction (i.e. purchase, sale or any other type of acquisition or
disposition);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the price at which the transaction was effected;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the name of the broker, dealer or bank with or through which the transaction was
effected; and</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Quarterly Brokerage Account Certification </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: Access Level I Persons, Access Level II Person &#038;
Access Level III Person</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Also,
for a <U>limited category of trades:</U></I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Access Level IV Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with Rule&nbsp;17j-1(d) under the 1940 Act, on a quarterly basis, all Access Persons,
excluding Access Level IV Persons, will be required to certify to a listing of brokerage accounts
as described in section 3: &#147;Which Accounts and Securities are Subject to the Code&#146;s Personal
Trading Restrictions&#148; on page 4 of the Code. This includes all brokerage accounts, including
brokerage accounts that only contain securities exempt from reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This also includes all accounts holding John Hancock Affiliated Funds and Variable Products as well
as accounts in the MFC Global Share Ownership Plan</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Within 30 calendar days after the end of each calendar quarter you will be asked to log into the
John Hancock Personal Trading and Reporting System and certify that all brokerage accounts are
listed and the following information is accurate:
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Account number;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Account registration; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Brokerage firm.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Even if you have no existing or new accounts to report you will be asked to complete this
certification.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Limited Category for Access Level IV Persons:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An Independent Board Member of John Hancock Trust must report contracts that are funded by a John
Hancock Trust Affiliated Fund under the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An Independent Board Member of John Hancock Funds II must report accounts that hold positions in a
John Hancock Funds II Affiliated Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Even if you have no existing or new accounts to report, you will be asked to complete this
certification.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Code of Ethics Administration will provide quarterly reporting to each trustee with specific
details related to your board assignments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Annual Certification to the Code of Ethics </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: All Access Levels</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At least annually (or additionally when the Code has been materially changed), you must provide a
certification at a date designated by Code of Ethics Administration that you:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(1)&nbsp;have read and understood the Code;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(2)&nbsp;recognize that you are subject to its policies; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(3)&nbsp;have complied with its requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You are required to make this certification to demonstrate that you understand the importance of
these policies and your responsibilities under the Code.
</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Reporting of Gifts, Donations, and Inheritances</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applies to: All Access Levels excluding Access Level IV</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you gift or donate shares of a reportable security it is considered a sale and you must
notify Code of Ethics Administration of the gift or donation on the date given. You must also
make sure the transaction is properly reported on your next quarterly transaction
certification.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you receive a gift or inherit a reportable security you must report the new holding to
Code of Ethics Administration in a timely manner and you must make sure the holding is
properly reported on your next annual holdings certification.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9) Subadviser Compliance</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A subadviser to a John Hancock Affiliated Fund has a number of code of ethics
responsibilities:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The sub-adviser must have adopted their own code of ethics in accordance with Rule
204A-1(b) under the Advisers Act which has been approved by the respective board</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On a quarterly basis, each sub-adviser certifies compliance with their code of ethics or
reports material violations if such have occurred; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each sub-advisor must report quarterly to the Chief Compliance Officer, any material
changes to its code of ethics</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Adoption and Approval </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of a John Hancock Affiliated Fund, including a majority of the Fund&#146;s Independent Board
Members, must approve the code of ethics of the Fund&#146;s adviser, subadviser or principal underwriter
(if an affiliate of the underwriter serves as a Board member or officer of the Fund or the adviser)
before initially retaining its services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any material change to a code of ethics of a subadviser to a fund must be approved by the
applicable Board of the John Hancock Affiliated Fund, including a majority of the Fund&#146;s
Independent Board Members, no later than six months after adoption of the material change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board may only approve the code if they determine that the code:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contains provisions reasonably necessary to prevent the subadviser&#146;s Access Persons (as
defined in Rule&nbsp;17j-1 under the 1940 Act and Rule&nbsp;204A-1 under the Advisers Act) from engaging
in any conduct prohibited by Rule&nbsp;17j-1 and 204A-1;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>requires the subadviser&#146;s Access Persons to make reports to at least the extent required in
Rule&nbsp;17j-1(d) and Rule&nbsp;204A-1(b);</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>requires the subadviser to institute appropriate procedures for review of these reports by
management or compliance personnel (as contemplated by Rule&nbsp;17j-1(d)(3) and Rule&nbsp;204
A-1(a)(3);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provides for notification of the subadviser&#146;s Access Persons in accordance with Rule
17j-1(d)(4) and Rule&nbsp;204A-1(a)(5);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>requires the subadviser&#146;s Access Persons who are Investment Personnel to obtain the
pre-clearances required by Rule&nbsp;17j-1(e); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>requires the subadviser&#146;s Access Persons to obtain the pre-clearances required by Rule
204A-1(c)</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Chief Compliance Officer of the John Hancock Affiliated Funds oversees each of the fund&#146;s
sub-adviser&#146;s to ensure compliance with each of the provisions included in this section</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Subadviser Reporting &#038; Recordkeeping Requirements</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each subadviser must provide an annual report and certification to the relevant John Hancock
Adviser and the relevant Board in accordance with Rule&nbsp;17j-1(c)(2)(ii). The subadviser must also
provide other reports or information that the relevant John Hancock Adviser may reasonably request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The subadviser must maintain all records for its Access Persons, as required by Rule&nbsp;17j-1(f).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10) Reporting to the Board</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No less frequently than annually, John Hancock and each subadviser will furnish to the Board
of each John Hancock Affiliated Fund a written report that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> describes issues that arose during the previous year under the code of ethics or the related
procedures, including, but not limited to, information about material code or procedure violations,
as well as any sanctions imposed in response to the material violations, and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> certifies that each entity has adopted procedures reasonably necessary to prevent its Access
Persons from violating its code of ethics.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11) Reporting Violations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you know of any violation of the Code, you have a responsibility to promptly report it to the
Chief Compliance Officer of your company. You should also report any deviations from the controls
and procedures that safeguard John Hancock and the assets of our clients.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since we cannot anticipate every situation that will arise, it is important that we have a way
to approach questions and concerns. Always ask first, act later. If you are unsure of what to do in
any situation, seek guidance before you act.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Speak to your manager, a member of the Human Resources Department or Law Department or your
divisional compliance officer if you have:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">- a doubt about a particular situation;<BR>
a question or concern about a business practice; or<BR>
a question about potential conflicts of interest

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may report suspected or potential illegal or unethical behavior without fear of retaliation.
John Hancock does not permit retaliation of any kind for good faith reports of illegal or unethical
behavior.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Concerns about potential or suspected illegal or unethical behavior should be referred to a member
of the Human Resources or Law Department.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unethical, unprofessional, illegal, fraudulent or other questionable behavior may also be reported
by calling a confidential toll free Ethics Hotline or at <B>www.ManulifeEthics.com</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ethics Hotline can be reached at 1-866-294-9534.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12) Interpretation and Enforcement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Code cannot anticipate every situation in which personal interests may be in conflict with the
interests of our clients and fund investors. You should be responsive to the spirit and intent of
the Code as well as its specific provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When any doubt exists regarding any Code provision or whether a conflict of interest with clients
or fund investors might exist, you should discuss the situation in advance with the Chief
Compliance Officer of your company. The Code is designed to detect and prevent fraud against
clients and fund investors, and to avoid the appearance of impropriety.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Chief Compliance Officer has general administrative responsibility for the Code as it applies
to the covered employees; an appropriate member of Code of Ethics Administration will administer
procedures to review personal trading activity. Code of Ethics Administration also regularly
reviews the forms and reports it receives. If these reviews uncover information that is incomplete,
questionable, or potentially in violation of the rules in this document, Code of Ethics
Administration will investigate the matter and may contact you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ethics Oversight Committee approves amendments to the code of ethics and dispenses sanctions for
violations of the code of ethics. The Boards of the John Hancock Affiliated Funds also approve
amendments to the Code and authorize sanctions imposed on Access Persons of the Funds.
Accordingly, Code of Ethics Administration will refer violations to Ethics Oversight Committee
and/or the Fund Boards for review and recommended action based on the John Hancock Advisers
Schedule of Fines and Sanctions. See Appendix&nbsp;G.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following factors will be considered when determining a fine or other disciplinary action:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> the person&#146;s position and function (senior personnel may be held to a higher standard);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> the amount of the trade;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> whether the John Hancock Affiliated Funds hold the security and were trading the same day;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> whether the violation was by a family member;
</DIV>



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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> whether the person has had a prior violation and which policy was involved; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> whether the employee self-reported the violation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">John Hancock takes all rule violations seriously and, at least once a year, provides the Boards of
the John Hancock Affiliated Funds with a summary of all material violations and sanctions,
significant conflicts of interest and other related issues for their review. Sanctions for
violations could include (but are not limited to) fines, limitations on personal trading activity,
suspension or termination of the violator&#146;s position with John Hancock and/or a report to the
appropriate regulatory authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You should be aware that other securities laws and regulations not addressed by the Code may also
apply to you, depending on your role at John Hancock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">John Hancock and the Ethics Oversight Committee retain the discretion to interpret the Code&#146;s
provisions and to decide how they apply to any given situation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13) Exemptions &#038; Appeals</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Exemptions </B>to the Code may be granted by the Chief Compliance Officer where supported by
applicable facts and circumstances. If you believe that you have a situation that warrants an
exemption to the any of the rules and restrictions of this Code you need to complete a &#147;Code of
Ethics Exemption Request Form&#148; to request approval from the Chief Compliance Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exemption requests which pose a conflict of interest for the Chief Compliance Officer will be
escalated to the Ethics Oversight Committee for review and consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Sole discretion Exemption: </B>A transaction does not need to be pre-cleared if it takes place in an
account that Code of Ethics Administration has approved in writing as exempt from the pre-clearance
requirement. In the sole discretion of Code of Ethics Administration and the Chief Compliance
Officer, accounts that will be considered for exclusion from the pre-clearance requirement are only
those for which an employee&#146;s securities broker or investment advisor has complete discretion.
Employees wishing to seek such an exemption must complete a &#147;Pre-Clearance Waiver Form for Sole
Discretion Accounts&#148; and satisfy all requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These forms can be obtained by contacting Code of Ethics Administration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You will be notified of the outcome of your request by the Code of Ethics Administrator and/or the
Chief Compliance Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Appeals: </B>If you believe that your request has been incorrectly denied or that an action is not
warranted, you may appeal the decision. To make an appeal, you need to give Code of Ethics
Administration a written explanation of your reasons for appeal within 30&nbsp;days of the date that you
were informed of the decision. Be sure to include any extenuating circumstances or other factors
not previously considered. During the review process, you may, at your own expense, engage an
attorney to represent you. Code of Ethics Administration may arrange for Ethics Oversight Committee
or other parties to be part of the review process.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14) Education of Employees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Code constitutes the code of ethics required by Rule&nbsp;17j-1 under the 1940 Act and by Rule
204A-1 under the Advisers Act for John Hancock. Code of Ethics Administration will provide a paper
copy or electronic version of the Code (and any amendments) to each person subject to the Code.
Code of Ethics Administration will also administer training to employees on the principles and
procedures of the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15) Recordkeeping</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Code of Ethics Administration will maintain:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a copy of the current Code for John Hancock and a copy of each code of ethics in effect
at any time within the past five years.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a record of any violation of the Code, and of any action taken as a result of the
violation, for six years.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a copy of each report made by an Access Person under the Code, for six years (the first
two years in a readily accessible place).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a record of all persons, currently or within the past five years, who are or were
required to make reports under the Code. This record will also indicate who was
responsible for reviewing these reports.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a copy of each Code report to the Fund Boards, for six years (the first two years in a
readily accessible place).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a record of any decision, and the reasons supporting the decision, to approve the
acquisition by an Access Level I Persons of IPOs or private placement securities, for six
years.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a record of any decision, and the reasons supporting the decision, to approve the
acquisition by an Access Person of the John Hancock Advisers IPOs or private placement
securities, for six years.</TD>
</TR>




</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Appendix&nbsp;A: Access Person Categories</B></U>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">You have been notified about which of these categories applies to you, based on Code of
Ethics Administration&#146;s understanding of your current role. If you have a level of investment
access beyond that category, or if you are promoted or change duties and as a result should more
appropriately be included in a different category, it is your responsibility to immediately
notify the Chief Compliance Officer of your company.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Access Level I &#151; Investment Access Person: </B>An associate, officer or non-independent
board member of a John Hancock Adviser who, in connection with his/her regular functions or
duties, makes or participates in making recommendations regarding the purchase or sale of
securities by the John Hancock Affiliated Funds.</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(Examples: Portfolio managers; analysts; and traders)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Access Level II &#151; Regular Access Person: </B>An associate, senior officer (vice president and
higher) or non- independent board member of John Hancock Funds; a John Hancock Adviser; John
Hancock Funds, LLC; John Hancock Trust; John Hancock Distributors, LLC, or other John Hancock
entity who, in connection with his/her regular functions or duties, has regular access to
nonpublic information regarding any clients&#146; purchase or sale of securities, or nonpublic
information regarding the portfolio holdings of any John Hancock Affiliated Fund; or who is
involved in making securities recommendations to clients, or who has regular access to such
recommendations that are nonpublic.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(Examples: Office of the Chief Compliance Officer, Fund Administration, Investment Management
Services, Administrative Personnel supporting Access Level I Persons, Technology Resources
Personnel with access to investment systems, Private Client Group Personnel, and anyone else
that Code of Ethics Administration deems to have regular access.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Access Level III&#151;Periodic Access Person: </B>An associate, officer (assistant vice president
and higher) or non-independent board member of John Hancock Funds; a John Hancock Adviser;
John Hancock Funds, LLC; John Hancock Trust; John Hancock Distributors, LLC or other John
Hancock entity who, in connection with his/her regular functions or duties, has periodic
access to nonpublic information regarding any clients&#146; purchase or sale of securities, or
nonpublic information regarding the portfolio holdings of any John Hancock Affiliated Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Examples: (Legal staff, Marketing, Product Development, E-Commerce, Corporate Publishing,
Administrative Personnel supporting Access Level II Persons, and anyone else that Code of Ethics
Administration deems to have periodic access.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Access Level IV&#151;Trustees: </B>An independent trustee or independent director of John Hancock
Trust or John Hancock Funds II</TD>
</TR>




</TABLE>
</DIV>
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</DIV>

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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Appendix&nbsp;B &#150; Affiliated Funds &#150; Effective as of December&nbsp;31, 2010</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK FUNDS</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Adviser: John Hancock Advisers, LLC.</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Trust and Funds:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Subadviser for these Funds:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Open-End Funds:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Bond Trust:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Government Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">High Yield Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investment Grade Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock California Tax-Free Income Fund:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">California Tax-Free Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Capital Series:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Classic Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pzena Investment Management, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U. S. Global Leaders Growth Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sustainable Growth Advisers, LP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Current Interest:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Money Market Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Investment Trust:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Balanced Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large Cap Equity Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Intrinsic Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sovereign Investors Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Investment Trust II:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Financial Industries Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Regional Bank Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Equity Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Investment Trust III:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greater China Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N A.) Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Municipal Securities Trust:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">High Yield Municipal Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tax-Free Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Series&nbsp;Trust:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid Cap Equity Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Sovereign Bond Fund:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Strategic Series:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Strategic Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK FUNDS</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Adviser: John Hancock Advisers, LLC.</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Trust and Funds:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Subadviser for these Funds:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Tax-Exempt Series&nbsp;Fund:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Massachusetts Tax-Free Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">New York Tax-Free Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Closed end Funds:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bank &#038; Thrift Opportunity Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Income Securities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investors Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Preferred Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Preferred Income Fund II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Preferred Income Fund III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Premium Dividend Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tax-Advantaged Dividend Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC
Analytic Investors, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tax-Advantaged Global Shareholder Yield Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Epoch Investment Partners, Inc. / Analytic Investors, Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK FUNDS II</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Adviser: John Hancock Investment Management Services, LLC</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Fund:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Subadviser for these Funds:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Active Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC and Declaration
Management &#038; Research LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Diversified Growth &#038; Income Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Fundamental Holdings Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Global Diversification Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Allocation Plus Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Currency Strategies Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Quadrant</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">All Cap Core Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">QS Investors, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">All Cap Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lord, Abbett &#038; Co. LLC.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alpha Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alternative Asset Allocation Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Blue Chip Growth Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Capital Appreciation Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jennison Associates LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Capital Appreciation Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wells Capital Management, Incorporated</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Emerging Markets Debt Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Emerging Markets Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dimensional Fund Advisers LP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Equity-Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Financial Services Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Davis Selected Advisers, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Floating Rate Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Western Asset Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fundamental Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Davis Selected Advisers, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Agribusiness Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Infrastructure Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Timber Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pacific Investment Management Company LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Templeton Global Advisors Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global High Yield Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stone Harbor Investment Partners LP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Real Estate Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Investment Management Americas Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK FUNDS II</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="center"><B>Adviser: John Hancock Investment Management Services, LLC</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Fund:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Subadviser for these Funds:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Heritage Fund (formerly Vista Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Century Investment Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">High Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">High Yield Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Western Asset Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franklin Advisers, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Index 500 Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Equity Index Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SSgA Funds Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Growth Stock Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Advisers, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marsico Capital Management, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Small Cap Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franklin Templeton Investments Corp.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Small Company Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dimensional Fund Advisors LP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Templeton Investment Counsel, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investment Quality Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large Cap Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UBS Global Asset Management (Americas) Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large Cap Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BlackRock Investment Management LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2010 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2015 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2020 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2025 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2030 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2035 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2040 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2045 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2050 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifestyle Aggressive Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited (Deutsche
Investment Management Americas, Inc. sub-advisory
consultant)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifestyle Balanced Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited (Deutsche
Investment Management Americas, Inc. sub-advisory
consultant)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifestyle Conservative Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited (Deutsche
Investment Management Americas, Inc. sub-advisory
consultant)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifestyle Growth Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited (Deutsche
Investment Management Americas, Inc. sub-advisory
consultant)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifestyle Moderate Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited (Deutsche
Investment Management Americas, Inc. sub-advisory
consultant)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid Cap Index Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid Cap Stock Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid Cap Value Equity Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Columbia Management Investment Advisers, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates. Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Money Market Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Multi Sector Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stone Harbor Investment Partners LP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mutual Shares Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franklin Templeton Investments Corp.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Natural Resources Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Optimized Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Real Estate Equity Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Real Estate Securities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Investment Management Americas Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK FUNDS II</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Adviser: John Hancock Investment Management Services, LLC</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Fund:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Subadviser for these Funds:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Real Return Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pacific Investment Management Company LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Retirement Distribution Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Retirement Rising Distribution Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Science &#038; Technology Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc., RCM Capital Management LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Short Term Gov&#146;t Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Growth Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Index Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Advisers, Inc. and Dimensional Fund Advisors LP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Company Growth Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Advisers, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Company Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Smaller Company Growth Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Frontier Capital Management Company, LLC; Perimeter
Capital Management; Manulife Asset Management (N.A.)
Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Spectrum Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Strategic Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Western Asset Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Strategic Income Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Technical Opportunities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Technical Opportunities Fund II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total Bond Market Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Declaration Management &#038; Research, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total Return Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pacific Investment Management Company LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total Stock Market Index Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. High Yield Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wells Capital Management, Incorporated</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Multi-Sector Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grantham, Mayo, Van Otterloo &#038; Co. LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Value &#038; Restructuring Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Columbia Management Investment Advisors, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Advisers, Inc. (the previous subadviser was
Morgan Stanley Investment Management Inc. (Van Kampen)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid Cap Growth Index Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SSgA Funds Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid Cap Value Index Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SSgA Funds Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Retirement 2010 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Retirement 2015 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Retirement 2020 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Retirement 2025 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Retirement 2030 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Retirement 2035 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Retirement 2040 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Retirement 2045 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Retirement 2050 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK FUNDS III</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Adviser: John Hancock Investment Management Services, LLC</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Fund:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Subadviser for these Funds:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Classic Value Mega Cap Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pzena Investment Management, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core High Yield Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Disciplined Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robeco Investment Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Disciplined Value Mid Cap Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robeco Investment Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Shareholder Yield Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Epoch Investment Partners, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Growth Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GMO, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Allocation Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Core Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GMO, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Growth Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GMO, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Leveraged Companies Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rainier Growth Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rainier Investment Management Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Company Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fiduciary Management Associates, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U. S. Core Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GMO, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Value Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GMO, LLC</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK TRUST</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Adviser: John Hancock Investment
Management Services, LLC.</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Fund:</B></TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Subadviser for Fund:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">500 Index Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">500 Index Trust B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Active Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC and
Declaration Management &#038; Research LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">All Cap Core Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Investment Management Americas Inc. and
RREEF America LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">All Cap Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lord, Abbett &#038; Co. LLC.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alpha Opportunities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Asset Allocation Trust*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Blue Chip Income and Growth Trust*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Bond Trust*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Fundamental Holdings Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Global Diversification Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Global Growth Trust*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Global Small Capitalization Trust*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Growth Trust*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Growth-Income Trust*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American High-Income Bond Trust*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American International Trust*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American New World Trust*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Balanced Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Blue Chip Growth Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK TRUST</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Adviser: John Hancock Investment
Management Services, LLC.</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Fund:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Subadviser for Fund:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Capital Appreciation Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jennison Associates LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Capital Appreciation Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Allocation Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Asset Allocation Plus Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Balanced Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Balanced Strategy Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wells Capital Management, Incorporated</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Disciplined Diversification Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Diversified Growth &#038; Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Fundamental Holdings Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Global Diversification Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Strategy Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Currency Strategies Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Quadrant</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Disciplined Diversification Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dimensional Fund Advisors Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Emerging Markets Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dimensional Fund Advisers, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Equity-Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Financial Services Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Davis Selected Advisers, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Floating Rate Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Western Asset Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Franklin Templeton Founding Allocation Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fundamental Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Davis Selected Advisers, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pacific Investment Management Company LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Templeton Global Advisors Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Growth Equity Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rainier Investment Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Health Sciences Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Heritage Trust<BR>
(f/k/a Vista Trust)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Century Investment Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">High Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (U.S.), LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">High Yield Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Western Asset Management Company Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franklin Advisers, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Core Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grantham, Mayo, Van Otterloo &#038; Co. LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Equity Index Trust A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SSgA Funds Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Equity Index Trust B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SSgA Funds Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Index Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Growth Stock Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Advisers, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Opportunities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marsico Capital Management, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Small Company Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dimensional Fund Advisors Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Templeton Investment Counsel LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investment Quality Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large Cap Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UBS Global Asset Management (Americas) Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large Cap Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BlackRock Investment Management LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2010 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2015 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2020 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2025 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2030 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2035 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2040 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2045 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2050 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (N.A.) Limited</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Appendix&nbsp;C: Pre-clearance Procedures</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You should read the Code to determine whether you must obtain a pre-clearance before you enter
into a securities transaction. If you are required to obtain a pre-clearance, you should follow
the procedures detailed below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pre-clearance for Covered Securities including Derivatives, Futures, Options:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A request for pre-clearance needs to be entered through the John Hancock Personal Trading &#038;
Reporting System which can be accessed through your Start Menu on your Desktop under
Programs\Personal Trading &#038; Reporting\Personal Trading &#038; Reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the John Hancock Personal Trading &#038; Reporting System is not on your Desktop, please use the
following link:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>https://cti-prd.prd.manulifeusa.com/iTrade3</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Trade Request Screen</B>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At times you may receive a message &#147;System is currently unavailable.&#148; The system is scheduled to
be offline from 8:00 PM until 7:00 AM each night.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="b90494a1b9049402.gif" alt="(GRAPHIC)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Required Information:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ticker/Security Cusip</B>: Fill in either the ticker, cusip or security name with the proper
information of the security you want to buy or sell. Then click the &#091;Lookup&#093; button. Select one
of the hyperlinks for the desired security, and the system will populate the proper fields Ticker,
Security Cusip, Security Name and Security Type automatically on the Trade Request Screen.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>If You Don&#146;t Know the Ticker, Cusip, or Security Name:</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you do not know the full ticker, you may type in the first few letters followed by an asterisk *
and click the &#091;Lookup&#093; button. For example, let&#146;s say you want to buy some shares of Intel, but
all you can remember of the ticker is that it begins with int, so you enter int* for Ticker. If
any tickers beginning with int are found, they are displayed on a new screen. Select the hyperlink
of the one you want, and the system will populate Security Cusip, Security Name and Security Type
automatically on the Trade Request Screen. If you do not know the full cusip, you may type in the
first few numbers followed by an asterisk * and click the &#091;Lookup&#093; button. For example, let&#146;s say
you want to buy some shares of Microsoft, but all you can remember of the cusip is that it begins
with 594918, so you enter 594918* for Ticker. If any cusips beginning with 594918 are found, they
are displayed on a new screen. Select the hyperlink of the one you want, and the system will fill
in Ticker, Security Name and Security Type automatically on the Trade Request Screen. If you do
not know the Ticker but have an idea of what the Security Name is, you may type in an asterisk, a
few letters of the name and an asterisk * and click the &#091;Lookup&#093; button. For example, let&#146;s say
you want to buy some shares of American Brands, so you enter *amer* for Security Name. Any
securities whose names have amer in them are displayed on a new screen, where you are asked to
select the hyperlink of the one you want, and the system will fill in Ticker, Cusip and Security
Type automatically on the Trade Request Screen.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Transaction Type</B>: Choose one of the values displayed when you click the dropdown arrow to the right
of this field.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Brokerage Account</B>: Click on the dropdown arrow to the right of the Brokerage Account field to
choose the account to be used for the trade.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Quantity</B>: Enter the amount of shares you wish to trade.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Notes Text Box: </B>Enter any applicable notes regarding your trade request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Click the &#091;Preview&#093; button to review your trade request, if everything is correct hit the &#091;Submit&#093;
button to present request for approval; after which you will receive immediate feedback unless the
system identifies a potential violation of the Ban on Short Term Profits Rule.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In this case, your request will be forwarded to Code of Ethics Administration for review and you
will receive feedback via the e-mail system.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Starting Over:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To clear everything on the screen and start over, click the &#091;Clear Screen&#093; button.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exiting Without Submitting the Trade Request:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you decide not to submit the trade request before clicking the &#091;Submit Request&#093; button, simply
exit from the browser by clicking the Logout menu option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note: When submitting your request for approval, please make sure the information you are
submitting for is correct. Submission of requests with incorrect brokerage account, incorrect trade
direction, or incorrect security identifier (ticker/cusip) may subject you to fines and sanctions.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ticker/Security Name Lookup Screen:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You arrive at this screen from the Trade Request Screen, where you&#146;ve clicked the &#091;Lookup&#093; button
(see above, &#147;If You Don&#146;t Know the Ticker, Cusip, or Security Name&#148;). If you see the security you
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">want to trade, you simply select its corresponding hyperlink (ticker or cusip) and you will
automatically return to the Trade Request Screen, where you finish making your trade request. If
the security you want to trade is not shown, that means that it is not recognized by the system.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You must contact Code of Ethics Administration to add the security to the system. Send an email
including the following information; security name, security ticker symbol, security cusip number,
security type and an attestation that the security is not an IPO or a Private Placement to Code of
Ethics Administration:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fred Spring (617)&nbsp;663-3485 or Andrea Holthaus (617)-663-3484</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Adding Brokerage Accounts:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To access this functionality, click on the Brokerage Account\Add Brokerage Account menu item. You
will be prompted to enter the Brokerage Account Number, Brokerage Account Name, Broker Contact
Name, Broker Contact Email, and Initiated Dates. When you click the &#091;Create New Brokerage Account&#093;
button, you will receive a message that informs you whether the account was successfully created.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="b90494a1b9049403.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Pre-clearance for Private Placements, IPO&#146;s and Limited Offerings</B>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may request a pre-clearance of private placement securities, limited offerings, or an IPO by
contacting Fred Spring via email (please &#147;cc.&#148; Frank Knox on all such requests).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The request must include:
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> The associate&#146;s name;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> The associate&#146;s John Hancock&#146; company;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> The complete name of the security;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> the seller (i.e. the selling party if identified and/or the broker-dealer or placement agent) and
whether or not the associate does business with those individuals or entities on a regular basis;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B>
the basis upon which the associate is being offered this investment
opportunity;</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> any potential conflict, present or future, with fund trading activity and whether the security
might be offered as inducement to later recommend publicly traded securities for any fund or to
trade through a particular broker-dealer or placement agent; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#149;</B> the date of the request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Clearance of private placements or IPOs may be denied for any appropriate reason, such as if the
transaction could create the appearance of impropriety. Clearance of IPOs will also be denied if
the transaction is prohibited for a person due to his or her access category under the code of
ethics.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Please keep in mind that the code of ethics prohibits Access Level I Persons from purchasing
securities in an IPO.</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Appendix&nbsp;D &#150; Subadviser Publicly Traded Securities Restriction List*</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Date: January&nbsp;10, 2011</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Security</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Ticker Symbol / CUSIP Number</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Manulife Financial Corporation Common shares
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">MFC*/ 56501R106</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Financial Corporation <BR>
Non-Cumulative Class&nbsp;A Shares, Series&nbsp;I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">MFC.PR.A.*/ 56501R304</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Financial Corporation <BR>

Non-Cumulative Class&nbsp;A Shares, Series&nbsp;2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">MFC.PR.B.* / 56501R403</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Financial Corporation <BR>

Non-Cumulative Class&nbsp;A Shares, Series&nbsp;3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">MFC.PR.C.* / 56501R502</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Financial Corporation <BR>

Non-Cumulative Rate Reset Class&nbsp;A Shares, Series4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">MFC.PR.D.* / 56501R809</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Financial Corporation <BR>

Non-Cumulative Rate Reset Class&nbsp;1 Shares, Series&nbsp;1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">MFC.PR.E.* / 56501R874</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Financial Capital Trust <BR>

MaCS $60,000,000 Series&nbsp;A <BR>
MaCS $940,000,000 Series&nbsp;B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">MFT.M*/ 56501QAA6
56501QAB4</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Financial Capital Trust II<BR>

MaCS II $1,000,000,000 Notes &#150; Series&nbsp;I due 2108
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">CA56501XAA15</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Financial Corporation<BR>
US$600,000,000 3.40% Senior Notes Due 2015
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">56501RAA4</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Financial Corporation <BR>

US$500,000,000 4.90% Senior Notes Due 2020
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">56501RAB2</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Financial Corporation <BR>

4.67% Medium Term Notes due 2013
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">CA56502ZAA53</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Financial Corporation<BR>

$550 MM of 5.161% Medium Term Notes due 2015
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">CA56502ZAB37</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Financial Corporation<BR>

$400 MM of 5.505% Medium Term Notes due 2018
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">CA56502ZAC10</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Financial Corporation<BR>

$600 MM of 7.768% Medium Term Notes due 2019
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">CA56502ZAD92</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Financial Corporation<BR>

$1 Billion of 4.896% Medium Term Notes due 2014
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">CA56502ZAE75</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Financial Corporation<BR>

$900 MM of 4.07% Medium Term Notes due 2015
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">CA56502ZAF41</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Security</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Ticker Symbol / CUSIP Number</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" NOWRAP><DIV style="margin-left:21px; text-indent:-21px">The Manufacturers Life Insurance Company <BR>

6.24% $550 MM Subordinated Debentures
Due Feb. 16, 2016
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">564835AB2</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">John Hancock Life Insurance Company<BR>

$450 MM 7.375% Surplus Notes Feb 15 2024
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">41020VAA9</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">John Hancock Life Insurance Company Signature Notes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">41013MAA8</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Finance (Delaware), L.P.<BR>
$550 MM 4.448% Senior Debentures<BR>
$650 MM 5.059% Subordinated Debentures
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">56502FAB7<BR>
56502FAA9</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Finance Holdings Limited<BR>
$220 MM 6.822% Senior Notes due May&nbsp;31, 2011
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">CA56501YAA97</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Finance Holdings Limited<BR>
$175 MM 6.646% Senior Notes due Nov. 30, 2011
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">CA56501YAB70</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:21px; text-indent:-21px">Manulife Holdings Berhad
Ordinary Shares
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1058 &#150; trading symbol on<BR>
the Kuala Lumpur Stock<BR>
Exchange</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><B>*</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>MFC securities listed above are excluded from this prohibition for Access Level I &#038; Access
Level II Persons</B></TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Publicly Traded Sub-advisers and their Controlling Parent Companies</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Prohibited for</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Publicly Traded Controlling</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Access Level I&#038; II</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Subadviser</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Companies</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Ticker Symbol</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Persons</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Century Investment
Management, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No publicly traded affiliates
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Analytic Investors, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Old Mutual PLC
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">OML.LN
ODMTY &#151; ADR
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Blackrock Investment <BR>
Management, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BlackRock
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BLK
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>No</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PNC Bank
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">PNC
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Davis Select Advisers Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No publicly traded affiliates
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deutsche Asset Management,
Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DB
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deutsche Asset Management
Investment Services Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DB
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deutsche Investments <BR>
Australia Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DB
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deutsche Asset Management<BR>
(Hong Kong) Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DB
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deutsche Asset Management <BR>
International GMBH
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DB
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>No</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">RREEF America L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DB
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>No</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Prohibited for</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Publicly Traded Controlling</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Access Level I&#038; II</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Subadviser</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Companies</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Ticker Symbol</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Persons</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">RREEF Global Advisers Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DB
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Declaration Management &#038;<BR>
Research LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Financial Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">MFC
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dimensional Fund Advisors Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No publicly traded affiliates
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Epoch Investment Partners, Inc
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Epoch Holding Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">EPHC
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>Yes</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">First Quadrant L.P
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Affiliated Managers Group, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AMG
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Franklin Advisers, Inc
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franklin Resources Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BEN
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Franklin Templeton Investment <BR>
Corp
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franklin Resources Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BEN
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frontier Capital Management <BR>
Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Affiliated Managers Group, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AMG
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grantham, Mayo, Van Otterloo
&#038; Co. LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No publicly traded affiliates
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Advisers, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AMVESCAP PLC
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AVZ
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jennison Associates, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Prudential Financial
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">PRU
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lee Munder Capital Group
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">City National Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">CYN
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lord, Abbett &#038; Co.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No publicly traded affiliates
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Manulife Asset Management
(N.A) Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Financial Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">MFC
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Manulife Asset Management
(U.S.) LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Financial Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">MFC
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Marsico Capital Management, <BR>
LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No publicly traded affiliates
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#95;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Massachusetts Financial <BR>
Services Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sun Life Financial
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">SLF
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pacific Investment Management <BR>
Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Allianz AG
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AZ &#151; US listing
ALVG.DE &#151; Germany
listing
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Perimeter Capital Management
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No publicly traded affiliates
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pzena Investment Management, <BR>
LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pzena Investment Management, LLC
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">PZN
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>Yes</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">QS Investors, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No publicly traded affiliates
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robeco Investment
Management, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No publicly traded affiliates
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rainier Investment Management
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No publicly traded affiliates
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">RCM Capital Management LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Allianz AG
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AZ &#151; US listing
ALVG.DE &#151; Germany
listing
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Prohibited for</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Publicly Traded Controlling</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Access Level I&#038; II</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Subadviser</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Companies</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Ticker Symbol</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Persons</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Columbia Management <BR>
Investment Advisers, LLC<BR>
(formerly RiverSource <BR>
Investments, LLC)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ameriprise Financial, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AMP
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SSgA Funds Management, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">State Street Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">STT
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stone Harbor Investment <BR>
Partners LP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No publicly traded affiliates
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sustainable Growth Advisers,
L.P.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No publicly traded affiliates
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T. Rowe Price Associates, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">TROW
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>Yes</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Templeton Investment Counsel,
Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franklin Resources Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BEN
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Templeton Global Advisors <BR>
Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franklin Resources Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BEN
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UBS Global Asset Management
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UBS AG
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">UBS
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Wellington Management <BR>
Company, LLP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No publicly traded affiliates
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Wells Fargo Fund Management, <BR>
LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wells Fargo &#038; Company
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">WFC
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Western Asset Management <BR>
Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legg Mason, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">LM
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Western Asset Management <BR>
Company Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legg Mason, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">LM
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><b>No</b></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Appendix&nbsp;E: Other Important Policies outside the Code</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>1)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>MFC Code of Business Conduct and Ethics</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>2)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>John Hancock Insider Trading Policy</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>3)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>John Hancock Gift &#038; Entertainment Policy</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>4)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Policy Regarding Dissemination of Mutual Fund Portfolio Information</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>5)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Manulife Financial Corporation Anti-Fraud Policy</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>6)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>John Hancock Anti-Money Laundering (AML)&nbsp;and Anti-Terrorist Financing (ATF)&nbsp;Program</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>7)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Conflict of Interest Rules for Directors and Officers</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>8)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>John Hancock Whistleblower Policy</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>9)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>John Hancock Non Cash Compensation Policy</B></TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><u><B>Appendix&nbsp;F: Investment Professional Disclosure of Personal Securities Conflicts:</B></u>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As an investment professional, Access Level I Persons, you must promptly disclose your direct or indirect beneficial interest in a security that is under consideration for purchase or sale in a John Hancock Affiliated Fund or account. You are required to follow the following guidelines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>If you or a member of your family own:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">a 5% or greater interest in a company, John Hancock Affiliated Funds and its affiliates may not make any investment in that company;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">a 1% or greater interest in a company, you cannot participate in any decision by John Hancock Funds and its affiliates to buy or sell that company&#146;s securities;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ANY </B>other interest in a company, you cannot recommend or participate in a decision by John Hancock Affiliated Funds, and its affiliates to buy or sell that company&#146;s securities unless your personal interest is fully disclosed at all stages of the investment decision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In such instances, you must initially disclose that beneficial interest orally to the primary portfolio manager (or other appropriate analyst) of the Affiliated Fund or account or the appropriate Chief Investment Officer. Following the oral disclosure, you must send a written acknowledgement to the primary portfolio manager with a copy to the Code of Ethics Administration Department.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>For the purposes of this requirement investment professionals are defined as analysts and portfolio managers.</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Appendix&nbsp;G: John Hancock Advisers Schedule of Fines and Sanctions</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Policy</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Violation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Liquidate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Profit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Restrict</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Code Violation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Memo</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Notice</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fine</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Surrender</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>4</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Trading</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Termination</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Comments</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>1st Procedural Pre-clearance
Violation </B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsequent violations may result in
fines**</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>1st Failure to Pre-clear (would
have been approved)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>**</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsequent violations may result in
fines**</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>1st Failure to Pre-clear (would
have been denied)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>**</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsequent violations may result in
fines**</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Trading after Pre-clearance
Denial</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>**</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><SUP style="FONT-size: 85%; vertical-align: text-top">2 </SUP>First Violation = $250/$1000 -
Subsequent Violations set by Ethics
Oversight Committee at least =
$500/$2000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>2nd Procedural Pre-clearance
Violation </B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><SUP style="FONT-size: 85%; vertical-align: text-top">2 </SUP>First Violation = $250/$1000 -
Subsequent Violations set by Ethics
Oversight Committee at least =
$500/$2000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>2nd Failure to Pre-clear (would
have been approved)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>**</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsequent violations may result in
fines**</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>2nd Failure to Pre-clear (would
have been denied)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>**</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsequent violations may result in
fines**</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><SUP style="FONT-size: 85%; vertical-align: text-top">2 </SUP>First Violation = $250/$1000 -</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>3rd Failure to Preclear or
Procedural Violation</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>**</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsequent Violations set by Ethics
Oversight Committee at least =
$500/$2000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Special Consideration Security
w/out approval (would have
been approved)</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>3</B></SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsequent violations may result in
fines**</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Special Consideration Security
w/out approval (would have
been denied)</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>3</B></SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><SUP style="FONT-size: 85%; vertical-align: text-top">2 </SUP>First Violation = $250/$1000 -
Subsequent Violations set by Ethics
Oversight Committee at least =
$500/$2000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>1st Ban on Short Term Profits
Rule&nbsp;Violation</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsequent violations may result in
fines**</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>2nd Ban on Short Term Profits
Rule&nbsp;Violation</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>**</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><SUP style="FONT-size: 85%; vertical-align: text-top">2 </SUP>First Violation = $250/$1000 -
Subsequent Violations set by Ethics
Oversight Committee at least =
$500/$2000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Violation of Blackout Period</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>**</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><SUP style="FONT-size: 85%; vertical-align: text-top">2 </SUP>First Violation = $250/$1000 -
Subsequent Violations set by Ethics
Oversight Committee at least =
$500/$2000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Required Reporting Violation</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>5</B></SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsequent violations may result in
fines**</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Certifying to incorrect data
(i.e. holdings discrepancies)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsequent violations may result in
fines**</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Refusal to Acknowledge Code</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>X</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Habitual violations of the
requirements of the Code of Ethics</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>At the discretion of the Ethics Oversight Committee</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD colspan="3"><B>Please note: </B>Any of the above violations may result in a meeting with Code of Ethics Administation
at the discretion of the Chief Compliance Officer</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Procedural Pre-clearance = incorrect amount of shares, incorrect trading symbol or
cusip, incorrect trade direction or incorrect brokerage account</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Tiered Fines: lesser amount is for Regular Access persons with a job grade below AVP and higher amount is for Investment Access Persons
and anyone with a job grade of AVP or higher.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top"><B>3</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Special Consideration Securities are Initial Public Offerings, Private Placements, or
Limited Offerings.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top"><B>4</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Disgorgement only if profit is greater than $100</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top"><B>5</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Reporting Violations &#151; Related to Initial, Quarterly and Annual Certifications and violations of timely disclosure of new accounts
and acquisitions and dispositions of covered securities; i.e. gifts/donations and inheritances.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Appendix&nbsp;H: Chief Compliance Officers and Code of Ethics Contacts</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Entity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="LEFT" style="border-bottom: 1px solid #000000"><B>Chief Compliance Officer</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Advisers, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Frank Knox &#151; 617-663-2430</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Investment Management
Services, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Frank Knox</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Each open-end and closed-end fund
advised by a John Hancock Adviser
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Frank Knox</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Funds, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael Mahoney &#151; 617-663-3021</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Hancock Distributors, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kathleen Pettit &#151; 617-572-3872</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Code of Ethics Contact</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="LEFT" style="border-bottom: 1px solid #000000"><B>Phone number</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fred Spring
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">617-663-3485</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Andrea Holthaus
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">617-663-3484</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(R)(2)
<SEQUENCE>24
<FILENAME>b90494a1exv99wx2yxryx2y.htm
<DESCRIPTION>CODE OF ETHICS DATED FEBRUARY 2011 OF THE SUBADVISER
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxryx2y</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049404.gif" alt="(MANULIFE ASSET MANAGEMENT LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Code of Ethics
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Manulife Asset Management (US)&nbsp;is required by law to adopt a Code of Ethics. The purposes
of a Code of Ethics are to ensure that companies and their &#147;covered
employees&#148;<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP> comply with all applicable laws and to prevent abuses in the
investment advisory business that can arise when conflicts of interest exist between the
employees of an investment advisor and its clients. By adopting and enforcing a Code of Ethics,
we strengthen the trust and confidence entrusted in us by demonstrating that at Manulife Asset
Management (US), client interests come first.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Code of Ethics (the &#147;Code&#148;) that follows represents a balancing of important interests. On
the one hand, as a registered investment adviser, Manulife Asset Management (US)&nbsp;owes a duty
of undivided loyalty to its clients, and must avoid even the appearance of a conflict that
might be perceived as abusing the trust they have placed in Manulife Asset Management (US). On the other hand, Manulife Asset Management (US)&nbsp;does not want to
prevent conscientious professionals from investing for their own accounts where conflicts do
not exist or that are immaterial to investment decisions affecting the Manulife Asset Management (US)
clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When conflicting interests cannot be reconciled, the Code makes clear that, first and
foremost, covered employees owe a fiduciary duty to Manulife Asset Management (US)&nbsp;clients. In
most cases, this means that the affected employee will be required to forego conflicting
personal securities transactions. In some cases, personal investments will be permitted, but
only in a manner, which, because of the circumstances and applicable controls, cannot
reasonably be perceived as adversely affecting Manulife Asset Management (US)&nbsp;client portfolios
or taking unfair advantage of the relationship Manulife Asset Management (US)&nbsp;employees have to
Manulife Asset Management (US)&nbsp;clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Code contains specific rules prohibiting defined types of conflicts. Since every potential
conflict cannot be anticipated by the Code, it also contains general provisions prohibiting conflict situations. In view of these general provisions, it is
critical that any covered employee who is in doubt about the applicability of the Code in a given
situation seek a determination from Code of Ethics Administration or the Chief Compliance Officer
about the propriety of the conduct in advance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is critical that the Code be strictly observed. Not only will adherence to the Code ensure
that Manulife Asset Management (US)&nbsp;renders the best possible service to its clients, it will help
to ensure that no individual is liable for violations of law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It should be emphasized that adherence to this policy is a fundamental condition of
employment at Manulife Asset Management (US). Every covered employee is expected to adhere to the
requirements of the Code despite any inconvenience that may be involved. Each employee is expected
to adhere to the highest standard of professional and ethical conduct and should be sensitive to
situations that may give rise to an actual conflict or the appearance of a conflict with our
clients&#146; interests, or have the potential to cause damage to the Manulife Asset Management (US)&nbsp;or its affiliates&#146; reputation. To this end, each employee
must act with integrity, honesty, dignity and in a highly ethical
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">manner. Each employee is also required to comply with all applicable securities laws.
Moreover, each employee must exercise reasonable care and professional judgment to avoid engaging
in actions that put the image of Manulife Asset Management (US)&nbsp;or its reputation at risk. While
it is not possible to anticipate all instances of potential conflict or unprofessional conduct,
the standard is clear. Any covered employee failing to do so may be subject to disciplinary
action, including financial penalties and termination of employment in conjunction with the
Manulife Asset Management (US)&nbsp;Schedule of Fines and Sanctions or as determined by Senior Management of Manulife Asset Management (US).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Code recognizes that our fiduciary obligation extends across all of our affiliates, satisfies
our regulatory obligations and sets forth the policy regarding employee conduct in those
situations in which conflicts with our clients&#146; interests are most likely to develop.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV style="margin-left:15px; text-indent:-15px; font-size: 10pt">1 &nbsp;&#147;Covered employees&#148; includes all &#147;supervised persons&#148; as defined under SEC Rule&nbsp;204A-1
under the Investment Advisers Act of 1940, as amended (the &#147;Advisers Act&#148;).
</DIV>


<P align="left" style="font-size: 10pt"><!-- Folio -->I<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(CODE OF ETHICS LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Table of Contents</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;1: General Principles</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;2: To Whom Does This Code Apply?</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;3: Which Accounts and Securities are Subject to the Code&#146;s Personal Trading Requirements?</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred Brokerage Account Requirements:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;4: Overview of Policies</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;5: Policies in the Code of Ethics</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restriction on Gifts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">John Hancock Affiliated Funds Reporting Requirement and Holding Period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pre-clearance Requirement of Securities Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pre-clearance of Manulife Financial Corporation securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Heightened Pre-clearance of Securities Transactions for &#147;Significant Personal Positions&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ban on Short-Term Profits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ban on IPO&#146;s</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ban on Speculative Transactions in MFC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ban on Restricted Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Excessive Trading</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Disclosure of Private Placement Conflicts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Seven Day Blackout Period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restriction on Securities under Active Consideration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;6: Policies Outside of the Code of Ethics</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">MFC Code of Business Conduct &#038; Ethics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Manulife Asset Management (US)&nbsp;Insider Trading Policy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Manulife Asset Management (US)&nbsp;Portfolio Holdings Disclosure Policy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">MFC Anti-Fraud Policy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">MFC Electronic Communications Disclosure Guidelines</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;7: Reports and Other Disclosures outside the Code of Ethics</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Broker Letter/Duplicate Confirm Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment Professional Disclosure of Personal Securities Conflicts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;8: Reporting Requirements and Other Disclosures inside the Code of Ethics</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Initial Holdings Report and Annual Holdings Report</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reporting of Gifts, Donations, and Inheritances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trading in Broad Based Stock Index Futures and Options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Quarterly Transaction Certification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Quarterly Brokerage Account Certification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Annual Certification of the Code</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;9: Reporting Violations</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;10: Interpretation and Enforcement</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;11: Exemptions &#038; Appeals</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;12: Education of Employees</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;13: Recordkeeping</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;Appendix&nbsp;A: Access Person Categories</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;Appendix&nbsp;B: Affiliated Funds &#151; December&nbsp;2009</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;Appendix&nbsp;C: Pre-clearance Procedures</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;Appendix&nbsp;D: Investment Professional Disclosure of Personal Securities Conflicts</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;Appendix&nbsp;E: Manulife Asset Management (US)&nbsp;Schedule of Fines and Sanctions</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Section&nbsp;Appendix&nbsp;F: Chief Compliance Officer and Compliance Contacts</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">II
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1: General Principles</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each covered employee within the Manulife Asset Management (US)&nbsp;organization is responsible
for maintaining the very highest ethical standards when conducting our business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>This means that:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You have a fiduciary duty at all times to place the interests of our clients and
fund investors first.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All of your personal securities transactions must be conducted consistent with the
provisions of the Code that apply to you and in such a manner as to avoid any actual or
potential conflict of interest or other abuse of your position of trust and responsibility.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You should not take inappropriate advantage of your position or engage in any fraudulent or manipulative practice (such as
front-running or manipulative market timing) with respect to our clients&#146; accounts or fund
investors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You must treat as confidential any information concerning the identity of
security holdings and financial circumstances of clients or fund investors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You must comply with all applicable federal securities laws, which, for purposes of
the Code, means the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), the
Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, Rule&nbsp;204A-1 of the Advisers
Act of 1940, as amended, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC
under any of these statutes, the Bank Secrecy Act as it applies to funds and investment
advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;Employee&#148; for purposes of this Code, includes all employees, including
temporary personnel compensated directly by Manulife Asset Management (US)&nbsp;and other
temporary personnel to the extent that their tenure with Manulife Asset Management (US)
exceeds 90&nbsp;days.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All employees are subject to this Code and adherence to the Code is a basic
condition of employment. If an employee has any doubt as to the appropriateness of any
activity, believes that he or she has violated the Code, or becomes aware of a violation of
the Code by another employee, he or she should promptly consult the Chief Compliance
Officer of Manulife Asset Management (US) &#151; <B>see Appendix&nbsp;F</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is essential that you understand and comply with the
general principles, noted above, in letter and in spirit as no set of rules can anticipate
every possible problem or conflict situation.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>As described in section 10 &#147;Interpretation and Enforcement&#148; on page 18 of the Code, failure
to comply with the general principles and the provisions of the Code may result in disciplinary
action, including termination of employment.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2: To Whom Does This Code Apply?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Code applies to you if you are:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A
director, officer or other &#147;supervised employee&#148;<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP> of Manulife Asset
Management (US);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please note that if a policy described below applies to you, it also applies to all accounts
over which you have a beneficial interest. Normally, you will be deemed to have a beneficial
interest in your personal accounts, those of a spouse, &#147;significant other,&#148; minor children or
family members sharing the same household, as well as all accounts over which you have discretion
or give advice or information. &#147;Significant others&#148; are defined for these purposes as two people
who (1)&nbsp;share the same primary residence; (2)&nbsp;share living expenses;
and (3)&nbsp;are in a committed relationship and intend to remain in the relationship
indefinitely.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are three categories for persons covered by the Code, taking into account their
positions, duties and access to information regarding fund portfolio trades. You have been notified about which of
these categories applies to you, based on Code of Ethics Administration&#146;s understanding of your
current role.
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV style="font-size: 10pt; margin-left:15px; text-indent:-15px">2 &nbsp;&nbsp;A &#147;supervised employee&#148; is defined by the Advisers Act to mean a partner, officer,
director (or other person occupying a similar status or performing similar functions) or employee,
as well as any other person who provides advice on behalf of the adviser and is subject to the
adviser&#146;s supervision and control. However, in reliance on
the Prudential no-action letter, Manulife Asset Management (US)&nbsp;does not treat as a
&#147;supervised employee&#148; any of its &#147;non-advisory personnel&#148;, as defined below.
In reliance on the Prudential no-action letter, Manulife Asset Management (US)&nbsp;treats as an
&#147;advisory person&#148; any &#147;supervised employee&#148; who is involved, directly, or indirectly, in Manulife
Asset Management (US)&#146;s investment advisory activities, as well as any &#147;supervised employee&#148; who
is an &#147;access person&#148;. Manulife Asset Management (US)&nbsp;treats as &#147;non-advisory personnel&#148;, and
does not treat as a &#147;supervised person&#148;, those individuals who have no involvement, directly or
indirectly, in Manulife Asset Management (US)&#146;s investment advisory activities, and who are not
&#147;access persons&#148;
</DIV>


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</DIV>








<P align="left" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><IMG src="b90494a1b9049405.gif" alt="(CODE OF ETHICS LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have a level of investment access beyond your assigned category, or if you are promoted
or change duties and as a result should more appropriately be included in a different category, it
is your responsibility to notify Code of Ethics Administration.sharing the same household, as well
as all accounts over which you have discretion or give advice or information. &#147;Significant others&#148;
are defined for these purposes as two people who (1)&nbsp;share the same primary residence;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(2)&nbsp;share living expenses; and (3)&nbsp;are in a committed relationship and intend to remain in
the relationship indefinitely.
</DIV>


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</DIV>







<P align="left" style="font-size: 10pt"><!-- Folio -->2&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(CODE OF ETHICS LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Access Person Categories:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The basic definitions of three categories, with examples, are provided below. The more
detailed definitions of each category are attached as <B>Appendix&nbsp;A</B>.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>&#147;Access Level I&#148;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&#147;Access Level II&#148;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&#147;Access Level III&#148;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Investment Access</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Regular Access</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Periodic Access</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A person who, in connection with
his/her regular functions or duties,
makes or participates in making
recommendations regarding the
purchase or sale of securities for
any John Hancock Affiliated Fund
or account advised by Manulife
Asset Management (US)<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP>.<BR><BR style="font-size: 6pt">
<B>Examples:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A person who, in connection with
his/her regular functions or duties,
has regular access to nonpublic
information regarding any clients&#146;
purchase or sale of securities, or
nonpublic information regarding
the portfolio holdings of any
John Hancock Affiliated Fund
or account advised by Manulife
Asset Management (US)&nbsp;who
has regular access to securities recommendations that are made
to clients of Manulife Asset
Management (US).<BR>
<BR style="font-size: 6pt">
<B>Examples:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A person who, in connection with
his/her regular functions or duties,
has periodic access to non-public
information regarding any clients&#146;
purchase or sale of securities, or
non-public information regarding
the portfolio holdings of any
John Hancock Affiliated Fund or
account advised by Manulife Asset
Management (US).<BR>
<BR style="font-size: 6pt">
<B>Examples:</B></TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:25px; text-indent:-15px"><B>&#149;</B>&nbsp; Portfolio Managers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:25px; text-indent:-15px"><B>&#149;</B>&nbsp; Office of the CCO
</div></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="margin-left:25px; text-indent:-15px"><B>&#149;</B>&nbsp;
Business Financial Analysts</div></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:25px; text-indent:-15px"><B>&#149;</B>&nbsp; Analysts
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:25px; text-indent:-15px"><B>&#149;</B>&nbsp; Investment Operations
</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:25px; text-indent:-15px"><B>&#149;</B>&nbsp; Technical Associates</div></TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:25px; text-indent:-15px"><B>&#149;</B>&nbsp; Traders
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:25px; text-indent:-15px"><B>&#149;</B>&nbsp; Administration
</div></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="margin-left:25px; text-indent:-15px"><B>&#149;</B>&nbsp;
Select Technical Resources Associates</div></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:25px; text-indent:-15px"><B>&#149;</B>&nbsp; Administrative Personnel for
Access Level I Persons
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:25px; text-indent:-15px"><B>&#149;</B>&nbsp; Technology Resources
Personnel</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="margin-left:25px; text-indent:-15px"><B>&#149;</B>&nbsp;
Private Client Group Personnel</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="margin-left:25px; text-indent:-15px"><B>&#149;</B>&nbsp;
Legal Staff</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="margin-left:25px; text-indent:-15px"><B>&#149;</B>&nbsp;
Sales/Marketing</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="margin-left:25px; text-indent:-15px"><B>&#149;</B>&nbsp;
Client Service &#038; Products</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
<TD align="left" valign="top"><DIV style="margin-left:25px; text-indent:-15px"><B>&#149;</B>&nbsp;
Administrative Personnel for Access Level II Persons</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV style="font-size: 10pt; margin-left:15px; text-indent:-15px">3 &nbsp;&nbsp;A John Hancock Affiliated Fund
includes any fund advised by either John
Hancock Advisers, LLC or John Hancock
Investment Management Services, LLC
(&#147;John Hancock Advisers&#148;). A complete
list of the John Hancock Affiliated
Funds is included in appendix B.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>








<P align="left" style="font-size: 10pt"><!-- Folio -->3&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(CODE OF ETHICS)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3: Which Accounts and Securities are Subject to the Code&#146;s Personal Trading Requirements?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Code describes &#147;Personal Trading Requirements&#148; (i.e., John Hancock Mutual Fund
reporting requirement and holding period, the pre-clearance requirement, the ban on short-term
profits, the ban on IPO&#146;s, the disclosure of private placement conflicts and the reporting
requirements) that apply to your access category as described above, then the requirements apply to
trades for any account in which you have a beneficial interest. A covered employee is considered to
have a beneficial interest in any transaction in which the employee has the opportunity to directly
or indirectly profit or share in the profit derived from the securities transacted. An employee is
presumed to have a beneficial interest in, and therefore an obligation to pre-clear and report, the
following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities owned by a covered employee in his or her name.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities owned by an individual covered employee indirectly through an account or
investment vehicle for his or her benefit, such as an IRA, family trust or family
partnership.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities owned in which the covered employee has a joint ownership interest,
such as property owned in a joint brokerage account.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities owned by trusts, private foundations or other charitable accounts for
which the covered employee has investment discretion (other than client accounts of the
firm).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Typically, this includes your personal accounts, those of a spouse, &#147;significant other,&#148; minor
children or family members sharing your household, as well as all accounts over which you have
discretion or give advice or information. This includes all brokerage accounts
that contain securities <B>(including brokerage accounts that only contain
securities exempt from reporting, e.g., brokerage accounts holding shares of non-affiliated
mutual funds).</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This also includes all accounts holding John Hancock Affiliated Funds as well as accounts
in the Manulife Asset Management (US)&nbsp;Share Ownership Plan.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accounts over which you have no direct or indirect influence or control are exempt. To
prevent potential violations of the Code, you are strongly encouraged to submit a written
request for clarification for any accounts that are in question.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>These personal trading requirements do not apply to the following securities:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Direct obligations of the U.S. Government (e.g., treasury securities) and indirect
obligations of the U.S. Government having less than one year to maturity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities Futures and options on direct obligations of the U.S. Government;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bankers&#146; acceptances, bank certificates of</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deposit, commercial paper, and high quality short-term debt obligations, including
repurchase agreements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares issued by money market funds and all other open-end mutual funds registered
under the 1940 Act that are not advised or sub-advised by a John Hancock Adviser or another
Manulife entity<SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP>;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commodities and options and futures on commodities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities in accounts over which you have no direct or indirect influence or
control;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Variable insurance products not managed by a John Hancock Adviser or another Manulife
entity; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Foreign currency transactions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Except as noted above, the Personal Trading Requirements apply to all securities,
including the following and therefore must be precleared and reported:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stocks;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bonds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Government securities that are not direct obligations of the U.S. Government, such as
Fannie Mae, or municipal securities, in each case that mature in more than one year;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>John Hancock Affiliated Funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Closed-end funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Options on securities, on indexes, and on currencies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Broad based stock index futures and options<SUP style="FONT-size: 85%; vertical-align: text-top">5</SUP>;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interest rate swaps;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Limited partnerships and limited liability company</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interests;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt;margin-left:15px; text-indent:-15px">4&nbsp; Different requirements apply to shares of John Hancock Affiliated Funds. See the section
titled &#147;John Hancock Affiliated Funds Reporting Requirement and Holding Period&#148; on page 8 of this
Code. A list of Affiliated Funds can be found in Appendix&nbsp;B.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt;margin-left:15px; text-indent:-15px">5&nbsp; No pre-clearance requirement on broad based stock index futures and options but trading
activity in these securities need to be reported. Please see &#147;Trading in Broad Based Stock Index
Futures and Options&#148; on page 16 of this Code.
</DIV>


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</DIV>






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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(CODE OF ETHICS LOGO)">
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exchange traded funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Domestic unit investment trusts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Non-US unit investment trusts and non-US mutual funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Private investment funds and hedge funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Futures, investment contracts or any other instrument that is considered a &#147;security&#148;
under the Securities Act of 1933; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Warrants, rights, etc., whether publicly traded or privately held.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Preferred Brokerage Account Requirements:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This rule applies to new access persons commencing employment after March&nbsp;1, 2008.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While employed by Manulife Asset Management (US), you must maintain your accounts at one
of the preferred brokers approved by Manulife Asset Management (US). The following are the
preferred brokers for you to maintain your covered accounts:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Charles Schwab</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Citigroup Smith Barney</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>E*trade</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fidelity</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Merrill Lynch</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Morgan Stanley</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Scottrade</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>TDAmeritrade</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>UBS Financial</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Exceptions: </B>With approval from Code of Ethics Administration, you can maintain a
brokerage account at a broker/dealer other than the ones listed above if any of the following
applies:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it contains only securities that can&#146;t be transferred;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it exists solely for products or services that one of the above broker/dealers
cannot provide;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it exists solely because your spouse&#146;s or significant other&#146;s employer prohibits external
covered accounts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is managed by a third-party registered investment adviser;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is restricted to trading interests in non-John Hancock 529 College Savings Plans;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is associated with an ESOP (employee stock option plan) or an ESPP (employee stock
purchase plan) in which a related covered person is the participant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is required by a direct purchase plan, a dividend reinvestment plan, or an
automatic investment plan with a public company in which regularly scheduled investments are made or planned;</TD>
</TR>



<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is required by a trust agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is associated with an estate of which you are the executor, but not a
beneficiary, and your involvement with the account is temporary; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transferring the account would be inconsistent with other applicable rules.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What do I need to do to comply?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You will need to transfer assets of current brokerage accounts to one of the preferred
brokers/dealers listed above within 45&nbsp;days of commencement of employment and close your current
accounts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Or</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You should contact Code of Ethics Administration to obtain an exemption request form to
request permission to maintain a brokerage account with a broker/dealer not on Manulife Asset
Management (US)&#146;s preferred broker list.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>







<P align="left" style="font-size: 10pt"><!-- Folio -->5&nbsp;<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4: Overview of Policies</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Access Level</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Access Level</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Access Level</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>I Person</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>II Person</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>III Person</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General principles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restrictions on gifts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reporting requirement and holding period for positions in
John Hancock Affiliated Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pre-clearance requirement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Limited</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pre-clearance requirement for initial public offerings
(&#147;IPO&#146;s&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Prohibited</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Heightened pre-clearance of securities transactions for
&#147;significant personal positions&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">No</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">No</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pre-clearance requirement on private placements/limited
offerings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ban on IPO&#146;s</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">No</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">No</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ban on short-term profits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">No</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Seven day blackout period rule</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">No</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ban on speculative trading in
Manulife Financial Corporation stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reporting of gifts, donations, and inheritances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Duplicate confirms &#038; statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Initial &#038; annual certification of the Code</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Initial &#038; annual holdings reporting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Quarterly personal transaction reporting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Disclosure of private placement conflicts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">No</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">No</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Manulife Financial Corporation
Code of Business Conduct &#038; Ethics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Hancock Insider Trading Policy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Policy regarding dissemination of portfolio information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment Professional Personal Security Ownership
Disclosure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Yes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">No</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">No</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">6
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>5: Policies in the Code of Ethics</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Restriction on Gifts</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Access Levels
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You and your family cannot accept preferential treatment or favors (e.g., gifts) from
securities brokers/ dealers or other organizations with which Manulife Asset Management (US)&nbsp;might
transact business, except in accordance with the Manulife Financial Corporation (MFC)&nbsp;Code of
Business Conduct and Ethics, and Manulife Asset Management (US)&nbsp;Gift Policy. For the protection of
both you and Manulife Asset Management (US), the appearance of a possible conflict of interest must
be avoided. You may not accept travel and lodging which is paid for by someone other than Manulife
Asset Management (US)&nbsp;without prior approval from your business head and your Chief Compliance
Officer. The purpose of this policy is to minimize the basis for any charge that you used your
Manulife Asset Management (US)&nbsp;position to obtain for yourself opportunities which otherwise would
not be offered to you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>John Hancock Affiliated Funds Reporting
Requirement and Holding Period</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Access Levels
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You must follow the reporting requirement and the holding period requirement specified below if
you purchase either:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a &#147;John Hancock Mutual Fund&#148; (i.e., a 1940 Act Mutual Fund that is advised or
sub-advised by John Hancock Advisers or by another Manulife entity);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a &#147;John Hancock Variable Product&#148; (i.e., contracts funded by insurance company separate
accounts that use one or more portfolios of John Hancock Trust); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other mutual fund advised or sub advised by Manulife Asset Management (US)</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The reporting requirement and the holding period requirement for positions in John Hancock
Affiliated Funds do not include money market funds and any dividend reinvestment, payroll
deduction, systematic investment/withdrawal and/or other program trades.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Reporting Requirement: </B>You must report your holdings and your trades in a
John Hancock Affiliated Fund held in an outside brokerage account. This is not a pre-clearance
requirement, you can report your holdings after you trade by submitting duplicate confirmation
statements to Code of Ethics Administration. If you are an Access Level I Person, Access Level II Person, or Access Level III Person, you must
also make sure that your holdings in a John Hancock Affiliated Fund are included in your Initial
Holdings Report (upon hire or commencement of access designation).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you purchase a John Hancock Variable Product, you must notify Code of Ethics
Administration of your contract or policy number.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Code of Ethics Administration will rely on the operating groups of John Hancock for
administration of trading activity, holdings and monitoring of market timing policies for John
Hancock Affiliated Funds. Accordingly employees will not be required to file duplicate transaction
and holdings reports for these products as long as the accounts holding these products are held
with the respective John Hancock operating group, i.e. John Hancock Signature Services, Inc. and
the contract administrators supporting the John Hancock variable products.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Code of Ethics Administration will have access to this information upon request.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Holding Requirement: </B>You cannot profit from the purchase and sale of a
John Hancock Affiliated Fund advised by Manulife Asset Management (US)&nbsp;within 30 calendar days.
The purpose of this policy is to address the risk, real or perceived, of manipulative market
timing or other abusive practices involving short-term personal trading in the John Hancock Affiliated Funds.
Any profits realized on short-term trades must be surrendered by check payable to John Hancock Advisers, LLC, which will be
contributed to a charity of its choice. You may request an exemption from this
policy for involuntary sales due to unforeseen corporate activity (such as a merger), or for sales
due to hardship reasons (such as unexpected medical expenses) by sending an e-mail to the Chief
Compliance Officer.
</DIV>

<DIV align="center">
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    <TD align="left" valign="top">7
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)"></TD>
</TR>
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</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Pre-clearance Requirement of Securities Transactions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: Access Level I and Access Level II Persons Also, for a <U>limited category of
trades</U>: Access Level III Persons
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Access Level I Persons and Access Level II Persons: </B>If you are an Access Level I
Person or Access Level II Person, you must &#147;pre-clear&#148; (i.e., receive advance approval of) any
personal securities transactions in the categories described in <B>Section&nbsp;3</B>: &#147;Which Accounts and Securities are Subject to the
Code&#146;s Personal Trading Requirements&#148; on page 4 of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Clearance for personal securities transactions will be in effect solely for the day on
which they were approved.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Due to this pre-clearance requirement, participation in investment clubs and special orders,
such as &#147;good until canceled orders&#148; and &#147;limit orders,&#148; are prohibited.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Place day orders only, i.e., orders that automatically expire at the end of the trading
session. Be sure to check the status of all orders at the end of the trading day and cancel any orders that
have not been executed. If any Access Person leaves an order open and it is executed the
next day (or later), the transaction will constitute a violation of the Code.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Limited Category of Trades for Access Level III Persons:</B> If you are an Access Level III Person, you must pre-clear transactions in securities of
any closed-end funds advised by Manulife Asset Management (US)&nbsp;or a John Hancock Adviser, as
well as transactions in IPO&#146;s, private placements and limited offerings. An Access Level III
Person is not required to pre-clear other trades. However, please keep in mind that an Access
Level III Person is required to report securities transactions after every trade (even those
that are not required to be pre-cleared) by requiring your broker to submit duplicate
confirmation statements, as described in section 7 of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Pre-clearance of IPO&#146;s, Private Placements and Limited</B> <B>Offerings: </B>Pre-clearance requests for these securities require some special
considerations; the decision will take into account whether, for example: (1)
the investment opportunity should be reserved for Manulife Asset Management (US)&nbsp;clients; and
(2)&nbsp;is it being offered to you because of your position with Manulife Asset Management (US)
and other relevant factors on a case-by-case basis. A separate procedure should be followed
for requesting pre-clearance on these securities. <B>See Appendix&nbsp;C</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pre-clearance of Manulife Financial Corporation securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: Access Level I and Access Level II Persons
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All personal transactions in MFC securities including stock, company issued options, and any
other securities such as debt must be pre-cleared excluding trades in the Manulife Asset Management
(US)&nbsp;Share Ownership Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Pre-clearance Process: </B>You may pre-clear a trade through the Personal Trading &#038; Reporting System by
following the steps outlined in the pre-clearance procedures. <B>See Appendix&nbsp;C</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Please note that:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may not trade until clearance approval is received</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clearance approval is valid only for the date granted (i.e., the pre-clearance
requested date and the trade date should be the same)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A separate procedure should be followed for requesting pre-clearance of an IPO,
a private placement, a limited offering as detailed in <B>Appendix&nbsp;C</B>.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Code of Ethics Administration must maintain a five-year record of all pre-clearances of private
placement purchases by Access Level I Persons, and the reasons supporting the clearances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The pre-clearance policy is designed to proactively identify potential &#147;problem trades&#148; that
raise front-running, manipulative market timing or other conflict of interest concerns (i.e., when
an Access Level I Person trades a security on the same day as a John Hancock Affiliated Fund).
Certain transactions in securities that would normally require pre-clearance are exempt
from the pre-clearance requirement in the following situations: (1)&nbsp;shares are being purchased as
part of an automatic investment plan; (2)&nbsp;shares are being purchased as part of a dividend
reinvestment plan; or (3)&nbsp;transactions are being made in an account over which you have designated a third party
as having discretion to trade (you must have approval from the Chief Compliance Officer to
establish a discretionary account).
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="47%"></TD>
</TR>
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    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">8
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)"></TD>
</TR>
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</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Heightened Pre-clearance of Securities Transactions for &#147;Significant Personal Positions&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: Access Level I Persons
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you are an Access Level I Person with a personal securities position that is worth
$100,000 or more, this is deemed to be a &#147;Significant Personal Position&#148;. This applies to any
personal securities positions in the categories described above in the section &#147;Which Accounts and
Securities are Subject to the Code&#146;s Personal Trading Requirements&#148;. Before you make personal
trades to establish, increase or decrease a Significant Personal Position, you must notify either
the Chief Fixed Income Officer or the Chief Equity Officer that (1)&nbsp;you intend to trade in a
Significant Personal Position and (2)&nbsp;confirm that you are not aware of any clients for whom
related trades should be completed first. You must receive their pre-approval to proceed. Their
approval will be based on their conclusion that your personal trade in a Significant Personal Position will not &#147;front-run&#148; any action
that John Hancock Affiliated Funds should take for a client. This heightened pre-clearance
requirement is in addition to, not in place of, the regular pre-clearance requirement described
above&#151;you must also receive the regular pre-clearance before you trade.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ban on Short-Term Profits</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: Access Level I and Access Level II Persons
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you are an Access Level I Person or Access Level II Person, you cannot profit from the
purchase and sale (or sale and purchase) of the same (or equivalent) securities within 60 calendar
days. This applies to any personal securities trades in the categories described in <B>Section&nbsp;3</B>: &#147;Which Accounts and Securities are Subject to the Code&#146;s Personal Trading Requirements&#148;
on page 4 of the Code, except for personal security trades of John Hancock Affiliated Funds which you can not profit from within 30&nbsp;days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may invest in derivatives, excluding certain equity options on MFC securities<SUP style="FONT-size: 85%; vertical-align: text-top">6</SUP>
or sell short provided the transaction period exceeds the 60-day holding period.<B>Remember, if you donate or gift a security, it is considered a sale and is subject to this rule.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This restriction does not apply to trading within a sixty calendar day period if you do not
realize a profit.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The purpose of this policy is to address the risk, real or perceived, of front-running,
manipulative market timing or other abusive practices involving short-term personal trading. Any
profits in excess of $100.00 realized on short-term trades must be surrendered by check payable
to John Hancock Advisers, LLC, which will be contributed to a charity of its choice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may request an exemption from this policy for involuntary sales due to unforeseen
corporate activity (such as a merger), or for sales due to hardship reasons (such as unexpected
medical expenses) from Code of Ethics Administration. In addition, transactions in securities with the following
characteristics will typically be granted an exemption from this provision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Large Cap Securities Exception: </B>Pre-clearance requests in a security with
a market capitalization of $5&nbsp;billion or more would, in most cases, not be subject to, the ban on
short-term profits rule because management determined that transactions in these types of
companies do not present any conflict of interest to the John Hancock Affiliated Funds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ban on IPO&#146;s</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: Access Level I Persons
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you are an Access Level I Person, you may not acquire securities in an IPO. You may not
purchase any newly-issued securities until the next business (trading)&nbsp;day after the offering date.
This applies to any personal securities trades in the categories described above in the section
&#147;Which Accounts and Securities are Subject to the Code&#146;s Personal Trading Requirements&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are two main reasons for this prohibition: (1)&nbsp;these purchases may suggest that persons have
taken inappropriate advantage of their positions for personal profit; and (2)&nbsp;these purchases may
create at least the appearance that an investment opportunity that should have been available to the
Manulife Asset Management (US)&nbsp;clients was diverted to the personal benefit of an individual
employee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may request an exemption for certain investments that do not create a potential conflict
of interest, such as: (1)&nbsp;securities of a mutual bank or mutual insurance company received as
compensation in a demutualization and other similar non-voluntary stock acquisitions; (2)&nbsp;fixed
rights offerings; or (3)&nbsp;a family member&#146;s participation as a form of employment compensation in
their employer&#146;s IPO.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">6</TD>
    <TD>&nbsp;</TD>
    <TD>You may not buy put options and sell call options or sell short securities of MFC.</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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</TR>
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<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">9
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)"></TD>
</TR>
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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ban on Speculative Transactions in MFC</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Access Levels
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All Covered employees under this Code are prohibited from engaging in speculative
transactions involving securities of MFC, since these transactions might
be seen as evidencing a lack of confidence in, and commitment to, the future of MFC or as
reducing the incentive to maximize the performance of MFC and its stock price. Accordingly, all
covered employees, as well as their family members, are prohibited from entering into any transaction involving
MFC securities for their personal account which falls into the following categories:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Short sales of MFC securities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buying put options or selling call options on MFC securities</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ban on Restricted Securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Access Levels
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No pre-clearance will be approved for securities appearing on the Manulife Asset Management
(US)&nbsp;Restricted List.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities are placed on the Restricted List if:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Manulife Asset Management (US)&nbsp;or a member of Manulife Asset Management (US)&nbsp;has
received material non-public inside information on a security or company; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the judgment of the Legal Department, circumstances warrant addition of a security
to this list</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Restricted List is a confidential list of companies that is maintained in the possession of
the Legal Department.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Excessive Trading</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Access Levels
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While active personal trading may not in and of itself raise issues under applicable laws
and regulations, we believe that a very high volume of personal trading can be time consuming and
can increase the possibility of actual or apparent conflicts with portfolio transactions.
Accordingly, an unusually high level of personal trading activity is strongly discouraged and may
be monitored by Code of Ethics Administration to the extent appropriate for the category of
person, and a pattern of excessive trading may lead to the taking of appropriate action under the
Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An Access Person effecting more than 45 trades in a quarter, or redeeming shares of a John
Hancock Affiliated Fund within 30&nbsp;days of purchase, should expect additional scrutiny of his or
her trades and he or she may be subject to limitations on the number of trades allowed during a given period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Disclosure of Private Placement Conflicts</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: Access Level I Persons
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you are an Access Level I Person and you own securities purchased in a private placement,
you must disclose that holding when you participate in a decision to purchase or sell that same
issuer&#146;s securities for a John Hancock Affiliated Fund. This applies to any private placement holdings in the
categories described above in <B>Section&nbsp;3</B>: &#147;Which Accounts and Securities are Subject to the Code&#146;s
Personal Trading Requirements&#148; on page 4 of the Code. Private placements are securities exempt
from SEC registration under section 4(2), section 4(6) and/or rules 504 &#151; 506 under the Securities
Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The investment decision must be subject to an independent review by investment personnel with no
personal interest in the issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The purpose of this policy is to provide appropriate scrutiny in situations in which there is a
potential conflict of interest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Seven Day Blackout Period</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: Access Level I and Access Level II Persons
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Blackout Periods: </B>No Access person may engage in covered security
transactions involving securities or instruments which the access person knows are actively
contemplated for transactions on behalf of clients, even through no buy or sell orders have been
placed. This restriction applies from the moment that an access person has been informed in any
fashion that any Portfolio Manager intends to purchase or sell a specific security or instrument.
In this area each access person must exercise caution to avoid actions which, to his or her
knowledge, are in conflict or in competition with the interests of clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An Access Level I Person is prohibited from buying or selling a security within seven calendar
days before and after that security is traded for a fund that the person manages unless no
conflict of interest exists in relation to that security (as determined by Senior Management of
Manulife Asset Management (US).
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
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</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, Access Level I and Access Level II Persons are prohibited from knowingly buying
or selling a security within seven calendar days before and after that security is traded for a
John Hancock Affiliated Fund unless no conflict of interest exists in relation to that security.
This applies to any personal securities trades in the categories described above in <B>section 3</B>: &#147;Which Accounts and Securities are
Subject to the Code&#146;s Personal Trading Requirements&#148; on page 4 of the Code. If a John Hancock
Affiliated Fund trades in a security within seven calendar days before or after an Access Level I
and Access Level II Person trades in that security, the person may be required to demonstrate that
he or she did not know that the trade was being considered for that John Hancock Affiliated Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You will be required to sell any security purchased in violation of this policy unless it
is determined that no conflict of interest exists in relation to that security (as determined by
Senior Management of Manulife Asset Management (US). Any profits realized on trades determined by Senior Management of
Manulife Asset Management (US)&nbsp;to be in violation of this policy must be surrendered by check
payable to John Hancock Advisers, LLC, which will be contributed to a charity of its choice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restriction on Securities under Active Consideration</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: Access Level I and Access Level II Persons
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Access Level I and Access Level II Persons are prohibited from buying or selling a security if
the security is under active consideration by a John Hancock Affiliated Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Exceptions: </B>The Personal Trading and Reporting System will utilize the following
exception criteria when determining approval or denial of pre-clearances requests:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>De Minimis Trading Rule: </B>Pre-clearance requests for 500 shares or less of
a particular security with a market value of $25,000.00 or less, aggregated daily, would, in most
cases, not be subject to the blackout period restrictions and the restriction on actively traded
securities because management has determined that transactions of this size do not present any
conflict of interest as long as the requestor is not associated with the conflicting fund or
account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Large Cap Securities Exception: </B>Pre-clearance requests in a security with a
market capitalization of $5&nbsp;billion or more would in most cases, not be subject to
the blackout period restrictions and the restriction on actively traded securities because
management determined that transactions in these types of companies do not present any conflict of
interest as long as the requestor is not associated with the conflicting fund or account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6: Policies Outside of the Code of Ethics</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Information acquired in connection with employment by the organization, including
information regarding actual or contemplated investment decisions, portfolio composition,
research, research recommendations, firm activities, or client interests, is confidential and may
not be used in any way that might be contrary to, or in conflict with the interests of clients or
the firm. Employees are reminded that certain clients have specifically required their
relationship with Manulife Asset Management (US)&nbsp;to be treated confidentially.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are certain policies that apply to Manulife Asset Management (US)&nbsp;that are not part of
the Code, but are equally important. Five important policies are the:
(1)&nbsp;Manulife Asset Management (US)&nbsp;Code of Business Conduct &#038; Ethics; (2)&nbsp;John Hancock
Insider Trading Policy; (3)&nbsp;Manulife Asset Management (US)&nbsp;Portfolio Holdings Disclosure Policy;
(4)&nbsp;Manulife Financial Corporation Anti-Fraud Policy; and (5)&nbsp;Electronic Communication Disclosure
Guidelines.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MFC Code of Business Conduct &#038; Ethics</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Covered Employees
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The MFC Code of Business Conduct and Ethics (the &#147;MFC Code&#148;) provides standards for ethical
behavior when representing the Company and when dealing with employees, field representatives,
customers, investors, external suppliers, competitors, government authorities and the public.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The MFC Code applies to directors, officers and employees of MFC, its subsidiaries and controlled
affiliates. Sales representatives and third party business associates are also expected to abide by
all applicable provisions of the MFC Code and adhere to the principles and values set out in the
MFC Code when representing Manulife to the public or performing services for, or on behalf of,
Manulife.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other important issues in the MFC Code include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>MFC values &#151; P.R.I.D.E.;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ethics in workplace;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ethics in business relationships;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Misuse of inside information;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Receiving or giving of gifts, entertainment or favors;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
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</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Misuse or misrepresentation of your corporate position;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Disclosure of confidential or proprietary information;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Disclosure of outside business activities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Antitrust activities; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Political campaign contributions and expenditures relating to public officials.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Manulife Asset Management (US)&nbsp;Insider Trading Policy</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Covered Employees
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The antifraud provisions of the federal securities laws generally prohibit persons with
material non-public information from trading on or communicating the information to others.
Sanctions for violations can include civil injunctions, permanent bars from the securities
industry, civil penalties up to three times the profits made or losses avoided, criminal fines
and jail sentences. While Access Level I Persons are most likely to come in contact with material
non-public information, the rules (and sanctions) in this area apply to all persons covered under this
code and extend to activities both related and unrelated to your job duties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Manulife Asset Management (US)&nbsp;Insider Trading Policy (the &#147;Insider Trading Policy&#148;)
covers a number of important issues, such as:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The misuse of material non-public information;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information barrier procedure;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The &#147;restricted list&#148;; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Broker letters and duplicate confirmation statements (see section 7: &#147;Reports and Other
Disclosures outside the Code of Ethics&#148; on page 15 of the Code).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Manulife Asset Management (US)&nbsp;Portfolio Holdings Disclosure Policy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Covered Employees
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Information about securities held in a John Hancock Affiliated Fund or any other client
portfolio sub-advised by Manulife Asset Management (US)&nbsp;cannot be disclosed except in accordance
with the Portfolio Holdings Disclosure Policy, which generally requires time delays of
approximately one month and public posting of the information to ensure that it uniformly enters
the public domain.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MFC Anti-Fraud Policy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Covered Employees
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The prevention, identification, and detection of fraud are vital to Manulife Financial
Corporation. The Anti-Fraud Policy describes the framework within which the Company strives to:
(1)&nbsp;prevent, identify, and detect fraud; and (2)&nbsp;ensures that adequate controls are in place to
accomplish those objectives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Suspicions or allegations of possible fraud, fraudulent activity, and dishonest activity in
relation to the Company shall be handled by all MFC directors, officers, and employees on a timely
basis and with the utmost care. Failure to do so may result in a wide range of risks, including but
not limited to reputation risk to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To maintain the Company&#146;s reputation for conducting business with integrity, any suspicion
or allegation of fraud, fraudulent activity, or dishonest activity, in relation to the Company shall be
reported promptly and according to the Reporting Protocols and Responsibilities described in
the Policy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MFC Electronic Communications Disclosure Guidelines</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Covered Employees
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees must use e-mail in a professional manner and must not engage in any activity which
contravenes the Manulife Financial Code of Business Conduct and Ethics (&#147;Manulife Code of
Conduct&#148;) and all e-mail content, attachments, tag lines or signatures must be consistent with the
Manulife Code of Conduct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees are reminded that their corporate e-mail address is a Company address and that all
correspondence received and sent via e-mail is to be considered corporate correspondence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Manulife prohibits its employees from participating in Internet chat rooms or newsgroups in
discussions relating to the Company or its securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Communications over the Internet via e-mail may not be secure. Employees should be aware of
the danger of transmitting the Company&#146;s confidential information externally via unencrypted
e-mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If an employee becomes aware of a rumor on a chat room, newsgroup or any other source, that
may have a significant effect on the price of the Company&#146;s share price, they should notify
Corporate Communications.
</DIV>

<DIV align="center">
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</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Non-compliance with these Guidelines may result in disciplinary action against an employee,
up to and including termination of employment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The complete policies can be found on MFCentral under Company Policies/Global Compliance/
Policies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7: Reports and Other Disclosures outside the Code of Ethics</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Broker Letter/Duplicate Confirm Statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Access Levels
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with Rule&nbsp;204A-1(b) under the Advisers Act, you are required to report to Code of
Ethics Administration each transaction in any reportable security. This applies to any personal
securities trades in the categories described above in section 3: &#147;Which Accounts and Securities
are Subject to the Code&#146;s Personal Trading Requirements&#148; on page 4 of the Code, as well as trades
in John Hancock Affiliated Funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To comply with these rules noted above you are required by this Code and by the Insider Trading
Policy to inform your broker/dealer that you are employed by a financial institution. Your
broker/dealer is subject to certain rules designed to prevent favoritism toward your accounts. You
may not accept negotiated commission rates that you believe may be more favorable than the broker
grants to accounts with similar characteristics.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When a brokerage account in which you have a beneficial interest is opened you must do the
following before any trades are made:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notify the broker/dealer with which you are opening an account that you are an employee
of Manulife Asset Management (US)&nbsp;and whether or not you are registered with the Financial
Industry Regulatory Authority;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notify Code of Ethics Administration, in writing, to disclose the new brokerage account
before you place any trades,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Code of Ethics Administration will notify the broker/ dealer to have duplicate written
confirmations of any trade, as well as statements or other information concerning the account,
sent to John Hancock, Code of Ethics Administration, 601 Congress Street, 11th Floor, Boston, MA
02210-2805.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Code of Ethics Administration may rely on information submitted by your broker as part of
your reporting requirements under the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Professional Disclosure of Personal Securities Conflicts</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: Access Level I Persons
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As an investment professional, you must promptly disclose your direct or indirect beneficial
interest in a security that is under consideration for purchase or sale in a John Hancock
Affiliated Fund or Client account. See Appendix&nbsp;D.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Access Levels
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Outside Activities: </B>All outside business affiliations (e.g., directorships,
officerships or trusteeships) of any kind or membership in investment organizations (e.g., an
investment club) must be approved by the Employee&#146;s Business Manager and cleared by the Chief
Compliance Officer or General Counsel prior to the acceptance of such a position to ensure that such affiliations do not present a conflict with our clients&#146;
interests. New Employees are required to disclose all outside business affiliations to their
Business Manager upon joining the firm. As a general matter, directorships in public companies or companies that may
reasonably be expected to become public companies will not be authorized because of the potential
for conflicts that may impede our freedom to act in the best interests of clients. Service with
charitable organizations generally will be authorized, subject to considerations related to time
required during working hours, use of proprietary information and disclosure of potential
conflicts of interest. Employees who engage in outside business and charitable activities are not
acting in their capacity as employees of Manulife Asset Management (US)&nbsp;and may not use Manulife
Asset Management (US)&#146;s name.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Outside Employment: </B>Employees who are officers of the firm may not seek additional
employment outside of Manulife Asset Management (US)&nbsp;without the prior written approval of the
Human Resources Department. All new Employees are required to disclose any outside employment to
the Human Resources Department upon joining the firm.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="47%"></TD>
</TR>
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    <TD align="left" valign="top">&nbsp;</TD>
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    <TD align="right" valign="top">&nbsp;</TD>
</TR>
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    <TD align="left" valign="top">13
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</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>8: Reporting Requirements and Other Disclosures inside the Code of Ethics</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Initial Holdings Report and Annual Holdings Report</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Access Levels
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with Rule&nbsp;204A-1(b) under the Advisers Act; you must file an initial holdings
report within 10 calendar days after becoming an Access Person. The information must be current as
of a date no more than 45&nbsp;days prior to your becoming an Access Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, on an annual basis you must also certify to an annual holdings report within 45
calendar days after the required certification date determined by Code of Ethics Administration.
The information in the report must be current as of a date no more than 45&nbsp;days prior to the date
the report is submitted. This applies to any personal securities holdings in the categories
described in section 3: &#147;Which Accounts and Securities are Subject to the Code&#146;s Personal Trading
Requirements&#148; found on page 4 of the Code. It also includes holdings in John Hancock Affiliated
Funds, including holdings in the John Hancock 401(k) plan and variable insurance contracts issued
by John Hancock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You will receive an annual holdings certification request from Code of Ethics Administration.
Your annual holdings certification requirement will ask you to log into the John Hancock Personal
Trading and Reporting System to certify that the system has accurately captured all your reportable
security holdings as of the certification date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Holdings in John Hancock Affiliated Funds &#038; John Hancock Variable Products must be
reported if these holdings are held in an outside brokerage account.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Group Savings and Retirement Services is charged with the administration of the Global Share
Ownership Plan. Accordingly employees will not be required to file a duplicate holding report for
the shares held in this plan. Code of Ethics Administration will have access to this information
upon request.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Prior to certifying, access persons must ensure that they provide all covered holdings on
their initial holdings report and further ensure that Code of Ethics Administration capture all
covered holdings on their annual reporting requirement. An access person that fails to file by
the specified deadline, 10&nbsp;days on initial reporting and 45&nbsp;days for annual reporting will, at a minimum, be prohibited from engaging
in personal trading until the reporting requirement is made and may give rise to other
sanctions.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Even if you have no holdings to report you will be asked to complete this requirement.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Reporting of Gifts, Donations, and Inheritances</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Access Levels
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you gift or donate shares of a reportable security it is considered a sale and you must
notify Code of Ethics Administration of the gift or donation on the date given. You must also
make sure the transaction is properly reported on your next quarterly transaction
certification.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you receive a gift or inherit a reportable security you must report the new
holding to Code of Ethics Administration in a timely manner and you must make sure the
holding is properly reported on your next annual holdings certification.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trading in Broad Based Stock Index Futures and Options</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Access Levels
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following Index securities do not require your pre-clearance, yet do require you to report
these transactions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Options on, or exchange-traded funds that track, the S&#038;P 100, S&#038;P Midcap 400, S&#038;P 500, FTSE 100, and Nikkei 225</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Quarterly Transaction Certification</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Access Levels
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with Rule&nbsp;204A-1(b) under the Advisers Act, on a quarterly basis, all access
persons are required to certify that all covered transactions in their brokerage accounts, as well
as transactions in John Hancock Affiliated Funds, have been effected in accordance with the Code.
Within 30 calendar days after the end of each calendar quarter, you will be asked to log into the
John Hancock Personal Trading and Reporting System to certify that the system has accurately
captured all transactions for the preceding calendar quarter for accounts and trades which are
required to be reported pursuant to section 3: &#147;Which Accounts and Securities are Subject to the
Code&#146;s Personal Trading Requirements&#148; on page 4 of the Code.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">14
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Transactions in John Hancock Affiliated Funds and John Hancock Variable Products must be
reported if these transactions are executed in an outside brokerage account.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Group Savings and Retirement Services is charged with the administration of the Global Share
Ownership Plan. Accordingly employees will not be required to file a duplicate transaction report
for this plan. Code of Ethics Administration will have access to this information upon request.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>All access persons are required to certify a quarterly report, even if there were no reportable
transactions during the quarter.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Prior to certifying, access persons should ensure that Code of Ethics Administration has
captured all reportable transactions such as:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transactions in all covered securities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gift Transactions</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Corporate actions including dividend reinvestments, mergers, stock splits,
etc.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For each transaction required to be reported you must certify the following information was
captured accurately:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date of the transaction, the title, and as applicable the exchange ticker symbol or
CUSIP number, interest rate and maturity date, number of shares, and principal amount of each
reportable security involved;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the nature of the transaction (i.e. purchase, sale or any other type of acquisition or
disposition);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the price at which the transaction was effected; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the name of the broker/dealer or bank with or through which the transaction was
effected.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the end of each calendar quarter, access persons will be reminded of the reporting requirement.
An access person that fails to certify within the 30 calendar
day deadline will, at a minimum, be prohibited from engaging in personal trading until the
reporting requirement is made and may give rise to other sanctions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Quarterly Brokerage Account Certification</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Access Levels
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On a quarterly basis, all Access Persons will be required to certify to a listing of
brokerage accounts as described in section 3: &#147;Which Accounts and Securities are Subject to the
Code&#146;s Personal Trading Requirements&#148; on page 4 of the Code. This includes all brokerage accounts, including
brokerage accounts that only contain securities exempt from reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This also includes all accounts holding John Hancock Affiliated Funds and John Hancock
Variable Products as well as accounts in the Manulife Asset Management (US)&nbsp;Share Ownership Plan.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>All access persons are required to certify a quarterly report, even if there were no existing or
new accounts to report.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Prior to certifying, access persons should ensure that Code of Ethics Administration has
captured all reportable accounts including any new or closed account during the quarter:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Within 30 calendar days after the end of each calendar quarter you will be asked to log into
the John Hancock Personal Trading and Reporting System and certify that all brokerage accounts are
listed and the following information is accurate:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Account number;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Account registration; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Brokerage firm</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>An access person that fails to file within the 30 calendar day deadline will, at a minimum, be
prohibited from engaging in personal trading until the reporting requirement is made and may give
rise to other sanctions.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">15
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Annual Certification of the Code</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applies to: All Access Levels
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At least annually (or additionally when the Code has been materially changed), you must provide
a certification at a date designated by Code of Ethics Administration that you:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>have read and understood the Code;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recognize that you are subject to its policies; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>have complied with its requirements</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You are required to make this certification to demonstrate that you understand the importance of
these policies and your responsibilities under the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>An access person that fails to certify within the specified deadline will, at a minimum, be
prohibited from engaging in personal trading until the reporting requirement is made and may give
rise to other sanctions.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9: Reporting Violations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you know of any violation of the Code, you have a responsibility to promptly report it
to the Chief Compliance Officer. You should also report any deviations from the controls and
procedures that safeguard Manulife Asset Management (US)&nbsp;and the assets of our clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since we cannot anticipate every situation that will arise, it is important that we have a way
to approach questions and concerns. Always ask first, act later. If you are unsure of what to do
in any situation, seek guidance before you act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Speak to your manager, a member of the Human Resources Department or Law Department or the Chief
Compliance Officer if you have:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a doubt about a particular situation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a question or concern about a business practice; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a question about potential conflicts of interest</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may report suspected or potential illegal or unethical behavior without fear of retaliation.
Manulife Asset Management (US)&nbsp;does not permit retaliation of any kind for good faith reports of
illegal or unethical behavior.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Concerns about potential or suspected illegal or unethical behavior should be referred to a
member of the Human Resources or Law Department.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unethical, unprofessional, illegal, fraudulent or other questionable behavior may also be
reported by calling the confidential toll free Ethics Hotline at 1-866-294-9534 or by visiting
www.ManulifeEthics.com.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10: Interpretation and Enforcement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Compliance with the Code is expected and violations
of its provisions are taken seriously. </B>Employees must recognize that the
Code is a condition of employment with Manulife Asset Management (US)&nbsp;and a serious violation of
the Code or related policies may result in dismissal. Since many provisions of the Code also reflect provisions of the US Securities
Laws, employees should be aware that violations could also lead to regulatory enforcement action
resulting in suspension or expulsion from the securities business, fines and penalties, and
imprisonment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Code cannot anticipate every situation in which personal interests may be in conflict with
the interests of our clients and fund investors. You should be responsive to the spirit and
intent of the Code as well as its specific provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When any doubt exists regarding any Code provision or whether a conflict of interest with clients
or fund investors might exist, you should discuss the situation in advance with the Chief
Compliance Officer. The Code is designed to detect and prevent fraud against clients and fund
investors, and to avoid the appearance of impropriety.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Chief Compliance Officer has general administrative responsibility for the Code as it
applies to the covered employees; an appropriate member of Code of Ethics Administration will
administer procedures to review personal trading activity. Code of Ethics Administration also
regularly reviews the forms and reports it receives. If these reviews uncover information that is
incomplete, questionable, or potentially in violation of the rules in this document, Code of
Ethics Administration will investigate the matter and may contact you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Senior Management of Manulife Asset Management (US)&nbsp;approves amendments to the Code of Ethics
and dispenses sanctions for violations of the Code of Ethics. Accordingly, Code of Ethics
Administration will refer violations to Senior Management for review and recommended action based
on the Manulife Asset Management (US)&nbsp;Schedule of Fines and Sanctions. See Appendix&nbsp;E.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">16
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following factors will be considered when determining a fine or other
disciplinary action:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the person&#146;s position and function (senior personnel may be held to a
higher standard);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount of the trade or nature of the violation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the John Hancock Affiliated Funds hold the security and were trading the
same day;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the violation was by a family member;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the person has had a prior violation and which policy was involved; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the employee self-reported the violation</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You should be aware that other securities laws and regulations not addressed by the Code may also
apply to you, depending on your role at Manulife Asset Management (US).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Manulife Asset Management (US)&nbsp;Senior Management and the Chief Compliance Officer retain the
discretion to interpret the Code&#146;s provisions and to decide how they apply to any given situation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11: Exemptions &#038; Appeals</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exemptions may be granted where warranted by applicable facts and circumstances. If you
believe that you have a situation that warrants an exemption to the any of the rules and
restrictions of this Code you need to complete a &#147;Pre-Clearance Exemption
Request Form&#148; to request approval from Code of Ethics Administration and/or the Chief Compliance
Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Sole Discretion Exemption: </B>A transaction does not need to be pre-cleared
if it takes place in an account that Code of Ethics Administration has approved in writing as
exempt from the pre-clearance requirement. In the sole discretion of Code of Ethics Administration
and the Chief Compliance Officer, accounts that will be considered for exclusion from the
pre-clearance requirement are only those for which an employee&#146;s securities broker or investment
advisor has complete discretion. Employees wishing to seek such an exemption must complete a
&#147;Pre-Clearance Waiver Form for Sole Discretion Accounts&#148; and satisfy all requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These forms can be found on the home page of the John Hancock Personal Trading and Reporting
System under &#147;Forms and Filings.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You will be notified of the outcome of your request by the Code of Ethics Administrator and/or
the Chief Compliance Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Appeals: </B>If you believe that your request has been incorrectly denied or that an
action is not warranted, you may appeal the decision. To make an appeal, you need to give Code of
Ethics Administration a written explanation of your reasons for appeal within 30&nbsp;days of the date
that you were informed of the decision. Be sure to include any extenuating circumstances
or other factors not previously considered. During the review process, you may, at your
own expense, engage an attorney to represent you. Code of Ethics
Administration may arrange for senior management or other parties to be part of the review
process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You will be notified of the outcome of your appeal by the Code of Ethics Administrator and/or
the Chief Compliance Officer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12: Education of Employees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Code constitutes the Code of Ethics required by Rule&nbsp;204A-1 under the Advisers Act for
Manulife Asset Management (US). Code of Ethics Administration
will provide a paper copy or electronic version of the Code (and any amendments) to each
person subject to the Code. Code of Ethics Administration will also administer training to
employees on the principles and procedures of the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13: Recordkeeping</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Code of Ethics Administration will maintain:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a copy of the current Code for Manulife Asset Management (US)&nbsp;and a copy of each Code
of Ethics in effect at any time within the past five years;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a record of any violation of the Code, and of any action taken as a result of the
violation, for six years;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a copy of each report made by an Access Person under the Code, for six years (the first
two years in a readily accessible place);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a record of all persons, currently or within the past five years, who are or were,
required to make reports under the Code. This record will also indicate who was responsible
for reviewing these reports; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a record of any decision, and the reasons supporting the decision, to approve the
acquisition by an Access Level 1 Person of an IPO or an access person of a private
placement, for six years</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Appendix&nbsp;A: Access Person Categories</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>




<P align="LEFT" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You have been notified about which of these categories applies to you, based on Code of
Ethics Administration&#146;s understanding of your current role. If you have a level of investment
access beyond that category, or if you are promoted or change duties and as a result should
more appropriately be included in a different category, it is your responsibility to
immediately notify the Chief Compliance Officer of your company.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Access Level I &#151; Investment Access Person:</B>
An associate, officer or non-independent board member of Manulife Asset Management
(US)&nbsp;who, in connection with his/her regular functions or duties, makes or participates in
making recommendations regarding the purchase or sale of securities by the John Hancock
Affiliated Funds (i.e., Portfolio Managers, Analysts, and Traders).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Access Level II &#151; Regular Access Person:</B>
An associate of Manulife Asset Management (US)&nbsp;who, in connection with his/her regular
functions or duties, has regular access to nonpublic information regarding any clients&#146;
purchase or sale of securities, or non-public information regarding the portfolio
holdings of any John Hancock Affiliated Fund or any Client account advised by Manulife
Asset Management (US); or who is involved in making securities recommendations to
clients, or who has regular access to such recommendations that are nonpublic (i.e.,
Office of the Chief Compliance Officer, Administration, Investment Operations,
Administrative Personnel supporting Access Level I Persons, Technology Resources
Personnel with access to investment systems, Private Client Group Personnel, and anyone
else that Code of Ethics Administration deems to have regular access).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Access Level III &#151; Periodic Access Person: </B>An associate of Manulife Asset
Management (US)&nbsp;who, in connection with his/her regular functions or duties, has periodic
access to non-public information regarding any clients&#146; purchase or sale of securities,
or non-public information regarding the portfolio holdings of any John Hancock Affiliated
Fund or any Client account advised by Manulife Asset Management (US) (i.e., Legal Staff,
Client Services and Products, Administrative Personnel supporting Access Level II
Persons, and anyone else that Code of Ethics Administration deems to have periodic
access).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>



<P align="LEFT" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Appendix&nbsp;B: Affiliated Funds &#150; December&nbsp;2009</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK FUNDS</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Trust and Fund(s):</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subadviser for Fund:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Open-End Funds:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Bond Trust:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Government Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">High Yield Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investment Grade Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock California Tax-Free Income Fund:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">California Tax-Free Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Capital Series:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Classic Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pzena Investment Management, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U. S. Global Leaders Growth Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sustainable Growth Advisers, LP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Current Interest:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Money Market Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Equity Trust:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Fund
(proposed to merge away in Jan)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lee Munder Capital Group, LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Investment Trust:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Balanced Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large Cap Equity Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Intrinsic Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sovereign Investors Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Investment Trust II:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Financial Industries Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Regional Bank Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Equity Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Investment Trust III:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greater China Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Municipal Securities Trust:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">High Yield Municipal Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tax-Free Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>


<P align="LEFT" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK FUNDS (Cont.)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Trust and Fund(s):</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subadviser for Fund:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Open-End Funds:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Series&nbsp;Trust:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid Cap Equity Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Sovereign Bond Fund:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Strategic Series:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Strategic Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>John Hancock Tax-Exempt Series&nbsp;Fund:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Massachusetts Tax-Free Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">New York Tax-Free Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Closed-End Funds:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bank &#038; Thrift Opportunity Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Income Securities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investors Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Preferred Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Preferred Income Fund II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Preferred Income Fund III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Patriot Premium Dividend Fund II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tax-Advantaged Dividend Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (US)&nbsp;LLC
Analytic Investors, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tax-Advantaged Global Shareholder Yield Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Epoch Investment Partners, Inc. / Analytic Investors, Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK FUNDS II</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Fund:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subadviser for Fund:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Active Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC and Declaration
Management &#038; Research LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Diversified Growth &#038; Income Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Fundamental Holdings Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Global Diversification Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">All Cap Core Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Investment Management Americas Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">All Cap Growth Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco AIM Capital Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">All Cap Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lord, Abbett &#038; Co. LLC.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alpha Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alternative Asset Allocation Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Blue Chip Growth Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Capital Appreciation Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jennison Associates LLC</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>



<P align="LEFT" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK FUNDS II (Cont.)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Fund:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subadviser for Fund:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Allocation Plus Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wells Capital Management, Incorporated</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Emerging Markets Debt Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Emerging Markets Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dimensional Fund Advisers, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Equity-Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Financial Services Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Davis Selected Advisers, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Floating Rate Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Western Asset Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fundamental Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Davis Selected Advisers, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Agribusiness Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Infrastructure Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Timber Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pacific Investment Management Company LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Templeton Global Advisors Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global High Yield Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stone Harbor Investment Partners LP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Real Estate Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Investment Management Americas Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">High Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">High Yield Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Western Asset Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franklin Advisers, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Index 500 Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Equity Index Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SSgA Funds Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marsico Capital Management, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Small Cap Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Templeton Investment Counsel LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Small Company Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dimensional Fund Advisors</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Templeton Investment Counsel LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investment Quality Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large Cap Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UBS Global Asset Management (Americas) Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large Cap Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BlackRock Investment Management LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2010 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2015 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2020 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2025 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2030 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2035 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2040 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2045 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2050 Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifestyle Aggressive Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited and
Deutsche Investment Management Americas, Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>


<P align="LEFT" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK FUNDS II (Cont.)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Fund:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subadviser for Fund:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifestyle Balanced Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited and
Deutsche Investment Management Americas, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifestyle Conservative Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited and
Deutsche Investment Management Americas, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifestyle Growth Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited and
Deutsche Investment Management Americas, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifestyle Moderate Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited and
Deutsche Investment Management Americas, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid Cap Index Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid Cap Stock Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid Cap Value Equity Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Riversource Investments, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid Cap Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lord, Abbett &#038; Co. LLC.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Money Market Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Multi Sector Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stone Harbor Investment Partners LP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Natural Resources Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Optimized Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Real Estate Equity Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Real Estate Securities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Investment Management Americas Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Real Return Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pacific Investment Management Company LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Retirement Distribution Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Retirement Rising Distribution Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Science &#038; Technology Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.,
RCM Capital Management LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Short Term Gov&#146;t Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Growth Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Index Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Munder Capital Management</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Company Growth Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AIM Capital Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Company Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Smaller Company Growth Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Frontier Capital Management Company, LLC;
Perimeter Capital Management;
Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Spectrum Income Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Strategic Bond Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Western Asset Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Strategic Income Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Technical Opportunities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total Bond Market Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Declaration Management &#038; Research, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total Return Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pacific Investment Management Company LLC</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>



<P align="LEFT" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK FUNDS II (Cont.)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Fund:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subadviser for Fund:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Stock Market Index Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. Government Securities Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Western Asset Management Company</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. High Yield Bond Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wells Capital Management, Incorporated</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. Multi Sector Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grantham, Mayo, Van Otterloo &#038; Co. LLC</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Value &#038; Restructuring Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Columbia Management Advisors</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Value Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Morgan Stanley Investment Management Inc. (Van</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kampen)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vista Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Century Investment Management, Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK FUNDS III</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Fund:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subadviser for Fund:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Classic Value Mega Cap Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Pzena Investment Management, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core High Yield Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Disciplined Value Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Robeco Investment Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Shareholder Yield Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Epoch Investment Partners, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Growth Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">GMO, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Allocation Portfolio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Core Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">GMO, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Growth Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">GMO, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Leveraged Companies Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rainier Growth Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Rainier Investment Management Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Company Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Fiduciary Management Associates, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U. S. Core Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">GMO, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Value Opportunities Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">GMO, LLC</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK TRUST</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Fund:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subadviser for Fund:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">500 Index Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">500 Index Trust B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Active Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC and
Declaration Management &#038; Research LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">All Cap Core Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Investment Management Americas Inc. and
RREEF America LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">All Cap Growth Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jennison Associates LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">All Cap Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lord, Abbett &#038; Co. LLC.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alpha Opportunities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Asset Allocation Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Blue Chip Income and Growth Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Fundamental Holdings Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Global Diversification Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>




<P align="LEFT" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK TRUST (Cont.)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Fund:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subadviser for Fund:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Global Growth Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Global Small Capitalization Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Growth Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American Growth-Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American High-Income Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American International Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">American New World Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital Research Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Balanced Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Blue Chip Growth Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Capital Appreciation Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jennison Associates LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Capital Appreciation Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Allocation Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Asset Allocation Plus Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Balanced Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Balanced Strategy Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wells Capital Management, Incorporated</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Disciplined Diversification Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Diversified Growth &#038; Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Fundamental Holdings Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Global Diversification Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Core Strategy Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Disciplined Diversification Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dimensional Fund Advisors Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Emerging Markets Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dimensional Fund Advisers, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Equity-Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Financial Services Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Davis Selected Advisers, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Floating Rate Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Western Asset Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Franklin Templeton Founding Allocation Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fundamental Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Davis Selected Advisers, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pacific Investment Management Company LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Global Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Templeton Global Advisors Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Growth Equity Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rainier Investment Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Growth Opportunities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grantham, Mayo, Van Otterloo &#038; Co. LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Growth Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grantham, Mayo, Van Otterloo &#038; Co. LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Health Sciences Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">High Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">High Yield Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Western Asset Management Company Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franklin Advisers, Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>


<P align="LEFT" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK TRUST (Cont.)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Fund:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subadviser for Fund:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Core Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grantham, Mayo, Van Otterloo &#038; Co. LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Equity Index Trust A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SSgA Funds Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Equity Index Trust B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SSgA Funds Management, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Growth Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grantham, Mayo, Van Otterloo &#038; Co. LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Index Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Opportunities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marsico Capital Management, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Small Company Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dimensional Fund Advisors Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">International Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Templeton Investment Counsel LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Intrinsic Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grantham, Mayo, Van Otterloo &#038; Co. LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investment Quality Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large Cap Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UBS Global Asset Management (Americas) Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large Cap Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BlackRock Investment Management LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2010 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2015 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2020 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2025 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2030 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2035 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2040 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2045 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifecycle 2050 Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifestyle Aggressive Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited
and Deutsche Investment Management Americas, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifestyle Balanced Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Investment Management Americas Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifestyle Conservative Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Investment Management Americas Inc. and
Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifestyle Growth Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Investment Management Americas Inc. and
Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lifestyle Moderate Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Investment Management Americas Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid Cap Index Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid Cap Stock Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid Cap Value Equity Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Riversource Investments, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Money Market Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Money Market Trust B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mutual Shares Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franklin Mutual Advisers, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Natural Resources Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Optimized All Cap Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>


<P align="LEFT" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER" colspan="3" style="border-bottom: 1px solid #000000"><B>JOHN HANCOCK TRUST (Cont.)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Fund:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subadviser for Fund:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Optimized Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Overseas Equity Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Templeton Investment Counsel, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Real Estate Equity Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Real Estate Securities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Investment Management Americas Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Real Return Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pacific Investment Management Company LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Science &#038; Technology Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc. and
RCM Capital Management LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Short-Term Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Declaration Management &#038; Research, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Short Term Government Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Growth Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Index Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Opportunities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Advisers and Dimensional Fund Advisors LP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Cap Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wellington Management Company, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Company Growth Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Advisers</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Small Company Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Smaller Company Growth Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Frontier Capital Management Company, LLC,
Perimeter Capital Management, and
Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Spectrum Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. Rowe Price Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Strategic Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Western Asset Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Strategic Income Opportunities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (US)&nbsp;LLC and
Declaration Management &#038; Research LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total Bond Market Trust A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Declaration Management &#038; Research LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total Bond Market Trust B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Declaration Management &#038; Research LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total Return Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pacific Investment Management Company LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total Stock Market Index Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manulife Asset Management (North America) Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Government Securities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Western Asset Management Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. High Yield Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wells Capital Management, Incorporated</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Multi Sector Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grantham, Mayo, Van Otterloo &#038; Co. LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Utilities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Massachusetts Financial Services Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Value Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Morgan Stanley Investment Management Inc.
(Van Kampen)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Value &#038; Restructuring Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Columbia Management Advisors</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Value Opportunities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grantham, Mayo, Van Otterloo &#038; Co. LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Vista Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">American Century Investment Management, Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>


<P align="LEFT" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Appendix&nbsp;C: Pre-clearance Procedures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You should read the Code to determine whether you must obtain a pre-clearance before you
enter into a securities transaction. If you are required to obtain
a pre-clearance, you should follow the procedures detailed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pre-clearance for Covered Securities including Derivatives, Futures, Options:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A request for pre-clearance needs to be entered through the John Hancock Personal Trading &#038;
Reporting System which can be accessed through your Start Menu on your Desktop under
Programs\Personal Trading &#038; Reporting\Personal Trading &#038; Reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the John Hancock Personal Trading &#038; Reporting System is not on your Desktop, please
use the following link:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>https://cti-prd.prd.manulifeusa.com/iTrade3</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Trade Request Screen</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At times you may receive a message &#147;System is currently unavailable&#148;. The system is
scheduled to be off-line from 8:00 PM until 7:00 AM each night.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><IMG src="b90494a1b9049407.gif" alt="(GRAPHIC)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Required Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ticker/Security Cusip: </B>Fill in either the ticker, cusip or security
name with the proper information of the
security you want to buy or sell. Then click the &#091;Lookup&#093; button. Select one of the hyperlinks for
the desired security, and the system will populate the proper fields Ticker, Security Cusip,
Security Name and Security Type automatically on the Trade Request Screen.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>If You Don&#146;t Know the Ticker, Cusip, or Security Name:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you do not know the full ticker, you may type in the first few letters followed by an
asterisk * and click the &#091;Lookup&#093; button. For example, let&#146;s say you want to buy some shares of
Intel, but all you can remember of the ticker is that it begins with int, so you enter int* for
Ticker. If any tickers beginning with int are found, they are displayed on a new screen. Select
the hyperlink of the one you want, and the system will populate Security Cusip, Security Name and
Security Type automatically on the Trade Request Screen. If you do not know the full cusip, you
may type in the first few numbers followed by an asterisk * and click the
&#091;Lookup&#093; button. For example, let&#146;s say you want to buy some shares of Microsoft, but all you can
remember
of the cusip is that it begins with 594918, so you enter 594918* for Ticker. If any cusips
beginning with 594918 are found, they are displayed on a new screen. Select the hyperlink of the
one you want, and the system will fill in Ticker, Security Name and Security Type automatically on
the Trade Request Screen. If
you do not know the Ticker but have an idea of what the Security Name is, you may type in an
asterisk, a few letters of the name and an asterisk * and click the &#091;Lookup&#093; button. For example,
let&#146;s say you want to buy some shares of American Brands, so you enter
*amer* for Security Name. Any securities whose names have amer in them are displayed on a new
screen, where you are asked to select the hyperlink of the
one you want, and the system will fill in Ticker, Cusip and Security Type automatically on
the Trade Request Screen.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Transaction Type: </B>Choose one of the values displayed when you click the dropdown
arrow to the right of this field.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>


<P align="left" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Brokerage Account: </B>Click on the dropdown arrow to the right of the Brokerage
Account field to choose the account to be used for the trade.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Quantity: </B>Enter the amount of shares you wish to trade.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Notes Text Box: </B>Enter any applicable notes regarding your trade request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Click the &#091;Preview&#093; button to review your trade request, if everything is correct hit the
&#091;Submit&#093; button to present request for approval; after which you
will receive immediate feedback unless the system identifies a potential violation of the Ban
on Short Term Profits Rule.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In this case, your request will be forwarded to Code of Ethics Administration for review and you
will receive feedback via the e-mail system.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Starting Over: </B>To clear everything on the screen and start over, click the
&#091;Clear Screen&#093; button.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Exiting Without Submitting the Trade Request: </B>If you decide not to submit
the trade request before clicking the &#091;Submit Request&#093; button, simply exit from the browser by
clicking the Logout menu option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note: When submitting your request for approval, please make sure the information you are
submitting for is correct. Submission of requests with incorrect brokerage account, incorrect
trade direction, or incorrect security identifier (ticker/cusip) may subject you to fines and
sanctions.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ticker/Security Name Lookup Screen: </B>You arrive at this screen from the Trade
Request Screen, where you&#146;ve clicked the &#091;Lookup&#093; button (see above, &#147;If You Don&#146;t Know the
Ticker, Cusip, or Security Name&#148;). If you see the security you want to trade, you simply select
its corresponding hyperlink (ticker or cusip) and you will automatically return to the Trade
Request Screen, where you finish making your trade request. If the security you want to trade is
not shown, that means that it is not recognized by the system.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You must contact Code of Ethics Administration to add the security to the system. Send an email
including the following information; security name, security ticker symbol, security cusip number,
security type and an attestation that the security is not an IPO or a Private Placement to Code of
Ethics Administration:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Fred Spring (617)&nbsp;663-3485</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>or Andrea Holthaus (617)-663-3484</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Adding Brokerage Accounts: To access this functionality, click on the Brokerage Account\Add
Brokerage Account menu item. You will be prompted to enter the Brokerage Account Number,
Brokerage Account Name, Broker Contact Name, Broker Contact Email, and Initiated Dates. When you
click the &#091;Create New Brokerage Account&#093; button, you will receive a message that informs you
whether the account was successfully created.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><IMG src="b90494a1b9049408.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pre-clearance for Private Placements, IPO&#146;s and Limited Offerings: You may request a
pre-clearance of private placement securities, limited offerings, or an IPO by contacting Fred
Spring via email (please &#147;cc.&#148; Frank Knox on all such requests). The request must include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the associate&#146;s name;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the complete name of the security;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the seller (i.e. the selling party if identified and/ or the broker/dealer or
placement agent) and whether or not the associate does business with those individuals or
entities on a regular basis;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the basis upon which the associate is being offered this investment opportunity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any potential conflict, present or future, with fund trading activity and whether
the security might be offered as inducement to later recommend publicly traded securities for
any fund or to trade through a particular broker/dealer or placement agent; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date of the request</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Clearance of private placements or IPO&#146;s may be denied for any appropriate reason, such as if the
transaction could create the appearance of impropriety. Clearance of IPO&#146;s will also be denied if
the transaction is prohibited for a person due to his or her access category under the Code of
Ethics.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please keep in mind that the Code of Ethics prohibits Access Level I Persons from purchasing
securities in an IPO.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>



<P align="left" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Appendix&nbsp;D: Investment Professional
Disclosure of Personal Securities
Conflicts</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As an investment professional, Access Level I Persons, you must promptly disclose your
direct or indirect beneficial interest in a security that is under consideration for purchase
or sale in a John Hancock Affiliated Fund or account advised by Manulife Asset Management (US).
You are required to follow the following guidelines.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>If you or a member of your family own:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a 5% or greater interest in a company, John Hancock Affiliated Funds advised by
Manulife Asset Management (US)&nbsp;and its affiliates may not make any investment in that
company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a 1% or greater interest in a company, you cannot participate in any decision by John
Hancock Affiliated Funds advised by Manulife Asset Management (US)&nbsp;and its affiliates to
buy or sell that company&#146;s securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ANY other interest in a company, you cannot recommend or participate in a
decision by John Hancock Affiliated Funds advised by Manulife Asset Management (US),
and its affiliates to buy or sell that company&#146;s securities unless your personal
interest is fully disclosed at all stages of the investment decision</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In such instances, you must initially disclose that beneficial interest orally to the primary
portfolio manager (or other appropriate analyst) of the John Hancock Affiliated Fund or account
advised by Manulife Asset Management (US)&nbsp;or the appropriate Chief Investment Officer. Following
the oral disclosure, you must send a written acknowledgement to the primary portfolio manager with
a copy to the Code of Ethics Administration Department.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the purposes of this requirement investment professionals are defined as
analysts and portfolio managers.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>


<P align="left" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Appendix&nbsp;E: Manulife Asset Management (US)&nbsp;Schedule of Fines and Sanctions</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="b90494a1b9049409.gif" alt="(GRAPHIC)">
</DIV>





<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>




<P align="left" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049405.gif" alt="(GRAPHIC)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Appendix&nbsp;F: Chief Compliance Officer
and Compliance Contacts</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="68%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Entity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Chief Compliance Officer</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Manulife Asset Management (US)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">William Corson &#150; 617-375-6850</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" colspan="1" style="border-bottom: 1px solid #000000"><B>Code of Ethics Contact</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Phone number</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fred Spring</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">617-663-3485</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Andrea Holthaus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">617-663-3484</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="b90494a1b9049406.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: -12pt">&#147;Code&#148; Edition: February, 2011
</DIV>


<P align="left" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(S)
<SEQUENCE>25
<FILENAME>b90494a1exv99wx2yxsy.htm
<DESCRIPTION>POWER OF ATTORNEY DATE MARCH 6, 2012
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wx2yxsy</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>John Hancock Investors Trust</B></FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>POWER OF ATTORNEY</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned Trustee or Officer of John Hancock Investors Trust* (the &#147;Fund&#148;), a Massachusetts
business trust, does hereby appoint John J. Danello, Kinga Kapuscinski, Thomas M. Kinzler, Nicholas
J. Kolokithas, Julie B. Lyman, Patricia A. Morisette, Christopher Sechler, Betsy Anne Seel, Steven
Sunnerberg and Andrew Wilkins, to be my true, sufficient and lawful attorneys-in-fact, with full
power to each of them, and each acting singly, to sign for me, in my name and in the capacity
indicated below, any registration statements on Form N-2 to be filed by the Fund under the
Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), and under the Securities Act of 1933,
as amended (the &#147;1933 Act&#148;), and any and all exhibits and other documents relating thereto, and any
and all amendments to said registration statements, and to do generally all such things in my name
and on my behalf in the capacity indicated below to enable the Fund to comply with the 1940 Act,
the 1933 Act, and all requirements of the Securities and Exchange Commission thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, I have hereunder set my hand on this instrument as of the 6th day of March,
2012.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
<TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Keith F. Hartstein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Keith F. Hartstein
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief
Executive Officer</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
<TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Charles A. Rizzo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Charles A. Rizzo
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer
(Principal Financial
Officer and Principal
Accounting Officer)</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
<TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William H. Cunningham
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ William H. Cunningham
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
<TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deborah C. Jackson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Deborah C. Jackson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
<TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stanley Martin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Stanley Martin
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
<TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Patti McGill Peterson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Patti McGill Peterson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
<TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hugh McHaffie
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Hugh McHaffie
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
</TR>


<TR>
   <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John A. Moore
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John A. Moore
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
<TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steven R. Pruchansky
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Steven R. Pruchansky
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
<TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gregory A. Russo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Gregory A. Russo
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
<TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John G. Vrysen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John G. Vrysen
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>1940 Act File No.&nbsp;811-4173</TD>
</TR>

</TABLE>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<HTML>
<HEAD>
<TITLE>cover</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>John Hancock Financial Services</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="b90494a1b9049410.gif" alt="(JOHN HANCOCK LOGO)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U.S. Wealth Management<BR>
601 Congress Street<BR>
Boston, MA 02210<BR>
(617)&nbsp;663-3872<BR>
Fax: (617)&nbsp;663-2197<BR>
E-Mail: kkapuscinski@jhancock.com

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Name : </B>&nbsp;&nbsp; Kinga Kapucinski<BR>
Title: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assistant Vice President and Senior Counsel

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">May&nbsp;18, 2012
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>VIA EDGAR TRANSMISSION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U.S. Securities and Exchange Commission<BR>
100 F Street, NE<BR>
Washington, D.C. 20549

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Re:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> John Hancock Investors Trust (the &#147;Fund&#148;)<BR>
File Nos. 333-108637; 811-04173</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On behalf of the above-captioned registered, closed-end investment company (the &#147;Fund&#148;), and in
accordance with the requirements of the Securities Act of 1933, as amended (the &#147;1933 Act&#148;), and
the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), electronically transmitted
herewith is the Fund&#146;s Registration Statement on Form N-2 (the &#147;Registration Statement&#148;) with
respect to the proposed offering by the Fund of additional shares of common stock, no par value per
share (the &#147;Common Shares&#148;), on a continuous or delayed basis in reliance on Rule&nbsp;415 under the
1933 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with Rule&nbsp;111 under the 1933 Act, the Fund has sent by wire transfer to the
Securities and Exchange Commission&#146;s (the &#147;Commission&#148;) account at U.S. Bank the amount of $4.00 in
payment of the required registration fee of $2.68.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund and the underwriter for the Common Shares expect to submit in writing at the appropriate
time to the Staff of the Commission a request for the acceleration of effectiveness of the
Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We request that the Staff review the Registration Statement as promptly as possible and transmit
comments, if any, at its earliest possible convenience. At such time as the Fund responds to
comments, it will file the remaining exhibits required by Form N-2, to the extent not filed as part
of this filing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Should members of the Staff have any questions or comments concerning the Registration Statement,
please call the undersigned at (617)&nbsp;663-3872.
</DIV>


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    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
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<TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Kinga Kapuscinski
&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Kinga Kapuscinski, Esq.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Assistant Secretary of the Fund&nbsp;</TD>
    <TD>&nbsp;</TD>
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