<SEC-DOCUMENT>0001133228-16-007752.txt : 20160301
<SEC-HEADER>0001133228-16-007752.hdr.sgml : 20160301
<ACCEPTANCE-DATETIME>20160301165912
ACCESSION NUMBER:		0001133228-16-007752
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20160301
DATE AS OF CHANGE:		20160301
EFFECTIVENESS DATE:		20160301

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:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-201041
		FILM NUMBER:		161474197

	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>497
<SEQUENCE>1
<FILENAME>e433032_497.htm
<DESCRIPTION>497
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_001.jpg" ALT="JHI logo black" STYLE="height: 49px; width: 149px">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><FONT STYLE="font-variant: small-caps"><B>Prospectus Supplement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(To Prospectus dated March 1, <FONT STYLE="font-variant: small-caps">2016)</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to 500,000 Shares </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>John Hancock Investors Trust </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Shares </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John Hancock Investors Trust (the &ldquo;Fund&rdquo;) is a diversified,
closed-end management investment company. The Fund commenced operations in January&nbsp;1971 following an initial public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Objectives. </B>The Fund&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Offering. </B>John Hancock Funds, LLC (the &ldquo;Distributor&rdquo;)
has entered into a dealer agreement, dated March 1, 2015, (the &ldquo;Dealer Agreement&rdquo;) with UBS Securities LLC (the &ldquo;Dealer&rdquo;)
with respect to the Fund relating to the Fund&rsquo;s common shares of beneficial interest, no par value (&ldquo;Common Shares&rdquo;),
offered by this prospectus supplement (&ldquo;Prospectus Supplement&rdquo;) and the accompanying prospectus dated March 1, 2016
(the &ldquo;Prospectus&rdquo;). In accordance with the terms of the Dealer Agreement, the Fund may offer and sell its Common Shares,
no par value, from time to time through the Dealer as sub-placement agent for the offer and sale of the Common Shares. Under the
Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), the Fund may not sell any Common Shares at a price below
the current net asset value of such Common Shares, exclusive of any distributing commission or discount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Strategy. </B>The preponderance
of the Fund&rsquo;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 may
invest up to 70% of its net assets (plus borrowings for investment purposes) in debt securities rated below investment grade, commonly
known as &ldquo;junk bonds.&rdquo; 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&rsquo;s portfolio would exceed 20% of its total assets. Up to 50% of the value of the Fund&rsquo;s assets may
be invested in restricted securities acquired through private placements. The Fund may purchase mortgage-backed securities. The
Fund also may purchase and sell derivative instruments. In addition, the Fund may invest in repurchase agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Advisor and Subadvisor. </B>The
Fund&rsquo;s investment advisor is John Hancock Advisers, LLC (the &ldquo;Advisor&rdquo; or &ldquo;JHA&rdquo;) and its subadvisor
is John Hancock Asset Management a division of Manulife Asset Management (US) LLC (the &ldquo;Subadvisor&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exchange listing. </B>The
Fund&rsquo;s currently outstanding Common Shares are listed on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under
the symbol &ldquo;JHI.&rdquo; Any new Common Shares offered and sold hereby are expected to be listed on the NYSE and trade
under this symbol. The net asset value of the Common Shares on February 19, 2016 was $15.55 per share. As of February 19,
2016, the last reported sale price for the Common Shares was $14.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Leverage. </B>The Fund may use
leverage to the extent permitted by the 1940 Act, this Prospectus, and a liquidity agreement dated December 2, 2015 (the
&ldquo;LA&rdquo;). See &ldquo;&mdash;Other Investment Policies&mdash;Borrowing&rdquo; in the accompanying Prospectus. The LA
includes a line of credit, and will utilize securities lending and reverse repurchase agreements. The Fund&rsquo;s leverage
strategy may not be successful.<B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Common Shares have traded both at a premium and a discount to net asset
value (&ldquo;NAV&rdquo;). The Fund cannot predict whether Common Shares will trade in the future at a premium or discount to
NAV. The provisions of the 1940</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>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&rsquo;s common stock (calculated within 48 hours of pricing). The Fund&rsquo;s issuance
of Common Shares may have an adverse effect on prices in the secondary market for the Fund&rsquo;s Common Shares by increasing
the number of Common Shares available, which may put downward pressure on the market price for the Fund&rsquo;s Common Shares.
Shares of common stock of closed-end investment companies frequently trade at a discount from NAV, which may increase investors&rsquo;
risk of loss.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investing in the Fund&rsquo;s Common Shares involves certain
risks. You could lose all or some of your investment. You should consider carefully these risks together with all of the other
information contained in this Prospectus Supplement and the accompanying Prospectus before making a decision to purchase the Fund&rsquo;s
securities. See &ldquo;Risk Factors&rdquo; beginning on page 27 of the accompanying Prospectus. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Prospectus Supplement and the accompanying Prospectus
set forth concisely the information about the Fund that a prospective investor should know before investing. You should read
this Prospectus Supplement and the accompanying Prospectus, which contain important information, before deciding whether to
invest in the Common Shares. You should retain this Prospectus Supplement and the accompanying Prospectus for future
reference. A Statement of Additional Information (&ldquo;SAI&rdquo;), dated March 1, 2016, containing additional information
about the Fund, has been filed with the SEC and is incorporated by reference in its entirety into the accompanying
Prospectus. The Table of Contents for the SAI is on page 56 of the accompanying Prospectus. A copy of the SAI may be obtained
without charge by visiting the Fund&rsquo;s website (jhinvestments.com) or by calling 800-225-6020 (toll-free) or from the
SEC&rsquo;s website at www.sec.gov. Copies of the Fund&rsquo;s annual report and semi-annual report and other information
about the Fund may be obtained upon request by writing to the Fund, by calling 225-6020, or by visiting the Fund&rsquo;s
website at www.jhinvestments.com. You also may obtain a copy of any information regarding the Fund filed with the SEC from
the SEC&rsquo;s website (<U>sec.gov</U>). You may also e-mail requests for these documents to publicinfo@sec.gov or make a
request in writing to the SEC&rsquo;s Public Reference Section, Washington, D.C. 20549-0102.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus Supplement dated March 1,
2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus Supplement</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 90%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; padding: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro-supp_001"><FONT STYLE="font-size: 10pt"><B>PROSPECTUS SUPPLEMENT SUMMARY</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;S-1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro-supp_002"><FONT STYLE="font-size: 10pt"><B>SUMMARY OF FUND EXPENSES</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;S-3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro-supp_003"><FONT STYLE="font-size: 10pt"><B>CAPITALIZATION</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;S-5</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro-supp_004"><FONT STYLE="font-size: 10pt"><B>MARKET AND NET ASSET VALUE INFORMATION</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;S-6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro-supp_005"><FONT STYLE="font-size: 10pt"><B>THE FUND</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;S-7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro-supp_006"><FONT STYLE="font-size: 10pt"><B>USE OF PROCEEDS</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;S-7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro-supp_007"><FONT STYLE="font-size: 10pt"><B>PLAN OF DISTRIBUTION</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;S-7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro-supp_008"><FONT STYLE="font-size: 10pt"><B>ADDITIONAL INFORMATION</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;S-8</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0; text-align: center; text-indent: 0"><B>Prospectus</B></TD></TR>

<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_001"><FONT STYLE="font-size: 10pt"><B>Prospectus Summary</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_002"><FONT STYLE="font-size: 10pt"><B>Summary of Fund Expenses</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_003"><FONT STYLE="font-size: 10pt"><B>Financial Highlights</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_004"><FONT STYLE="font-size: 10pt"><B>Market and Net Asset Value Information</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;16</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_005"><FONT STYLE="font-size: 10pt"><B>The Fund</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;16</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_006"><FONT STYLE="font-size: 10pt"><B>Use of Proceeds</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;17</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_007"><FONT STYLE="font-size: 10pt"><B>Investment Objectives</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;17</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_008"><FONT STYLE="font-size: 10pt"><B>Investment Strategies</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;17</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_009"><FONT STYLE="font-size: 10pt"><B>Risk Factors</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;27</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_010"><FONT STYLE="font-size: 10pt"><B>Management of the Fund</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_011"><FONT STYLE="font-size: 10pt"><B>Determination of Net Asset Value</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT>3</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_012"><FONT STYLE="font-size: 10pt"><B>Distribution Policy</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;43</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_013"><FONT STYLE="font-size: 10pt"><B>Dividend Reinvestment Plan</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;44</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_014"><FONT STYLE="font-size: 10pt"><B>Closed-End Fund Structure</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;45</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B><A HREF="#pro_015">U.S. Federal Income Tax Matters</A></B>&#9;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;46</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_016"><FONT STYLE="font-size: 10pt"><B>Plan of Distribution</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;49</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_017"><FONT STYLE="font-size: 10pt"><B>Description of Capital Structure</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;50</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_018"><FONT STYLE="font-size: 10pt"><B>Certain Provisions in the Declaration of Trust and By-Laws</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;53</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_019"><FONT STYLE="font-size: 10pt"><B>Reports to Shareholders</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;54</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_020"><FONT STYLE="font-size: 10pt"><B>Independent Registered Public Accounting Firm</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;55</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_021"><FONT STYLE="font-size: 10pt"><B>Additional Information</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;55</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_022"><FONT STYLE="font-size: 10pt"><B>Table of Contents of the Statement of Additional Information</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;56</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="#pro_023"><FONT STYLE="font-size: 10pt"><B>The Fund&rsquo;s Privacy Policy</B></FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 0; text-align: right"><FONT STYLE="font-size: 10pt">&#9;57</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Until March 26, 2016 (25&nbsp;days after the date of this Prospectus
Supplement), all dealers that buy, sell or trade the Common Shares, whether or not participating in this offering, may be required
to deliver the Prospectus and this Prospectus Supplement. This requirement is in addition to the dealers&rsquo; obligation to deliver
the Prospectus and this Prospectus Supplement when acting as underwriters and with respect to their unsold allotments or subscriptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><A NAME="pro-supp_001"></A>Prospectus
Supplement Summary</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><B>The Fund</B></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John Hancock Investors Trust (the &ldquo;Fund&rdquo;)
is a diversified, closed-end management investment company. The Fund commenced operations in January&nbsp;1971 following an initial
public offering.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><B>Investment Objectives</B></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;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&rsquo;s investment objectives are not fundamental and may be changed
without shareholder approval.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><B>The Offering </B></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may offer, from time to time, in one or more offerings,
        up to 500,000 of John Hancock Funds, LLC (the &ldquo;Distributor&rdquo;) has entered into a dealer agreement (the &ldquo;Dealer
        Agreement&rdquo;) with UBS Securities LLC (the &ldquo;Dealer&rdquo;) with respect to the Fund relating to the Fund&rsquo;s common
        shares of beneficial interest, no par value (the &ldquo;Common Shares&rdquo;), offered by this Prospectus Supplement and the accompanying
        Prospectus dated March 1, 2016. In accordance with the terms of the Dealer Agreement, the Fund may offer and sell up to 500,000
        Common Shares from time to time through the Dealer as sub-placement agent for the offer and sale of the Common Shares.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Offerings of the Common Shares will be subject to the provisions
        of the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), which generally require that the public offering
        price of common shares of a closed-end investment company (exclusive of distribution commissions and discounts) must equal or exceed
        the net asset value per share of the company&rsquo;s common shares (calculated within 48 hours of pricing), absent shareholder
        approval or under certain other circumstances.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales of the Common Shares, if any, under this Prospectus
Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &ldquo;at
the market&rdquo; as defined in Rule&nbsp;415 under the Securities Act of 1933 (the &ldquo;1933 Act&rdquo;), including sales made
directly on the New York Stock Exchange (&ldquo;NYSE&rdquo;) or sales made to or through a market maker other than on an exchange.
The Common Shares may not be sold through agents, underwriters or dealers without delivery or deemed delivery of a Prospectus
and an accompanying Prospectus Supplement describing the method and terms of the offering of Common Shares.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><B>Listing and Symbol</B></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s currently
        outstanding Common Shares are listed on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;JHI.&rdquo;
        Any new Common Shares offered and sold hereby will be listed on the NYSE and trade under this symbol. The NAV of the Common
        Shares of February 19, 2016, was $15.55 per share. As of         February         19,         2016, the last reported sale
        price         per         share of         Common         Shares         in the         market         as of         close of
        regular trading         on the                 NYSE was         $14.00.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><B>Use of Proceeds</B></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund currently intends to invest substantially
all of the net proceeds of any sales of Common Shares pursuant to this Prospectus Supplement in accordance with its investment
objectives and policies as described in the accompanying Prospectus under &ldquo;Investment Objectives&rdquo; and &ldquo;Investment
Strategies&rdquo; within three months of receipt of such proceeds. Such investments may be delayed up to three months if suitable
investments are unavailable at the time or for other reasons, such as market volatility and lack of liquidity in the markets of
suitable investments. Pending such investment, the Fund anticipates that it will invest the proceeds in short-term money market
instruments, securities with remaining maturities of less than one year, cash or cash equivalents. A delay in the anticipated
use of proceeds could lower returns and reduce the Fund&rsquo;s distribution to Common Shareholders or result in a distribution
consisting principally of a return of capital.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 30%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 70%; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Advisor and Subadvisor </B></P></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s investment advisor is
        John Hancock Advisers, LLC (the &ldquo;Advisor&rdquo; or &ldquo;JHA&rdquo;) and its subadvisor is John Hancock Asset Management
        a division of Manulife Asset Management (US) LLC (the &ldquo;Subadvisor&rdquo;).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">JHA, the Fund&rsquo;s investment advisor, is an indirect wholly-owned subsidiary of Manulife Financial Corporation. The Advisor is responsible for overseeing the management of the Fund, including its day-to-day business operations and monitoring the Subadvisor. As of December 31, 2015, the Advisor had total assets under management of approximately $131.5 billion. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">The Subadvisor is responsible for the day-to-day management of the Fund&rsquo;s portfolio investments. The Subadvisor, organized in 1968, is a wholly owned subsidiary of John Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife Financial, a publicly held, Canadian-based company). As of December 31, 2015, the Subadvisor had total assets under management of approximately $167.2 billion.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">See &ldquo;Management of the Fund&mdash;The Advisor&rdquo; and &ldquo;&mdash;The Subadvisor.&rdquo; </FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><A NAME="pro-supp_002"></A>Summary
of Fund Expenses</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&rsquo;s expenses as a percentage of its average net assets as of October 31, 2015, and not as a percentage
of total assets. By showing expenses as a percentage of average net assets, expenses are not expressed as a percentage of all of
the assets in which the Fund invests. See &ldquo;Management of the Fund&rdquo; and &ldquo;Dividend Reinvestment Plan&rdquo; in
the accompanying Prospectus. The table and example are based on the Fund&rsquo;s capital structure as of October 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt; background-color: White">Shareholder Transaction Expenses</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 84%; font-size: 10pt; text-align: left; text-indent: -5.05pt; padding-left: 15.65pt; background-color: White">Sales load (as a percentage of offering price) (1)</TD><TD STYLE="width: 2%; font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: White">1.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -5.05pt; padding-left: 15.65pt; background-color: White">Offering
    expenses borne by the Fund (as a percentage of offering price) (1)</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">1.39</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -5.05pt; padding-left: 15.65pt; background-color: White">Dividend Reinvestment Plan fees (2)</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White"><FONT STYLE="font-size: 10pt">&#9;None</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt; background-color: White">Annual Expenses (Percentage of Net Assets Attributable to Common Shares)</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -5.05pt; padding-left: 15.65pt; background-color: White">Management fees (3)</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">0.83</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -5.05pt; padding-left: 15.65pt; background-color: White">Interest payments on borrowed funds (4)</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">0.46</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -5.05pt; padding-left: 15.65pt; background-color: White">Other expenses (5)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: White">0.25</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: White">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -5.05pt; padding-left: 15.1pt; background-color: White">Total Annual Expenses</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">1.54</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(1)</TD><TD STYLE="text-align: justify">Represents the estimated commission with respect to the Common Shares being sold in this offering.
There is no guarantee that there will be any sales of the Common Shares pursuant to this Prospectus Supplement and the accompanying
Prospectus. Actual sales of the Common Shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be
less than as set forth under &ldquo;Capitalization&rdquo; below. In addition, the price per share of any such sale may be greater
or less than the price set forth under &ldquo;Capitalization&rdquo; below, depending on market price of the Common Shares at the
time of any such sale.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(2)</TD><TD STYLE="text-align: justify">Offering costs charged upon sale of the shares, based on the last reported sale price on February
19<SUP>th</SUP>, 2016.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt; text-align: left">(3)</TD><TD STYLE="text-align: justify">See &ldquo;Management of the Fund&mdash;The Advisor&rdquo;
in the accompanying Prospectus.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15.95pt; text-align: justify; text-indent: -15.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt; text-align: left">(4)</TD><TD STYLE="text-align: justify">The Fund uses leverage by borrowing under the LA. &ldquo;Interest
payment on borrowed funds&rdquo; is the interest payable at the borrowing rate as of October 31, 2015 under the Fund&rsquo;s prior
credit facility, which was charged at the rate of one month LIBOR plus 0.70%. Effective December 2, 2015, the interest rate payable
under the LA has decreased to one month LIBOR plus 0.60% under normal market conditions. See &ldquo;Other Investment Policies
- Borrowing&rdquo; and &ldquo;Use of Leverage by the Fund&rdquo; in the accompanying Prospectus.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15.95pt; text-align: justify; text-indent: -15.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(5)</TD><TD STYLE="text-align: justify">Other expenses have been estimated for the current fiscal year.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXAMPLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following example illustrates the
expenses that Common Shareholders would pay on a $1,000 investment in Common Shares, assuming (i) total annual expenses of
1.54% of net assets attributable to Common Shares in years 1 through 10; (ii) a sales load of 1.00%; (iii) offering expenses
of 1.39%; (iv) a 5% annual return; and (v) all distributions are reinvested at NAV:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; padding: 0; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>1 Year</U></B></FONT></TD>
    <TD STYLE="width: 15%; padding: 0; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>3 Years</U></B></FONT></TD>
    <TD STYLE="width: 15%; padding: 0; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>5 Years</U></B></FONT></TD>
    <TD STYLE="width: 15%; padding: 0; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>10 Years</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Total Expenses</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;39</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;71</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;106</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;203</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&rsquo;s Common Shares. For
more complete descriptions of certain of the Fund&rsquo;s costs and expenses, see &ldquo;Management of the Fund&rdquo; in the accompanying
Prospectus. In addition, while the example assumes reinvestment of all dividends and distributions at NAV, participants in the
Fund&rsquo;s dividend reinvestment plan may receive Common Shares purchased or issued at a price or value different from NAV. See
&ldquo;Distribution Policy&rdquo; and &ldquo;Dividend Reinvestment Plan&rdquo; in the accompanying Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The example should not be considered a representation of
past or future expenses, and the Fund&rsquo;s actual expenses may be greater or less than those shown. Moreover, the Fund&rsquo;s
actual rate of return may be greater or less than the hypothetical 5% return shown in the example. </B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><A NAME="pro-supp_003"></A>Capitalization</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may offer and sell up to 500,000 Common Shares from
time to time through the Dealer as sub-placement agent under this Prospectus Supplement and the accompanying Prospectus. There
is no guarantee that there will be any sales of the Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus.
The table below assumes that the Fund will sell 387,649 Common Shares at a price of $14.00 per share (the last reported sale price
per share of Common Shares on the NYSE on February 19, 2016). Actual sales, if any, of the Common Shares under this Prospectus
Supplement and the accompanying Prospectus may be greater or less than $14.00 per share, depending on the market price of the Common
Shares at the time of any such sale. To the extent that the market price per share of the Fund&rsquo;s Common Shares on any given
day is less than the net asset value per share on such day, the Fund will instruct the Dealer not to make any sales on such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth the Fund&rsquo;s capitalization:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on a historical basis as of October&nbsp;31, 2015 (audited);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on an actual basis as of February 19, 2016 to reflect the sale and reinvestment of common shares from November 1, 2014 through
February 19, 2016, and the application of the net proceeds from such sale of Common Shares; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.6pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on a pro forma as adjusted basis to reflect the assumed sale of 387,649 Common Shares at $14.00 per share (the last reported
sale price for the Fund&rsquo;s Common Shares on the NYSE on February 19,2016), in an offering under this Prospectus Supplement
and the accompanying Prospectus, after deducting the assumed commission of $54,271 (representing an estimated commission to the
Distributor of 1% of the gross proceeds of the sale of Common Shares, of which a certain percentage will be paid to the Dealer
in connection with sales of Common Shares effected in this offering) and the offering expenses $75,436 related to the issuance
of shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: normal 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"><B>As
    of<BR> October&nbsp;31,&nbsp;2015</B><BR> (audited)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>February 19, 2016</B><BR> (unaudited)</P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pro Forma</B><BR> (unaudited)</P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">As Adjusted</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt; background-color: White">Net assets</TD><TD STYLE="width: 2%; font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: White">151,250,643</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: White">135,552,751</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right; background-color: White">140,850,130</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt; background-color: White">Common Shares of beneficial interest
    outstanding &mdash; unlimited number of shares authorized with no par value&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; background-color: White">8,791,425</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; background-color: White">8,718,425</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; background-color: White">9,106,074</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt; background-color: White">Paid-in capital&#9;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">176,867,191</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">176,514,195</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">181,811,574</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt; background-color: White">Undistributed net investment income&#9;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">1,138,783</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">1,584,745</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">1,584,745</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt; background-color: White">Accumulated net realized loss on investments, swap agreements and foreign currency transactions&#9;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White"></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">($16,862,605</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White"></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">($20,660,927</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White"></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">($20,660,927</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt; background-color: White">Net unrealized depreciation&nbsp;on investments, swap agreements and translation of assets and liabilities in foreign currencies&#9;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White"></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">($9,892,726</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White"></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">($21,885,262</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White"></TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">($21,885,262</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt; background-color: White">Net assets&#9;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">151,250,643</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">135,552,751</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">140,850,130</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-indent: -12pt; padding-left: 12pt; background-color: White">Net asset value per share&#9;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">17.20</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">15.55</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">15.47</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><A NAME="pro-supp_004"></A>Market
and Net Asset Value Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s currently outstanding
Common Shares are listed on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;JHI&rdquo; and commenced trading
on the NYSE in 1971.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s Common Shares have traded
both at a premium and at a discount to its net asset value (&ldquo;NAV&rdquo;). 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&rsquo;s
common stock (calculated within 48 hours of pricing). The Fund&rsquo;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 &ldquo;Risk Factors&mdash;General Risks&mdash;Market Discount Risk&rdquo; on page 30 of the accompanying Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth for
each of the periods indicated the high and low closing market prices for Common Shares on the NYSE, and the corresponding NAV
per share and the premium or discount to NAV per share at which the Fund&rsquo;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
&ldquo;Determination of Net Asset Value&rdquo; on page 43 of the accompanying Prospectus for information as to the
determination of the Fund&rsquo;s NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0 0 1pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Market
Price&#9;</B></P></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0 0 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>NAV
per Share on</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Date
of Market Price</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>High
and Low&#9;</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Premium/(Discount)
on</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Date
of Market Price</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>High
and Low&#9;</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Fiscal Quarter Ended</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">High</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Low</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">High</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Low</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">High</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Low</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 21%; font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">January 31, 2014</TD><TD STYLE="width: 2%; font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: White">19.92</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: White">18.25</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: White">19.80</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: White">19.41</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: White">0.61</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">%</TD><TD STYLE="width: 1%; font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: White">(5.98</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">April 30, 2014</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">21.98</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">19.45</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">19.67</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">19.70</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">11.74</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">%</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">(1.27</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">July 31, 2014</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">21.10</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">19.44</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">20.57</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">20.06</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">2.58</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">%</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">(3.09</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">October 31, 2014</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">19.91</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">18.20</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">20.33</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">19.16</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">(2.07</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">(5.01</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">January 31, 2015</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">19.07</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">16.67</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">19.57</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">17.68</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">(2.56</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">(5.71</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">April 30, 2015</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">18.47</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">17.39</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">19.04</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">18.28</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">(2.99</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">(4.87</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">July 31, 2015</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">17.76</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">15.50</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">18.84</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">17.89</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">(5.73</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">(13.36</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">October 31, 2015</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">15.71</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">14.42</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">18.03</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">16.60</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">(12.87</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">(13.13</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">January 31, 2016</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">15.23</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">13.38</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">17.30</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">$</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">15.35</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">(11.97</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">(12.83</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The last reported sale price, NAV per share and percentage discount
to NAV per share of the Common Shares as of February 19, 2016 were $14.00, $15.55 and 9.97%, respectively. As of February 19, 2016,
the Fund had 8,718,425 Common Shares outstanding and net assets of the Fund were $135,552,751.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><A NAME="pro-supp_005"></A>THE
FUND</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 &ldquo;Declaration of Trust&rdquo;). 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&rsquo;s principal office is located at 601 Congress Street, Boston, Massachusetts
02210 and its phone number is 800-225-6020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following provides information about
the Fund&rsquo;s outstanding securities as of October 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Title of Class</U></B></P></TD>
    <TD STYLE="width: 15%; padding: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Amount</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><U>Authorized</U></B></P></TD>
    <TD STYLE="width: 15%; padding: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Amount Held by</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>the Fund or for</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><U>its Account</U></B></P></TD>
    <TD STYLE="width: 15%; padding: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Amount</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><U>Outstanding</U></B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Common Shares, no par value</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">Unlimited</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">8,791,245</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><A NAME="pro-supp_006"></A>Use
of Proceeds</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales of the Common Shares, if any, under this Prospectus Supplement
and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &ldquo;at the market&rdquo;
as defined in Rule&nbsp;415 under the 1933 Act, including sales made directly on the NYSE or sales made to or through a market
maker other than on an exchange. There is no guarantee that there will be any sales of the Common Shares pursuant to this Prospectus
Supplement and the accompanying Prospectus. Actual sales, if any, of the Common Shares under this Prospectus Supplement and the
accompanying Prospectus may be less than as set forth in this paragraph. In addition, the price per share of any such sale may
be greater or less than the price set forth in this paragraph, depending on the market price of the Common Shares at the time of
any such sale. As a result, the actual net proceeds the Fund receives may be more or less than the amount of net proceeds estimated
in this Prospectus Supplement. Assuming the sale of all of the Common Shares offered under this Prospectus Supplement and the accompanying
Prospectus, at the last reported sale price of $14.00 per share for the Common Shares on the NYSE as of February 19, 2016 the Fund
estimates that the net proceeds of this offering will be approximately $6,832,571 after deducting the estimated sales load and
the estimated offering expenses payable by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><A NAME="pro-supp_007"></A>Plan
of Distribution</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will compensate the Distributor with respect to sales
of the Common Shares at a commission rate of 1% of the gross proceeds of the sale of Common Shares. The Distributor will compensate
the Dealer for its services in acting as sub-placement agent in the sale of Common Shares out of this commission at a certain percentage
rate of the gross proceeds of the sale of Common Shares sold under the Dealer Agreement, with the exact amount of such compensation
to be mutually agreed upon by the Distributor and the Dealer from time to time. There is no guarantee that there will be any sales
of the Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales, if any, of the Common
Shares under this Prospectus Supplement and the accompanying Prospectus may be greater or less than the price set forth in this
paragraph, depending on the market price of Common Shares at the time of any such sale. Assuming 500,000 of the Common Shares offered
hereby are sold at a market price of $14.00 per share (the last reported sale price for Common Shares on the NYSE on February 19,
2016), the Fund estimates that the total expenses for the offering, excluding compensation payable to the Distributor and the Dealer,
would be approximately $131,297.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Dealer Agreement will remain in full force and effect unless
terminated by either party upon 30 days&rsquo; written notice to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><A NAME="pro-supp_008"></A>Additional
Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Prospectus Supplement, the accompanying Prospectus, and
the SAI do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC (file
No.&nbsp;333-201041). The complete Registration Statement may be obtained from the SEC at sec.gov. See the cover page of the accompanying
Prospectus for information about how to obtain a paper copy of the Registration Statement or SAI without charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>John Hancock Investors Trust </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Common
Shares </B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>PROSPECTUS
SUPPLEMENT</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Until March 26, 2016 (25&nbsp;days after the date of this Prospectus
Supplement), all dealers that buy, sell or trade the Common Shares, whether or not participating in this offering, may be required
to deliver a prospectus and the applicable prospectus supplement. This delivery requirement is in addition to the dealers&rsquo;
obligation to deliver a prospectus and the applicable prospectus supplement when acting as underwriters and with respect to their
unsold allotments or subscriptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;<B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_001.jpg" ALT="JHI logo black" STYLE="height: 49px; width: 149px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-variant: small-caps"><B>Base
Prospectus dated March 1, 2016</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1,000,000 Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>John Hancock Investors Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">John Hancock Investors Trust (the &#8220;Fund&#8221;)
is a diversified, closed-end management investment company. The Fund commenced operations in January 1971 following an initial
public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Objectives. </B>The Fund&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Strategy. </B>The preponderance
of the Fund&#8217;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 may
invest up to 70% of its net assets (plus borrowings for investment purposes) in debt securities rated below investment grade, commonly
known as &#8220;junk bonds.&#8221; 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&#8217;s portfolio would exceed 20% of its total assets. Up to 50% of the value of the Fund&#8217;s assets may
be invested in restricted securities acquired through private placements. The Fund may purchase mortgage-backed securities. The
Fund also may purchase and sell derivative instruments. In addition, the Fund may invest in repurchase agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Advisor and Subadvisor. </B>The
Fund&#8217;s investment advisor is John Hancock Advisers, LLC (the &#8220;Advisor&#8221; or &#8220;JHA&#8221;) and its subadvisor
is John Hancock Asset Management a division of Manulife Asset Management (US) LLC (the &#8220;Subadvisor&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B>Exchange listing. </B>The Fund&#8217;s
currently outstanding Common Shares are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;JHI.&#8221;
Any new Common Shares offered and sold hereby are expected to be listed on the NYSE and trade under this symbol. As of February
19, 2016, the last reported sale price for the Common Shares was $14.00. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B>Leverage. </B>The Fund may use leverage
to the extent permitted by the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;), this Prospectus, and a liquidity agreement
dated December 2, 2015 (the &#8220;LA&#8221;). See &#8220;&#8212;Other Investment Policies&#8212;Borrowing.&#8221; The LA includes
a line of credit, and will utilize securities lending and reverse repurchase agreements. The Fund&#8217;s leverage strategy may
not be successful. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in the Fund&#8217;s Common
Shares involves certain risks. See &#8220;Risk</B> <B>Factors&#8221; beginning on page 27.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> This Prospectus, together with any
applicable Prospectus Supplement, sets forth concisely the information about the Fund that a prospective investor should know
before investing. You should read this Prospectus and the applicable Prospectus Supplement, which contain important information,
before deciding whether to invest in the Common Shares. You should retain the Prospectus and Prospectus Supplement for future
reference. A Statement of Additional Information (&#8220;SAI&#8221;), dated March 1, 2016, 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 56 of the Prospectus. A copy of the SAI may be obtained without charge by visiting the Fund&#8217;s website
(jhinvestments.com) or by calling 800-225-6020 (toll-free) or from the SEC&#8217;s website at sec.gov. Copies of the Fund&#8217;s
annual report and semi-annual report and other information about the Fund may be obtained upon request by writing to the Fund,
by calling 800-225-6020, or by visiting the Fund&#8217;s website at www.jhinvestments.com. You also may obtain a copy of any information
regarding the Fund filed with the SEC from the SEC&#8217;s website (sec.gov). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> Prospectus dated March 1, 2016 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_001">Prospectus Summary</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_002">Summary of Fund Expenses</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_003">Financial Highlights</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_004">Market and Net Asset Value Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_005">The Fund</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_006">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_007">Investment Objectives</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_008">Investment Strategies</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_009">Risk Factors</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">27</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_010">Management of the Fund</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_011">Determination of Net Asset Value</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">43</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_012">Distribution Policy</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">43</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_013">Dividend Reinvestment Plan</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_014">Closed-End Fund Structure</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_015">U.S. Federal Income Tax Matters</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_016">Plan of Distribution</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">49</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_017">Description of Capital Structure</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">50</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_018">Certain Provisions in the Declaration of Trust and By-Laws</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">53</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_019">Reports to Shareholders</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">54</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_020">Independent Registered Public Accounting Firm</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">55</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_021">Additional Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">55</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_022">Table of Contents of the Statement of Additional Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">56</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: italic 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#pro_023">The Fund&#8217;s Privacy Policy</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
</TABLE>



<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_001"></A>Prospectus Summary</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>The Fund </B></FONT></TD>
    <TD STYLE="width: 77%; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">John Hancock Investors Trust (the &#8220;Fund&#8221;) is a diversified, closed-end management investment company. The Fund commenced operations in January 1971 following an initial public offering.</FONT></TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Investment Objectives </B></FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">The Fund&#8217;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&#8217;s investment objectives are not fundamental and may be changed without shareholder approval.</FONT></TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0"> <FONT STYLE="font-size: 10pt"><B>The Offering </B></FONT> </TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"> <FONT STYLE="font-size: 10pt">The Fund may offer, from time
    to time, in one or more offerings, up to 1,000,000 of the Fund&#8217;s common shares of beneficial interest, no par value
    (&#8220;Common Shares&#8221;), on terms to be determined at the time of the offering. The Common Shares may be offered at
    prices and on terms to be set forth in one or more Prospectus Supplements. You should read this Prospectus and the applicable
    Prospectus Supplement carefully before you invest in Common Shares. Common Shares may be offered directly to one or more purchasers,
    through agents designated from time to time by the Fund, or to or through underwriters or dealers. The Prospectus Supplement
    relating to the offering will identify any agents, underwriters or dealers involved in the offer or sale of Common Shares,
    and will set forth any applicable offering price, sales load, fee, commission or discount arrangement between the Fund and
    its agents or underwriters, or among its underwriters, or the basis upon which such amount may be calculated, net proceeds
    and use of proceeds, and the terms of any sale. See &#8220;Plan of Distribution.&#8221; The Fund may not sell any Common Shares
    through agents, underwriters or dealers without delivery of a Prospectus Supplement describing the method and terms of the
    particular offering of Common Shares. </FONT> </TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"> <FONT STYLE="font-size: 10pt"><B>Listing and Symbol </B></FONT> </TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"> <FONT STYLE="font-size: 10pt">The Fund&#8217;s currently outstanding
    Common Shares are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;JHI.&#8221; Any new Common
    Shares offered and sold hereby will be listed on the NYSE and trade under this symbol. As of February 19, 2016, the last reported
    sale price for the Common Shares was $14.00. </FONT> </TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Investment Strategy </B></FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">The preponderance of the Fund&#8217;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&#8217;s portfolio would exceed 20% of its total assets. Up to 50% of the value of the Fund&#8217;s assets may be invested in restricted securities acquired through private placements. The Fund may purchase mortgage-backed securities. The Fund also may purchase and sell derivative instruments.&nbsp;&nbsp;In addition, the Fund may invest in repurchase agreements.&nbsp;&nbsp;</FONT></TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">At least 30% of Fund&#8217;s net assets
        (plus borrowings for investment purposes) will be represented by (a) debt securities that are rated, at the time of </TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0; width: 77%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">acquisition,
        investment grade (<I>i.e.</I>, at least &#8220;Baa&#8221; by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;)
        or &#8220;BBB&#8221; by Standard &amp; Poor&#8217;s Ratings Services (&#8220;S&amp;P&#8221;)) or in unrated securities determined
        by the Subadvisor to be of comparable credit quality, (b) securities issued or guaranteed by the U.S. government or its agencies
        and instrumentalities, and (c) cash or cash equivalents. The remaining 70% of the Fund&#8217;s net assets (plus borrowings for
        investment purposes) may be invested in debt securities of any credit quality, including securities rated below investment grade
        (<I>i.e.</I>, rated &#8220;Ba&#8221; or lower by Moody&#8217;s or &#8220;BB&#8221; or lower by S&amp;P). Debt securities of below
        investment grade quality are regarded as having predominantly speculative characteristics with respect to the issuer&#8217;s ability
        to pay interest and repay principal and are commonly referred to as &#8220;junk bonds&#8221; or &#8220;high yield securities.&#8221;
        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.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities rated &#8220;BBB&#8221;
by S&amp;P are regarded by S&amp;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&amp;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 &#8220;Baa&#8221; by Moody&#8217;s
are considered by Moody&#8217;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&#8217;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&#8217;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&#8217;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&#8217;s
capacity or willingness to meet its financial commitments. The descriptions of the investment grade rating categories by Moody&#8217;s
and S&amp;P, including a description of their speculative characteristics, are set forth in the SAI. All references to securities
ratings by Moody&#8217;s and S&amp;P in this Prospectus shall, unless otherwise indicated, include all securities within each
such rating category (<I>e.g.</I>, &#8220;Baa1&#8221;, &#8220;Baa2&#8221; and &#8220;Baa3&#8221; in the case of Moody&#8217;s
and &#8220;BBB+&#8221;, &#8220;BBB&#8221; and &#8220;BBB-&#8221; in the case of S&amp;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&#8217;s initial investment in such
security. In the event of such security downgrade, the Fund will sell the portfolio security as soon as the Subadvisor 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 downgrade.</P></TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0; width: 23%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify; width: 77%">In managing the Fund&#8217;s portfolio,
        the Subadvisor 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 Subadvisor 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 Subadvisor uses bottom-up research to find securities that appear comparatively undervalued.
        The Subadvisor 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.</TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Advisor and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Subadvisor </B></P></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;s investment advisor is
        John Hancock Advisers, LLC (the &#8220;Advisor&#8221; or &#8220;JHA&#8221;) and its subadvisor is John Hancock Asset Management
        a division of Manulife Asset Management (US) LLC (the &#8220;Subadvisor&#8221;).</P></TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"> <FONT STYLE="font-size: 10pt">JHA, the Fund&#8217;s investment
    advisor, is an indirect wholly-owned subsidiary of Manulife Financial Corporation. The Advisor is responsible for overseeing
    the management of the Fund, including its day-to-day business operations and monitoring the Subadvisor. As of December 31,
    2015, the Advisor had total assets under management of approximately $131.5 billion. </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"> <FONT STYLE="font-size: 10pt">The Subadvisor is responsible
    for the day-to-day management of the Fund&#8217;s portfolio investments. The Subadvisor, organized in 1968, is a wholly owned
    subsidiary of John Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife Financial, a publicly held, Canadian-based
    company). As of December 31, 2015, the Subadvisor had total assets under management of approximately $167.2 billion.</FONT> </TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">See &#8220;Management of the Fund&#8212;The Advisor&#8221; and &#8220;&#8212;The Subadvisor.&#8221; </FONT></TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Distributions </B></FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">The Fund makes regular quarterly distributions to holders of Common Shares (the &#8220;Common Shareholders&#8221;) sourced from the Fund&#8217;s cash available for distribution. &#8220;Cash available for distribution&#8221; consists of the Fund&#8217;s (i) investment company taxable income, which includes among other things, dividend and ordinary income after payment of Fund expenses, the excess of net short-term capital gain over net long-term capital loss, and income from certain hedging and interest rate transactions, and (ii) net long-term capital gain (gain from the sale of capital assets held longer than one year). The Board of Trustees of the Fund (the &#8220;Board&#8221;) may modify this distribution policy at any time without obtaining the approval of Common Shareholders. </FONT></TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"> <FONT STYLE="font-size: 10pt">Pursuant to the requirements
    of the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), in the event the Fund makes distributions from sources other
    than     income,     a     notice     will     accompany     each quarterly     distribution with respect to the estimated
    sources of     the     distribution     made. Such     notices     will describe     the portion, if any,     of the
    quarterly dividend     which, in     the Fund&#8217;s     good faith     judgment,     constitutes long-term     capital
    gain, short-term capital     gain, net     investment income or a     return of     capital. The actual     character of such distributions     for U.S.     federal income     tax purposes,     however, will     only be determined     finally
    by the Fund at the        close of its     fiscal year, based on the Fund&#8217;s     full year     performance and its
    actual     net investment     company taxable      income and net capital gain for the year,     which may result     in a
    recharacterization of         amounts distributed during     such     fiscal year from the characterization     in the
    quarterly     estimates.     </FONT> </TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"> <FONT STYLE="font-size: 10pt">If, for any calendar year, as
    discussed above, the total distributions made exceed the Fund&#8217;s current and accumulated earnings and profits, the excess
    generally will be treated as a return of capital to each Common Shareholder (up to the amount of the Common Shareholder&#8217;s
    basis in his or her Common</FONT> </TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0; width: 23%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 77%">Shares) and thereafter as gain from the sale of Common
    Shares. The amount treated as a return of capital reduces the Common Shareholder&#8217;s adjusted basis in his or her Common
    Shares, thereby increasing his or her potential gain or reducing his or her potential loss on the subsequent sale of his or
    her Common Shares. Distributions in any year may include a substantial return of capital component.<B> </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">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&#8217; net asset value (&#8220;NAV&#8221;). </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"> <FONT STYLE="font-size: 10pt">The 1940 Act 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&#8217;s
    distributions and result in certain distributions being composed more heavily of long-term capital gain eligible for favorable
    income tax rates. In the future, the Advisor 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 previously granted by the Securities and
    Exchange Commission (the &#8220;SEC&#8221;), which provides an exemption from Section 19(b) of the 1940 Act and Rule 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. </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Dividend Reinvestment Plan </B></FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">The Fund has established an automatic dividend reinvestment plan (the &#8220;Plan&#8221;). Under the Plan, distributions of dividends and capital gain are automatically reinvested in Common Shares of the Fund by Computershare, Inc. 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 &#8220;Dividend Reinvestment Plan.&#8221; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Closed-End Fund Structure </B></FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Closed-end funds differ from open-end management investment companies (which generally are referred to as &#8220;mutual funds&#8221;) in that closed-end funds generally list their shares for trading on a securities exchange and do not redeem their shares at the option of the shareholder. Mutual funds do not trade on securities exchanges and issue securities redeemable at the option of the shareholder. The continuous outflows of assets in a mutual fund can make it difficult to manage the fund&#8217;s investments. Closed-end funds generally are able to stay more fully invested in securities that are consistent with their investment objectives and also have greater flexibility to make certain types of investments and to use certain investment strategies, such as financial leverage and investments in illiquid securities. The Fund&#8217;s Common Shares are designed primarily for long-term investors; you should not purchase Common Shares if you intend to sell them shortly after purchase. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Common shares of closed-end funds frequently trade at prices lower than their NAV. Since inception, the market price of the Common Shares has fluctuated and at times has traded below the Fund&#8217;s NAV and at times has traded above the Fund&#8217;s NAV. The Fund cannot predict whether in the future the Common Shares will trade at, above or below NAV. In addition to NAV, the market price of the Fund&#8217;s Common Shares may be affected by such factors as the Fund&#8217;s dividend stability, dividend levels, which are in turn affected by expenses, and market supply and demand. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">In recognition of the possibility
that the Common Shares may trade at a discount from their NAV, and that any such discount may not be in the best interest of Common
Shareholders, the Board, in consultation with the Advisor, from time</FONT></TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0; width: 23%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 77%">to time may review possible actions to reduce any
    such discount. There can be no assurance that the Board will decide to undertake any of these actions or that, if undertaken,
    such actions would result in the Common Shares trading at a price equal to or close to NAV per Common Share. In the event
    that the Fund conducts an offering of new Common Shares and such offering constitutes a &#8220;distribution&#8221; under Regulation
    M, the Fund and certain of its affiliates may be subject to an applicable restricted period that could limit the timing of
    any repurchases by the Fund.<B> </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Summary of Risks </B></FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">The Fund&#8217;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 27 of this Prospectus. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 0 0.25in; text-indent: 0"><FONT STYLE="font-size: 10pt"><B><I>General Risks </I></B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Investment and Market Risk.</I></B>
        An investment in Common Shares is subject to investment and market risk, including the possible loss of the entire principal amount
        invested. An investment in Common Shares represents an indirect investment in the securities owned by the Fund, which generally
        are traded on a securities exchange or in the over-the-counter markets. The value of these securities, like other market investments,
        may move up or down, sometimes rapidly and unpredictably. Common Shares at any point in time may be worth less than the original
        investment, even after taking into account any reinvestment of dividends and distributions.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Tax Risk.</I></B> To
        qualify for the special tax treatment available to regulated investment companies, the Fund must: (i) derive at least
        90% of its annual gross income from certain kinds of investment income; (ii) meet certain asset diversification requirements
        at the end of each quarter; and (iii) distribute in each taxable year at least 90% of its net investment income (including
        net interest income and net short term capital gain). If the Fund failed to meet any of these requirements, subject to
        the opportunity to cure such failures under applicable provisions of the Internal Revenue Code of 1986, as amended (the
        &#8220;Code&#8221;), the Fund would be subject to U.S. federal income tax at regular corporate rates on its taxable income,
        including its net capital gain, even if such income were distributed to its shareholders. All distributions by the Fund
        from earnings and profits, including distributions of net capital gain (if any), would be taxable to the shareholders
        as ordinary income. Such distributions generally would be eligible (i) to be treated as qualified dividend income in the
        case of individual and other non-corporate shareholders and (ii) for the dividends received deduction in the case of corporate
        shareholders, provided that in each case the shareholder meets applicable holding period requirements. In addition, in
        order to requalify for taxation as a regulated investment company, the Fund might be required to recognize unrealized
        gain, pay substantial taxes and interest, and make certain distributions. See &#8220;U.S. Federal Income Tax Matters.&#8221; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The tax treatment and characterization
        of the Fund&#8217;s distributions may vary significantly from time to time due to the nature of the Fund&#8217;s investments.
        The ultimate tax characterization of the Fund&#8217;s distributions in a calendar year may not finally be determined until
        after the end of that calendar year. The Fund may make distributions during a calendar year that exceed the Fund&#8217;s
        current and accumulated earnings and profits for that year. In such a situation, the amount by which the Fund&#8217;s
        total distributions exceed the Fund&rsquo;s current and accumulated earnings and profits generally would be treated as a return
        of capital up to the amount of the Common Shareholder&#8217;s tax basis in his or her Common Shares, with any amounts
        exceeding such basis treated as gain from the sale of his or her Common Shares. The Fund&#8217;s income distributions
        that qualify for favorable tax treatment may be affected by Internal Revenue Service (&#8220;IRS&#8221;) interpretations
        of the Code and future changes in tax laws and regulations. For instance, Congress is considering numerous proposals to
        decrease the federal budget deficit, some of which include further increasing U.S. federal income taxes or decreasing
        certain favorable tax treatments currently included in the Code. See &#8220;U.S. Federal Income Tax Matters.&#8221; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No assurance can be given as to what percentage
        of the distributions paid on the Common Shares, if any, will consist of long-term capital gain or what the tax rates on various
        types of income will be in future years.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B></P></TD></TR>
</TABLE>

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    <TD STYLE="padding: 0 0 0 0.25in; text-indent: 0; width: 23%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 77%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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&rsquo;s dividends and interest
income after payment of Fund expenses. The Fund&rsquo;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&rsquo;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&rsquo;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&rsquo;s adjusted basis in his or her Common Shares, thereby increasing his or her potential gain
or reducing his or her potential loss on the subsequent sale of his or her Common Shares. Distributions in any year may include
a substantial return of capital component.</P>
                                                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
                                                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Economic and market events risk. Events in the financials
sector historically have resulted, and may result from time to time, in an unusually high degree of volatility in the financial
markets, both domestic and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings,
and other events related to the subprime mortgage crisis in 2008; financial distress in the U.S. auto industry; credit and liquidity
issues involving certain money market mutual funds; governmental efforts to limit short selling and high frequency trading; measures
to address U.S. federal and state budget deficits; social, political, and economic instability in Europe; and Standard and Poor&rsquo;s
Ratings Services&rsquo; downgrade of U.S. long-term sovereign debt; economic stimulus by the Japanese central bank; steep declines
in oil prices; and dramatic changes in currency exchange rates; and China&rsquo;s economic slowdown. Global economies and financial
markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might
adversely impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased
volatility and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected,
and it is uncertain when these conditions will recur. Banks and financial services companies could suffer losses if interest rates
were to rise or economic conditions deteriorate. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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 Subadvisor, 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&rsquo;s performance over time. The portfolio turnover rate of the Fund may vary from year to year, as well as
within a year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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&rsquo;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&rsquo;s portfolio may be significant. In addition, the longer the average maturity
of the Fund&rsquo;s portfolio of debt securities, the greater the potential impact of rising interest rates on the value of the
Fund&rsquo;s portfolio and the less flexibility the Fund may have to respond to the decreasing spread between the yield on its
portfolio securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During periods of declining interest rates,
an issuer may exercise its option to prepay principal of debt securities or to redeem preferred securities earlier than scheduled,
forcing the Fund to reinvest in lower yielding securities. This is known as call or prepayment risk. During periods of rising interest
rates, the average life of certain types of securities may be extended because of slower than expected principal payments. This
may lock in a below market interest rate, increase the security&rsquo;s duration and reduce the value of the security. This is
known as extension risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Leverage Risk. </I></B>The Fund
is authorized to utilize leverage through borrowings, reinvestment of securities lending collateral or repurchase agreement proceeds,
and/or the issuance of preferred shares, including the issuance of debt securities. The Fund is party to the LA as described in
&ldquo;&mdash;Description of Capital Structure&mdash;Liquidity Facility.&rdquo; </P>

</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 23%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 77%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The
                                         Fund utilizes the LA to increase its assets available for investment. When the Fund leverages
                                         its assets, Common Shareholders bear the fees associated with the LA and have the potential
                                         to benefit or be disadvantaged from the use of leverage. In addition, the fee paid to
                                         the Advisor is calculated on the basis of the Fund&rsquo;s average daily managed assets,
                                         including proceeds from borrowings and/or the issuance of any preferred shares, so the
                                         fee will be higher when leverage is utilized, which may create an incentive for the Advisor
                                         to employ financial leverage. Consequently, the Fund and the Advisor may have differing
                                         interests in determining whether to leverage the Fund&rsquo;s assets. Leverage creates
                                         risks that may adversely affect the return for the Common Shareholders, including: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: -0.25in; margin-left: 0.5in"><B>&bull;
</B> &nbsp;&nbsp;&nbsp;&nbsp;the likelihood of greater volatility of NAV and market price of Common Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: -0.25in; margin-left: 0.5in"> <B>&bull;
</B>&nbsp;&nbsp;&nbsp;&nbsp;fluctuations in the interest rate paid for the use of the LA; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: -0.25in; margin-left: 0.5in"><B>&bull;
</B>&nbsp;&nbsp;&nbsp;&nbsp;increased operating costs, which may reduce the Fund&rsquo;s total return;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: -0.25in; margin-left: 0.5in"><B>&bull;
</B>&nbsp;&nbsp;&nbsp;&nbsp;the potential for a decline in the value of an investment acquired through leverage, while the Fund&rsquo;s obligations under
such leverage remains fixed; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: -0.25in; margin-left: 0.5in"><B>&bull;
</B>&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In addition to the risks created by
the Fund&rsquo;s use of leverage, the Fund is subject to the risk that it would be unable to timely, or at all, obtain replacement
financing if the LA is terminated. For more information regarding termination, see &ldquo;&mdash;Description of Capital Structure&mdash;Liquidity
Facility.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Market Discount Risk.</I></B>
The Fund&rsquo;s Common Shares will be offered only when Common Shares of the Fund are trading at a price equal to or above the
Fund&rsquo;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&rsquo;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&rsquo;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&rsquo;s NAV than at the time of purchase, assuming a stable NAV. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Management Risk.</I></B> The Fund
is subject to management risk because it relies on the Subadvisor&rsquo;s ability to pursue the Fund&rsquo;s investment objectives.
The Subadvisor applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no
guarantee that it will produce the desired results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.3pt 0pt 0; text-align: justify"> <B><I>Economic and market
events risk</I></B>. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign
central banks to stimulate or stabilize economic growth, may at times result in </P>

</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 23%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 77%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> unusually
                                         high market volatility, which could negatively impact performance. Reduced liquidity
                                         in credit and fixed-income markets could adversely affect issuers worldwide. Banks and
                                         financial services companies could suffer losses if interest rates rise or economic conditions
                                         deteriorate. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.3pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <B><I>Cybersecurity risk.</I></B> Cybersecurity breaches
may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or
its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of the
Fund&rsquo;s securities may negatively impact performance. </P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B><I>Strategy Risks</I></B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Credit and counterparty
        risk.</I></B> The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives
        contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government
        securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default
        affecting any of the Fund&#8217;s securities could affect the Fund&#8217;s performance. </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Corporate Debt Securities Risk. </I></B>Corporate
        debt obligations are subject to the risk of an issuer&#8217;s inability to meet principal and interest payments on the obligations
        and also may be subject to price volatility due to such factors as market interest rates, market perception of the creditworthiness
        of the issuer and general market liquidity.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>U.S. Government Securities
        Risk. </I></B>No assurance can be given that the U.S. government will provide financial support in the future to U.S.
        government agencies, authorities or instrumentalities that are not supported by the full faith and credit of the United States
        Securities guaranteed as to principal and interest by the United States government, its agencies, authorities or instrumentalities
        include: (i) securities for which the payment of principal and interest is backed by an irrevocable letter of credit issued
        by the U.S. government or any of its agencies, authorities or instrumentalities; and (ii) participations in loans made
        to non-U.S. governments or other entities that are so guaranteed. The secondary market for certain of these participations
        is limited and therefore may be regarded as&nbsp; </P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 23%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 77%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> illiquid. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Fixed-income securities risk.
</I></B>A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds
held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments
or repay all or any of the principal borrowed. Changes in a security&rsquo;s credit quality may adversely affect fund performance. </P>



</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0; text-align: justify; color: #231F20"> <B><I>Lower-rated
        and high-yield fixed-income securities risk.</I></B> Lower-rated and high-yield fixed-income securities (junk bonds) are
        subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities,
        may be considered speculative, and can be difficult to resell. </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0; text-align: justify; color: #231F20"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify; color: #231F20"> <B><I>Mortgage-backed
        and asset-backed securities risk.</I></B> Mortgage-backed and asset-backed securities are subject to different combinations
        of prepayment, extension, interest-rate, and other market risks. </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Equity securities risk.</I></B> The price of
equity securities may decline due to changes in a company&#8217;s financial condition or overall market conditions.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Fund may invest up to 20% of its
total assets in securities for which there is no readily available trading market or which are otherwise illiquid. Exposure exists
when reduced trading volume, a relative lack of market makers, or legal restrictions impair the ability to sell particular securities
or close derivative positions at an advantageous price. Liquidity risk may result from the lack of an active market, the reduced
number of traditional market participants, or the reduced capacity of traditional market participants to make a market in fixed-income
securities. In addition, liquidity risk may be magnified in a rising interest rate environment in which investor redemptions from
fixed-income mutual funds may be higher than normal; the selling of fixed-income securities to satisfy fund shareholder redemptions
may result in an increased supply of such securities during periods of reduced investor demand due to a lack of buyers, thereby
impairing the Fund&rsquo;s ability to sell such securities. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Non-U.S. Investment Risk.
        </I></B>As compared to U.S. companies, less information may be publicly available regarding foreign issuers. Non-U.S.
        securities may be subject to foreign taxes and may be more volatile than U.S. securities. 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. </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <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 or 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&#8217;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&#8217;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 </P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 23%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 77%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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&rsquo;s ability or
                                         willingness to service its debts. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <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. These 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 International Monetary Fund, the World Bank
and the debtor nations&rsquo; 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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Reverse Repurchase Agreement Risk.</I></B>
Reverse repurchase agreement transactions involve the risk that the market value of the securities that the Fund 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&rsquo;s
assets, thereby potentially increasing fluctuations in the market value of the Fund&rsquo;s assets. In the event the buyer of securities
under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund&rsquo;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&rsquo;s obligation to repurchase the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Hedging, Derivatives and Other
Strategic Transactions Risk. </I></B>Hedging and other strategic transactions may increase the volatility of the Fund and 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. It is possible that government regulation of various types
of derivative instruments would, upon implementation, impose limits on the maximum positions 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. 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: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: -0.25in; margin-left: 0.5in"><B>&bull;<I>
&nbsp;&nbsp;&nbsp;&nbsp;Credit default 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 credit default swaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: -0.25in; margin-left: 0.5in"><B>&bull;<I>
&nbsp;&nbsp;&nbsp;&nbsp;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&rsquo;s issuer. Equity-linked notes often are</P>

</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 23%">&nbsp;</TD>
    <TD STYLE="padding: 0 0 0 0.5in; text-indent: 0; width: 77%">privately placed and may not be rated. The secondary market for
equity-linked notes may be limited.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="margin: 0"></P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: -0.25in; margin-left: 0.5in"><B>&bull; <I>
                                           &nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: -0.25in; margin-left: 0.5in"><B>&bull;
<I>&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: -0.25in; margin-left: 0.5in"><B>&bull;
<I>&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: -0.25in; margin-left: 0.5in"><B>&bull;
<I>&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: -0.25in; margin-left: 0.5in"><B>&bull;
<I>&nbsp;&nbsp;&nbsp;&nbsp;Options and currency options. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability to enter into closing transactions)
and risk of disproportionate loss are the principal risks of engaging in transactions involving options, including currency options.
Counterparty risk does not apply to exchange-traded options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: -0.25in; margin-left: 0.5in"> <B>&bull;
<I>&nbsp;&nbsp;&nbsp;&nbsp;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. </P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 4.5pt; padding-left: 4.5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: center; text-indent: -0.2in"><B><I>Given
        the risks described above, an investment in Common Shares may not be</I></B> <B><I>appropriate for all investors.</I></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: center; text-indent: -0.2in"><B><I>You
        should carefully consider your ability to</I></B> <B><I>assume these risks before making an investment in the Fund.</I></B></P></TD></TR>
</TABLE>
<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal; font-variant: normal"></FONT></P>

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<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_002"></A>Summary of Fund Expenses</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purpose of the table below is to help
you understand all fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. In accordance with SEC
requirements, the table below shows the Fund&#8217;s expenses as a percentage of its average net assets as of October 31, 2015,
and not as a percentage of total assets. By showing expenses as a percentage of average net assets, expenses are not expressed
as a percentage of all of the assets in which the Fund invests. The offering costs to be paid or reimbursed by the Fund are not
included in the Annual Expenses table below. However, these expenses will be borne by Common Shareholders and may result in a reduction
in the NAV of the Common Shares. See &#8220;Management of the Fund&#8221; and &#8220;Dividend Reinvestment Plan.&#8221; The table
and example are based on the Fund&#8217;s capital structure as of October 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt; background-color: White">Shareholder Transaction Expenses</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -5.05pt; padding-left: 15.65pt; background-color: White">Sales load (as a percentage of offering price) (1)</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White"><FONT STYLE="font-size: 10pt">&#9;&#8212;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -5.05pt; padding-left: 15.65pt; background-color: White">Offering expenses (as a percentage of offering price) (1)</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White"><FONT STYLE="font-size: 10pt">&#9;&#8212;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -5.05pt; padding-left: 15.65pt; background-color: White">Dividend Reinvestment Plan fees (2)</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White"><FONT STYLE="font-size: 10pt">&#9;None</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -5.05pt; padding-left: 5.05pt; background-color: White">Annual Expenses (Percentage of Net Assets Attributable to Common Shares)</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left; text-indent: -5.05pt; padding-left: 15.65pt; background-color: White">Management fees (3)</TD><TD STYLE="width: 2%; font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; background-color: White">0.83</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -5.05pt; padding-left: 15.65pt; background-color: White">Interest payments on borrowed funds (4)</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">0.46</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -5.05pt; padding-left: 15.65pt; background-color: White">Other expenses (5)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; background-color: White">0.25</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; background-color: White">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -5.05pt; padding-left: 15.1pt; background-color: White">Total Annual Expenses</TD><TD STYLE="font-size: 10pt; background-color: White">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: White">1.54</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"> (4) </TD><TD STYLE="text-align: justify"> The Fund uses leverage by borrowing
                                         under the LA. &#8220;Interest payment on borrowed funds&#8221; is the interest payable
                                         at the borrowing rate as of October 31, 2015 under the Fund&#8217;s prior credit facility,
                                         which was charged at the rate of three month LIBOR plus 0.70%. Effective December 2,
                                         2015, the interest rate payable under the LA has decreased to one month LIBOR plus 0.60%
                                         under normal market conditions. See &#8220;Other Investment Policies - Borrowing&#8221;
                                         and &#8220;Use of Leverage by the Fund&#8221; in the accompanying Prospectus. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(5)</TD><TD STYLE="text-align: justify">Other expenses have been estimated for the current fiscal year.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXAMPLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following example illustrates the expenses
that Common Shareholders would pay on a $1,000 investment in Common Shares, assuming (i) total annual expenses of 1.54% of net
assets attributable to Common Shares in years 1 through 10; (ii) a 5% annual return; and (iii) all distributions are reinvested
at NAV:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 15%; padding: 0; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>1
Year</U></B></FONT></TD>
    <TD STYLE="width: 15%; padding: 0; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>3
Years</U></B></FONT></TD>
    <TD STYLE="width: 15%; padding: 0; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>5
Years</U></B></FONT></TD>
    <TD STYLE="width: 15%; padding: 0; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>10
Years</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Total Expenses</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;16</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;49</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;84</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;183</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;Distribution Policy&#8221; and &#8220;Dividend
Reinvestment Plan.&#8221; The example does not include sales load or estimated offering costs, which would cause the expenses shown
in the example to increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_003"></A>Financial Highlights</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table details the financial performance
of the Common Shares, including total return information showing how much an investment in the Fund has increased or decreased
each period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements of the Fund as
of October 31, 2015 have been audited by PricewaterhouseCoopers LLP (&#8220;PwC&#8221;), the Fund&#8217;s independent registered
public accounting firm. The report of PwC is included, along with the Fund&#8217;s financial statements, in the Fund&#8217;s annual
report, which has been incorporated by reference into the SAI and is available upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>COMMON SHARES</B></FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -2.75pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="width: 28%; padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Period
        ended</B></FONT></P></TD>
    <TD STYLE="width: 9%; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>10-31-15</B></FONT></TD>
    <TD STYLE="width: 9%; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>10-31-14</B></FONT></TD>
    <TD STYLE="width: 9%; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>10-31-13</B></FONT></TD>
    <TD STYLE="width: 9%; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>10-31-12</B></FONT></TD>
    <TD STYLE="width: 9%; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>10-31-11</B></FONT></TD>
    <TD STYLE="width: 9%; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>10-31-10</B></FONT></TD>
    <TD STYLE="width: 9%; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>10-31-09</B></FONT></TD>
    <TD STYLE="width: 9%; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>10-31-08<SUP>(1)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Per
    share operating performance</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Net
    asset value, beginning of period</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font-weight: bold; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.56</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$19.76</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;20.44</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;19.19</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;20.11</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;18.03</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;14.51</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;19.21</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt">Net
    investment income<B><SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.41</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.58</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.61</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.88</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.93</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">2.15</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.70</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.49</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt">Net
    realized and unrealized gain (loss) on investments</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2.28)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(0.14)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(0.59)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.30</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(0.88)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">2.00</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">3.51</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(4.80)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt">Distributions
    to Auction Preferred Shares (APS)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font-weight: bold; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(0.19)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Total
    from investment operations</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>(0.87)</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>1.44</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>1.02</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>3.18</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>1.05</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>4.15</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>5.21</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>(3.50)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Less
    distributions to common shareholders</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt">From
    net investment income</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1.49)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(1.64)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(1.71)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(1.94)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(1.97)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(2.07)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(1.69)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(1.20)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt">Anti-dilutive
    impact of shelf offering</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;<SUP>3</SUP></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">0.01</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">0.01</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Net
    asset value, end of period</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font-weight: bold; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.20</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$19.56</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;19.76</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;20.44</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;19.19</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;20.11</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;18.03</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;14.51</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Per
    share market value, end of period</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font-weight: bold; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.20</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$19.06</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;19.30</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;22.24</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;21.82</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;21.13</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;17.73</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$&#9;13.46</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Total
    return at net asset value (%)<SUP>(4)(5)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font-weight: bold; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3.85)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>7.65</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>5.09</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>16.14</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>4.90</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>23.81</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>39.26</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>(18.78)<SUP>(6)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Total
    return at market value (%)<SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(12.80)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>7.40</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>(5.66)</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>11.13</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>13.52</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>32.29</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>47.62</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>(14.91)<SUP>(6)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Ratios
    and supplemental data</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt">Net
    assets applicable to common shares, end of period (in millions)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$151</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$172</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$&#9;173</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$&#9;176</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$&#9;164</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$&#9;171</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$&#9;152</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$&#9;121</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt">Ratios
    (as a percentage of average net assets):</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.25in; text-indent: 0; padding-top: 0"><FONT STYLE="font-size: 10pt">Expenses
    before reductions</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.54</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.38</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.41</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.57</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.62</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.93</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">2.43</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">2.25<B><SUP>(8)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.25in; text-indent: 0; padding-top: 0"><FONT STYLE="font-size: 10pt">Expenses
    including reductions<SUP>(7)</SUP></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.53</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.37</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.41</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.57</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.62</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">1.93</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">2.43</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">2.25<B><SUP>(8)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.25in; text-indent: 0; padding-top: 0"><FONT STYLE="font-size: 10pt">Net investment
    income</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">7.70</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">7.94</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">8.00</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">9.65</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">9.63</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">11.33</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">11.34</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">9.93<B><SUP>(8)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt">Portfolio
    turnover (%)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">74</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">71</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">61</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">56</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">45</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">71</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">72<B><SUP>(16)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Senior
    securities</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt">Total
    value of APS outstanding (in millions)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt">Involuntary
    liquidation preference per unit (in thousands)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt">Average
    market value per unit (in thousands)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt">Asset
    coverage per unit<B><SUP>(11)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;<B><SUP>(12)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt">Total
    debt outstanding end of period (in millions)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$87</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$87</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$86</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$86</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$88</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$80</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$67</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$58</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt">Asset
    coverage per $1,000 of APS<B><SUP>(10)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0.125in; text-indent: -0.125in; padding-top: 0"><FONT STYLE="font-size: 10pt">Asset
    coverage per $1,000 of debt<B><SUP>(14)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$2,741</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$2,979</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$3,013</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$3,054</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$2,871</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$3,136</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$3,268</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">$3,090</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 29; Value: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"><B>COMMON SHARES</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 61%; padding: 0; text-indent: 0"><B>Period ended</B></TD>
    <TD STYLE="width: 13%; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>12-31-07</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>&#9;12-31-06</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>12-31-05</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Per share operating performance</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Net asset value, beginning of period</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>$&#9;19.90</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>$&#9;20.04</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>$&#9;21.22</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Net investment income<B><SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;1.89</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;1.74</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;1.70</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Net realized and unrealized gain (loss) on investments</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;(0.72)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;(0.07)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;(1.07)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Distributions to Auction Preferred Shares (APS)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;(0.55)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;(0.50)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;(0.34)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Total from investment operations</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;<B>0.62</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;<B>1.17</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;<B>0.29</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Less distributions to common shareholders</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">From net investment income</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;(1.31)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;(1.31)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;(1.47)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Net asset value, end of period</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>$&#9;19.21</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>$&#9;19.90</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>$&#9;20.04</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Per share market value, end of period</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>$&#9;17.01</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>$&#9;19.04</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>$&#9;17.70</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Total return at net asset value (%)<SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;<B>3.73</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;<B>6.54</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;<B>1.78<SUP>(15)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Total return at market value (%)<SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;<B>(4.00)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;<B>15.41</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;<B>(15.06)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Ratios and supplemental data</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Net assets applicable to common shares, end of period (in millions)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;160</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;164</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;165</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Ratios (as a percentage of average net assets):</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0 0 0 0.25in; text-indent: 0"><FONT STYLE="font-size: 10pt">Expenses</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;1.16<B><SUP>(9)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;1.17<B><SUP>(9)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;1.17<B><SUP>(9)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0 0 0 0.25in; text-indent: 0"><FONT STYLE="font-size: 10pt">Net investment income</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;9.55<B><SUP>(10)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;8.80<B><SUP>(10)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;8.25<B><SUP>(10)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Portfolio turnover (%)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;46</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;63</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;144</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Senior securities</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Total value of APS outstanding (in millions)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;86</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;86</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;86</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Involuntary liquidation preference per unit (in thousands)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;25</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;25</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;25</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Average market value per unit (in thousands)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;25</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;25</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;25</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Asset coverage per unit<B><SUP>(11)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;71,364</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;72,917</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;72,072</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Asset coverage per $1,000 of APS<B><SUP>(13)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;2,856</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;2,910</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">$&#9;2,913</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">For the ten-month period ended 10-31-08. The Fund changed its fiscal year end from December 31
to October 31.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">Based on the average daily shares outstanding.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="text-align: justify">Less than $0.005 per share.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(4)</TD><TD STYLE="text-align: justify">Total return based on net asset value reflects changes in the Fund&#8217;s net asset value during
each period. Total return based on market value reflects changes in market value. Each figure assumes that dividend and capital
gain distributions, if any, were reinvested. These figures will differ depending upon the level of any discount from or premium
to net asset value at which the Fund&#8217;s shares traded during the period.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(5)</TD><TD STYLE="text-align: justify">Total returns would have been lower had certain expense not been reduced during the applicable
periods.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(6)</TD><TD STYLE="text-align: justify">Not annualized.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"> (7) </TD><TD STYLE="text-align: justify"> Expenses including reductions excluding
                                         interest expense were 1.06%, 1.05%, 1.07%, 1.07%, 1.04% 1.12%, 1.43% and 1.42% for the
                                         periods ended 10-31-15, 10-31-14, 10-31-13, 10-31-12, 10-31-11, 10-31-10, 10-31-09 and
                                         10-31-08, respectively. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(8)</TD><TD STYLE="text-align: justify">Annualized.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"> (9) </TD><TD STYLE="text-align: justify"> Ratios calculated on the basis
                                         of expenses relative to the average net assets of common shares. Without the exclusion
                                         of preferred shares, the ratios of expenses would have been 0.76%, 0.77%, and 0.77% for
                                         the years ended 12-31-07, 12-31-06, and 12-31-05, respectively. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"> (10) </TD><TD STYLE="text-align: justify"> Ratios calculated on the basis
                                         of net investment income relative to the average net assets of common shares. Without
                                         the exclusion of preferred shares, the ratios of net investment income would have been
                                         6.26%, 5.77%, and 5.47% for the years ended 12-31-07, 12-31-06, and 12-31-05, respectively. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(11)</TD><TD STYLE="text-align: justify">Calculated by subtracting the Fund&#8217;s total liabilities from the Fund&#8217;s total assets
and dividing that amount by the number of APS outstanding, as of the applicable 1940 Act Evaluation Date, which may differ from
the financial reporting date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(12)</TD><TD STYLE="text-align: justify">In May 2008, the Fund entered into a Committed Facility Agreement with a third-party commercial
bank in order to redeem the APS. The redemption of all APS was completed on 6-12-08.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(13)</TD><TD STYLE="text-align: justify">Asset coverage equals the total net assets plus APS divided by the APS of the Fund outstanding
at period end.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(14)</TD><TD STYLE="text-align: justify">Asset coverage equals the total net assets plus borrowings divided by the borrowings of the Fund
outstanding at period end. As debt outstanding changes, level of invested assets may change accordingly. Asset coverage ratio provides
a consistent measure of leverage.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(15)</TD><TD STYLE="text-align: justify">Unaudited.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(16)</TD><TD STYLE="text-align: justify">The portfolio turnover rate, including the effect of &#8220;TBA&#8221; (to be announced) securities
for the year ended 10-31-09 was 100%.</TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_004"></A>Market and Net Asset Value
Information</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;s currently outstanding
Common Shares are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;JHI&#8221; and commenced trading
on the NYSE in 1971.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><U STYLE="text-decoration: none">Market Price</U></B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&#9;NAV per Share on</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&#9;Date of Market Price</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><U STYLE="text-decoration: none">&#9;High and Low</U></B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&#9;Premium/(Discount) on</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&#9;Date of Market Price</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><U STYLE="text-decoration: none">&#9;High and Low</U></B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Fiscal Quarter Ended</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">January 31, 2014</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 10pt; text-align: right; background-color: White">$19.92</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 10pt; text-align: right; background-color: White">$18.25</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 10pt; text-align: right; background-color: White">$19.80</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 10pt; text-align: right; background-color: White">$19.41</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 10pt; text-align: right; background-color: White">0.61</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 10pt; text-align: right; background-color: White">(5.98</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">April 30, 2014</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$21.98</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$19.45</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$19.67</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$19.70</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">11.74</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">(1.27</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">July 31, 2014</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$21.10</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$19.44</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$20.57</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$20.06</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">2.58</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">(3.09</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">October 31, 2014</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$19.91</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$18.20</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$20.33</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$19.16</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">(2.07</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">(5.01</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">January 31, 2015</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$19.07</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$16.67</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$19.57</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$17.68</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">(2.56</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">(5.71</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">April 30, 2015</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$18.47</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$17.39</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$19.04</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$18.28</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">(2.99</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">(4.87</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">July 31, 2015</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$17.76</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$15.50</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$18.84</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$17.89</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">(5.73</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">(13.36</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">October 31, 2015</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$15.71</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$14.42</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$18.03</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$16.60</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">(12.87</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">(13.13</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt; background-color: White">January 31, 2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$15.23</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$13.38</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$17.30</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">$15.35</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">(11.97</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: White">(12.83</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: White">)%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The last reported sale price, NAV per share and percentage
discount to NAV per share of the Common Shares as of February 19, 2016 were $14.00, $15.55 and 9.97%, respectively. As of February
19, 2016, the Fund had 8,718,425 Common Shares outstanding and net assets of the Fund were $135,552,751. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_005"></A>The Fund</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a diversified, closed-end management
investment company registered under the 1940 Act. The Fund was organized on October 26, 1970 as a Delaware corporation and was
reorganized on October 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 &#8220;Declaration of Trust&#8221;). The Fund commenced operations following an
initial public offering on January 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&#8217;s principal office is located at 601 Congress Street, Boston, Massachusetts 02210 and
its phone number is 800-225-6020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following provides information about
the Fund&#8217;s outstanding securities as of October 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%; padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Title of Class</U></B></P></TD>
    <TD STYLE="width: 11%; padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Amount</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Authorized</U></B></P></TD>
    <TD STYLE="width: 16%; padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Amount Held by</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>the Fund or for</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>its Account</U></B></P></TD>
    <TD STYLE="width: 12%; padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Amount</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Outstanding</U></B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0; padding-bottom: 0"><FONT STYLE="font-size: 10pt">Common Shares, no par value</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">Unlimited</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">8,791,245&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_006"></A>Use of Proceeds</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_007"></A>Investment Objectives</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;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&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_008"></A>Investment Strategies</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preponderance of the Fund&#8217;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&#8217;s portfolio would exceed 20% of its total assets. Up
to 50% of the value of the Fund&#8217;s assets may be invested in restricted securities acquired through private placements. The
Fund may purchase mortgage-backed securities. The Fund also may purchase and sell derivative instruments. In addition, the Fund
may invest in repurchase agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At least 30% of Fund&#8217;s net assets
(plus borrowings for investment purposes) will be represented by (a) debt securities which are rated, at the time of acquisition,
investment grade (<I>i.e.</I>, at least &#8220;Baa&#8221; by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;)
or &#8220;BBB&#8221; by Standard &amp; Poor&#8217;s Ratings Services (&#8220;S&amp;P&#8221;)) or in unrated securities determined
by the Subadvisor to be of comparable credit quality, (b) securities issued or guaranteed by the U.S. government or its agencies
and instrumentalities, and (c) cash or cash equivalents. The remaining 70% of the Fund&#8217;s net assets (plus borrowings for
investment purposes) may be invested in debt securities of any credit quality, including securities rated below investment grade
(<I>i.e.</I>, rated &#8220;Ba&#8221; or lower by Moody&#8217;s or &#8220;BB&#8221; or lower by S&amp;P). Debt securities of below
investment grade quality are regarded as having predominantly speculative characteristics with respect to the issuer&#8217;s ability
to pay interest and repay principal and are commonly referred to as &#8220;junk bonds&#8221; or &#8220;high yield securities.&#8221;
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities rated &#8220;BBB&#8221; by S&amp;P
are regarded by S&amp;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&amp;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 &#8220;Baa&#8221; by Moody&#8217;s are considered
by Moody&#8217;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&#8217;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&#8217;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</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">of loss, are considered highly speculative
with respect to the issuer&#8217;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&#8217;s capacity or willingness to meet
its financial commitments. The descriptions of the investment grade rating categories by Moody&#8217;s and S&amp;P, including a
description of their speculative characteristics, are set forth in the SAI. All references to securities ratings by Moody&#8217;s
and S&amp;P in this Prospectus shall, unless otherwise indicated, include all securities within each such rating category (<I>e.g.</I>,
&#8220;Baa1&#8221;, &#8220;Baa2&#8221; and &#8220;Baa3&#8221; in the case of Moody&#8217;s and &#8220;BBB+&#8221;, &#8220;BBB&#8221;
and &#8220;BBB-&#8221; in the case of S&amp;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&#8217;s initial investment in such security. In the event of such security downgrade,
the Fund will sell the portfolio security as soon as the Subadvisor 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 downgrade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In managing the Fund&#8217;s portfolio,
the Subadvisor 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 Subadvisor 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 Subadvisor uses bottom-up research to find securities that appear comparatively undervalued.
The Subadvisor 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PORTFOLIO INVESTMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate debt securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund invests in corporate debt obligations.
Corporate debt obligations are subject to the risk of an issuer&#8217;s inability to meet principal and interest payments on the
obligations and also may be subject to price volatility due to such factors as market interest rates, market perception of the
creditworthiness of the issuer and general market liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>U.S. government and foreign government securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 (&#8220;Freddie
Mac&#8221;), Federal National Mortgage Association (&#8220;Fannie Mae&#8221;), and Federal Home Loan Banks (&#8220;FHLBs&#8221;)).
Others may be supported by: (i) the right of the issuer to borrow from the U.S. Treasury; (ii) the discretionary authority of the
U.S. government to purchase the agency&#8217;s obligations; or (iii) 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 the Fund to enforce its rights against the foreign</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">government issuer. As with other fixed-income
securities, sovereign issuers may be unable or unwilling to make timely principal or interest payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Supra-national agencies are agencies whose
member nations make capital contributions to support the agencies&#8217; activities, and include the International Bank for Reconstruction
and Development (the &#8220;World Bank&#8221;), the Asian Development Bank, the European Coal and Steel Community, and the Inter-American
Development Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 the Fund&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to investing directly in U.S.
government securities and foreign government securities, the 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mortgage-backed securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &#8220;locking in&#8221; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;s investments in mortgage-backed
securities may include conventional mortgage pass through securities and certain classes of multiple class collateralized mortgage
obligations (&#8220;CMOs&#8221;). 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 (&#8220;PAC&#8221;) and target amortization class (&#8220;TAC&#8221;) securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &#8220;collars.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Illiquid securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, &#8220;illiquid securities&#8221;
may include certain securities that are not registered (&#8220;restricted securities&#8221;) under the Securities Act of 1933,
as amended (the &#8220;1933 Act&#8221;), including commercial paper issued in reliance on Section 4(a)(2) of the 1933 Act and securities
offered and sold to &#8220;qualified institutional buyers&#8221; under Rule 144A under the 1933 Act. If the Board of Trustees (the
&#8220;Board&#8221;) determines, based upon a continuing review of the trading markets for specific Section 4(a)(2) commercial
paper or Rule 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</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">delegated to the Advisor the daily function
of determining the monitoring and liquidity of restricted securities. The Board will, however, retain sufficient oversight and
be ultimately responsible for these determinations. The Board will carefully monitor the Fund&#8217;s investments in these securities,
focusing on such important factors, among others, as valuation, liquidity and availability of information. This investment practice
could have the effect of increasing the level of illiquidity in the Fund if qualified institutional buyers become for a time uninterested
in purchasing these restricted securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As long as the SEC maintains the position
that most swap contracts, caps, floors, and collars are illiquid, the Fund will continue to designate these instruments as illiquid
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Equity securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Subadvisor believes that they will provide a sufficiently high yield to attain the Fund&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 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&#8217; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Non-U.S. securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sovereign debt obligations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 the 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&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Money market instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217; 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&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Hedging and interest rate transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 regularly used by many mutual funds and other institutional investors. Although the Subadvisor seeks to use these practices
to further the Fund&#8217;s investment objectives, no assurance can be given that these practices will achieve this result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &#8220;Strategic Transactions.&#8221; The Fund generally seeks to use Strategic Transactions as a portfolio
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&#8217;s portfolio, protect the value of the Fund&#8217;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&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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 Strategic
Transactions to the benefit of the Fund depends on the Subadvisor&#8217;s ability to predict pertinent market
movements, which cannot be assured. Thus, the use 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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A more complete discussion of Strategic
Transactions and their risks is contained in the SAI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There may be times when, in the Subadvisor&#8217;s
judgment, conditions in the securities markets would make pursuit of the Fund&#8217;s investment strategy inconsistent with achievement
of the Fund&#8217;s investment objectives. At such times, the Subadvisor may employ alternative strategies primarily to seek to
reduce fluctuations in the value of the Fund&#8217;s assets. In implementing these temporary defensive strategies, depending on
the circumstances, the Fund may invest</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">an unlimited portion of its portfolio
in short-term money market instruments, securities with remaining maturities of less than one year, cash or cash equivalents.
It is impossible to predict when, or for how long, the Fund may use these alternative strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDITIONAL PORTFOLIO INVESTMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Structured securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &#8220;Reference&#8221;)
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&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>When-Issued and Forward Commitment Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may purchase securities on a when-issued
or forward commitment basis. &#8220;When-issued&#8221; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Fund 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Repurchase agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 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 &#8220;primary dealers&#8221; 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&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reverse repurchase agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Fund may enter into &#8220;reverse&#8221;
repurchase agreements. To the extent permitted under the 1940 Act, and related guidance of the SEC and its staff, under a reverse
repurchase agreement, a fund may sell a debt security and agree to repurchase it at an agreed upon time and at an agreed upon
price. The Fund maintains liquid assets such as cash, Treasury bills or other U.S. government securities having an aggregate value
equal to the amount of such commitment to repurchase including accrued interest, until payment is made. A reverse repurchase agreement
may be considered a form of leveraging and may increase fluctuations in a fund&#8217;s NAV per share. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Fund intends to use reverse repurchase
agreements to obtain investment leverage either alone and/or pursuant to the LA. To the extent permitted under the LA, in a reverse
repurchase 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 (&#8220;sell&#8221;) any of its portfolio securities to a broker-dealer, bank or
another financial institution counterparty. Each such counterparty must be approved by the Fund. In accordance with guidance from
the SEC and its staff from time to time in effect, the Fund will pledge, earmark or segregate liquid assets equal to repayment
obligations under the reverse repurchase agreements. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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. The Fund may designate any or all securities as ineligible for reverse repurchase transactions with
any counterparty, whether or not such securities are currently the subject of any such transaction, for any reason. Under the
procedures established by the Trustees, the Advisor will monitor the creditworthiness of the Fund&#8217;s reverse repurchase agreement
counterparties. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Asset-backed securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Brady bonds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &#8220;IMF&#8221;).
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&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>REITs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in common and preferred
interests in real estate investment trusts (&#8220;REITs&#8221;). 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other investment companies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>OTHER INVESTMENT POLICIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Borrowing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Fund may use leverage to the extent
permitted by the 1940 Act, this Prospectus, and the LA. The Fund is authorized to utilize leverage through borrowings, reinvestment
of securities lending collateral or repurchase agreement proceeds, and/or the issuance of preferred shares, including the issuance
of debt securities. The Fund is party to the LA as described in &#8220;&#8212;Description of Capital Structure&#8212;Liquidity
Facility.&#8221; Borrowings, together with the issuance of preferred shares, or other &#8220;senior securities&#8221; as that
term is defined in the 1940 Act, may not be in an aggregate amount that would, immediately after giving effect to the drawdown,
exceed 33<SUP>1/3</SUP>% of the Fund&#8217;s total assets (including any assets attributable to financial leverage from senior
securities) minus the sum of accrued liabilities (other than liabilities from senior securities). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Portfolio turnover</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Subadvisor, 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 31, 2015 and October 31, 2014 was 74%
and 71%, respectively. The success of short-term trading will depend upon the ability of the Subadvisor 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 Subadvisor 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 &#8220;Investment
Strategies&#8221; and &#8220;U.S. Federal Income Tax Matters.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Securities loans</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is party to the LA as described
in &#8220;&#8212;Description of Capital Structure&#8212;Liquidity Facility.&#8221; The Fund may seek to obtain additional income
or portfolio leverage by making secured loans of its portfolio securities with a value of up to 33<SUP>1/3</SUP>% of total assets.
In such transactions, the borrower pays to the Fund an amount equal to any</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">dividends or interest received on loaned
securities. The Fund retains all or a portion of the dividends, interest, capital gains, and/or other distributions received on
investment of cash collateral in short-term obligations of the U.S. government, cash equivalents (including shares of a fund managed
by the Fund&#8217;s investment adviser or an affiliate thereof), or other investments consistent with the Fund&#8217;s investment
objective, policies, and restrictions, or receives a fee from the borrower. As a result of investing such cash collateral in such
investments, the Fund will receive the benefit of any gains and bear any losses generated by such investments. All securities loans
will be made pursuant to agreements requiring that the loans be continuously secured by collateral in cash or short-term debt obligations
at least equal at all times to the market value of the loaned securities. The Fund may pay reasonable finders&#8217;, administrative
and custodial fees in connection with loans of its portfolio securities. Although voting rights or rights to consent accompanying
loaned securities pass to the borrower, the Fund retains the right to call the loans at any time on reasonable notice, and it will
do so in order that the securities may be voted by the Fund with respect to matters materially affecting the Fund&#8217;s investment.
The Fund may also call a loan in order to sell the securities involved. Lending portfolio securities involves risks of delay in
recovery of the loaned securities or, in some cases, loss of rights in the collateral should the borrower commence an action relating
to bankruptcy, insolvency or reorganization. The use of securities lending collateral to obtain leverage in the Fund&#8217;s investment
portfolio may subject the Fund to greater risk of loss than the use of traditional securities lending to earn incremental income
via investing collateral solely in short-term U.S. government securities or cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Foreign currency transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>USE OF LEVERAGE BY THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At October 31, 2015, the Fund had borrowings
under its prior credit facility of $86,900,000. The average daily loan balance, weighted average interest rate and maximum daily
loan outstanding for the year ended October 31, 2015 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 0; padding-left: 0; text-decoration: underline; padding-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Average Daily Loan Balance</U></B></FONT></TD>
    <TD STYLE="width: 34%; padding-right: 0; padding-left: 0; text-decoration: underline; padding-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Weighted
Average Interest Rate%</U></B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 0; padding-left: 0; text-decoration: underline; padding-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Maximum
Daily Loan Outstanding</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">$86,900,000</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">0.86%</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">$86,900,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;s borrowings under its
credit facility at October 31, 2015 equaled approximately 35.60% of the Fund&#8217;s total assets (including the proceeds of
such leverage). The Fund&#8217;s asset coverage ratio as of October 31, 2015 was 281%. See &#8220;&#8212;Other Investment
Policies&#8212;Borrowing&#8221; for a brief description of the Fund&#8217;s liquid facility agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assuming the utilization of leverage in
the amount of 35.60% of the Fund&#8217;s total assets and an annual interest rate of 0.89% payable on such leverage based on market
rates as of October 31, 2015, the additional income that the Fund must earn (net of expenses) in order to cover such leverage is
approximately $773,410. Actual costs of leverage may be higher or lower than that assumed in the previous example. Under normal
market conditions, interest charged under the LA is at the rate of one-month LIBOR plus 0.60% effective December 2, 2015 and at
a rate of one-month LIBOR plus 0.70% prior to December 2, 2015. The current interest rate reflects a decrease from the prior rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table is designed to illustrate
the effect on the return to a holder of the Fund&#8217;s Common Shares of leverage in the amount of approximately 35.60% of the
Fund&#8217;s total assets, assuming hypothetical annual returns of the Fund&#8217;s investment portfolio of minus 10% to plus 10%.
As the table shows, leverage generally increases the return to Common Shareholders when portfolio return is positive and greater
than the cost of leverage and decreases the return when the portfolio return is negative or less than the cost of leverage. The
figures appearing in the table are hypothetical. Actual returns may be greater or less than those appearing in the table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: left; padding-bottom: 1pt">Assumed Portfolio Return</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(10.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)%</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(5.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)%</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">0.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">5.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">10.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Corresponding Common Shares Total Return</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(13.69</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(7.10</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(0.51</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">6.08</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">12.66</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_009"></A>Risk Factors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The
principal risks of investing in the Fund are summarized in the Prospectus Summary above. Below are descriptions of the main
factors that may play a role in shaping the Fund&#8217;s overall risk profile. The descriptions 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&#8217;s SAI. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>General Risks</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="text-transform: uppercase"><B>Cybersecurity
risk</B></FONT> </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>INVESTMENT AND MARKET RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>TAX RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The tax treatment and characterization
of the Fund&#8217;s distributions may vary significantly from time to time due to the nature of the Fund&#8217;s investments.
The ultimate tax characterization of the Fund&#8217;s distributions in a calendar year may not finally be determined until after
the end of that calendar year. The Fund may make distributions during a calendar year that exceed the Fund&#8217;s current and
accumulated earnings and profits for that year. In such a situation, the amount by which the Fund&#8217;s total distributions
exceed the Fund&rsquo;s current and accumulated earnings and profits generally would be treated as a return of capital up to the
amount of the Common Shareholder&#8217;s tax basis in his or her Common Shares, with any amounts exceeding such basis treated
as gain from the sale of his or her Common Shares. The Fund&#8217;s income distributions that qualify for favorable tax treatment
may be affected by Internal Revenue Service (&#8220;IRS&#8221;) interpretations of the Code and future changes in tax laws and
regulations. For instance, Congress is considering numerous proposals to decrease the federal budget deficit, some of which include
further increasing U.S. federal income taxes or decreasing certain favorable tax treatments currently included in the Code. See
&#8220;U.S. Federal Income Tax Matters.&#8221; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>DISTRIBUTION RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;s dividends and interest income after payment of Fund expenses,
net option premiums and net realized gain on equity securities investments. If stock market volatility and/or stock prices decline,
the premiums available from writing call options and writing put options on individual stocks likely will decrease as well. Payments
to purchase put options and to close written call and put options will reduce amounts available for distribution. Net realized
gain on the Fund&#8217;s stock investments will be determined primarily by the direction and movement of the stock market and the
equity securities held. The Fund&#8217;s cash available for distribution may vary widely over the short- and long-term. If, for
any calendar year, the total distributions made exceed the Fund&#8217;s net investment taxable income and net capital gain, the
excess generally will be treated as a return of capital to each Common Shareholder (up to the amount of the Common Shareholder&#8217;s
basis in his or her Common Shares) and thereafter as gain from the sale of Common Shares. The amount treated as a return of capital
reduces the Common Shareholder&#8217;s adjusted basis in his or her Common Shares, thereby increasing his or her potential gain
or reducing his or her potential loss on the subsequent sale of his or her Common Shares. Distributions in any year may include
a substantial return of capital component. Dividends on common stocks are not fixed but are declared at the discretion of the issuer&#8217;s
board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PORTFOLIO TURNOVER RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Subadvisor, 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&#8217;s performance
over time. The portfolio turnover rate of the Fund may vary from year to year, as well as within a year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>DEFENSIVE POSITIONS RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>INTEREST RATE RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest rate risk is the risk that fixed-income
securities such as debt securities and preferred securities will decline in value because of changes in market interest rates.
When market interest rates rise, the market value of such securities generally will fall. The Fund&#8217;s investments in debt
securities and preferred securities means that the NAV and market price of the Common Shares will tend to decline if market interest
rates rise. Given the historically low level of interest rates in recent years and the likelihood that interest rates will increase
when the national economy strengthens, the risk of the potentially negative impact of rising interest rates on the value of the
Fund&#8217;s portfolio</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">may be significant. In addition, the longer
the average maturity of the Fund&#8217;s portfolio of debt securities, the greater the potential impact of rising interest rates
on the value of the Fund&#8217;s portfolio and the less flexibility the Fund may have to respond to the decreasing spread between
the yield on its portfolio securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During periods of declining interest rates,
an issuer may exercise its option to prepay principal of debt securities or to redeem preferred securities earlier than scheduled,
forcing the Fund to reinvest in lower yielding securities. This is known as call or prepayment risk. During periods of rising interest
rates, the average life of certain types of securities may be extended because of slower than expected principal payments. This
may lock in a below market interest rate, increase the security&#8217;s duration and reduce the value of the security. This is
known as extension risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>INFLATION RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>LEVERAGE RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">the likelihood of greater volatility of NAV and market price of Common Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.2in"> <B>&#8226;</B> </TD><TD STYLE="text-align: justify"> fluctuations in the
                                         interest rate paid for the use of the LA; </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">increased operating costs, which may reduce the Fund&#8217;s total return;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.2in"> <B>&#8226;</B> </TD><TD STYLE="text-align: justify"> the potential for
                                         a decline in the value of an investment acquired through leverage, while the Fund&#8217;s
                                         obligations under such leverage remain fixed; and </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">the Fund is more likely to have to sell securities in a volatile market in order to meet asset
coverage or other debt compliance requirements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>MARKET DISCOUNT RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECONDARY MARKET FOR THE COMMON SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The issuance of new Common Shares may have
an adverse effect on the secondary market for the Common Shares. When Common Shares are trading at a premium, the Fund may issue
new Common Shares of the Fund. The increase in the amount of the Fund&#8217;s outstanding Common Shares resulting from the offering
of new Common Shares may put downward pressure on the market price for the Common Shares of the Fund. Common Shares will</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">not be issued at any time when Common Shares
are trading at a price lower than a price equal to the Fund&#8217;s NAV per Common Share plus the per Common Share amount of commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>MANAGEMENT RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <B>ECONOMIC AND MARKET EVENTS RISK</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Events in the financials sector historically
have resulted, and may result from time to time, in an unusually high degree of volatility in the financial markets, both domestic
and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings, and other events related
to the sub-prime mortgage crisis in 2008; financial distress in the U.S. auto industry; credit and liquidity issues involving
certain money market mutual funds; governmental efforts to limit short selling and high frequency trading; measures to address
U.S. federal and state budget deficits; social, political and economic instability in Europe; Standard and Poor&#8217;s Ratings
Services&#8217; downgrade of U.S. long-term sovereign debt; economic stimulus by the Japanese central bank; steep declines in
oil prices; dramatic changes in currency exchange rates; and China&#8217;s economic slowdown. Global economies and financial markets
are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely
impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased volatility
and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected, and it is
uncertain when these conditions will recur. Banks and financial services companies could suffer losses if interest rates were
to rise or economic conditions deteriorate. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In addition to financial market
volatility, relatively high market volatility and reduced liquidity in credit and fixed-income markets may adversely affect
many issuers worldwide. Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic
growth, such as decreases or increases in short-term interest rates, or interventins in currency markets could cause
high volatility in the equity and fixed-income markets. This reduced liquidity may result in less money being available
to purchase raw materials, goods, and services from emerging markets, which may, in turn, bring down the prices of
these economic staples. It may also result in emerging-market issuers having more difficulty obtaining financing, which may,
in turn, cause a decline in their securities prices. These events and the possible resulting market volatility may have
an adverse effect on the Fund&#8217;s performance. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Political turmoil within the United
States and abroad may also impact the Fund. Although the U.S. government has honored its credit obligations, it remains possible
that the United States could default on its obligations. While it is impossible to predict the consequences of such an unprecedented
event, it is likely that a default by the United States would be highly disruptive to the U.S. and global securities markets and
could significantly impair the value of the Fund&#8217;s investments. Similarly, political events within the United States at
times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S.
economy, decrease the value of many fund investments, and increase uncertainty in or impair the operation of the U.S. or other
securities markets. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Uncertainties surrounding the sovereign
debt of a number of European Union (EU) countries and the viability of the EU have disrupted and may in the future disrupt markets
in the United States and around the world. If one or more countries leave the EU or the EU dissolves, the world&#8217;s securities
markets likely will be significantly disrupted. </P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Political and military events, including
the military crises in Ukraine and the Middle East, and nationalist unrest in Europe, also may cause market disruptions. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In addition, there is a risk that the
prices of goods and services in the U.S. and many foreign economies may decline over time, known as deflation. Deflation may have
an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country&#8217;s economy
slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CHANGES IN U.S. LAW</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANTI-TAKEOVER PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Strategy Risks</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CREDIT AND COUNTERPARTY RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.7pt 0pt 0; text-align: justify; color: #231F20"> This is the
risk that the issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter (OTC) derivatives contract
(see &#8220;Hedging, derivatives, and other strategic transactions risk&#8221;), or a borrower of the Fund&#8217;s securities
will be unable or unwilling to make timely principal, interest, or settlement payments, or otherwise honor its obligations. Credit
risk associated with investments in fixed-income securities relates to the ability of the issuer to make scheduled payments of
principal and interest on an obligation. A fund that invests in fixed-income securities is subject to varying degrees of risk
that the issuers of the securities will have their credit ratings downgraded or will default, potentially reducing the fund&#8217;s
share price and income level. Nearly all fixed-income securities are subject to some credit risk, which may vary depending upon
whether the issuers of the securities are corporations, domestic or foreign governments, or their subdivisions or instrumentalities.
U.S. government securities are subject to varying degrees of credit risk depending upon whether the securities are supported by
the full faith and credit of the United States; the ability to borrow from the U.S. Treasury; only by the credit of the issuing
U.S. government agency, instrumentality, or corporation; or otherwise supported by the United States. For example, issuers of
many types of U.S. government securities (e.g., the Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage
Association (Fannie Mae), and Federal Home Loan Banks), although chartered or sponsored by Congress, are not funded by congressional
appropriations, and their fixed-income securities, including asset-backed and mortgage-backed securities, are neither guaranteed
nor insured by the U.S. government. An agency of the U.S. government has placed Fannie Mae and Freddie Mac into conservatorship,
a statutory process with the objective of returning the entities to normal business operations. It is unclear what effect this
conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac. As a result, these securities are
subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the United States
(e.g., U.S. Treasury bonds). When a fixed-income security is not rated, a manager may have to assess the risk of the security
itself. Asset-backed securities, whose principal and </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.7pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.7pt 0pt 0; text-align: justify; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.7pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.7pt 0pt 0; text-align: justify; color: #231F20"> interest
payments are supported by pools of other assets, such as credit card receivables and automobile loans, are subject to further
risks, including the risk that the obligors of the underlying assets default on payment of those assets. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.7pt 0pt 0; text-align: justify; color: #231F20"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0; text-align: justify; color: #231F20"> Funds that
invest in below-investment-grade securities, also called junk bonds (e.g., fixed-income securities rated Ba or lower by Moody&#8217;s
Investors Service, Inc. or BB or lower by Standard &amp; Poor&#8217;s Ratings Services, at the time of investment, or determined
by a manager to be of comparable quality to securities so rated) are subject to increased credit risk. The sovereign debt of many
foreign governments, including their subdivisions and instrumentalities, falls into this category. Below-investment-grade securities
offer the potential for higher investment returns than higher-rated securities, but they carry greater credit risk: their issuers&#8217;
continuing ability to meet principal and interest payments is considered speculative, they are more susceptible to real or perceived
adverse economic and competitive industry conditions, and they may be less liquid than higher-rated securities. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0; text-align: justify; color: #231F20"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.4pt 0pt 0; text-align: justify; color: #231F20"> In
addition, the Fund is exposed to credit risk to the extent that it makes use of OTC derivatives (such as forward foreign
currency contracts and/or swap contracts) and engages to a significant extent in the lending of fund securities or the use of
repurchase agreements. OTC derivatives transactions can be closed out with the other party to the transaction. If the
counterparty defaults, the Fund will have contractual remedies, but there is no assurance that the counterparty will be able
to meet its contractual obligations or that, in the event of default, the Fund will succeed in enforcing them. 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 manager intends to
monitor the creditworthiness of contract counterparties, there can be no assurance that the counterparty will be in a
position to meet its obligations, especially during unusually adverse market conditions. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.4pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-align: justify; color: #231F20"> The Fund
may invest in U.S. government securities issued or guaranteed by the U.S. government or by an agency or instrumentality of the
U.S. government. Not all U.S. government securities are backed by the full faith and credit of the United States. Some are supported
only by the credit of the issuing agency or instrumentality, which depends entirely on its own resources to repay the debt. U.S.
government securities that are backed by the full faith and credit of the United States include U.S. Treasuries and mortgage-backed
securities guaranteed by the Government National Mortgage Association. Securities that are only supported by the credit of the
issuing agency or instrumentality include Fannie Mae, FHLBs and Freddie Mac. See &#8220;Credit and counterparty risk&#8221; for
additional information on Fannie Mae and Freddie Mac securities. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-align: justify; color: #231F20"> Fixed-income
securities are generally subject to two principal types of risk, as well as other risks described below: (1) interest-rate risk
and (2) credit quality risk. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-align: justify; color: #231F20"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 0; text-align: justify; color: #231F20"> <B>Interest-rate
risk. </B>Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of
fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income
securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible
it is to interest-rate risk. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 0; text-align: justify; color: #231F20"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.15pt 0pt 0; text-align: justify; color: #231F20"> <B>Credit
quality risk. </B>Fixed-income securities are subject to the risk that the issuer of the security will not repay all or a portion
of the principal borrowed and will not make all interest payments. If the credit quality of a fixed-income security deteriorates
after the Fund has purchased the security, the market value of the security may decrease and lead to a decrease in the value of
the Fund&#8217;s investments. An issuer&#8217;s credit quality could deteriorate as a result of poor management decisions, competitive
pressures, technological obsolescence, undue reliance on suppliers, labor issues, shortages, corporate restructurings, fraudulent
disclosures, or other factors. Funds that may invest in lower-rated fixed-income securities, commonly referred to as junk securities,
are riskier than funds that </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.15pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.15pt 0pt 0; text-align: justify; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.15pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.15pt 0pt 0; text-align: justify; color: #231F20">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.15pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.8pt 0pt 0; text-align: justify; color: #231F20"><B>Investment-grade
fixed-income securities in the lowest rating category risk. </B>Investment-grade fixed-income securities in the lowest rating category
(such as Baa by Moody&#8217;s Investors Service, Inc. or BBB by Standard and Poor&#8217;s Ratings Services and comparable unrated
securities) involve a higher degree of risk than fixed-income securities in the higher rating categories. While such securities
are considered investment-grade quality and are deemed to have adequate capacity for payment of principal and interest, such securities
lack outstanding investment characteristics and have speculative characteristics as well. For example, changes in economic conditions
or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments than is the case
with higher-grade securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.8pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 0; text-align: justify; color: #231F20"><B>Prepayment
of principal risk. </B>Many types of debt securities, including floating-rate loans, are subject to prepayment risk. Prepayment
risk occurs when the issuer of a security can repay principal prior to the security&#8217;s maturity. Securities subject to prepayment
risk can offer less potential for gains when the credit quality of the issuer improves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.7pt 0pt 0; text-align: justify; color: #231F20"><B>Additional
risks regarding lower-rated foreign government fixed-income securities. </B>Lower-rated foreign government fixed-income securities
are subject to the risks of investing in foreign countries described under &#8220;Foreign securities risk.&#8221; In addition,
the ability and willingness of a foreign government to make payments on debt when due may be affected by the prevailing economic
and political conditions within the country. Emerging-market countries may experience high inflation, interest rates, and unemployment,
as well as exchange-rate fluctuations which adversely affect trade and political uncertainty or instability. These factors increase
the risk that a foreign government will not make payments when due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.7pt 0pt 0; text-align: justify; color: #231F20"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>LOWER-RATED AND HIGH-YIELD FIXED-INCOME
SECURITIES RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lower-rated fixed-income securities and
high-yield fixed-income securities (commonly known as &#8220;junk bonds&#8221;) are subject to the same risks as other fixed-income
securities but have greater credit quality risk and may be considered speculative. In addition, lower-rated corporate debt 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 debt securities may also be highly leveraged,
increasing the risk that principal and income will not be repaid. Lower-rated foreign government fixed-income securities are subject
to the risks of investing in foreign countries described under &#8220;Foreign securities risk.&#8221; In addition, the ability
and willingness of a foreign government to make payments on debt when due may be affected by the prevailing economic and political
conditions within the country. Emerging-market countries may experience high inflation, interest rates and unemployment, as well
as exchange rate fluctuations which adversely affect trade and political uncertainty or instability. These factors increase the
risk that a foreign government will not make payments when due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lower-rated fixed-income securities are
defined as securities rated below investment grade (such as Ba and below by Moody&#8217;s Investors Service, Inc. and BB and below
by Standard and Poor&#8217;s Ratings Services) (also called junk bonds). The general risks of investing in these securities are
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Price volatility.</I></B> The price
of lower-rated fixed-income securities may be more volatile than securities in the higher-rated categories. This volatility may
increase during periods of economic uncertainty or change. The price of these</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">securities is affected more than higher-rated
fixed-income securities by the market&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dependence on manager&#8217;s own
credit analysis.</I></B> While a manager may rely on ratings by established credit rating agencies, it will also 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 manager&#8217;s evaluation than the assessment of the credit risk of higher-rated
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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 may also be highly leveraged, increasing the risk that principal
and income will not be repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MORTGAGE-BACKED AND ASSET-BACKED SECURITIES
RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-align: justify; color: #231F20"> <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 its 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 a fund and not the purchase of shares of a fund. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.3pt 0pt 0; text-align: justify; color: #231F20">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 pass through 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.3pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.45pt 0pt 0; text-align: justify; color: #231F20"> When interest
rates fall, homeowners are more likely to prepay their mortgage loans. An increased rate of prepayments on the Fund&#8217;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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.45pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.7pt 0pt 0; text-align: justify; color: #231F20">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.7pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.7pt 0pt 0; text-align: justify; color: #231F20"> 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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.7pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.7pt 0pt 0; text-align: justify; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.7pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.9pt 0pt 0; text-align: justify; color: #231F20">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 with 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 U.S. 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 types of securities may not increase as much, due to their prepayment feature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.9pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0; text-align: justify; color: #231F20"><B><I>Collateralized
mortgage obligations (CMOs).</I></B> The Fund may invest in mortgage-backed securities called CMOs. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.8pt 0pt 0; text-align: justify; color: #231F20"><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&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.8pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-align: justify"><B><I>Mortgage Dollar Rolls.
</I></B><FONT STYLE="color: #231F20">Under a mortgage dollar roll, the Fund sells mortgage-backed securities for delivery in the
future (generally within 30 days) and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity)
securities on a specified future date.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.95pt 0pt 0; text-align: justify; color: #231F20">At the time
the Fund enters into a mortgage dollar roll, it will maintain on its records liquid assets such as cash or U.S. government securities
equal in value to its obligations in respect of dollar rolls, and accordingly, such dollar rolls will not be considered borrowings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.95pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.9pt 0pt 0; text-align: justify; color: #231F20">The Fund may
only enter into covered rolls. A &#8220;covered roll&#8221; is a specific type of dollar roll for which there is an offsetting
cash or cash equivalent security position that matures on or before the forward settlement date of the dollar roll transaction.
Dollar roll transactions involve the risk that the market value of the securities sold by the Fund may decline below the repurchase
price of those securities. While a mortgage dollar roll may be considered a form of leveraging, and may, therefore, increase fluctuations
in the Fund&#8217;s NAV per share, the Fund will cover the transaction as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.9pt 0pt 0; text-align: justify; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EQUITY SECURITIES RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Preferred and convertible securities
risk.</I></B> Unlike interest on debt securities, preferred stock dividends are payable only if declared by the issuer&#8217;s
board. Also, preferred stock may be subject to optional or mandatory redemption provisions. The value of convertible preferred
stock can depend heavily upon the value of the security into which </P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> such convertible preferred stock is
converted, depending on whether the market price of the underlying security exceeds the conversion price. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>LIQUIDITY RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.4pt 0pt 0; text-align: justify; color: #231F20"> The extent
to which a security may be sold or a derivative position closed without negatively impacting its market value, if at all, may
be impaired by reduced market activity or participation, legal restrictions or other economic and market impediments. Funds with
principal investment strategies that involve investments in securities of companies with smaller market capitalizations, foreign
securities, derivatives, or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity
risk. Exposure to liquidity risk may be heightened for funds that invest in securities of emerging markets and related derivatives
that are not widely traded, and that may be subject to purchase and sale restrictions. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.4pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0; text-align: justify; color: #231F20">The capacity
of traditional dealers to engage in fixed-income trading has not kept pace with the bond market&#8217;s growth. As a result, dealer
inventories of corporate bonds, which indicate the ability to &#8220;make markets,&#8221; i.e., buy or sell a security at the quoted
bid and ask price, respectively, are at or near historic lows relative to market size. Because market makers provide stability
to fixed-income markets, the significant reduction in dealer inventories could lead to decreased liquidity and increased volatility,
which may become exacerbated during periods of economic or political stress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NON-U.S. INVESTMENT RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"> <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&#8217;s investments. Currency risk includes both the risk that currencies in which the Fund&#8217;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 United States or abroad. Certain funds may engage in proxy hedging of currencies by entering into derivative
transactions with respect to a currency whose value is expected to correlate to the value of a currency the Fund owns or
wants to own. This presents the risk that the two currencies may not move in relation to one another as expected. In that
case, the Fund could lose money on its investment and also lose money on the position designed to act as a proxy hedge.
Certain funds may also take active currency positions and may cross-hedge currency exposure represented by their securities
into another foreign currency. This may result in the Fund&#8217;s currency exposure being substantially different from that
suggested by its securities investments. All funds with foreign currency holdings and/or that invest or trade in securities
denominated in foreign currencies or related derivative instruments may be adversely affected by changes in foreign currency
exchange rates. Derivative foreign currency transactions (such as futures, forwards, and swaps) may also involve leveraging
risk, in addition to currency risk. Leverage may disproportionately increase the  Fund&#8217;s portfolio losses and reduce
opportunities for gain when interest rates, stock prices, or currency rates are changing. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"></P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SOVEREIGN DEBT OBLIGATIONS RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> An investment in debt obligations of
non-U.S. governments and their political subdivisions (sovereign debt), whether denominated in U.S. dollars or 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&#8217;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&#8217;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&#8217;s ability or willingness to service its debts. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BRADY BONDS RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>REVERSE REPURCHASE AGREEMENT RISK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The ability of the Fund to utilize
hedging, derivatives and other strategic transactions to benefit the Fund will depend in part on the Subadvisor&#8217;s ability
to predict pertinent market movements and market risk, counterparty risk, credit risk, interest-rate risk and other risk factors,
none of which can be assured. The skills required to utilize hedging and other strategic transactions are different from those
needed to select the Fund&#8217;s securities. Even if the Subadvisor only uses hedging and other strategic transactions in the
Fund primarily for hedging purposes or to gain exposure to a particular securities market, if the transaction does not have the
desired outcome, it could result in a significant loss to the Fund. The amount of loss could be more than the principal amount
invested. These transactions 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&#8217;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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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,</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">futures contracts, options on futures contracts,
foreign currency forward contracts and swap agreements (including, but not limited to, interest-rate swaps, total return swaps,
credit default swaps and swaps on exchange-traded funds). Examples of derivative instruments include currency forwards, futures
(including currency futures), credit default swaps, options and market access products including zero strike options and zero strike
warrants. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: blue"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-align: justify; color: #231F20"> The use
of derivative instruments may involve risks different from, or potentially greater than, the risks associated with investing directly
in securities and other, more traditional assets. In particular, the use of derivative instruments exposes the Fund to the risk
that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise
honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction,
although either party may engage in an offsetting transaction that puts that party in the same economic position as if it had
closed out the transaction with the counterparty or may obtain the other party&#8217;s consent to assign the transaction to a
third party. If the counterparty defaults, the Fund will have contractual remedies, but there is no assurance that the counterparty
will meet its contractual obligations or that, in the event of default, the Fund will succeed in enforcing them. For example,
because the contract for each OTC derivatives transaction is individually negotiated with a specific counterparty, the Fund is
subject to the risk that a counterparty may interpret contractual terms (e.g., the definition of default) differently than the
Fund when the Fund seeks to enforce its contractual rights. If that occurs, the cost and unpredictability of the legal proceedings
required for the Fund to enforce its contractual rights may lead it to decide not to pursue its claims against the counterparty.
The Fund, therefore, assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts or that
those payments may be delayed or made only after the Fund has incurred the costs of litigation. While a manager intends to monitor
the creditworthiness of counterparties, there can be no assurance that a counterparty will meet its obligations, especially during
unusually adverse market conditions. To the extent the Fund contracts with a limited number of counterparties, the Fund&#8217;s
risk will be concentrated and events that affect the creditworthiness of any of those counterparties may have a pronounced effect
on the Fund. Derivatives are also subject to a number of other risks, </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-align: justify; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-align: justify; color: #231F20"> including
market risk and liquidity risk. Since the value of derivatives is calculated and derived from the value of other assets, instruments,
or references, there is a risk that they will be improperly valued. Derivatives also involve the risk that changes in their value
may not correlate perfectly with the assets, rates, or indexes they are designed to hedge or closely track. Suitable derivatives
transactions may not be available in all circumstances. The Fund is also subject to the risk that the counterparty closes out
the derivatives transactions upon the occurrence of certain triggering events. In addition, a manager may determine not to use
derivatives to hedge or otherwise reduce risk exposure. Government legislation or regulation could affect the use of derivatives
transactions and could limit the Fund&#8217;s ability to pursue its investment strategies. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify"><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, settlement 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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify"><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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify"><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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify"><B><I>Futures contracts. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability
to enter into closing transactions) and risk of disproportionate loss are the principal risks of engaging in transactions involving
futures contracts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify"><B><I>Interest-rate swaps. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the inability
to enter into closing transactions), interest-rate risk and risk of disproportionate loss are the principal risks of engaging in
transactions involving interest-rate swaps.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify"><B><I>Options and currency option. </I></B>Counterparty risk, liquidity risk (<I>i.e.</I>, the
inability to enter into closing transactions) and risk of disproportionate loss are the principal risks of engaging in transactions
involving options, including currency options. Counterparty risk does not apply to exchange-traded options.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_010"></A>Management of the Fund&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>TRUSTEES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> A discussion regarding the basis for
the Trustees&#8217; approval of the Advisory Agreement and the Subadvisory Agreement (each, as defined below) is available in
the Fund&#8217;s most <FONT STYLE="color: red"> </FONT>annual shareholder report for the fiscal year ended October 30. </P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE ADVISOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Advisor, John Hancock Advisers,
LLC, is a Delaware limited liability company whose principal offices are located at 601 Congress Street, Boston, Massachusetts
02210 and serves as the Fund&#8217;s investment advisor. The Advisor is registered with the SEC as an investment advisor under
the Investment Advisers Act of 1940, as amended (the &#8220;Advisers Act&#8221;). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Advisor&#8217;s parent company
has been helping individuals and institutions work toward their financial goals since 1862. The Advisor offers investment solutions
managed by institutional money managers, taking a disciplined team approach to portfolio management and research, leveraging the
expertise of seasoned investment professionals. The Advisor has been managing closed-end funds since 1971. As of December 31,
2015, the Advisor had total assets under management of approximately $131.5 billion. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to general oversight by the Board, the Advisor manages and supervises the investment operations and business affairs of the Fund. The Advisor selects,
contracts with and compensates one or more subadvisors to manage on a day-to-day basis all or a portion of the Fund&#8217;s portfolio
assets subject to oversight by the Advisor. The Advisor is responsible for overseeing and implementing the Fund&#8217;s investment
program and provides a variety of advisory oversight and investment research services. The Advisor also provides management and
transition services associated with certain fund events (e.g., strategy, portfolio manager or subadvisor changes) and coordinates
and oversees services provided under other agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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$ 935 billion (US$676 billion) as at December 31, 2015. The Company operates as Manulife Financial
in Canada and Asia and primarily as John Hancock in the United States. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Advisory Agreement. </I></B>The
Fund entered into an investment management contract dated July 1, 2009 (the &#8220;Advisory Agreement&#8221;) with the Advisor.
As compensation for its advisory services under the Advisory Agreement, the Advisor receives a fee from the Fund, calculated and
paid daily, at an annual rate of the Fund&#8217;s average daily managed assets. &#8220;Managed assets&#8221; means, for the purposes
of calculating the advisory fee, the total assets of the Fund (including any assets attributable to any leverage that may be outstanding)
minus the sum of accrued liabilities (other than liabilities representing financial leverage). The liquidation preference of any
preferred shares is not a liability. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Service Agreement. </I></B>The Fund
entered into a management-related service contract dated July 1, 2009 and re-executed on January 1, 2014 (the &#8220;Service Agreement&#8221;)
with JHA, under which the Fund receives Non-Advisory Services. These &#8220;Non-Advisory Services&#8221; 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</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">advisory in nature. JHA is reimbursed for
its costs in providing Non-Advisory Services to the Fund under the Service Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE SUBADVISOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Subadvisory Agreement. </I></B>The
Advisor entered into a Subadvisory Agreement dated December 31, 2005 with the Subadvisor (the &#8220;Subadvisory Agreement&#8221;).
The Subadvisor is responsible for the day-to-day management of the Fund&#8217;s portfolio investments. The Subadvisor, organized
in 1968, is a wholly owned subsidiary of John Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife Financial, a publicly
held, Canadian-based company). As of December 31, 2015, the Subadvisor had total assets under management of approximately $167.2
billion. The Subadvisor is located at 101 Huntington Avenue, Boston, Massachusetts 02199. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PORTFOLIO MANAGERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>John F. Addeo, CFA</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in">Managing
Director, John Hancock Asset Management since 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0.4in; text-align: justify; text-indent: -0.2in">Investment
Officer, Portfolio Manager/Analyst, High Yield Bond Group, MFS Investment Management (1998&#8212;2012)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in">Began business
career in 1984</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in">Joined Fund
team in 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Jeffrey N. Given, CFA</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in">Senior
Managing Director, John Hancock Asset Management since 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in">Managing
Director, John Hancock Asset Management (2005&#8212;2012)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in">Second Vice President,
John Hancock Advisers LLC (1993&#8212;2005)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in">Began business
career in 1993</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in">Joined Fund
team in 1999</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dennis F. McCafferty, CFA</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in">Managing
Director, John Hancock Asset Management since 2009</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in">Investment
analyst, John Hancock Asset Management (2008&#8212;2009)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in">Principal and senior
analyst, Pardus Capital Management (2005&#8212;2008)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in">Began business
career in 1995</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in">Joined Fund
team in 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CUSTODIAN AND TRANSFER AGENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Computershare, Inc., 480 Washington Boulevard,
Jersey City, New Jersey, 07310-1900, is the transfer agent and dividend disbursing agent of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_011"></A>Determination of Net Asset
Value</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NAV is computed by dividing the total
assets, minus liabilities by the number of Fund shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_012"></A>Distribution Policy</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenses of the Fund are accrued each day.
To the extent that the Fund&#8217;s net investment income for any year exceeds the total 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&#8217;s investment company taxable income will be distributed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax treatment and characterization
of the Fund&#8217;s distributions may vary substantially from time to time because of the varied nature of the Fund&#8217;s investments.
If the Fund&#8217;s total 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 Common Shareholders
that is not attributable to the Fund&#8217;s earnings but, represents a return of part of the Common Shareholder&#8217;s investment.
If the Fund&#8217;s distributions exceed the Fund&#8217;s current and accumulated earnings and profits, such excess will be treated
first as a return of capital to the extent of the shareholder&#8217;s tax basis in Common Shares (thus reducing a shareholder&#8217;s
adjusted tax basis in his or her Common Shares), and thereafter as capital gain assuming Common Shares are held as a capital asset.
Upon the sale of Common Shares, a shareholder generally will recognize capital gain or loss equal to the difference between the
amount realized on the sale and the shareholder&#8217;s</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">adjusted tax basis in Common Shares sold.
For example, in year one, a Common Shareholder purchased 100 shares of the Fund at $10 per Share. In year two, the Common Shareholder
received a $1-per-share return of capital distribution, which reduced the basis in each share by $1, to give the Common Shareholder
an adjusted basis of $9 per share. In year three, the Common Shareholder sells the 100 shares for $15 per Share. Assuming no other
transactions during this period, a Common Shareholder would have a capital gain in year three of $6 per share ($15 minus $9) for
a total capital gain of $600.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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&#8217;s
distributions and result in certain distributions being composed more heavily of long-term capital gain eligible for favorable
income tax rates. In the future, the Advisor 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 previously granted by the SEC, which provides an
exemption from Section 19(b) of the 1940 Act and Rule 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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217; NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_013"></A>Dividend Reinvestment Plan</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Fund&#8217;s Dividend Reinvestment
Plan (the &#8220;Plan&#8221;), distributions of dividends and capital gain are automatically reinvested in Common Shares by Computershare,
Inc. (the &#8220;Plan Agent&#8221;). 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders participating in the Plan
may buy additional Common Shares of the Fund through the Plan at any time in amounts of at least $50 per investment, up to a maximum
of $10,000, with a total calendar year limit of $100,000. Shareholders will be charged a $5 transaction fee plus $0.05 per share
brokerage trading fee for each order. Purchases of additional shares of the Fund will be made on the open market. Shareholders
who elect to utilize monthly electronic fund transfers to buy additional shares of the Fund will be charged a $2 transaction fee
plus $0.05 per share brokerage trading fee for each automatic purchase. Shareholders also can sell Fund shares held in</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Plan account at any time by contacting
the Plan Agent by telephone, in writing or by visiting the Plan Agent&#8217;s website at www.computershare.com and clicking &#8220;EquityAccess
&amp; More.&#8221; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders participating in the Plan
may elect to receive all distributions in cash by withdrawing from the Plan at any time by contacting the Plan Agent by telephone,
in writing or by visiting the Plan Agent&#8217;s website at www.computershare.com and clicking &#8220;EquityAccess &amp; More.&#8221;
Such termination will be effective immediately if the notice is received by the Plan Agent prior to any dividend or distribution
record date; otherwise, such termination will be effective on the first trading day after the payment date for such dividend or
distribution, with respect to any subsequent dividend or distribution. If you withdraw, your shares will be credited to your account;
or, if you wish, the Plan Agent will sell your full and fractional shares and send you the proceeds, less a transaction fee of
$5.00 and less brokerage trading fees of $0.05 per share. If a shareholder does not maintain at least one whole share of common
stock in the Plan account, the Plan Agent may terminate such shareholder&#8217;s participation in the Plan after written notice.
Upon termination, shareholders will be sent a check for the cash value of any fractional share in the Plan account, less any applicable
broker commissions and taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders who hold at least one full
share of the Fund may join the Plan by notifying the Plan Agent by telephone, in writing or by visiting the Plan Agent&#8217;s
website at www.computershare.com and clicking &#8220;EquityAccess &amp; More.&#8221; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_014"></A>Closed-End Fund Structure</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In recognition of the possibility that
Common Shares may trade at a discount from their NAV, and that any such discount may not be in the best interest of Common Shareholders,
the Board, in consultation with the Advisor, from time to time may review possible actions to reduce any such discount. There can
be no assurance that the Board will</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">decide to undertake any of these actions
or that, if undertaken, such actions would result in Common Shares trading at a price equal to or close to NAV per Common Share.
In the event that the Fund conducts an offering of new Common Shares and such offering constitutes a &#8220;distribution&#8221;
under Regulation M, the Fund and certain of its affiliates may be subject to an applicable restricted period that could limit the
timing of any repurchases by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_015"></A>U.S. Federal Income Tax
Matters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For federal income tax purposes, the Fund
is generally permitted to carry forward a net capital loss incurred in any taxable year beginning after December 23, 2010, for
an unlimited period to offset net capital gains, if any, during its taxable years following the year of the loss. The carryforward
of capital losses realized in taxable years beginning prior to December 23, 2010, however, is limited to an eight-year period following
the year of realization. Further, capital losses carried forward from taxable years beginning after December 23, 2010 will retain
their character as either short-term or long-term capital losses, rather than being considered all short-term as under previous
law. The Fund must use losses that do not expire before it uses losses that do expire, and the Fund&#8217;s ability to utilize
capital losses in a given year or in total may be limited. To the extent subsequent net capital gains are offset by such losses,
they would not result in federal income tax liability to the Fund and would not be distributed as such to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To qualify as a RIC for income tax purposes,
the Fund must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans,
gain from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited
to, gain from options, futures or forward contracts) derived with respect to its business of investing in stock, securities and
currencies, and net income derived from an interest in a qualified publicly traded partnership. A &#8220;qualified publicly traded
partnership&#8221; is a publicly traded partnership that meets certain requirements with respect to the nature of its income. To
qualify as a RIC, the Fund must also satisfy certain requirements with respect to the diversification of its assets. The Fund must
have, at the close of each quarter of the taxable year, at least 50% of the value of its total assets represented by cash, cash
items, U.S. government securities, securities of other regulated investment companies, and other securities that, in respect of
any one issuer, do not represent more than 5% of the value of the assets of the Fund nor more than 10% of the voting securities
of that issuer. In addition, at those times not more than 25% of the value of the Fund&#8217;s assets can be invested in securities
(other than U.S. government securities or the securities of other regulated investment</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> companies) of any one issuer, or of
two or more issuers, which the Fund controls and which are engaged in the same or similar trades or businesses or related trades
or businesses, or of one or more qualified publicly traded partnerships. If the Fund fails to meet the annual gross income test
described above, the Fund will nevertheless be considered to have satisfied the test if (i) (a) such failure is due to reasonable
cause and not due to willful neglect and (b) the Fund reports the failure, and (ii) the Fund pays an excise tax equal to the excess
non-qualifying income. If the Fund fails to meet the asset diversification test described above with respect to any quarter, the
Fund will nevertheless be considered to have satisfied the requirements for such quarter if the Fund cures such failure within
6 months and either (i) such failure is <I>de minimis </I>or (ii) (a) such failure is due to reasonable cause and not due to willful
neglect and (b) the Fund reports the failure and pays an excise tax. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As a RIC, the Fund generally will not
be subject to federal income tax on its investment company taxable income (as that term is defined in the Code, but without regard
to the deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital
loss), if any, that it distributes in each taxable year to its shareholders, provided that it distributes at least the sum of
90% of its investment company taxable income and 90% of its net tax-exempt interest income for such taxable year. The Fund intends
to distribute to its shareholders, at least annually, substantially all of its investment company taxable income, net tax-exempt
income and net capital gain. In order to avoid incurring a nondeductible 4% federal excise tax obligation, the Code requires that
the Fund distribute (or be deemed to have distributed) by December 31 of each calendar year an amount at least equal to the sum
of (i) 98% of its ordinary income for such year, (ii) 98.2% of its capital gain net income (which is the excess of its realized
net long-term capital gain over its realized net short-term capital loss), generally computed on the basis of the one-year period
ending on October 31 of such year, after reduction by any available capital loss carryforwards and (iii) 100% of any ordinary
income and capital gain net income from the prior year (as previously computed) that were not paid out during such year and on
which the Fund paid no U.S. federal income tax. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund does not qualify as a RIC for
any taxable year, the Fund&#8217;s taxable income will be subject to corporate income taxes, and all distributions from earnings
and profits, including distributions of net capital gain (if any), will be taxable to the shareholder as ordinary income. Such
distributions generally would be eligible (i) to be treated as qualified dividend income in the case of individual and other non-corporate
shareholders and (ii) for the dividends received deduction (&#8220;DRD&#8221;) in the case of corporate shareholders. In addition,
in order to requalify for taxation as a RIC, the Fund may be required to recognize unrealized gain, pay substantial taxes and interest,
and make certain distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of the Fund&#8217;s investment
practices are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) convert dividends
that would otherwise constitute qualified dividend income into ordinary income, (ii) treat dividends that would otherwise be eligible
for the corporate DRD as ineligible for such treatment, (iii) disallow, suspend or otherwise limit the allowance of certain loss
or deductions, (iv) convert long-term capital gain into short-term capital gain or ordinary income, (v) convert an ordinary loss
or deduction into a capital loss (the deductibility of which is more limited), (vi) cause the Fund to recognize income or gain
without a corresponding receipt of cash, (vii) adversely affect when a purchase or sale of stock or securities is deemed to occur,
(viii) adversely alter the characterization of certain complex financial transactions, and (ix) produce income that will not qualify
as good income for purposes of the income requirement that applies to RICs. While it may not always be successful in doing so,
the Fund will seek to avoid or minimize the adverse tax consequences of its investment practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may recognize gain (but not loss)
from a constructive sale of certain &#8220;appreciated financial positions&#8221; if the Fund enters into a short sale, offsetting
notional principal contract, or forward contract transaction with respect to the appreciated position or substantially identical
property. Appreciated financial positions subject to this constructive sale treatment include interests (including options and
forward contracts and short sales) in stock and certain other instruments. Constructive sale treatment does not apply if the transaction
is closed out not later than thirty days after the end of the taxable year in which the transaction was initiated, and the underlying
appreciated securities position is held unhedged for at least the next sixty days after the hedging transaction is closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gain or loss from a short sale of property
generally is considered as capital gain or loss to the extent the property used to close the short sale constitutes a capital asset
in the Fund&#8217;s hands. Except with respect to certain situations where the property used to close a short sale has a long-term
holding period on the date the short sale is entered into, gain on short sales generally are short-term capital gain. A loss on
a short sale will be treated as a long-term capital loss if, on the date of the short sale, &#8220;substantially identical property&#8221;
has been held by the Fund for more than one</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">year. In addition, entering into a short
sale may result in suspension of the holding period of &#8220;substantially identical property&#8221; held by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gain or loss on a short sale generally
will not be realized until such time as the short sale is closed. However, as described above in the discussion of constructive
sales, if the Fund holds a short sale position with respect to securities that have appreciated in value, and it then acquires
property that is the same as or substantially identical to the property sold short, the Fund generally will recognize gain on the
date it acquires such property as if the short sale were closed on such date with such property. Similarly, if the Fund holds an
appreciated financial position with respect to securities and then enters into a short sale with respect to the same or substantially
identical property, the Fund generally will recognize gain as if the appreciated financial position were sold at its fair market
value on the date it enters into the short sale. The subsequent holding period for any appreciated financial position that is subject
to these constructive sale rules will be determined as if such position were acquired on the date of the constructive sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will inform Common Shareholders
of the source and tax status of all distributions promptly after the close of each calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Selling Common Shareholders generally
will recognize gain or loss in an amount equal to the difference between the amount realized on the sale and the Common Shareholder&#8217;s
adjusted tax basis in the Common Shares sold. If Common Shares are held as a capital asset, the gain or loss will be a capital
gain or loss. The maximum tax rate applicable to net capital gain recognized by individuals and other non-corporate taxpayers
is (i) the same as the maximum ordinary income tax rate for gain recognized on the sale of capital assets held for one year or
less (currently 39.6%), or (ii) for gain recognized on the sale of capital assets held for more than one year (as well as any
capital gain distributions), 20% for individuals in the 39.6% tax bracket, 15% for individuals in the 25% to 35% tax brackets,
or 0% for individuals in the 10% or 15% tax brackets. An additional 3.8% Medicare tax will also apply in the case of some individuals. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any loss on a disposition of Common Shares
held for six months or less will be treated as a long-term capital loss to the extent of any capital gain distributions received
with respect to those Common Shares. For purposes of determining whether Common Shares have been held for six months or less, the
holding period is suspended for any periods during which the Common Shareholder&#8217;s risk of loss is diminished as a result
of holding one or more other positions in substantially similar or related property, or through certain options or short sales.
Any loss realized on a sale or exchange of Common Shares will be disallowed to the extent those Common Shares are replaced by other
Common Shares within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition of Common Shares
(whether through the reinvestment of distributions or otherwise). In that event, the basis of the replacement Common Shares will
be adjusted to reflect the disallowed loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investor should be aware that, if Common
Shares are purchased shortly before the record date for any taxable distribution (including a capital gain distribution), the purchase
price likely will reflect the value of the distribution and the investor then would receive a taxable distribution that is likely
to reduce the trading value of such Common Shares, in effect resulting in a taxable return of some of the purchase price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Taxable distributions to certain individuals
and certain other non-corporate Common Shareholders, including those who have not provided their correct taxpayer identification
number and other required certifications, may be subject to &#8220;backup&#8221; U.S. federal income tax withholding at the fourth
lowest rate of tax applicable to a single individual (28%). Backup withholding is not an additional tax. Any amounts withheld may
be refunded or credited against such shareholder&#8217;s U.S. federal income tax liability, if any, provided that the required
information is furnished to the Internal Revenue Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investor also should be aware that the
benefits of the reduced tax rate applicable to long-term capital gain and qualified dividend income may be impacted by the application
of the alternative minimum tax to individual shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;s investments in non-U.S.
securities may be subject to foreign withholding taxes on dividends, interest, or capital gain, which will decrease the Fund&#8217;s
yield. Foreign withholding taxes may be reduced under income tax treaties between the U.S. and certain foreign jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depending on the number of non-U.S. shareholders
in the Fund, however, such reduced foreign withholding tax rates may not be available for investments in certain jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing briefly summarizes some of
the important U.S. federal income tax consequences to Common Shareholders of investing in Common Shares, reflects the U.S. federal
tax law as of the date of this Prospectus, and does not address special tax rules applicable to certain types of investors, such
as corporate and non-U.S. investors. A more complete discussion of the tax rules applicable to the Fund and the Common Shareholders
can be found in the SAI that is incorporated by reference into this Prospectus. Unless otherwise noted, this discussion assumes
that an investor is a U.S. person and holds Common Shares as a capital asset. This discussion is based upon current provisions
of the Code, the regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject
to change or differing interpretations by the courts or the IRS retroactively or prospectively. Investors should consult their
tax advisors regarding other U.S. federal, state or local tax considerations that may be applicable in their particular circumstances,
as well as any proposed tax law changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_016"></A>Plan of Distribution</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may sell the Common Shares being
offered under this Prospectus in any one or more of the following ways: (i) directly to purchasers; (ii) through agents; (iii)
to or through underwriters; or (iv) through dealers. The Prospectus Supplement relating to the offering will identify any agents,
underwriters or dealers involved in the offer or sale of Common Shares, and will set forth any applicable offering price, sales
load, fee, commission or discount arrangement between the Fund and its agents or underwriters, or among its underwriters, or the
basis upon which such amount may be calculated, net proceeds and use of proceeds, and the terms of any sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may distribute Common Shares from
time to time in one or more transactions at: (i) a fixed price or prices, which may be changed; (ii) market prices prevailing at
the time of sale; (iii) prices related to prevailing market prices; or (iv) negotiated prices; provided, however, that in each
case the offering price per Common Share (less any underwriting commission or discount) must equal or exceed the NAV per Common
Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund from time to time may offer its
Common Shares through or to certain broker-dealers, including UBS Securities LLC, that have entered into selected dealer agreements
relating to at-the-market offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may directly solicit offers to
purchase Common Shares, or the Fund may designate agents to solicit such offers. The Fund will, in a Prospectus Supplement relating
to such offering, name any agent that could be viewed as an underwriter under the Securities Act of 1933, as amended (the &#8220;Securities
Act&#8221;), and describe any commissions the Fund must pay. Any such agent will be acting on a best efforts basis for the period
of its appointment or, if indicated in the applicable Prospectus Supplement or other offering materials, on a firm commitment basis.
Agents, dealers and underwriters may be customers of, engage in transactions with, or perform services for the Fund in the ordinary
course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any underwriters or agents are used
in the sale of Common Shares in respect of which this Prospectus is delivered, the Fund will enter into an underwriting agreement
or other agreement with them at the time of sale to them, and the Fund will set forth in the Prospectus Supplement relating to
such offering their names and the terms of the Fund&#8217;s agreement with them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a dealer is utilized in the sale of
Common Shares in respect of which this Prospectus is delivered, the Fund will sell such Common Shares to the dealer, as principal.
The dealer may then resell such Common Shares to the public at varying prices to be determined by such dealer at the time of resale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may engage in at-the-market offerings
to or through a market maker or into an existing trading market, on an exchange or otherwise, in accordance with Rule 415(a)(4)
under the Securities Act. An at-the-market offering may be through an underwriter or underwriters acting as principal or agent
for the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agents, underwriters and dealers may be
entitled under agreements which they may enter into with the Fund to indemnification by the Fund against certain civil liabilities,
including liabilities under the Securities Act, and may be customers of, engage in transactions with or perform services for the
Fund in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to facilitate the offering of
Common Shares, any underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of Common Shares
or any other Common Shares the prices of which may be used to determine payments on the Common Shares. Specifically, any underwriters
may over-allot in connection with the offering, creating a short position for their own accounts. In addition, to cover over-allotments
or to stabilize the price of Common Shares or of any such other Common Shares, the underwriters may bid for, and purchase, Common
Shares or any such other Common Shares in the open market. Finally, in any offering of Common Shares through a syndicate of underwriters,
the underwriting syndicate may reclaim selling concessions allowed to an underwriter or a dealer for distributing Common Shares
in the offering if the syndicate repurchases previously distributed Common Shares in transactions to cover syndicate short positions,
in stabilization transactions or otherwise. Any of these activities may stabilize or maintain the market price of Common Shares
above independent market levels. Any such underwriters are not required to engage in these activities and may end any of these
activities at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into derivative transactions
with third parties, or sell Common Shares not covered by this Prospectus to third parties in privately negotiated transactions.
If the applicable Prospectus Supplement indicates, in connection with those derivatives, the third parties may sell Common Shares
covered by this Prospectus and the applicable Prospectus Supplement or other offering materials, including in short sale transactions.
If so, the third parties may use Common Shares pledged by the Fund or borrowed from the Fund or others to settle those sales or
to close out any related open borrowings of securities, and may use Common Shares received from the Fund in settlement of those
derivatives to close out any related open borrowings of securities. The third parties in such sale transactions will be underwriters
and, if not identified in this Prospectus, will be identified in the applicable Prospectus Supplement or other offering materials
(or a post-effective amendment).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund or one of the Fund&#8217;s affiliates
may loan or pledge Common Shares to a financial institution or other third party that in turn may sell Common Shares using this
Prospectus. Such financial institution or third party may transfer its short position to investors in Common Shares or in connection
with a simultaneous offering of other Common Shares offered by this Prospectus or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The maximum amount of compensation to be
received by any member of the Financial Industry Regulatory Authority, Inc. will not exceed 8% of the initial gross proceeds from
the sale of any security being sold with respect to each particular offering of Common Shares made under a single Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any underwriter, agent or dealer utilized
in the initial offering of Common Shares will not confirm sales to accounts over which it exercises discretionary authority without
the prior specific written approval of its customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_017"></A>Description of Capital Structure</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a business trust established
under the laws of The Commonwealth of Massachusetts by the Declaration of Trust. The Declaration of Trust provides that the Board
may authorize separate classes of shares of beneficial interest. The Board has authorized an unlimited number of Common Shares.
The Fund holds annual meetings of Common Shareholders in compliance with the requirements of the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>COMMON SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Declaration of Trust permits the Fund
to issue an unlimited number of full and fractional Common Shares of beneficial interest, 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 Fund. The 1940 Act or the terms of any future borrowings
or issuance of preferred shares may limit the payment of distributions to the Common Shareholders. Each whole Common Share is entitled
to one vote and each fractional Common Share is entitled to a proportionate fractional vote as to matters on which it is entitled
to vote pursuant to the terms of the Declaration of Trust. Upon termination of the Fund, after paying or adequately providing for
the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding preferred shares, and
upon receipt of such releases, indemnities and refunding agreements as the Trustees deem necessary, the Trustees may distribute
the remaining assets of the Fund among the Common Shareholders. The Declaration of Trust provides that Common Shareholders are
not liable for any liabilities of the Fund, and indemnifies shareholders against any such liability. Although shareholders of a
business trust established under Massachusetts law, in certain limited circumstances, may be held personally liable</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">for the obligations of the business trust
as though they were general partners, the provisions of the Declaration of Trust described in the foregoing sentence make the likelihood
of such personal liability remote. The Fund will not issue Common Share certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Fund has no current intention to
issue preferred shares. However, if at some future time there are any preferred shares outstanding, subject to certain exceptions,
the Fund might not be permitted to declare any cash distribution on its Common Shares, unless at the time of such declaration,
(i) all accrued distributions on preferred shares and any accrued interest on borrowings, if any, have been paid and (ii) the
value of the Fund&#8217;s total assets (determined after deducting the amount of such distribution), less all liabilities and
indebtedness of the Fund not represented by senior securities, is at least 300% of the aggregate amount of any securities representing
indebtedness and at least 200% of the aggregate amount of any securities representing indebtedness plus the aggregate liquidation
value of the outstanding preferred shares. In addition to the requirements of the 1940 Act, the Fund may be required to comply
with other asset coverage requirements under a liquidity facility or as a condition of the Fund obtaining a rating of preferred
shares from a nationally recognized statistical rating organization (a &#8220;Rating Agency&#8221;). These requirements may include
an asset coverage test more stringent than under the 1940 Act. This limitation on the Fund&#8217;s ability to make distributions
on its Common Shares could in certain circumstances impair the ability of the Fund to maintain its qualification for taxation
as a RIC for U.S. federal income tax purposes. If the Fund were in the future to issue preferred shares, it would intend, however,
to the extent possible, to purchase or redeem preferred shares from time to time to maintain compliance with such asset coverage
requirements and may pay special distributions to the holders of the preferred shares in certain circumstances in connection with
any potential impairment of the Fund&#8217;s status as a RIC. Depending on the timing of any such redemption or repayment, the
Fund may be required to pay a premium in addition to the liquidation preference of the preferred shares to the holders thereof. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has no present intention of offering
additional Common Shares, except as described herein. Other offerings of its Common Shares, if made, will require approval of the
Board. Any additional offering will not be sold at a price per Common Share below the then current NAV (exclusive of underwriting
discounts and commissions) except in connection with an offering to existing Common Shareholders or with the consent of a majority
of the Fund&#8217;s outstanding Common Shares. Common Shares have no preemptive rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>LIQUIDITY FACILITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has entered into the LA with State
Street Bank and Trust Company (&quot;SSB&quot;) that allows it to borrow or otherwise access funds through a line of credit, securities
lending and reverse repurchase agreements. The Fund pledges its assets as collateral to secure obligations under the LA. The Fund
retains the risks and rewards of the ownership of assets pledged to secure obligations under the LA and makes these assets available
for securities lending and reverse repurchase transactions with SSB acting as the Fund's authorized agent for these transactions.
All transactions initiated through SSB are required to be secured with cash collateral received from the securities borrower or
cash is received from the reverse repurchase agreement counterparties. Securities lending transactions (other than reverse repurchase)
will be secured with cash collateral in amounts at least equal to 100% of the market value of the securities utilized in these
transactions. Cash received by SSB from securities lending or reverse repurchase transactions is credited against the amounts borrowed
under the line of credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon return of securities by the borrower
or reverse repurchase counterparty, SSB will return the cash collateral to the borrower or proceeds from the reverse repurchase
transaction, as applicable, which will eliminate the credit against the line of credit and will cause the drawdowns under the line
of credit to increase by the amounts returned. Income earned on the loaned securities is retained by SSB, and any interest due
on the reverse repurchase agreements is paid by SSB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SSB has indemnified the fund for certain
losses that may arise if the borrower or a reverse repurchase counterparty fails to return securities when due. With respect to
securities lending transactions, upon a default of the securities borrower, SSB uses the collateral received from the borrower
to purchase replacement securities of the same issue, type, class and series. If the value of the collateral is less than the purchase
cost of replacement securities, SSB is responsible for satisfying the shortfall, but only to the extent that the shortfall is not
due to any of the fund's losses on the reinvested cash collateral. Although the risk of the loss of the securities is mitigated
by receiving collateral from the borrower or proceeds from the reverse repurchase counterparty and through SSB indemnification,
the fund could experience a delay in recovering securities or could experience a lower than expected return if the borrower or
reverse repurchase counterparty fails to return the securities on a timely basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal circumstances, interest charged
is at the rate of one month LIBOR (London Interbank Offered Rate) plus 0.60% effective December 2, 2015, and at the rate of one
month LIBOR plus 0.70% prior to December 2, 2015, and is payable monthly on the aggregate balance of the drawdowns outstanding
under the LA. As of October 31, 2015, the Fund had an average daily loan balance of $86,900,000 at an average interest rate of
0.86%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After the six month anniversary of the
effective date of the agreement, the Fund may terminate the LA with 60 days' notice. If certain asset coverage and collateral requirements,
or other covenants are not met, the LA could be deemed in default and result in termination. Absent a default or facility termination
event, SSB is required to provide the Fund with 360 days' notice prior to terminating the LA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By leveraging its investment portfolio,
the Fund creates an opportunity for increased net income or capital appreciation. However, the use of leverage also involves risks,
which can be significant. See &quot;Liquidity Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>REPURCHASE OF SHARES AND OTHER DISCOUNT MEASURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In recognition of the possibility that
Common Shares might trade at a discount to NAV and that any such discount may not be in the interest of the Fund&#8217;s shareholders,
the Board, in consultation with the Advisor, from time to time may review possible actions to help reduce any such discount. The
Board, in consultation with the Advisor, may review the possibility of open market repurchases and/or tender offers for the Common
Shares and consider such factors as the market price of the Common Shares, the NAV of the Common Shares, the liquidity of the assets
of the Fund, effect on the Fund&#8217;s expenses, whether such transactions would impair the Fund&#8217;s status as a RIC or result
in a failure to comply with applicable asset coverage requirements, general economic conditions and such other events or conditions,
which may have a material effect on the Fund&#8217;s ability to consummate such transactions. There are no assurances that the
Board will, in fact, decide to undertake either of these actions or, if undertaken, that such actions will result in the Fund&#8217;s
Common Shares trading at a price which is equal to or approximates their NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that the Fund conducts an
offering of new Common Shares and such offering constitutes a &#8220;distribution&#8221; under Regulation M, the Fund and certain
of its affiliates may be subject to an applicable restricted period that could limit the timing of any repurchases by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PREFERRED SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Declaration of Trust authorizes the
issuance of an unlimited number of shares of beneficial interest with preference rights, including preferred shares (&#8220;Preferred
Shares&#8221;), having no par value per share or such other amount as the Board may establish, in one or more series, with rights
as determined by the Board, by action of the Board without the approval of the Common Shareholders. The Board has no current intention
to issue Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the requirements of the 1940 Act,
the Fund must, immediately after the issuance of any Preferred Shares, have an &#8220;asset coverage&#8221; of at least 200%. Asset
coverage means the ratio which the value of the total assets of the Fund, less all liability and indebtedness not represented by
senior securities (as defined in the 1940 Act), bears to the aggregate amount of senior securities representing indebtedness of
the Fund, if any, plus the aggregate liquidation preference of the Preferred Shares. If the Fund seeks a rating of the Preferred
Shares, asset coverage requirements, in addition to those set forth in the 1940 Act, may be imposed. The liquidation value of the
Preferred Shares is expected to equal their aggregate original purchase price plus redemption premium, if any, together with any
accrued and unpaid dividends thereon (on a cumulative basis), whether or not earned or declared. The terms of the Preferred Shares,
including their dividend rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board
(subject to applicable law and the Declaration of Trust) if and when it authorizes the Preferred Shares. The Fund may issue Preferred
Shares that provide for the periodic redetermination of the dividend rate at relatively short intervals through an auction or remarketing
procedure, although the terms of the Preferred Shares also may enable the Fund to lengthen such intervals. At times, the dividend
rate as redetermined on the Fund&#8217;s Preferred Shares may approach or exceed the Fund&#8217;s return after expenses on the
investment of proceeds from the Preferred Shares and the Fund&#8217;s leveraged capital structure would result in a lower rate
of return to Common Shareholders than if the Fund were not so structured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Fund, the terms of any Preferred Shares may entitle the holders of Preferred Shares
to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus redemption premium,
if any, together with accrued and</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">unpaid dividends, whether or not earned
or declared and on a cumulative basis) before any distribution of assets is made to Common Shareholders. After payment of the full
amount of the liquidating distribution to which they are entitled, the holders of Preferred Shares would not be entitled to any
further participation in any distribution of assets by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the 1940 Act, if at any time dividends
on the Preferred Shares are unpaid in an amount equal to two full years&#8217; dividends thereon, the holders of all outstanding
Preferred Shares, voting as a class, will be allowed to elect a majority of the Fund&#8217;s Trustees until all dividends in default
have been paid or declared and set apart for payment. In addition, if required by the Rating Agency rating the Preferred Shares
or if the Board determines it to be in the best interests of the Common Shareholders, issuance of the Preferred Shares may result
in more restrictive provisions than required by the 1940 Act being imposed. In this regard, holders of the Preferred Shares may
be entitled to elect a majority of the Board in other circumstances, for example, if one payment on the Preferred Shares is in
arrears.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund were to issue Preferred Shares,
it is expected that the Fund would seek a credit rating for the Preferred Shares from a Rating Agency. In that case, as long as
Preferred Shares are outstanding, the composition of its portfolio would reflect guidelines established by such Rating Agency.
Although, as of the date hereof, no such Rating Agency has established guidelines relating to any such Preferred Shares, based
on previous guidelines established by such Rating Agencies for the securities of other issuers, the Fund anticipates that the guidelines
with respect to the Preferred Shares would establish a set of tests for portfolio composition and asset coverage that supplement
(and in some cases are more restrictive than) the applicable requirements under the 1940 Act. Although, at this time, no assurance
can be given as to the nature or extent of the guidelines, which may be imposed in connection with obtaining a rating of the Preferred
Shares, the Fund currently anticipates that such guidelines will include asset coverage requirements, which are more restrictive
than those under the 1940 Act, restrictions on certain portfolio investments and investment practices, requirements that the Fund
maintain a portion of its total assets in short-term, high-quality, fixed-income securities and certain mandatory redemption requirements
relating to the Preferred Shares. No assurance can be given that the guidelines actually imposed with respect to the Preferred
Shares by such Rating Agency will be more or less restrictive than as described in this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_018"></A>Certain Provisions in the
Declaration of Trust and By-Laws</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Massachusetts law, shareholders,
in certain circumstances, could be held personally liable for the obligations of the Fund. However, the Declaration of Trust contains
an express disclaimer of shareholder liability in connection with Fund property or the acts, obligations or affairs of the Fund
and provides for indemnification out of the assets of the Fund for all loss and expense of any shareholder held personally liable
for the obligations of the Fund. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is
limited to circumstances in which the Fund would be unable to meet its obligations. The Fund believes that the likelihood of such
circumstances is remote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Declaration of Trust provides that
the Trustees may amend the Declaration of Trust without Common Shareholder approval to change the name of the Fund or to supply
any omission, clear any ambiguity or correct or supplement a defective or inconsistent provision. The Declaration of Trust does
not permit amendments that impair the exemption from personal liability of the shareholders, Trustees, officers, employees and
agents of the Fund or permit assessments upon shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The By-laws provide that the Trustees have
the power, to the exclusion of shareholders, to adopt, alter, amend or repeal any of the By-laws, except for any By-law that requires
a vote of the shareholders to be amended, adopted or repealed by the terms of the Declaration of Trust, By-laws or applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANTI-TAKEOVER PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Declaration of Trust and By-laws include
provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or to
change the composition of its Board and could have the effect of depriving Common Shareholders of an opportunity to sell their
Common Shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund.
These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect
of increasing the expenses of the Fund and interfering with the normal operation of the Fund. They provide, however, the advantage
of potentially requiring persons seeking control of the Fund to negotiate with its management regarding</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the price to be paid and facilitating the
continuity of the Fund&#8217;s investment objectives and policies. The Board has considered and approved the following anti-takeover
provisions . The following is only a summary and is qualified in its entirety by reference to the Declaration of Trust and By-laws
on file with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of Trustees is currently thirteen,
but by action of a majority of the Trustees, the Board may from time to time be increased or decreased. If the Fund issues Preferred
Shares, the Fund may establish a separate class for the Trustees elected by the holders of the Preferred Shares. Subject to applicable
provisions of the 1940 Act, vacancies on the Board may be filled by a majority action of the remaining Trustees. Such provisions
may work to delay a change in the majority of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Generally, the shareholders have power
to vote only: (a) for the election of Trustees; (b) with respect to any investment advisory or management contract; (c) with respect
to a termination of the Fund; (d) with respect to an amendment of the Declaration of Trust; (e) with respect to a merger, consolidation
or sale of assets of the Fund; (f) with respect to incorporation of the Fund; (g) to the same extent as the stockholders of a
Massachusetts business corporation as to whether or not a court action, proceeding or claim should or should not be brought or
maintained derivatively or as a class action on behalf of the Fund or the shareholders; and (h) with respect to such additional
matters relating to the Fund as may be required by the Declaration of Trust or the By-Laws or by reason of the registration of
the Fund or the shares with the SEC or any state or by any applicable law or any regulation or order of the SEC or any state or
as the Trustees may consider necessary or desirable. On any matter required or permitted to be voted on by the shareholders, all
shares then entitled to vote shall be voted in the aggregate as a single class without regard to class, except (i) when required
by the Declaration of Trust, the By-Laws, the 1940 Act, or when the Trustees have determined that any matter to be submitted to
a vote of the shareholders affects the rights or interests of the shareholders of one or more classes, if any, materially differently,
shares shall be voted by each such affected class individually; and (ii) when the Trustees shall have determined that the matter
affects only the interests of one or more classes, then only the shareholders of such affected class shall be entitled to vote
thereon. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, the Fund&#8217;s
By-laws contain certain provisions that may tend to make a change of control of the Fund more difficult. For example, the
By-laws (i) require a shareholder to give written advance notice and other&nbsp;information to the Fund of the
shareholder&#8217;s nominees for Trustees and proposals for other business to be considered at annual shareholders&#8217;
meetings, or in the event a shareholder proposes to seek a shareholder action by written consent or requests a special
meeting of shareholders; (ii) require any such notice by a shareholder to be accompanied by certain information as provided
in the By-laws; (iii) provide that Trustees may be nominated by shareholders only at an annual meeting of the Fund or special
meeting in lieu of an annual meeting; and (iv) reserve to the Trustees the exclusive power to alter, amend or repeal any
provision of the By-laws or to make new By-laws, except where the Declaration of Trust, By-laws or applicable law would also
require a shareholder vote to effect such alteration, amendment or repeal. The foregoing description of the By-laws is
qualified in its entirety by the full text of the Amended and Restated By-laws effective as of January 22, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>POTENTIAL CONVERSION TO OPEN-END FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Conversion of the Fund to an open-end
management investment company would require an amendment to the Fund&#8217;s Declaration of Trust. Such amendment would require
approval by each of the following: (i) a majority of the Trustees then in office, (ii) a majority of the outstanding voting securities,
and (iii) by such vote or votes of the holders of any class or classes or series of shares as may be required by the 1940 Act.
In the event of conversion, the Common Shares would cease to be listed on the NYSE or other national securities exchange or market
system. The Board believes, however, that the closed-end structure is desirable, given the Fund&#8217;s investment objective and
policies. Investors should assume, therefore, that it is unlikely that the Board would vote to convert the Fund to an open-end
management investment company. Shareholders of an open-end management investment company may require the company to redeem their
shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their NAV, less such redemption
charge, if any, as might be in effect at the time of a redemption. The Fund would expect to pay all such redemption requests in
cash, but intends to reserve the right to pay redemption requests in a combination of cash or securities. If such partial payment
in securities were made, investors may incur brokerage costs in converting such securities to cash. If the Fund were converted
to an open-end fund, it is likely that new Common Shares would be sold at NAV plus a sales load. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_019"></A>Reports to Shareholders</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund sends to its shareholders unaudited
semi-annual and audited annual reports, including a list of investments held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_020"></A>Independent Registered Public
Accounting Firm</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PricewaterhouseCoopers LLP, who has offices
at 125 High Street, Boston, Massachusetts 02110, is the independent registered public accounting firm for the Fund and audits the
Fund&#8217;s financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_021"></A>Additional Information</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> This Prospectus and the SAI do not
contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC (file No. 333-201041).
The complete Registration Statement may be obtained from the SEC at sec.gov. See the cover page of this Prospectus for information
about how to obtain a paper copy of the Registration Statement or SAI without charge. </P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_022"></A>Table of Contents of the
Statement of Additional Information</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%; padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Page</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Organization of the Fund</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Additional Investment Policies and Risks</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Investment Restrictions</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Portfolio Turnover</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Those Responsible for Management</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Shareholders of the Fund</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Investment Advisory and Other Services</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Determination of Net Asset Value</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Brokerage Allocation</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Additional Information Concerning Taxes</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Other Information</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Custodian and Transfer Agent</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Independent Registered Public Accounting Firm</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Reports to Shareholders</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Legal and Regulatory Matters</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Codes of Ethics</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Additional Information</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Appendix A: Description of Ratings</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">A-1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Appendix B: Proxy Voting Policies and Procedures</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">B-1</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pro_023"></A>The Fund&#8217;s Privacy
Policy</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is committed to maintaining the
privacy of its shareholders and to safeguarding their non-public personal information. The following information is provided to
help you understand what personal information the Fund collects, how the Fund protects that information and why, in certain cases,
the Fund may share information with select other parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, the Fund does not receive any
non-public personal information relating to its shareholders, although certain non-public personal information of its shareholders
may become available to the Fund. The Fund does not disclose any non-public personal information about its shareholders or former
shareholders to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account).
The Fund may share information with unaffiliated third parties that perform various required services, such as transfer agents,
custodians and broker/dealers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund restricts access to non-public
personal information about its shareholders to employees of the Fund&#8217;s investment advisor and its affiliates with a legitimate
business need for the information. The Fund maintains physical, electronic and procedural safeguards designed to protect the non-public
personal information of its shareholders.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_002.jpg" ALT="JHI logo black" STYLE="height: 90px; width: 274px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1,000,000 Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>John Hancock Investors Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>March 1, 2016</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JOHN HANCOCK INVESTORS TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Statement of Additional Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> March 1, 2016 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">601 Congress Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Boston, Massachusetts 02210</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">800-225-6020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_001">Organization of the Fund</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_002">Additional Investment Policies and Risks</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_003">Investment Restrictions</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_004">Portfolio Turnover</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_005">Those Responsible for Management</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_006">Shareholders of the Fund</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">28</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_007">Investment Advisory and Other Services</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">28</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_008">Determination of Net Asset Value</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_009">Brokerage Allocation</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">35</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_010">Additional Information Concerning Taxes</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">38</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_011">Other Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_012">Custodian and Transfer Agent</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_13">Independent Registered Public Accounting Firm</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_014">Reports to Shareholders</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_015">Legal and Regulatory Matters</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_016">Codes of Ethics</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_017">Additional Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><P STYLE="margin: 0pt 0"><A HREF="#sai_018">Appendix A: Description of Ratings</A></P>


</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">A-1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#sai_019">Appendix B: Proxy Voting Policies and Procedures</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">B-1</TD></TR>
</TABLE>
<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> This Statement of Additional Information
(&#8220;SAI&#8221;) is not a prospectus and is authorized for distribution to prospective investors only if preceded or accompanied
by the prospectus of John Hancock Investors Trust (the &#8220;Fund&#8221;) dated March 1, 2016 (the &#8220;Prospectus&#8221;)
and any related supplement thereto (&#8220;Prospectus Supplements&#8221;), which are incorporated herein by reference. This SAI
should be read in conjunction with such Prospectus and any related Prospectus Supplements, copies of which may be obtained without
charge by contacting your financial intermediary or calling the Fund at 800-225-6020. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capitalized terms used in this SAI and
not otherwise defined have the meanings given them in the Fund&#8217;s Prospectus and any related Prospectus Supplements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_001"></A>Organization of the Fund</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Fund is a diversified, closed-end
management investment company registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;). The
Fund was organized on October 26, 1970 as a Delaware corporation and was reorganized on October 5, 1984 as a Massachusetts business
trust pursuant to an Agreement and Declaration of Trust, which was amended and restated effective January 22, 2016 (the &#8220;Declaration
of Trust&#8221;). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">John Hancock Advisers, LLC (the &#8220;Advisor&#8221;
or &#8220;JHA&#8221;) is the Fund&#8217;s investment advisor and is registered with the Securities and Exchange Commission (the
&#8220;SEC&#8221;) as an investment advisor under the Investment Advisers Act of 1940, as amended (the &#8220;Advisers Act&#8221;).
The Advisor is responsible for overseeing the management of the Fund, including its day-to-day business operations and monitoring
the subadvisor. The Advisor has been managing closed-end funds since 1971.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Founded in 1968, the Advisor is a wholly
owned subsidiary of John Hancock Life Insurance Company (U.S.A.), a subsidiary of Manulife Financial Corporation (&#8220;Manulife
Financial&#8221; or the &#8220;Company&#8221;). John Hancock Life Insurance Company (U.S.A.) and its subsidiaries (&#8220;John
Hancock&#8221;) today offer a broad range of financial products, including life insurance, annuities, investments, 401(k) plans,
long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may
be found on the Internet at johnhancock.com. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisor&#8217;s parent company has
been helping individuals and institutions work toward their financial goals since 1862. The Advisor offers investment solutions
managed by institutional money managers, taking a disciplined team approach to portfolio management and research, leveraging the
expertise of seasoned investment professionals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Manulife Financial is a leading Canada-based
financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife in Canada and
Asia, and primarily as John Hancock in the United States, the Manulife Financial group of companies offers clients a diverse range
of financial protection products and wealth management services through its extensive network of employees, agents, and distribution
partners. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;s subadvisor is John Hancock
Asset Management a division of Manulife Asset Management (US) LLC (the &#8220;Subadvisor&#8221;), formerly MFC Global Investment
Management (U.S.), LLC and Sovereign Asset Management LLC. The Subadvisor is responsible for the day-to-day management of the Fund&#8217;s
portfolio investments. The Subadvisor, organized in 1968, is a wholly owned subsidiary of John Hancock Life Insurance Company (U.S.A.)
(a subsidiary of Manulife Financial).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_002"></A>Additional Investment Policies
and Risks&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;s primary investment strategies
are described in the Prospectus. The following is a description of the various investment policies that the Fund may engage in,
whether as a primary or secondary strategy, and a summary of certain attendant risks. The Subadvisor may not buy any of the following
instruments or use any of the following techniques unless it believes that doing so will help to achieve the Fund&#8217;s investment
objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Ratings as Investment Criteria. </B>In
general, the ratings of Moody&#8217;s and S&amp;P represent the opinions of these agencies as to the quality of the securities
which they rate. It should be emphasized, however, that ratings are relative and subjective and are not absolute standards of quality.
There is no guarantee that these institutions will continue to provide ratings. These ratings will be used by the Fund as initial
criteria for the selection of debt securities. Among the factors which will be considered are the long-term ability of the issuer
to pay principal and interest and general economic trends. Appendix A contains further information concerning the ratings of Moody&#8217;s
and S&amp;P and their significance. Subsequent to its purchase by the Fund, an issue of securities may cease to be rated or its
rating may be reduced below the minimum required for purchase by the Fund. Neither of these events will require the sale of the
securities by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Short-Term Bank and Corporate Obligations.
</B>The Fund may invest in depository-type obligations of banks and savings and loan associations and other high quality money
market instruments consisting of short-term obligations of the U.S. government or its agencies and commercial paper. Commercial
paper represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations and
finance companies. Depository-type obligations in which the Fund may invest include certificates of deposit, bankers&#8217; acceptances
and fixed time deposits. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank
for a definite period of time and earning a specified return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bankers&#8217; acceptances are negotiable
drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are &#8220;accepted&#8221;
by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument at maturity. Fixed
time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits
may be withdrawn on demand by the investor, but may be subject to early withdrawal penalties which vary depending upon market conditions
and the remaining maturity of the obligation. There are no contractual restrictions on the right to transfer a beneficial interest
in a fixed time deposit to a third party, although there is no market for such deposits. Bank notes and bankers&#8217; acceptances
rank junior to domestic deposit liabilities of the bank and <I>pari passu </I>with other senior, unsecured obligations of the bank.
Bank notes are not insured by the Federal Deposit Insurance Corporation or any other insurer. Deposit notes are insured by the
Federal Deposit Insurance Corporation only to the extent of $100,000 per depositor per bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions on preferred securities must
be declared by the board of directors and may be subject to deferral, and thus they may not be automatically payable. Income payments
on preferred securities may be cumulative, causing dividends and distributions to accrue even if not declared by the board or otherwise
made payable, or they may be non-cumulative, so that skipped dividends and distributions do not continue to accrue. There is no
assurance that dividends on preferred securities in which the Fund invests will be declared or otherwise made payable. The Fund
may invest in non-cumulative preferred securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the claim on an issuer&#8217;s
earnings represented by preferred securities may become onerous when interest rates fall below the rate payable on the stock or
for other reasons, the issuer may redeem preferred securities, generally after an initial period of call protection during which
the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund&#8217;s holdings of higher dividend-paying
preferred securities may be reduced and the Fund may be unable to acquire securities paying comparable rates with the redemption
proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investments in Non-U.S. Securities.
</B>The Fund may invest directly in the securities of non-U.S. issuers as well as securities in the form of sponsored or unsponsored
American Depository Receipts (&#8220;ADRs&#8221;), European Depository Receipts (&#8220;EDRs&#8221;) and Global Depository Receipts
(&#8220;GDRs&#8221;) or other securities convertible into non-U.S. securities. The Fund may invest up to 30% of its total assets
in securities denominated in non-U.S. currencies. ADRs are receipts typically issued by a U.S. bank or trust company which evidence
ownership of underlying securities issued by a non-U.S. corporation. EDRs are receipts issued in Europe which evidence a similar
ownership arrangement. Issuers of unsponsored ADRs are not contractually obligated to disclose material information, </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">including
financial information, in the United States. Generally, ADRs are
designed for use in the United States securities markets and EDRs are designed for use in European securities markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in non-U.S. securities including
ADRs may be affected by changes in currency rates and in exchange control regulations. Issuers of unsponsored ADRs are not contractually
obligated to disclose material information, including financial information, in the United States and, therefore, there may not
be a correlation between such information and the market value of the unsponsored ADR. Non-U.S. companies may not be subject to
accounting standards or government supervision comparable to U.S. companies, and there is often less publicly available information
about their operations. Non-U.S. companies may also be affected by political or financial instability abroad. These risk considerations
may be intensified in the case of investments in ADRs of non-U.S. companies that are located in emerging market countries. ADRs
of companies located in these countries may have limited marketability and may be subject to more abrupt or erratic price movements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Multinational Companies Risk.
</I></B>To the extent that the Fund invests in the securities of companies with foreign business operations, it may be riskier
than funds that focus on companies with primarily U.S. operations. Multinational companies may face certain political and economic
risks, such as foreign controls over currency exchange; restrictions on monetary repatriation; possible seizure, nationalization
or expropriation of assets; and political, economic or social instability. These risks are greater for companies with significant
operations in developing countries. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Risks of Non-U.S. Securities.</I></B>
Investments in non-U.S. securities may involve a greater degree of risk than those in domestic securities. There is generally less
publicly available information about non-U.S. companies in the form of reports and ratings similar to those that are published
about issuers in the United States. Also, non-U.S. issuers generally are not subject to uniform accounting, auditing and financial
reporting requirements comparable to those applicable to U.S. issuers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because non-U.S. securities may be denominated
in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the Fund&#8217;s net asset value
(&#8220;NAV&#8221;), the value of dividends and interest earned, gains and losses realized on the sale of securities, and any net
investment income and gains that the Fund distributes to shareholders. Securities transactions undertaken in some non-U.S. markets
may not be settled promptly so that the Fund&#8217;s investments on non-U.S. exchanges may be less liquid and subject to the risk
of fluctuating currency exchange rates pending settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-U.S. securities will be purchased in
the best available market, whether through OTC markets or exchanges located in the countries where principal offices of the issuers
are located. Non-U.S. securities markets generally are not as developed or efficient as those in the United States. While growing
in volume, they usually have substantially less volume than the NYSE, and securities of some non-U.S. issuers are less liquid and
more volatile than securities of comparable U.S. issuers. Fixed commissions on non-U.S. exchanges generally are higher than negotiated
commissions on U.S. exchanges; nevertheless, the Fund will endeavor to achieve the most favorable net results on its portfolio
transactions. There is generally less government supervision and regulation of securities exchanges, brokers and listed issuers
than in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to certain non-U.S. countries,
there is the possibility of adverse changes in investment or exchange control regulations, expropriation, nationalization or confiscatory
taxation limitations on the removal of funds or other assets of the Fund, political or social instability, or diplomatic developments,
which could affect United States investments in those countries. Moreover, individual non-U.S. economies may differ favorably or
unfavorably from the United States&#8217; economy in terms of growth of gross national product, rate of inflation, capital reinvestment,
resource self-sufficiency and balance of payments position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The dividends, in some cases capital gains
and interest payable on certain of the Fund&#8217;s non-U.S. portfolio securities, may be subject to non-U.S. withholding or other
non-U.S. taxes, thus reducing the net amount of income or gains available for distribution to the Fund&#8217;s shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> These risks may be intensified in the
case of investments in emerging markets or countries with limited or developing capital markets. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;s ability and decision to
purchase or sell portfolio securities may be affected by laws or regulations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> relating to the convertibility and
repatriation of assets. Under present conditions, it is not believed that this consideration will have any significant effect
on the Fund&#8217;s portfolio strategies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>European Markets Risk.</I></B> Countries
in Europe may be significantly affected by fiscal and monetary controls implemented by the European Union (&#8220;EU&#8221;) and
European Economic and Monetary Union (&#8220;EMU&#8221;), which require member countries to comply with restrictions on inflation
rates, deficits, interest rates, debt levels and fiscal and monetary controls. Decreasing imports or exports, changes in governmental
or other regulations on trade, changes in the exchange rate 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. The European financial
markets have experienced volatility and adverse trends due to concerns about economic downturns, rising government debt levels
and the possible default of government debt in several European countries, 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 restructuring of Greece&#8217;s
outstanding sovereign debt, can adversely impact holders of that country&#8217;s debt and sellers of credit default swaps linked
to that country&#8217;s creditworthiness, which may be located in countries other than those listed above, and can affect exposures
to other EU countries and their financial companies as well. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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 disruption in international credit market due to their reliance on bank related inflows of capital. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Russian Securities Risk.</I></B>
The United States and the European Union have imposed economic sanctions against companies in certain sectors of the Russian economy,
including, but not limited to: financial services, energy, metals and mining, engineering, and defense and defense-related materials.
These sanctions could impair the ability of a fund that invests in Russian issuers to continue to invest in such issuers. For
example, the Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, retaliatory
measures by the Russian government in response to such sanctions may result in a freeze of Russian assets held by the Fund, thereby
prohibiting the Fund from selling or otherwise transacting in these investments. In such circumstances, the Fund might be forced
to liquidate non-restricted assets in order to satisfy shareholder redemptions. Such liquidation of Fund assets might also result
in the Fund receiving substantially lower prices for its portfolio securities. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Emerging Markets Risk.</I></B> In
addition, the Fund may invest in the securities of issuers based in countries with &#8220;emerging market&#8221; economies. Funds
that invest a significant portion of their assets in the securities of issuers based in countries with &#8220;emerging market&#8221;
economies are subject to greater levels of foreign investment risk than funds investing primarily in more-developed foreign markets,
since emerging market securities may present market, credit, currency, liquidity, legal, political and other risks greater than,
or in addition to, the risks of investing in developed foreign countries. These risks include: high currency exchange-rate fluctuations;
increased risk of default (including both government and private issuers); greater social, economic and political uncertainty and
instability (including the risk of war); more substantial governmental involvement in the economy; less governmental supervision
and regulation of the securities markets and participants in those markets; controls on foreign investment and limitations on repatriation
of invested capital and on the Fund&#8217;s ability to exchange local currencies for U.S. dollars; unavailability of currency hedging
techniques in certain emerging market countries; the fact that companies in emerging market countries may be newly organized, smaller
and less seasoned; the difference in, or lack of, auditing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> and financial reporting standards, which may result in the unavailability
of material information about issuers; different clearance and settlement procedures, which may be unable to keep pace with the
volume of securities transactions or otherwise make it difficult to engage in such transactions; difficulties
in obtaining and/or enforcing legal judgments in foreign jurisdictions; and significantly smaller market capitalizations of emerging
market issuers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Hedging and Other Strategies.
</I></B>Hedging refers to protecting against possible changes in the market value of securities or other assets that the Fund
already owns or plans to buy, or protecting unrealized gains in the Fund. When securities prices are falling, the Fund can seek
to offset a decline in the value of its current portfolio securities through the sale of futures contracts. When securities prices
are rising, the Fund, through the purchase of futures contracts, can attempt to secure better rates or prices than might later
be available in the market when it effects anticipated purchases. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If, in the opinion of the Advisor, there
is a sufficient degree of correlation between price trends for the Fund&#8217;s portfolio securities and futures contracts based
on other financial instruments, securities indices or other indices, the Fund may also enter into such futures contracts as part
of its hedging strategy. Although under some circumstances prices of securities in the Fund&#8217;s portfolio may be more or less
volatile than prices of such futures contracts, the Advisor will attempt to estimate the extent of this volatility difference based
on historical patterns and compensate for any differential by having the Fund enter into a greater or lesser number of futures
contracts or by attempting to achieve only a partial hedge against price changes affecting the Fund&#8217;s portfolio securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When a short hedging position is successful,
any depreciation in the value of portfolio securities will be substantially offset by appreciation in the value of the futures
position. On the other hand, any unanticipated appreciation in the value of the Fund&#8217;s portfolio securities would be substantially
offset by a decline in the value of the futures position. On other occasions, the Fund may take a &#8220;long&#8221; position by
purchasing futures contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Options on Securities and Securities
Indices.</I> </B>The Fund may purchase and write (sell) call and put options on any securities and securities indices. These options
may be listed on national domestic securities exchanges or foreign securities exchanges or traded in the over-the-counter market.
The Fund may write covered put and call options and purchase put and call options as a substitute for the purchase or sale of securities
or to protect against declines in the value of portfolio securities and against increases in the cost of securities to be acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Writing Covered Options. </I>A call
option on securities written by the Fund obligates the Fund to sell specified securities to the holder of the option at a specified
price if the option is exercised at any time before the expiration date. A put option on securities written by the Fund obligates
the Fund to purchase specified securities from the option holder at a specified price if the option is exercised at any time before
the expiration date. Options on securities indices are similar to options on securities, except that the exercise of securities
index options requires cash settlement payments and does not involve the actual purchase or sale of securities. In addition, securities
index options are designed to reflect price fluctuations in a group of securities or segment of the securities market rather than
price fluctuations in a single security. Writing covered call options may deprive the Fund of the opportunity to profit from an
increase in the market price of the securities in its portfolio. Writing covered put options may deprive the Fund of the opportunity
to profit from a decrease in the market price of the securities to be acquired for its portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All call and put options written by the
Fund are covered. A written call option or put option may be covered by (i) maintaining cash or liquid securities in a segregated
account with a value at least equal to the Fund&#8217;s obligation under the option, (ii) entering into an offsetting forward commitment
and/or (iii) purchasing an offsetting option or any other option which, by virtue of its exercise price or otherwise, reduces the
Fund&#8217;s net exposure on its written option position. A written call option on securities is typically covered by maintaining
the securities that are subject to the option in a segregated account. The Fund may cover call options on a securities index by
owning securities whose price changes are expected to be similar to those of the underlying index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may terminate its obligations
under an exchange-traded call or put option by purchasing an option identical to the one it has written. Obligations under over-the-counter
options may be terminated only by entering into an offsetting transaction with the counterparty to such option. Such purchases
are referred to as &#8220;closing purchase transactions.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Purchasing Options. </I>The Fund would
normally purchase call options in anticipation of an increase, or put options in</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">anticipation of a decrease (&#8220;protective
puts&#8221;), in the market value of securities of the type in which it may invest. The Fund may also sell call and put options
to close out its purchased options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purchase of a call option would
entitle the Fund, in return for the premium paid, to purchase specified securities or currency at a specified price during
the option period. The Fund would ordinarily realize a gain on the purchase of a call option if, during the option period,
the value of such securities or currency exceeded the sum of the exercise price, the premium paid and transaction costs;
otherwise the Fund would realize either no gain or a loss on the purchase of the call option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purchase of a put option would entitle
the Fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase
of protective puts is designed to offset or hedge against a decline in the market value of the Fund&#8217;s portfolio securities.
Put options may also be purchased by the Fund for the purpose of affirmatively benefiting from a decline in the price of securities
which it does not own. The Fund would ordinarily realize a gain if, during the option period, the value of the underlying securities
decreased below the exercise price sufficiently to cover the premium and transaction costs; otherwise the Fund would realize either
no gain or a loss on the purchase of the put option. Gains and losses on the purchase of put options may be offset by countervailing
changes in the value of the Fund&#8217;s portfolio securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;s options transactions will
be subject to limitations established by each of the exchanges, boards of trade or other trading facilities on which such options
are traded. These limitations govern the maximum number of options in each class which may be written or purchased by a single
investor or group of investors acting in concert, regardless of whether the options are written or purchased on the same or different
exchanges, boards of trade or other trading facilities or are held or written in one or more accounts or through one or more brokers.
Thus, the number of options which the Fund may write or purchase may be affected by options written or purchased by other investment
advisory clients of the Advisor. An exchange, board of trade or other trading facility may order the liquidation of positions found
to be in excess of these limits, and it may impose certain other sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reasons for the absence of a liquid secondary
market on an exchange include the following: (i) there may be insufficient trading interest in certain options; (ii) restrictions
may be imposed by an exchange on opening transactions or closing transactions or both; (iii) trading halts, suspensions or other
restrictions may be imposed with respect to particular classes or series of options; (iv) unusual or unforeseen circumstances may
interrupt normal operations on an exchange; (v) the facilities of an exchange or the Options Clearing Corporation may not at all
times be adequate to handle current trading volume; or (vi) one or more exchanges could, for economic or other reasons, decide
or be compelled at some future date to discontinue the trading of options (or a particular class or series of options). If trading
were discontinued, the secondary market on that exchange (or in that class or series of options) would cease to exist. However,
outstanding options on that exchange that had been issued by the Options Clearing Corporation as a result of trades on that exchange
would continue to be exercisable in accordance with their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;s ability to terminate over-the-counter
options is more limited than with exchange-traded options and may involve the risk that broker-dealers participating in such transactions
will not fulfill their obligations. The Advisor will determine the liquidity of each over-the-counter option in accordance with
guidelines adopted by the Board of Trustees of the Fund (the &#8220;Board&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The writing and purchase of options is
a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio
securities transactions. The successful use of options depends in part on the Advisor&#8217;s ability to predict future price fluctuations
and, for hedging transactions, the degree of correlation between the options and securities or currency markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Futures Contracts and Options
on Futures Contracts. </I></B>The Fund may purchase and sell futures contracts based on </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> various securities (such as U.S. government
securities) and securities indices, and any other financial instruments and indices and purchase and write call and put options
on these futures contracts. The Fund may also enter into closing purchase and sale transactions with respect to any of these contracts
and options. All futures contracts entered into by the Fund are traded on U.S. or foreign exchanges or boards of trade that are
licensed, regulated or approved by the Commodity Futures Trading Commission (&#8220;CFTC&#8221;). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Futures Contracts. </I>A futures contract
may generally be described as an agreement between two parties to buy and sell particular financial instruments or currencies for
an agreed price during a designated month (or to deliver the final cash settlement price, in the case of a contract relating to
an index or otherwise not calling for physical delivery at the end of trading in the contract).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Positions taken in the futures markets
are not normally held to maturity but are instead liquidated through offsetting transactions, which may result in a profit or a
loss. While futures contracts on securities will usually be liquidated in this manner, the Fund may instead make, or take, delivery
of the underlying securities or currency whenever it appears economically advantageous to do so. A clearing corporation associated
with the exchange on which futures contracts are traded guarantees that, if still open, the sale or purchase will be performed
on the settlement date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may, for example, take a &#8220;short&#8221;
position in the futures market by selling futures contracts in an attempt to hedge against an anticipated decline in market prices
that would adversely affect the value of the Fund&#8217;s portfolio securities. Such futures contracts may include contracts for
the future delivery of securities held by the Fund or securities with characteristics similar to those of the Fund&#8217;s portfolio
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Options on Futures Contracts. </I>The
purchase of put and call options on futures contracts will give the Fund the right (but not the obligation) for a specified price
to sell or to purchase, respectively, the underlying futures contract at any time during the option period. As the purchaser of
an option on a futures contract, the Fund obtains the benefit of the futures position if prices move in a favorable direction but
limits its risk of loss in the event of an unfavorable price movement to the loss of the premium and transaction costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The writing of a call option on a futures
contract generates a premium which may partially offset a decline in the value of the Fund&#8217;s assets. By writing a call option,
the Fund becomes obligated, in exchange for the premium (upon exercise of the option) to sell a futures contract if the option
is exercised, which may have a value higher than the exercise price. Conversely, the writing of a put option on a futures contract
generates a premium which may partially offset an increase in the price of securities that the Fund intends to purchase. However,
the Fund becomes obligated (upon exercise of the option) to purchase a futures contract if the option is exercised, which may have
a value lower than the exercise price. The loss incurred by the Fund in writing options on futures is potentially unlimited and
may exceed the amount of the premium received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holder or writer of an option on a
futures contract may terminate its position by selling or purchasing an offsetting option of the same series. There is no guarantee
that such closing transactions can be effected. The Fund&#8217;s ability to establish and close out positions on such options will
be subject to the development and maintenance of a liquid market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Considerations.</I> </B>The
Fund will engage in futures and related options transactions either for <I>bona fide </I>hedging or to facilitate portfolio management.
The Fund will not engage in futures or related options for speculative purposes. To the extent that the Fund is using futures and
related options for hedging purposes, futures contracts will be sold to protect against a decline in the price of securities that
the Fund owns or futures contracts will be purchased to protect the Fund against an increase in the price of securities it intends
to purchase. The Fund will determine that the price fluctuations in the futures contracts and options on futures used for hedging
purposes are substantially related to price fluctuations in securities held by the Fund or securities or instruments which it expects
to purchase. To the extent that the Fund engages in non-hedging transactions in futures contracts and options on futures to facilitate
portfolio management, the aggregate initial margin and premiums required to establish these nonhedging positions will not exceed
5% of the net asset value of the Fund&#8217;s portfolio, after taking into account unrealized profits and losses on any such positions
and excluding the amount by which such options were in-the-money at the time of purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transactions in futures contracts and
options on futures involve brokerage costs, require margin deposits and, in the case of contracts and options obligating the Fund
to purchase securities, require the Fund to establish a segregated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">account consisting of cash or liquid securities in an amount equal to the
underlying value of such contracts and options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While transactions in futures contracts
and options on futures may reduce certain risks, these transactions themselves entail certain other risks. For example, unanticipated
changes in interest rates or securities prices may result in a poorer overall performance for the Fund than if it had not entered
into any futures contracts or options transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Perfect correlation between the Fund&#8217;s
futures positions and portfolio positions will be impossible to achieve. In the event of an imperfect correlation between a futures
position and a portfolio position which is intended to be protected, the desired protection may not be obtained and the Fund may
be exposed to risk of loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some futures contracts or options on futures
may become illiquid under adverse market conditions. In addition, during periods of market volatility, a commodity exchange may
suspend or limit trading in a futures contract or related option, which may make the instrument temporarily illiquid and difficult
to price. Commodity exchanges may also establish daily limits on the amount that the price of a futures contract or related option
can vary from the previous day&#8217;s settlement price. Once the daily limit is reached, no trades may be made that day at a price
beyond the limit. This may prevent the Fund from closing out positions and limiting its losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Interest Rate Swaps, Collars, Caps
and Floors.</I> </B>In order to hedge the value of the Fund&#8217;s portfolio against interest rate fluctuations or to facilitate
portfolio management, the Fund may, but is not required to, enter into various interest rate transactions such as interest rate
swaps and the purchase or sale of interest rate caps and floors. To the extent that the Fund enters into these transactions, the
Fund expects to do so primarily to preserve a return or spread on a particular investment or portion of its portfolio, to protect
against any increase in the price of securities the Fund anticipates purchasing at a later date or to manage the Fund&#8217;s interest
rate exposure on any debt securities or preferred shares issued by the Fund for leverage purposes. The Fund intends to use these
transactions only as a hedge or to facilitate portfolio management. The Fund is not required to hedge its portfolio and may choose
not to do so. The Fund cannot guarantee that any hedging strategies it uses will work.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Interest Rate Swaps. </I></B>In an
interest rate swap, the Fund exchanges with another party their respective commitments to pay or receive interest (<I>e.g.</I>,
an exchange of fixed rate payments for floating rate payments). For example, if the Fund holds a debt instrument with an interest
rate that is reset only once each year, it may swap the right to receive interest at this fixed rate for the right to receive interest
at a rate that is reset every week. This would enable the Fund to offset a decline in the value of the debt instrument due to rising
interest rates but would also limit its ability to benefit from falling interest rates. Conversely, if the Fund holds a debt instrument
with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest rate for one
year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest at a rate that is
fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest rates and may permit the
Fund to enhance its income through the positive differential between one week and one year interest rates, but would preclude it
from taking full advantage of rising interest rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund usually will enter into interest
rate swaps on a net basis (<I>i.e.</I>, the two payment streams are netted out with the trust receiving or paying, as the case
may be, only the net amount of the two payments). The net amount of the excess, if any, of the Fund&#8217;s obligations over its
entitlements with respect to each interest rate swap will be accrued on a daily basis, and an amount of cash or liquid instruments
having an aggregate net asset value at least equal to the accrued excess will be maintained in a segregated account by the Fund&#8217;s
custodian. If the interest rate swap transaction is entered into on other than a net basis, the full amount of the Fund&#8217;s
obligations will be accrued on a daily basis, and the full amount of the Fund&#8217;s obligations will be maintained in a segregated
account by the Fund&#8217;s custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">selling such interest rate floor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Advisor 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&#8217;s ability to engage in interest rate swaps. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Credit Default Swap Agreements. </I></B>The
Fund may enter into credit default swap agreements. The &#8220;buyer&#8221; in a credit default contract is obligated to pay the
&#8220;seller&#8221; a periodic stream of payments over the term of the contract provided that no event of default on an underlying
reference obligation has occurred. If an event of default occurs, the seller must pay the buyer the &#8220;par value&#8221; (full
notional value) of the reference obligation in exchange for the reference obligation. The Fund may be either the buyer or seller
in the transaction. If the Fund is a buyer and no event of default occurs, the Fund loses its investment and recovers nothing.
However, if an event of default occurs, the buyer receives full notional value for a reference obligation that may have little
or no value. As a seller, the Fund receives a fixed rate of income throughout the term of the contract, which can run between six
months and ten years but is typically structured between three and five years, provided that there is no default event. If an event
of default occurs, the seller must pay the buyer the full notional value of the reference obligation. Credit default swaps involve
greater risks than if the Fund had invested in the reference obligation directly. In addition to general market risks, credit default
swaps are subject to illiquidity risk, counterparty risk and credit risks. The Fund will enter into swap agreements only with counterparties
who are rated investment grade by at least one nationally recognized statistical rating organization at the time of entering into
such transaction or whose creditworthiness is believed by the Advisor to be equivalent to such rating. A buyer also will lose its
investment and recover nothing should an event of default occur. If an event of default were to occur, the value of the reference
obligation received by the seller, coupled with the periodic payments previously received, may be less than the full notional value
it pays to the buyer, resulting in a loss of value to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund enters into a credit default
swap, the Fund may be required to report the swap as a &#8220;listed transaction&#8221; for tax shelter reporting purposes on the
Fund&#8217;s federal income tax return. If the Internal Revenue Service (the &#8220;IRS&#8221;) were to determine that the credit
default swap is a tax shelter, the Fund could be subject to penalties under the Internal Revenue Code of 1986, as amended (the
&#8220;Code&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may in the future employ new or
additional investment strategies and hedging instruments if those strategies and instruments are consistent with the Fund&#8217;s
investment objectives and are permissible under applicable regulations governing the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Additional Regulatory Limitations
on the Use of Futures and Related Options,</I></B> <B><I>Interest Rate Floors, Caps and Collars and Interest Rate and Currency
Swap</I></B> <B><I>Contracts</I>. </B>The CFTC has adopted regulations that subject registered investment companies and/or their
investment advisors to regulation by the CFTC if the registered investment company invests more than a prescribed level of its
NAV in commodity futures, options on commodities or commodity futures, swaps, or other financial instruments regulated under the
Commodity Exchange Act (&#8220;CEA&#8221;) (&#8220;commodity interests&#8221;), or if the registered investment company markets
itself as providing investment exposure to such commodity interests. The Advisor is registered as a commodity pool operator (&#8220;CPO&#8221;)
under the CEA and is a National Futures Association member firm; however, the Advisor does not act in the capacity of a registered
CPO with respect to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Advisor is a registered CPO,
the Advisor has claimed an exclusion from CPO registration pursuant to CFTC Rule 4.5 with respect to the Fund. To remain eligible
for this exclusion, the Fund must comply with certain limitations, including limits on trading in commodity interests, and restrictions
on the manner in which the Fund markets its commodity interests trading activities. These limitations may restrict the Fund&#8217;s
ability to pursue its investment strategy,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">increase the costs of implementing its strategy, increase its expenses and/or adversely
affect its total return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Risk of Potential Government
Regulation of Derivatives.</I></B> It is possible that additional government regulation of various types of derivative instruments,
including futures, options on futures and swap agreements, may limit or prevent the Fund from using such instruments as part of
its investment strategy, which could negatively impact the Fund. While many provisions of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;), have yet to be implemented through 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. Likewise,
the SEC has proposed regulations that, if adopted, would significantly change the manner in which the Fund must segregate assets
to cover its future obligations. The proposed regulations would restrict its ability to enter into derivative transactions for
speculative or hedging purposes and would require the Fund&#8217;s Board to adopt a derivative risk management and governance
framework. These regulations could also limit the ability of the Fund to use these instruments as part of its investment management
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 also could prevent the Fund from using these instruments
or affect the pricing or other factors relating to these instruments, or may change the availability of certain investments. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Short-Term Trading and Portfolio
Turnover.</I> </B>Short-term trading means the purchase and subsequent sale of a security after it has been held for a relatively
brief period of time. The Fund may engage in short-term trading in response to stock market conditions, changes in interest rates
or other economic trends and developments, or to take advantage of yield disparities between various fixed-income securities in
order to realize capital gains or improve income. Short-term trading may have the effect of increasing portfolio turnover rate.
A high rate of portfolio turnover (100% or greater) involves correspondingly greater brokerage expenses. The portfolio turnover
rate for the Fund for the fiscal years ended October 31, 2015 and October 31, 2014 was 74% and 71%, respectively. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Real estate securities.</I> </B>Investing
in securities of companies in the real estate industry subjects the Fund to the risks associated with the direct ownership of real
estate. These risks include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Declines in the value of real estate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Risks related to general and local economic conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Possible lack of availability of mortgage funds;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Overbuilding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Extended vacancies of properties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Increased competition;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Increases in property taxes and operating expenses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Changes in zoning laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Losses due to costs resulting from the cleanup of environmental problems;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Liability to third parties for damages resulting from environmental problems;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Casualty or condemnation losses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Limitations on rents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Changes in neighborhood values and the appeal of properties to tenants; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Changes in interest rates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Therefore, to the extent that the Fund
invests a substantial amount of its assets in securities of companies in the real estate industry, the value of the Fund&#8217;s
shares may change at different rates compared to the value of shares of the Fund with investments in a mix of different industries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities of companies in the real
estate industry include equity real estate investment trusts (&#8220;REITs&#8221;) 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 from registration under the 1940 Act. The above factors may also
adversely affect a borrower&#8217;s or a lessee&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Gaming-Tribal Authority Investments.</I>
</B>The Fund may invest in securities issued by gaming companies, including gaming facilities operated by Indian (Native American)
tribal authorities. The value of the Fund&#8217;s investments in gaming companies is subject to legislative or regulatory changes,
adverse market conditions, and/or increased competition affecting the gaming sector. Securities of gaming companies may be considered
speculative, and generally exhibit greater volatility than the overall market. The market value of gaming company securities may
fluctuate widely due to unpredictable earnings, due in part to changing consumer tastes and intense competition, strong reaction
to technological developments, and the threat of increased government regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities issued by Indian tribal authorities
are subject to particular risks. Indian tribes enjoy sovereign immunity, which is the legal privilege by which the United States
federal, state, and tribal governments cannot be sued without their consent. In order to sue an Indian tribe (or an agency or instrumentality
thereof), the tribe must have effectively waived its sovereign immunity with respect to the matter in dispute. Certain Indian tribal
authorities have agreed to waive their sovereign immunity in connection with their outstanding debt obligations. Generally, waivers
of sovereign immunity have been held to be enforceable against Indian tribes. Nevertheless, if a waiver of sovereign immunity is
held to be ineffective, claimants, including investors in Indian tribal authority securities (such as the Fund), could be precluded
from judicially enforcing their rights and remedies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, in most commercial disputes with
Indian tribes, it may be difficult or impossible to obtain federal court jurisdiction. A commercial dispute may not present a federal
question, and an Indian tribe may not be considered a citizen of any state for purposes of establishing diversity jurisdiction.
The U.S. Supreme Court has held that jurisdiction in a tribal court must be exhausted before any dispute can be heard in an appropriate
federal court. In cases where the jurisdiction of the tribal forum is disputed, the tribal court first must rule as to the limits
of its own jurisdiction. Such jurisdictional issues, as well as the general view that Indian tribes are not considered to be subject
to ordinary bankruptcy proceedings, may be disadvantageous to holders of obligations issued by Indian tribal authorities, including
the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cybersecurity Risk.</I></B> Cybersecurity
breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer
data, or proprietary information, or cause the Fund or a Fund service provider to suffer data corruption or lose operational functionality.
Intentional cybersecurity incidents include: unauthorized access to systems, networks, or devices (such as through &#8220;hacking&#8221;
activity); infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise
disrupt operations, business processes, or website access or functionality. In addition, unintentional incidents can occur, such
as the inadvertent release of confidential information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A cybersecurity breach could result in
the loss or theft of customer data or funds, the inability to access electronic systems (&#8220;denial of services&#8221;), loss
or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with
system repairs, any of which could have a substantial impact on the Fund. For example, in a denial of service, Fund shareholders
could lose access to their electronic accounts indefinitely, and employees of the Advisor, a subadvisor, or the Fund&#8217;s other
service providers may not be able to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">access electronic systems to perform critical duties for the Fund, such as trading, NAV calculation,
shareholder accounting, or fulfilment of Fund share purchases and redemptions. Cybersecurity incidents could cause the Fund, the
Advisor, a subadvisor, or other service provider to incur regulatory penalties, reputational damage, compliance costs associated
with corrective measures, or financial loss. They may also result in violations of applicable privacy and other laws. In addition,
such incidents could affect issuers in which the Fund invests, thereby causing the Fund&#8217;s investments to lose value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisor, each subadvisor, and
their affiliates have established risk management systems that seek to reduce cybersecurity risks, and business continuity
plans in the event of a cybersecurity breach. However, there are inherent limitations in such plans, including that certain
risks have not been identified, and there is no guarantee that such efforts will succeed, especially since none of the
Advisor, the Subadvisors, or their affiliates controls the cybersecurity systems of the Fund&#8217;s third-party service
providers (including the Fund&#8217;s custodian), or those of the issuers of securities in which the Fund invests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Market Events.</I></B> Events in
the financial sector have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets,
both domestic and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings, and other
events related to the sub-prime mortgage crisis in 2008; financial distress in the U.S. auto industry; credit and liquidity issues
involving certain money market mutual funds; governmental efforts to limit short selling and high frequency trading; measures to
address U.S. federal and state budget deficits; social, political, and economic instability in Europe; S&amp;P&#8217;s downgrade
of U.S. long-term sovereign debt; economic stimulus by the Japanese central bank; steep declines in oil prices; dramatic changes
in currency exchange rates; and China&#8217;s economic slowdown. Global economies and financial markets are becoming increasingly
interconnected, which increases the possibility that conditions in one country or region might adversely impact issuers in a different
country or region. Both domestic and foreign equity markets have experienced increased volatility and turmoil, with issuers that
have exposure to the real estate, mortgage, and credit markets particularly affected, and it is uncertain when these conditions
will recur. Banks and financial services companies could suffer losses if interest rates were to rise or economic conditions deteriorate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to financial market volatility,
relatively high market volatility and reduced liquidity in credit and fixed-income markets may adversely affect many issuers worldwide.
Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, such as decreases
or increases in short-term interest rates, or interventions in currency markets, could cause high volatility in the equity and
fixed-income markets. This reduced liquidity may result in less money being available to purchase raw materials, goods, and services
from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in emerging-market
issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their securities prices. These events
and the possible resulting market volatility may have an adverse effect on the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Political turmoil within the United States
and abroad may also impact the Fund. Although the U.S. government has honored its credit obligations, it remains possible that
the United States could default on its obligations. While it is impossible to predict the consequences of such an unprecedented
event, it is likely that a default by the United States would be highly disruptive to the U.S. and global securities markets and
could significantly impair the value of the Fund&#8217;s investments. Similarly, political events within the United States at times
have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy,
decrease the value of many Fund investments, and increase uncertainty in or impair the operation of the U.S. or other securities
markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Uncertainties surrounding the sovereign
debt of a number of European Union (EU) countries and the viability of the EU have disrupted and may in the future disrupt markets
in the United States and around the world. If one or more countries leave the EU or the EU dissolves, the world&#8217;s securities
markets likely will be significantly disrupted. Political and military events, including the military crises in Ukraine and the
Middle East, and nationalist unrest in Europe, also may cause market disruptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, there is a risk that the prices
of goods and services in the U.S. and many foreign economies may decline over time, known as deflation. Deflation may have an adverse
effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country&#8217;s economy slips into
a deflationary pattern, it could last for a prolonged period and may be difficult to reverse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Use of Segregated and Other Special
Accounts</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Use of extensive hedging and other strategic
transactions by the Fund will require, among other things, that the Fund post collateral with counterparties or clearinghouses
and/or segregate cash or other liquid assets with its custodian,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or a designated subcustodian, to the extent that the Fund&#8217;s
obligations are not otherwise &#8220;covered&#8221; through ownership of the underlying security, financial instrument or currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, either the full amount of any
obligation by the Fund to pay or deliver securities or assets under a transaction or series of transactions must be covered at
all times by (a) holding the securities, instruments or currency required to meet the Fund&#8217;s obligations under such transactions
or series of transactions, or (b) subject to any regulatory restrictions, segregating an amount of cash or other liquid assets
at least equal to the current amount of the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The segregated assets cannot be sold or
transferred unless equivalent assets are substituted in their place or it is no longer necessary to segregate them. Some examples
of cover requirements are set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Call Options. </I>A call option on securities
written by the Fund will require the Fund to hold the securities subject to the call (or securities convertible into the needed
securities without additional consideration) or to segregate cash or other liquid assets sufficient to purchase and deliver the
securities if the call is exercised. A call option sold by the Fund on an index will require the Fund to own portfolio securities
that correlate with the index or to segregate cash or other liquid assets equal to its obligations under the option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Put Options. </B>A put option on securities
written by the Fund will require the Fund to segregate cash or other liquid assets equal to the exercise price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>OTC Options. </B>OTC options entered
into by the Fund, including those on securities, currency, financial instruments or indices, and OTC-issued and exchange-listed
index options generally will provide for cash settlement, although the Fund will not be required to do so. As a result, when the
Fund sells these instruments it will segregate an amount of cash or other liquid assets equal to its obligations under the options.
OTC-issued and exchange-listed options sold by the Fund other than those described above generally settle with physical delivery,
and the Fund will segregate an amount of cash or liquid high grade debt securities equal to the full value of the option. OTC options
settling with physical delivery or with an election of either physical delivery or cash settlement will be treated the same as
other options settling with physical delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Currency Contracts. </B>Except when
the Fund enters into a forward contract in connection with the purchase or sale of a security denominated in a foreign currency
or for other non-speculative purposes, which requires no segregation, a currency contract that obligates the Fund to buy or sell
a foreign currency generally will require the Fund to hold an amount of that currency or liquid securities denominated in that
currency equal to the Fund&#8217;s obligations or to segregate cash or other liquid assets equal to the amount of the Fund&#8217;s
obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Futures Contracts and Options on Futures
Contracts</B><I>. </I>In the case of a futures contract or an option on a futures contract, the Fund must deposit initial margin
and, in some instances, daily variation margin, in addition to segregating assets sufficient to meet its obligations under the
contract. These assets may consist of cash, cash equivalents, liquid debt, equity securities or other acceptable assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Swaps. </B>The Fund will calculate the
net amount, if any, of its obligations relating to swaps on a daily basis and will segregate an amount of cash or other liquid
assets having an aggregate value at least equal to this net amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Caps, Floors and Collars. </B>Caps,
floors and collars require segregation of assets with a value equal to the Fund&#8217;s net obligation, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hedging and other strategic transactions
may be covered by means other than those described above when consistent with applicable regulatory policies. The Fund also may
enter into offsetting transactions so that its combined position, coupled with any segregated assets, equals its net outstanding
obligation. The Fund could purchase a put option, for example, if the exercise price of that option is the same or higher than
the exercise price of a put option sold by the Fund. In addition, if it holds a futures contract or a forward contract, the Fund
could, instead of segregating assets, purchase a put option on the same futures contract or forward contract with an exercise price
as high as or higher than the price of the contract held. Other hedging and strategic transactions also may be offset in combinations.
If the offsetting transaction terminates on or after the time the primary transaction terminates, no segregation is required, but
if it terminates prior to that time, assets equal to any remaining obligation would need to be segregated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_003"></A>Investment Restrictions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment policies and strategies
of the Fund described in this SAI and the Prospectus, except for the nine investment restrictions designated as fundamental policies
under this caption, are not fundamental and may be changed by the Board without shareholder approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fundamental Investment Restrictions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As referred to above, the following nine
investment restrictions of the Fund are designated as fundamental policies and as such cannot be changed without the approval of
the holders of a majority of the Fund&#8217;s outstanding voting securities, which as used in this SAI means the lesser of (a)
67% of the shares of the Fund present or represented by proxy at a meeting if the holders of more than 50% of the outstanding shares
are present or represented at the meeting or (b) more than 50% of outstanding shares of the Fund. As a matter of fundamental policy,
the Fund may not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Issue senior securities, except as permitted by the Investment Company Act of 1940 Act, as amended
(the &#8220;1940 Act&#8221;) and the rules and interpretive positions of the Securities and Exchange Commission (the &#8220;SEC&#8221;)
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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Borrow money, except as permitted by the 1940 Act and the rules and interpretive positions of the
SEC thereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">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 &#8220;1933 Act&#8221;), in connection with the disposition of 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&#8217;s total assets would be invested in such securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">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&#8217;s investment objectives.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Make loans except through the lending of portfolio securities and the purchase of securities in
accordance with the Fund&#8217;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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: justify">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">(7)</TD><TD STYLE="text-align: justify">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">(8)</TD><TD STYLE="text-align: justify">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">(9)</TD><TD STYLE="text-align: justify">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. For purposes of construing this fundamental restriction No. 9, tax-exempt municipal securities shall not be considered to
represent industries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund does not have a fundamental policy
with respect to short sales and purchases on margin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In regard to restriction (2), the Fund
may borrow money as a temporary measure for extraordinary or emergency</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">purposes, including the payment of dividends and the settlement
of securities transactions which otherwise might require untimely dispositions of Fund securities. The 1940 Act currently requires
that the Fund have 300% asset coverage at the time of borrowing with respect to all borrowings other than temporary borrowings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of construing restriction
(9), securities of the U.S. government, its agencies, or instrumentalities are not considered to represent industries. Tax-exempt
municipal obligations backed by the credit of a governmental entity also are not considered to represent industries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whenever an investment policy or
investment restriction set forth in the Prospectus or this SAI states a maximum percentage of assets that may be invested in
any security or other asset or describes a policy regarding quality standards, such percentage limitation or standard shall
be determined immediately after and as a result of the Fund&#8217;s acquisition of such security or asset. Accordingly, any
later increase or decrease resulting from a change in values, assets or other circumstances or any subsequent rating change
made by a rating agency (or as determined by the Subadvisor if the security is not rated by a rating agency) will not compel
the Fund to dispose of such security or other asset. Notwithstanding the foregoing, the Fund must always be in compliance
with the borrowing policies set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Non-fundamental Investment Restrictions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has adopted the following non-fundamental
investment policies, which may be changed by the Board without approval of the Fund&#8217;s shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">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&#8217;s total assets would be invested in such securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">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&#8217;s assets
will not be considered a violation of the restriction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">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&#8217;s ability to achieve its investment objectives.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">The Fund will invest only in countries on the Advisor&#8217;s Approved Country Listing. The Approved
Country Listing is a list maintained by the Advisor&#8217;s investment department that outlines all countries, including the United
States that have been approved for investment by funds managed by the Advisor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">If allowed by the Fund&#8217;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) traded on a major exchange; and (c) held physically outside
of Russia.</TD></TR></TABLE>

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

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_004"></A>Portfolio Turnover</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Fund&#8217;s annual rate of portfolio
turnover may vary from year to year as well as within a year. A high rate of portfolio turnover (100% or more) generally involves
correspondingly greater brokerage commission expenses, which must be borne directly by the Fund. Portfolio turnover is calculated
by dividing the lesser of purchases or sales of Fund securities during the fiscal year by the monthly average of the value of
the Fund&#8217;s securities. (Excluded from the computation are all securities, including options, with maturities at the time
of acquisition of one year or less.) The portfolio turnover rate for the Fund for the fiscal years ended October 31, 2015 and
October 31, 2014 was 74% and 71%, respectively. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_005"></A>Those Responsible for Management&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The business of the Fund is managed by
the Board, including certain Trustees who are not &#8220;interested persons&#8221; (as defined in the 1940 Act) of the Fund (the
&#8220;Independent Trustees&#8221;). The Trustees elect officers who are responsible for the day-to-day operations of the Fund
and who execute policies formulated by the Trustees. Several of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trustees and officers of the Fund also are officers or directors
of the Advisor, or officers or directors of its affiliates. Each Trustee oversees the Fund and other funds in the John Hancock
Fund Complex (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tables below present certain information
regarding the Trustees and officers of the Fund, including their principal occupations which, unless specific dates are shown,
are of at least five years&#8217; duration. In addition, the table includes information concerning other directorships held by
each Trustee in other registered investment companies or publicly traded companies. Information is listed separately for each
Trustee who is an &#8220;interested person&#8221; (as defined in the 1940 Act) of the Fund (each an &#8220;Interested Trustee&#8221;)
and the Independent Trustees. As of January 31, 2016, the John Hancock Fund Complex consisted of 228 funds (including the Fund,
nine other closed-end funds, and separate series of series mutual funds): John Hancock Collateral Trust (&#8220;JHCT&#8221;) (one
fund); John Hancock Variable Insurance Trust (&#8220;JHVIT&#8221;) (78 funds); John Hancock Funds II (&#8220;JHF II&#8221;) (97
funds); John Hancock Funds III (&#8220;JHF III&#8221;) (10 funds); John Hancock Exchange-Traded Fund Trust (six funds); and 36
other John Hancock funds consisting of 26 series of other John Hancock trusts and 10 closed-end funds (collectively with the Fund,
the &#8220;John Hancock Fund Complex&#8221;). The address of each Trustee and officer of the Fund is 601 Congress Street, Boston,
Massachusetts 02210.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Interested Trustees</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(Birth Year)</B></P></TD>
    <TD STYLE="width: 17%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Position with</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Fund</B><SUP>(1)</SUP></P></TD>
    <TD STYLE="width: 54%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: center"><B>Principal Occupation(s) and
        Other</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: center"><B>Directorships During the Past
        5 Years</B></P></TD>
    <TD STYLE="width: 11%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Funds in John</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hancock Fund</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Complex</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overseen by</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trustee</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4.5pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">James R. Boyle<SUP>(2)</SUP> <BR>
(1959)</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(since 2015)<SUP>(3)</SUP></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">Chairman, and Chief Executive
        Officer, Zillion Group, Inc. (formerly HealthFleet, Inc.) (healthcare) (since 2014); Executive Vice President and Chief Executive
        Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014-July 2014);&nbsp;Senior Executive Vice
        President, Manulife Financial, President and Chief Executive Officer, John Hancock (1999-2012); Chairman and Director, John Hancock
        Advisers, LLC, John Hancock Funds, LLC, and John Hancock Investment Management Services, LLC (2005-2010).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">Trustee, John Hancock Collateral
        Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds<SUP>(4)</SUP> (2005&ndash;2010;
        2012-2014; and since 2015); Trustee, John Hancock Variable Insurance Trust and Trustee, John Hancock Funds II (2005-2014; since
        2015).</P></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">228</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4.5pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Craig Bromley<SUP>(2)</SUP>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1966)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(since 2012)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">President, John Hancock Financial
        Services (since 2012); Senior Executive Vice President and General Manager, U.S. Division, Manulife Financial Corporation (since
        2012); President and Chief Executive Officer, Manulife Insurance Company (Manulife (Japan)) (2005&ndash;2012, including prior positions).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">Trustee, John Hancock Collateral
        Trust and John Hancock Exchange-Traded Fund Trust (since 2015); <FONT STYLE="color: #221E1F">Trustee, </FONT>John Hancock Variable
        Insurance Trust, John Hancock Funds&nbsp;II and <FONT STYLE="color: #221E1F">John Hancock retail </FONT>funds<SUP>(4)</SUP> <FONT STYLE="color: #221E1F">(since
        2012).</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #221E1F">228</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;<B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Independent Trustees</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 18%; border-top: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(Birth Year)</B></P></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Position(s) with</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Fund</B><SUP>(1)</SUP></P></TD>
    <TD STYLE="width: 54%; border-top: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Occupation(s) and Other</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Directorships During the Past 5 Years</B></P></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Funds in John</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hancock Fund</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Complex</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overseen by</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trustee</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Warren A. Thomson<SUP>(2)</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;(1955)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(since 2012)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">Senior Executive Vice President
        and Chief Investment Officer, Manulife Financial Corporation and The Manufacturers Life Insurance Company (since 2009); Chairman,
        Manulife Asset Management (since 2001, including prior positions); Director and Chairman ), Manulife Asset Management Limited (since
        2006); Director and Chairman, Hancock Natural Resources Group, Inc. (since 2013).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">Trustee, John Hancock
Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock Variable Insurance Trust, John
Hancock Funds&nbsp;II and John Hancock retail funds<SUP>(4)</SUP> (since 2012).&nbsp;</P></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #221E1F">228</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Charles L. Bardelis&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1941)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(since 2012)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">Director, Island Commuter Corp.
        (marine transport).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">Trustee, John Hancock Collateral
        Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock Variable Insurance Trust (since 1988); Trustee,
        John Hancock Funds&nbsp;II (since 2005); <FONT STYLE="color: #221E1F">Trustee, John Hancock retail </FONT>funds<SUP>(4)</SUP> <FONT STYLE="color: #221E1F">(since
        2012);</FONT> Trustee, John Hancock Funds&nbsp;III (2005&#8211;2006 and since 2012).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #221E1F">228</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Peter S. Burgess&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1942)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(since 2012)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">Consultant (financial, accounting
        and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm)
        (prior to 1999); Director, Lincoln Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (2010-2016);
        Director, PMA Capital Corporation (2004&#8211;2010).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">Trustee, John Hancock Collateral
        Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock Variable Insurance Trust and John Hancock
        Funds&nbsp;II (since 2005); Trustee, John Hancock retail funds<SUP>(4)</SUP> (since 2012); Trustee, John Hancock Funds&nbsp;III
        (2005&#8211;2006 and since 2012).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #221E1F">228</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(Birth Year)</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 17%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Position(s) with</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Fund</B><SUP>(1)</SUP></P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 54%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Occupation(s) and Other</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Directorships During the Past 5 Years</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 11%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Funds in John</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hancock Fund</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Complex</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overseen by</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trustee</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William H. Cunningham&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1944)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(since 2005)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 0.05in; text-align: justify">Professor, University of
        Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas,
        Austin, Texas; Chairperson (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest
        Airlines (since 2000); former Director, LIN Television (since 2009).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 0.05in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 0.05in; text-align: justify">Trustee, John Hancock Variable
        Insurance Trust (since 2012); Trustee, John Hancock Funds&nbsp;II (since 2012 and 2005&#8211;2006); Trustee, John Hancock retail
        funds<SUP>(3)</SUP> (since 1986); Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 0.05in; text-align: justify"></P></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #221E1F">228</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grace K. Fey&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1946)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(since 2012)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">Chief Executive Officer,
        Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988&#8211;2007);
        Director, Fiduciary Trust (since 2009).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">Trustee, John Hancock
Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock Variable Insurance Trust and
John Hancock Funds&nbsp;II (since 2008); Trustee, John Hancock retail funds<SUP>(4)</SUP> (since 2012).&nbsp;</P></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #221E1F">228</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Theron S. Hoffman&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1947)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(since 2012)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">Chief Executive Officer, T.
        Hoffman Associates, LLC (investment management consulting firm) (since 2003); Director, The Todd Organization (consulting firm)
        (2003&#8211;2010); President, Westport Resources Management (consulting firm) (2006&#8211;2008); Senior Managing Director, Partner
        and Operating Head, Putnam Investments (2000&#8211;2003); Executive Vice President, The Thomson Corp. (financial and legal information
        publishing) (1997&#8211;2000).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">Trustee, John Hancock
Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock Variable Insurance Trust and
John Hancock Funds&nbsp;II (since 2008); Trustee, John Hancock retail funds<SUP>(4)</SUP> (since 2012).&nbsp;</P></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #221E1F">228</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deborah C. Jackson&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1952)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(since 2008)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">President, Cambridge College, Cambridge,
        Massachusetts (since 2011); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002&#8211;2011); Board of Directors
        of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors
        of American Student Assistance Corporation (1996&#8211;2009); Board of Directors of Boston Stock Exchange (2002&#8211;2008); Board
        of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007&#8211;2011).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">Trustee, John Hancock Variable
Insurance Trust and John Hancock Funds&nbsp;II (since 2012); Trustee, John Hancock retail funds<SUP>(4)</SUP> (since 2008); Trustee,
John Hancock Collateral Trust and John Hancock Exchange-Traded Fund</P></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #221E1F">228</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(Birth Year)</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 17%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Position(s) with</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Fund</B><SUP>(1)</SUP></P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 54%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Occupation(s) and Other</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Directorships During the Past 5 Years</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 11%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Funds in John</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hancock Fund</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Complex</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overseen by</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trustee</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify"> &nbsp;&nbsp;Trust (since 2015).&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hassell H. McClellan&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1945)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(since 2012)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">Trustee, Virtus Variable Insurance
        Trust (formerly, Phoenix Edge Series Funds) (since 2008); Director, The Barnes Group (since 2010); Associate Professor, The Wallace
        E. Carroll School of Management, Boston College (retired 2013).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">Trustee, John Hancock Collateral
        Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock Variable Insurance Trust and John Hancock
        Funds&nbsp;II (since 2005); Trustee, John Hancock retail funds<SUP>(4)</SUP> (since 2012); Trustee, John Hancock Funds&nbsp;III
        (2005&#8211;2006 and since 2012).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #221E1F">228</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">James M. Oates&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1946)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee and Chairperson of the Board&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(since 2012)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">Managing Director, Wydown Group
        (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (since 2000); Independent
        Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997&#8211;2011); Director,
        Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995&#8211;2007); Director, Connecticut River
        Bancorp (1998&#8211;2014); Director, Virtus Funds (formerly, Phoenix Mutual Funds) (since 1988).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">Trustee and Chairperson of the
        Board, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee (since 2004) and Chairperson
        of the Board (since 2005), John Hancock Variable Insurance Trust; Trustee and Chairperson of the Board, John Hancock Funds&nbsp;II
        (since 2005); Trustee and Chairperson of the Board, John Hancock retail funds<SUP>(4)</SUP> (since 2012); Trustee (2005&#8211;2012)
        and since 2012) and Chairperson of the Board (since 2012), John Hancock Funds&nbsp;III.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #221E1F">228</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Steven R. Pruchansky&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1944)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee (since 2005) and Vice Chairperson of the Board&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(since 2012)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">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 &amp; Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building
        Corp. (until 1991).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">Trustee and Vice Chairperson
        of the Board, John Hancock retail funds<SUP>(4)</SUP>, John Hancock Variable Insurance Trust and John Hancock Funds&nbsp;II (since
        2012); Trustee (since 1992) and Chairperson of the Board (2011&#8211;2012), John Hancock retail funds<SUP>(4); </SUP>Trustee and
        Vice Chairperson of the Board, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #221E1F">228</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(Birth Year)</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 17%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Position(s) with</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Fund</B><SUP>(1)</SUP></P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 54%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Occupation(s) and Other</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Directorships During the Past 5 Years</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 11%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Funds in John</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hancock Fund</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Complex</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overseen by</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trustee</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gregory A. Russo&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1949)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 17%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(since 2008)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 54%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 0.05in; text-align: justify; color: #221E1F">Director
        and Audit Committee Chairman (since 2012), and Member, Audit Committee and Finance Committee (since 2011), NCH Healthcare System,
        Inc. (holding company for multi-entity healthcare system); Director and Member (since 2012), and Finance Committee Chairman (since
        2014), The Moorings, Inc. (nonprofit continuing care community); Vice Chairman, Risk &amp; Regulatory Matters, KPMG LLP (KPMG)
        (2002&#8211;2006); Vice Chairman, Industrial Markets, KPMG (1998&#8211;2002); Chairman and Treasurer, Westchester County, New York,
        Chamber of Commerce (1986&#8211;1992); Director, Treasurer and Chairman of Audit and Finance Committees, Putnam Hospital Center
        (1989&#8211;1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990&#8211;1995).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 0.05in; text-align: justify; color: #221E1F">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 0.05in; text-align: justify; color: #221E1F">Trustee,
        John Hancock retail funds (since 2008); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012);
        Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 0.05in; text-align: justify; color: #221E1F">&nbsp;</P></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt; color: #221E1F">228</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee&#8217;s
death, retirement, resignation or removal. The Fund holds annual meetings of shareholders, at which Trustees are elected. Each
Trustee was most recently elected to serve on the Board at a shareholder meeting held on February 3, 2016.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(2)</TD><TD STYLE="text-align: justify">The Trustee is an Interested Trustee due to his current or former position with the Advisor and
certain of its affiliates.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(3)</TD><TD STYLE="text-align: justify">Mr. Boyle served as Trustee at various times prior to 2015.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(4)</TD><TD STYLE="text-align: justify">&#8220;John Hancock retail funds&#8221; comprises ten closed-end funds (including the Fund), as
well as the series of John Hancock Funds III and 26 series of other John Hancock trusts.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Correspondence intended for any of the
Trustees may be sent to the attention of the individual Trustee or to the Board c/o the Secretary of the Fund at 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Principal Officers who are not Trustees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents information
regarding the current principal officers of the Fund who are not Trustees, including their principal occupations which, unless
specific dates are shown, are of at least five years&#8217; duration. Each of the officers is an affiliated person of the Advisor.
All of the officers listed are officers or employees of the Advisor or its affiliates. All of the officers also are officers of
all of the other funds for which the Advisor serves as investment advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Officers who are not Trustees</B></P>



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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Officers who are not Trustees</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: left; vertical-align: top; width: 21%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name,&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(Birth Year)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 21%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Position(s) with&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>the Fund</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 9%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Officer <BR>
since</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.6pt; font-size: 10pt; text-align: left; width: 49%"><FONT STYLE="font-size: 10pt"><B>Principal Occupation(s) During Past 5 Years</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Andrew&nbsp;G. Arnott&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1971)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Vice President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">2007</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.6pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Senior Vice President, John Hancock Financial Services (since 2009); Director and Executive Vice President, John Hancock Advisers, LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Investment Management Services, LLC (since 2006, including prior positions); President, John Hancock Funds, LLC (since 2004, including prior positions); Executive Vice President, John Hancock retail funds(1) (since 2007, including prior positions); Executive Vice President, John Hancock Variable Insurance Trust and John Hancock Funds&nbsp;II (since 2007, including prior positions); President, John Hancock Collateral Trust (since 2015), and President, John Hancock Exchange-Traded Fund Trust (since 2014).</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.6pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">John J. Danello <BR>
(1955)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-left: 12.1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Senior Vice President, Secretary, and Chief Legal Officer</FONT></TD>
    <TD STYLE="padding-bottom: 0.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD STYLE="padding-left: 10.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Vice President and Chief Counsel, John Hancock Wealth Management (since 2005); Senior Vice President (since 2007) and Chief Legal Counsel (2007-2010), John Hancock Funds, LLC and The Berkeley Financial Group, LLC; Senior Vice President (since 2006, including prior positions) and Chief Legal Officer and Secretary (since 2014), John Hancock retail funds<SUP>(1)</SUP> and John Hancock Variable Insurance Trust; Senior Vice President, Chief Legal Officer and Secretary, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Vice President, John Hancock Life &amp; Health Insurance Company (since 2009); Vice President, John Hancock Life Insurance Company (USA) and John Hancock Life Insurance Company of New York (since 2010); Senior Vice President, Secretary, and Chief Legal Counsel&nbsp;&nbsp;of John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (2007-2014, including prior positions).</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.75pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 10.75pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Francis V. Knox, Jr.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1947)</P></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Chief Compliance Officer</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">2005</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 5.6pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock retail funds<SUP>(1)</SUP>, John Hancock Variable Insurance Trust, John Hancock Funds&nbsp;II, 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) LLC (2005&#8211;2008); Chief Compliance Officer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: left; vertical-align: top; width: 21%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name,&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(Birth Year)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 21%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Position(s) with&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>the Fund</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 9%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Officer <BR>
since</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.6pt; font-size: 10pt; text-align: left; width: 49%"><FONT STYLE="font-size: 10pt"><B>Principal Occupation(s) During Past 5 Years</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 21%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 21%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 9%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 5.6pt; font-size: 10pt; text-align: justify; width: 49%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Charles A. Rizzo</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1957)</P></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">2007</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 5.6pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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<SUP>(1)</SUP>, John Hancock Variable Insurance Trust and John Hancock Funds&nbsp;II (since 2007); Chief Financial Officer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 5.6pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Salvatore Schiavone</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1965)</P></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Treasurer</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">2009</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 5.6pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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<SUP>(1)</SUP> (since 2007, including prior positions); Treasurer, John Hancock Variable Insurance Trust and John Hancock Funds&nbsp;II (since 2010 and 2007&#8211;2009, including prior positions); Treasurer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">&#8220;John Hancock retail funds&#8221; is comprised of ten closed-end funds (including the Fund),
as well as the series of John Hancock Funds III and 26 series of other John Hancock Trusts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Information about the Trustees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <FONT STYLE="font-size: 10pt">In addition
to the description of each Trustee&#8217;s Principal Occupation(s) and Other Directorships set forth above, the following provides
further information about each Trustee&#8217;s specific experience, qualifications, attributes or skills</FONT> <FONT STYLE="font-size: 10pt">with
respect to the Fund. The information in this section should not be understood to mean that any of the Trustees is an &#8220;expert&#8221;
within the meaning of the U.S. federal securities laws.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no specific required qualifications
for Board membership. The Board believes that the different perspectives, viewpoints, professional experience, education, and individual
qualities of each Trustee represent a diversity of experiences and a variety of complementary skills. Each Trustee has experience
as a Trustee of the Fund, as well as experience as a Trustee of other John Hancock funds. It is the Trustees&#8217; belief that
this allows the Board, as a whole, to oversee the business of the Fund in a manner consistent with the best interests of the Fund&#8217;s
shareholders. When considering potential nominees to fill vacancies on the Board, and as part of its annual self-evaluation, the
Board reviews the mix of skills and other relevant experiences of the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Charles L. Bardelis</I> &#8212; As a
director and former chief executive of an operating company, Mr. Bardelis has experience with a variety of financial, staffing,
regulatory and operational issues. He also has experience as a director of publicly traded companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>James R. Boyle </I>&#8212; Through
his former positions as chairman and director of the Advisor, position as a senior executive of MFC, the Advisor&#8217;s parent
company, and positions with other affiliates of the Advisor, Mr. Boyle 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. He also
has experience as a senior executive of healthcare and insurance companies. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Craig Bromley</I> &#8212; Through his
positions as President and Chief Executive Officer of Manulife Life Insurance Company (Manulife Japan), positions as a senior executive
of Manulife Financial, the Advisor&#8217;s parent company, and positions with other affiliates of the Advisor, Mr. Bromley has
experience as a strategic business builder expanding product offerings and distribution, enabling him to provide valuable management
input to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Peter S. Burgess</I> &#8212; As a financial
consultant and certified public accountant and a former partner in a major international public accounting firm, Mr. Burgess has
experience in the auditing of financial services companies and mutual funds. He also has experience as a director of publicly traded
operating companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>William H. Cunningham</I> &#8212; Mr.
Cunningham has management and operational oversight experience as a former Chancellor and President of a major university. Mr.
Cunningham regularly teaches a graduate course in corporate governance at the law school and the Red McCombs School of Business
at The University of Texas at Austin. He</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">also has oversight and corporate governance experience as a current and former director
of a number of operating companies, including an insurance company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Grace K. Fey</I> &#8212; As a consultant
to nonprofit and corporate boards, and as a former director and executive of an investment management firm, Ms. Fey has experience
in the investment management industry. She also has experience as a director of an operating company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>Theron S. Hoffman</I> &#8212; As
a consultant and as a former senior executive and director of several large public and private companies, including a global reinsurance
company and a large investment management firm, Mr. Hoffman has extensive experience in corporate governance, business operations
and new product development. In addition, his prior service as chair of corporate pension trusts has given him experience in the
oversight of investment managers. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Deborah C. Jackson</I> &#8212; Ms. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>Hassell H. McClellan</I> &#8212;
As a former professor of finance and policy in the graduate management department of a major university, a current director of
a public company, and as a former director of several privately held companies, Mr. McClellan has experience in corporate and
financial matters. He also has experience as a director of other investment companies not affiliated with the Fund. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>James M. Oates</I> &#8212; As a
senior officer and director of investment management companies, Mr. Oates has experience in investment management. Mr. Oates previously
served as chief executive officer of one bank and president and chief operating officer of another bank. He also has experience
as a director of publicly traded companies and investment companies not affiliated with the Fund. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>Steven R. Pruchansky</I> &#8212;
Mr. 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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Gregory A. Russo</I> &#8212; As a certified
public accountant and former partner in a major independent registered public accounting firm, Mr. Russo has accounting and executive
experience. He also has experience as a current and former director of various operating entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Warren A. Thomson</I> &#8212; Through
his positions as Chairman of Manulife Asset Management and Chief Investment Officer of Manulife Financial, the Advisor&#8217;s
parent company, Mr. Thomson has experience in the management of investments, registered investment companies, variable annuities
and retirement products, enabling him to provide management input to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Duties of Trustees</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is organized as a Massachusetts
business trust. Under the Declaration of Trust, the Trustees are responsible for managing the affairs of the Fund, including the
appointment of advisors and subadvisors. Each Trustee has the experience, skills, attributes or qualifications described above
(see &#8220;&#8212;Principal Occupation(s) and Other Directorships&#8221; and &#8220;&#8212;Additional Information about the Trustees&#8221;
above). The Board appoints officers who assist in managing the day-to-day affairs of the Fund. The Board met six times during the
latest fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has appointed an
Independent Trustee as Chairperson. The Chairperson presides at meetings of the Trustees and may call meetings of the Board
and any Board committee whenever he deems it necessary. The Chairperson participates in the preparation of the agenda for
meetings of the Board and the identification of information to be presented to the Board with respect to matters to be acted
upon by the Board. The Chairperson also acts as a liaison with the Fund&#8217;s management, officers, attorneys, and other
Trustees generally between meetings. The Chairperson may perform such other functions as may be requested by the Board from
time to time. The Board has also designated a Vice Chairperson to serve in the absence of the Chairperson. Except for any
duties specified in this SAI or pursuant to the Fund&#8217;s Declaration of Trust or Amended and Restated By-Laws (the
&#8220;By-Laws), or as assigned by the Board, the designation of a Trustee as Chairperson or Vice Chairperson does not impose
on that Trustee any duties, obligations or liability that are greater than the duties, obligations or liability imposed on
any other Trustee, generally. The Board has designated a number of standing committees as further described below, each of
which has a Chairperson. The Board also may designate working groups or ad hoc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">committees as it deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board believes that this leadership
structure is appropriate because it allows the Board to exercise informed and independent judgment over matters under its purview,
and it allocates areas of responsibility among committees or working groups of Trustees and the full Board in a manner that enhances
effective oversight. The Board considers leadership by an Independent Trustee as Chairperson to be integral to promoting effective
independent oversight of the Fund&#8217;s operations and meaningful representation of the shareholders&#8217; interests. The Board
also believes that having a super-majority of Independent Trustees is appropriate and in the best interest of the Fund&#8217;s
shareholders. Nevertheless, the Board also believes that having interested persons serve on the Board brings corporate and financial
viewpoints that are, in the Board&#8217;s view, helpful elements in its decision-making process. In addition, the Board believes
that Messrs. Boyle, Bromley and Thomson, as current or former senior executives of Manulife Financial, the parent company of the
Advisor, and of other affiliates of the Advisor, provide the Board with the perspective of the Advisor in managing and sponsoring
the Fund. The leadership structure of the Board may be changed, at any time and in the discretion of the Board, including in response
to changes in circumstances or the characteristics of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Board Committees</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has established an Audit Committee;
Compliance Committee; Contracts, Legal &amp; Risk Committee; Nominating and Governance Committee; and Investment Committee. The
current membership of each committee is set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B>Audit Committee. </B>The Board has
a standing Audit Committee composed solely of Independent Trustees (Messrs. Bardelis, Burgess and Hoffman). Mr. Burgess serves
as Chairperson of this Committee. The Committee met six times during the Fund&#8217;s last fiscal year to review the internal
and external accounting and auditing procedures of the Fund and, among other things, to consider the selection of an independent
registered public accounting firm for the Fund, to approve all significant services proposed to be performed by its independent
registered public accounting firm and to consider the possible effect of such services on its independence. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compliance Committee. </B>The Board
also has a standing Compliance Committee (Ms. Jackson and Messrs. Cunningham and McClellan). This Committee reviews and makes recommendations
to the full Board regarding certain compliance matters relating to the Fund. Mr. McClellan serves as Chairperson of this Committee.
This Committee met four times during the last fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Contracts, Legal &amp; Risk Committee</B>.
The Board also has a standing Contracts, Legal &amp; Risk Committee (Ms. Fey and Messrs. Pruchansky and Russo). This Committee
met four times during the last fiscal year. 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. The Committee also reviews the significant legal affairs of the Fund,
as well as any significant regulatory and legislative actions or proposals affecting or relating to the Fund or its service providers.
The Committee also assists the Board in its oversight role with respect to the processes pursuant to which the Advisor and the
subadvisor identify, manage and report the various risks that affect or could affect the Fund. Mr. Russo serves as Chairperson
of this Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B>Nominating and Governance Committee.
</B>The Board also has a Nominating and Governance Committee (formerly known as the Nominating, Governance &amp; Administration
Committee) composed of all of the Independent Trustees. Mr. Oates serves as Chairperson of this Committee. This Committee met
four times during the last fiscal year. This Committee will consider nominees recommended by Fund shareholders. Nominations should
be forwarded to the attention of the Secretary of the Fund at 601 Congress Street, Boston, Massachusetts 02210. Any shareholder
nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a-8 under the Securities Exchange Act
of 1934, as amended (the &#8220;Exchange Act&#8221;), in order to be considered by this Committee. <FONT STYLE="font-family: Times New Roman, Times, Serif">All
recommendations shall include all information relating to such person as specified in the Fund&#8217;s By-Laws.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Committee</B>. The Board
also has an Investment Committee composed of all of the Trustees. The Investment Committee has five subcommittees with the Trustees
divided among the five subcommittees (each, an &#8220;Investment Sub-Committee&#8221;). Each Investment Sub-Committee reviews investment
matters relating to a particular group of funds and coordinates with the full Board regarding investment matters. Mses. Fey and
Jackson and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Messrs. Hoffman, Bardelis and Cunningham serve as Chairpersons of the Investment Sub-Committees. The Investment Committee
met five times during the last fiscal year</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Annually, the Board evaluates its performance
and that of its Committees, including the effectiveness of the Board&#8217;s Committee structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Risk Oversight</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a registered investment company, the
Fund is subject to a variety of risks, including investment risks (such as, among others, market risk, credit risk and interest
rate risk), financial risks (such as, among others, settlement risk, liquidity risk and valuation risk), compliance risks, and
operational risks. As a part of its overall activities, the Board oversees the Fund&#8217;s risk management activities that are
implemented by the Advisor, the Fund&#8217;s Chief Compliance Officer (&#8220;CCO&#8221;) and other service providers to the Fund.
The Advisor has primary responsibility for the Fund&#8217;s risk management on a day-to-day basis as a part of its overall responsibilities.
The Fund&#8217;s Subadvisor, subject to oversight of the Advisor, is primarily responsible for managing investment and financial
risks as a part of its day-to-day investment responsibilities, as well as operational and compliance risks at its firm. The Advisor
and the CCO also assist the Board in overseeing compliance with investment policies of the Fund and regulatory requirements, and
monitor the implementation of the various compliance policies and procedures approved by the Board as a part of its oversight responsibilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisor identifies to the Board the
risks that it believes may affect the Fund and develops processes and controls regarding such risks. However, risk management is
a complex and dynamic undertaking and it is not always possible to comprehensively identify and/or mitigate all such risks at all
times since risks are at times impacted by external events. In discharging its oversight responsibilities, the Board considers
risk management issues throughout the year with the assistance of its various Committees as described below. Each Committee meets
at least quarterly and presents reports to the Board, which may prompt further discussion of issues concerning the oversight of
the Fund&#8217;s risk management. The Board as a whole also reviews written reports or presentations on a variety of risk issues
as needed and may discuss particular risks that are not addressed in the Committee process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Board has established an Investment
Committee, which consists of five Investment Sub-Committees. Each Investment Sub-Committee assists the Board in overseeing the
significant investment policies of the Fund and the performance of its subadvisors. The Advisor monitors these policies and subadvisor
activities and may recommend changes in connection with the Fund to the relevant Investment Sub-Committee in response to subadvisor
requests or other circumstances. On at least a quarterly basis, the Investment Sub-Committee reviews reports from the Advisor
regarding the Fund&#8217;s investment performance, which include information about investment and financial risks and how they
are managed, and from the CCO regarding subadvisor compliance matters. In addition, the Investment Sub-Committee meets periodically
with the portfolio managers of the Fund&#8217;s subadvisor to receive reports regarding management of the Fund, including with
respect to risk management processes. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Audit Committee assists the Board
in reviewing with the independent auditors, at various times throughout the year, matters relating to the Fund&#8217;s financial
reporting. In addition, this Committee oversees the process of the Fund&#8217;s valuation of its portfolio securities, assisted
by the Fund&#8217;s Pricing Committee (composed of officers of the Fund), which calculates fair value determinations pursuant
to procedures adopted by the Board. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Compliance Committee assists the
Board in overseeing the activities of the Fund&#8217;s CCO with respect to the compliance programs of the Fund, the Advisor, the
subadvisor, and certain of the Fund&#8217;s other service providers (the distributor and transfer agent). This Committee and the
Board receive and consider periodic reports from the CCO throughout the year, including the CCO&#8217;s annual written report,
which, among other things, summarizes material compliance issues that arose during the previous year and any remedial action taken
to address these issues, as well as any material changes to the compliance programs. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Contracts, Legal &amp; Risk Committee
assists the Board in its oversight role with respect to the processes pursuant to which the Advisor and the subadvisor identify,
assess, manage and report the various risks that affect or could affect the Fund. This Committee reviews reports from the Fund&#8217;s
Advisor on a periodic basis regarding the risks facing the Fund, and makes recommendations to the Board concerning risks and risk
oversight matters as the Committee deems appropriate. This Committee also coordinates with the other Board Committees regarding
risks relevant to the other Committees, as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addressing issues regarding the Fund&#8217;s
risk management between meetings, appropriate representatives of the Advisor communicate with the Chairperson of the Board, the
relevant Committee Chair, or the Fund&#8217;s CCO, who is directly accountable to the Board. As appropriate, the Chairperson of
the Board, the Committee Chairs and the Trustees confer among themselves, with the Fund&#8217;s CCO, the Advisor, other service
providers, external fund counsel, and counsel to the Independent Trustees, to identify and review risk management issues that may
be placed on the full Board&#8217;s agenda and/or that of an appropriate Committee for review and discussion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In addition, in its annual review of
the Fund&#8217;s advisory, subadvisory and distribution agreements, the Board reviews information provided by the Advisor, the
subadvisor and the distributor relating to their operational capabilities, financial condition, risk management processes and
resources. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board may, at any time and in its discretion,
change the manner in which it conducts its risk oversight role.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisor also has its own, independent
interest in risk management. In this regard, the Advisor has appointed a Risk and Investment Operations Committee, consisting of
senior personnel from each of the Advisor&#8217;s functional departments. This Committee reports periodically to the Board and
the Contracts, Legal &amp; Risk Committee on risk management matters. The Advisor&#8217;s risk management program is part of the
overall risk management program of John Hancock, the Advisor&#8217;s parent company. John Hancock&#8217;s Chief Risk Officer supports
the Advisor&#8217;s risk management program, and at the Board&#8217;s request will report on risk management matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Trustee Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund pays fees to its Independent Trustees
and Mr. Boyle. Trustees also are reimbursed for travel and other out-of-pocket expenses. Each Independent Trustee and Mr. Boyle
receives in the aggregate from the Fund and the other closed-end funds in the John Hancock Fund Complex an annual retainer of $40,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides information
regarding the compensation paid by the Fund and the other investment companies in the John Hancock Fund Complex to the Independent
Trustees and Mr. Boyle for their services during the Fund&#8217;s fiscal year ended October&nbsp;31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Independent Trustees</U></B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>&#9;Fund&#9;</U></B></FONT></TD>
    <TD STYLE="width: 28%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>&#9;John Hancock Fund Complex</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Charles L. Bardelis</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;4,000 </FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 26.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;357,500</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Peter S. Burgess</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;4,000 </FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 26.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;377,500</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">William H. Cunningham</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;4,000 </FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 26.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;357,500</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Grace K. Fey</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;4,000 </FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 26.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;357,500</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Theron S. Hoffman</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;4,000 </FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 26.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;357,500</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Deborah C. Jackson</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;4,000 </FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 26.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;357,500</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Hassell H. McClellan</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;4,000 </FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 26.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;377,500</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">James M. Oates</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;4,000 </FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 26.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;497,500</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Steven R. Pruchansky</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;4,000 </FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 26.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;357,500</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Gregory A. Russo</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;4,000 </FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 26.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">$&nbsp;377,500</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 26.6pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><B><U>Interested Trustees</U></B></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 26.6pt; text-align: justify"><B>&nbsp;</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify">James R. Boyle</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: justify">$ 4,000</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 26.6pt; text-align: justify">$ 273,539*</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">____________*Mr. Boyle joined the Board
effective as of March 10, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund does not have a pension or retirement
plan for any of its Trustees or officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Trustee Ownership of Shares of John
Hancock Funds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below sets forth the aggregate
dollar range of equity securities beneficially owned by the Trustees in the Fund and in all John Hancock funds overseen by each
Trustee as of December 31, 2015. The information as to beneficial ownership is based on statements furnished to the Fund by the
Trustees. Each of the Trustees has all voting and investment powers with respect to the shares indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><U>Trustees</U></B></FONT></TD>
    <TD STYLE="width: 18%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline; text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt"><B><U>&#9;Fund&#9;</U></B></FONT></TD>
    <TD STYLE="width: 28%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline; text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt"><B><U>&#9;John Hancock Fund Complex&#9;</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt"><B><I>Independent Trustees</I></B></FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">Charles L. Bardelis</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">Peter S. Burgess</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;$10,001-$50,000</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">William H. Cunningham</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">Grace K. Fey</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">Theron S. Hoffman</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">Deborah C. Jackson</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">Hassell H. McClellan</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">James M. Oates</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">Steven R. Pruchansky</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">Gregory A. Russo</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Interested Trustees</I></B></P></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">James R. Boyle</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">_$0_</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">Craig Bromley</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">Warren A. Thomson</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt">Over $100,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_006"></A>Shareholders of the Fund</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of October 31, 2015, the officers and
Trustees of the Fund as a group owned beneficially less than 1% of the outstanding shares of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the best knowledge of the Fund, no investor
beneficially owned more than 5% of the Fund&#8217;s shares as of February 1, 2016. However, the Fund notes that on January 27,
2016, the Charger Corporation, First Trust Portfolios L.P. and First Trust Advisors L.P. jointly filed a Schedule 13G, which is
a filing made to indicate ownership of more than 5% of the Fund&#8217;s shares. The Charger Corporation is the general partner
of both First Trust Portfolios L.P. and First Trust Advisors L.P. First Trust Portfolios L.P. acts as sponsor of certain unit investment
trusts that hold shares of the Fund. As of February 1, 2016, no individual unit investment trust sponsored by First Trust Portfolios
L.P. held more than 3% of the Fund&#8217;s shares. First Trust Advisors L.P., an affiliate of First Trust Portfolios L.P., acts
as portfolio supervisor of the unit investment trusts sponsored by First Trust Portfolios L.P., certain of which hold shares of
the Fund. None of First Trust Portfolios L.P., First Trust Advisors L.P., or The Charger Corporation has the power to vote the
shares of the Fund held by these unit investment trusts sponsored by First Trust Portfolios L.P. These shares are voted by the
trustee of such unit investment trusts so as to insure that the shares are voted as closely as possible in the same manner and
in the same general proportion as are the shares held by owners other than such unit investment trusts. Each of First Trust Portfolios
L.P., First Trust Advisors L.P. and The Charger Corporation disclaims beneficial ownership of the shares of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 43%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 38%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name and Address of Owner</B></FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD STYLE="padding-left: 0.1in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Percentage</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: justify; text-indent: -12.25pt">First
        Trust Portfolios L.P.<SUP>(1)</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: justify; text-indent: -12.25pt">120
        East Liberty Drive, Suite 400</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: justify; text-indent: -12.25pt">Wheaton,
        Illinois 60187</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: justify; text-indent: -12.25pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 12.25pt; text-align: justify; text-indent: -12.25pt"><FONT STYLE="font-size: 10pt">&nbsp;682,102</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 12.25pt; text-align: justify; text-indent: -12.25pt"><FONT STYLE="font-size: 10pt">7.76%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.9pt 0pt 0.5in"><SUP>(1)</SUP> First Trust Portfolios L.P. acts
as sponsor of certain unit investment trusts (&#8220;UITs&#8221;) that hold shares of the Fund. Each of First Trust Portfolios
L.P., First Trust Advisors L.P. (which acts as portfolio supervisor of the UITs) and The Charger Corporation (which serves as the
General Partner) disclaims beneficial ownership of the shares of the Fund identified in the filing made on January 27, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.9pt 0pt 0.5in">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_007"></A>Investment Advisory and
Other Services&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> A discussion regarding the basis for
the Trustees&#8217; approval of the Advisory Agreement and the Subadvisory Agreements is available in the Fund&#8217;s most recent
shareholder report for the fiscal year ended October 31. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE ADVISOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisor is a Delaware limited liability
company whose principal offices are located at 601 Congress Street, Boston, Massachusetts 02210 and serves as the Fund&#8217;s
investment advisor. The Advisor is registered with the SEC as an investment advisor under the Advisers Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Founded in 1968, the Advisor is a wholly
owned subsidiary of John Hancock Life Insurance Company (U.S.A.), a subsidiary of Manulife Financial Corporation (&#8220;Manulife
Financial&#8221; or the &#8220;Company&#8221;). Manulife Financial is the holding company of The Manufacturers Life Insurance
Company (the &#8220;Life Company&#8221;) and its subsidiaries. John Hancock Life Insurance Company (U.S.A.) and its subsidiaries
(&#8220;John Hancock&#8221;) today offer a broad range of financial products and services, including whole, term, variable, and
universal life insurance, as well as college savings products, mutual funds, fixed and variable annuities, long-term care insurance
and various forms of business insurance. Additional information about John Hancock may be found on the Internet at johnhancock.com. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Advisor&#8217;s parent company
has been helping individuals and institutions work toward their financial goals since 1862. The Advisor offers investment solutions
managed by institutional money managers, taking a disciplined team approach to portfolio management and research, leveraging the
expertise of seasoned investment professionals. The Advisor has been managing closed-end funds since 1971. As of December 31,
2015, the Advisor had total assets under management of approximately $131.5 billion. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <FONT STYLE="font-size: 10pt">Manulife
Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States.
Operating as Manulife in Canada and Asia, and primarily as John Hancock in the United States, the Manulife Financial group of
companies offers clients a diverse range of financial protection products and wealth management services through its extensive
network of employees, agents and distribution partners.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><FONT STYLE="font-size: 10pt">Assets
under management and administration by Manulife Financial and its subsidiaries were C$935 billion (US$676 billion) as at December
31, 2015.</FONT> <FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisor serves as investment advisor
to the Fund and is responsible for monitoring the Subadvisor&#8217;s services to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Advisory Agreement. </I></B>The Fund
has entered into an investment management contract dated July 1, 2009 (the &#8220;Advisory Agreement&#8221;) with the Advisor.
As compensation for its advisory services under the Advisory Agreement, the Advisor receives a fee from the Fund, calculated and
paid daily, at an annual rate of the Fund&#8217;s average daily managed assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the advisory
fee that the Fund incurred and paid to the Advisor for the last three fiscal years ended October 31, 2015, October 31, 2014, and
October 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline; text-align: center"> <FONT STYLE="font-size: 10pt"><B><U>October
    31, 2015</U></B></FONT> </TD>
    <TD STYLE="width: 33%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline; text-align: center"> <FONT STYLE="font-size: 10pt"><B><U>October
    31, 2014</U></B></FONT> </TD>
    <TD STYLE="width: 33%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline; text-align: center"> <FONT STYLE="font-size: 10pt"><B><U>October
    31, 2013</U></B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"> <FONT STYLE="font-size: 10pt">$1,330,223</FONT> </TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"> <FONT STYLE="font-size: 10pt">$1,375,986</FONT> </TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"> <FONT STYLE="font-size: 10pt">$1,375,843</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Advisory Agreement and
subject to the general supervision of the Trustees, the Advisor selects, contracts with, and compensates the Subadvisor to manage
the investments and determine the composition of the assets of the Fund; provided, that any contract with a Subadvisor (a &#8220;Subadvisory
Agreement&#8221;) shall be in compliance with and approved as required by the 1940 Act, except for such exemptions therefrom as
may be granted to the Fund or the Advisor. The Advisor monitors the Subadvisor&#8217;s management of the Fund&#8217;s investment
operations in accordance with the investment objectives and related investment policies of the Fund, reviews the performance of
the Subadvisor and reports periodically on such performance to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Advisory Agreement, the
Advisor has entered into a Subadvisory Agreement with the Subadvisor to provide day-to-day portfolio management of the Fund and
to implement the Fund&#8217;s portfolio management strategies and investment objective. The Advisory Agreement provides that the
Advisor may terminate the Subadvisory Agreement entered into and directly assume any functions performed by the Subadvisor, upon
approval of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund pays all expenses of its organization,
operations and business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisory Agreement had an initial period
of two years and continues from year to year so long as such </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">continuance is approved at least annually: (i) by the vote of a majority
of the Independent Trustees; and (ii) either by the Board or by the vote of a majority of the outstanding shares of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisory Agreement may be terminated
at any time without penalty upon sixty (60) days&#8217; written notice by the Board or the Advisor, as applicable, or by the vote
of the majority of the outstanding shares of the Fund. The Advisory Agreement will terminate automatically in the event of its
assignment. The Subadvisory Agreement terminates automatically upon the termination of the Advisory Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisory Agreement provides that, in
the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations or duties to the Fund
under such agreements on the part of the Advisor, the Advisor shall not be liable to the Fund or to any shareholder for any loss
sustained in connection with the purchase, holding, redemption or sale of any security on behalf of the Fund.<B><I> </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Service Agreement. </I></B>The Fund
has entered into a management-related service contract dated July 1, 2009 and re-executed on January 1, 2014 (the &#8220;Service
Agreement&#8221;) with JHA, under which the Fund receives Non-Advisory Services. These &#8220;Non-Advisory Services&#8221; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 31, 2015, October 31, 2014,
and October 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>October 31, 2015</U></B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>October 31, 2014</U></B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>October 31, 2013</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">$46,494</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">$43,925&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">$61,913</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 days&#8217; written notice to the other party. The Service Agreement may be amended by mutual written agreement
of the parties, without obtaining shareholder approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE SUBADVISOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>Subadvisory Agreement. </I></B>The
Advisor entered into a Subadvisory Agreement dated December 31, 2005 with the Subadvisor (the &#8220;Subadvisory Agreement&#8221;).
The Subadvisor is responsible for the day-to-day management of the Fund&#8217;s portfolio investments. The Subadvisor, organized
in 1968, is a wholly owned subsidiary of John Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife Financial, a publicly
held, Canadian-based company). As of December 31, 2015, the Subadvisor had total assets under management of approximately $167.2
billion. The Subadvisor is located at 197 Clarendon Street, Boston, Massachusetts 02116. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the Subadvisory Agreement,
the Subadvisor is responsible for managing the investment and reinvestment of the assets of the Fund, subject to the supervision
and control of the Board and the Advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subadvisory Agreement had an initial
period of two years and continues from year to year so long as such continuance is approved at least annually: (i) by the Board
or by the holders of a majority of its outstanding voting securities and (ii) by a majority of the Trustees who are not &#8220;interested
persons&#8221; (as defined in the 1940 Act) of any party to the Subadvisory Agreement. The Subadvisory Agreement terminates automatically
in the event of its assignment or upon termination of the Advisory Agreement and may be terminated without penalty upon 60 days&#8217;
written notice at the option of the Advisor, the Subadvisor, by the Board or by a vote of a majority of the Fund&#8217;s outstanding
shares. As discussed above, the Advisor may terminate the Subadvisory Agreement and directly assume responsibility for the services
provided by the Subadvisor upon approval by the Board without the need for approval of the shareholders of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subadvisory Agreement provides that
in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard for its obligations and duties thereunder,
the Subadvisor is not liable for any error or judgment or mistake of law or for any loss suffered by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Both the Advisor and the Subadvisor are
controlled by Manulife Financial. Advisory arrangements involving an affiliated subadvisor may present certain potential conflicts
of interest. Manulife Financial benefits not only from the net advisory fee retained by the Advisor, but also from the subadvisory
fee paid by the Advisor to the Subadvisor. Consequently, Manulife may be viewed as benefiting financially from the appointment
of or continued service of the Subadvisor to manage the Fund. However, both the Advisor, in recommending to the Board the appointment
or continued service of an affiliated subadvisor, and the Subadvisor have a fiduciary duty to act in the best interests of the
Fund and its shareholders. The Independent Trustees are aware of and monitor these potential conflicts of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PORTFOLIO MANAGERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Day-to-day management of the Fund is the
responsibility of the investment professionals associated with the Subadvisor. The individuals responsible for managing the implementation
and monitoring the overall portfolio management of the Fund are listed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables present information
regarding accounts other than the Fund for which each portfolio manager has day-to-day management responsibilities. Accounts are
grouped into three categories: (i) other investment companies, (ii) other pooled investment vehicles, and (iii) other accounts.
To the extent that any of these accounts pay advisory fees based on account performance, information on those accounts is specifically
broken out. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange
rates as of the applicable date. Also shown below the chart is each portfolio manager&#8217;s investment in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table reflects approximate
information as of October 31, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Registered Investment Companies</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other Accounts</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 28%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Accounts</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Assets $Million</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Accounts</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Assets $Million</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Accounts</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Assets $Million</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>John F. Addeo, CFA</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,037</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,163</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Jeffrey N. Given, CFA</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">18</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">$43,510</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">$313</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">$5,468</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Dennis F. McCafferty, CFA</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,037</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">15</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">$3,266</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Performance-Based Fees for Other Accounts Managed</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <I>Number and value of accounts within the total accounts
that are subject to a performance-based advisory fee: None.</I> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Portfolio Manager Ownership of Shares of the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below sets forth the aggregate
dollar range of equity securities beneficially owned by each portfolio manager in the Fund as of October 31, 2015. The information
as to beneficial ownership is based on statements furnished to the Fund by the portfolio managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><U>Portfolio Manager</U></B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><U>&#9;Fund&#9;</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">John F. Addeo</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">$50,001-$100,000 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">Jeffrey N. Given</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">$1-$10,000 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">Dennis F. McCafferty</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">$50,001-$100,000 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When a portfolio manager is responsible for the
management of more than one account, the potential arises for the portfolio manager to favor one account over another. The
principal types of potential conflicts of interest that may arise are discussed below. For the reasons outlined below, the
Fund does not believe that any material conflicts are likely to arise out of a portfolio manager&#8217;s responsibility for
the management of the Fund as well as one or more other accounts. The Subadvisor 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 Subadvisor has structured its compensation arrangements in a manner that is intended to limit such potential for
conflicts of interests. See &#8220;Compensation of Portfolio Managers&#8221; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A portfolio manager could favor one account
over another in allocating new investment opportunities that have limited supply, such as initial public offerings (&#8220;IPOs&#8221;)
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 Subadvisor has policies that require a portfolio manager to allocate such investment
opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar
investment objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A portfolio manager could favor one account over another in the order in which trades for the accounts
are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may
influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price
than accounts that made subsequent transactions. The less liquid the market for the security or the greater the percentage that
the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that
make subsequent purchases or sales to receive a less favorable price. When a portfolio manager intends to trade the same security
for more than one account, the policies of the Subadvisor generally require that such trades be &#8220;bunched,&#8221; which means
that the trades for the individual accounts are aggregated and each account receives the same price. There are some types of accounts
as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances 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 Subadvisor will place the order in a manner intended to result in as favorable a price as possible
for such client.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A portfolio manager could favor an account if the portfolio manager&#8217;s compensation is tied
to the performance of that account rather than all accounts managed by the portfolio manager. If, for example, the portfolio manager
receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for
this purpose, the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager&#8217;s
bonus achieve the best possible performance to the possible detriment of other accounts. Similarly, if the Subadvisor receives
a performance-based advisory fee, the portfolio manager may favor that account, whether or not the performance of that account
directly determines the portfolio manager&#8217;s compensation. The investment performance on specific accounts is not a factor
in determining the portfolio manager&#8217;s compensation. See &#8220;Compensation of Portfolio Managers&#8221; below. The Subadvisor
receives a performance-based fee with respect to certain of the other accounts managed by the portfolio managers of the Fund described
above.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A portfolio manager could favor an account if the portfolio manager has a beneficial interest in
the account, in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio
manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio
manager would have an economic incentive to favor the account in which the portfolio manager held an interest. The Subadvisor imposes
certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have
a personal interest in order to confirm that such accounts are not favored over other accounts.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If the different accounts have materially and potentially conflicting investment objectives or
strategies, a conflict of interest may arise. For example, if a portfolio manager purchases a security for one account and sells
the same security short for another account, such trading pattern could disadvantage either the account that is long or short.
In making portfolio manager assignments, the Subadvisor seeks to avoid such potentially conflicting situations. However, where
a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio
manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues
to hold or </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: justify">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.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation of Portfolio Managers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Subadvisor has adopted a system
of compensation for portfolio managers and others involved in the investment process that is applied systematically among investment
professionals. At the Subadvisor, the structure of compensation of investment professionals is currently composed of the following
basic components: base salary and an annual investment bonus plan as well as customary benefits that are offered generally to
all full-time employees of the Subadvisor. A limited number of senior investment professionals, who serve as officers of both
the Subadvisor and its parent company, may also receive options or restricted stock grants of common shares of Manulife Financial.
The following describes each component of the compensation package for the individuals identified as a portfolio manager for the
Fund. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Base salary. Base compensation is fixed and normally reevaluated on an annual basis. The Subadvisor
seeks to set compensation at market rates, taking into account the experience and responsibilities of the investment professional.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Investment Bonus Plan. Only investment professionals are eligible to participate in the Investment
Bonus Plan. Under the plan, investment professionals are eligible for an annual bonus. The plan is intended to provide a competitive
level of annual bonus compensation that is tied to the investment professional achieving superior investment performance and aligns
the financial incentives of the Subadvisor and the investment professional. Any bonus under the plan is completely discretionary,
with a maximum annual bonus that may be well in excess of base salary. Payout of a portion of this bonus may be deferred for up
to five years. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses
under the plan:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#8210;</TD><TD STYLE="text-align: justify">Investment Performance: The investment performance of all accounts managed by the investment professional
over one- and three-year periods are considered. With respect to fixed income accounts, relative yields are also used to measure
performance. The pre-tax performance of each account is measured relative to an appropriate benchmark and universe as identified
in the table below.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#8210;</TD><TD STYLE="text-align: justify">The Profitability of the Subadvisor: The profitability of the Subadvisor and its parent company
are also considered in determining bonus awards.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#8210;</TD><TD STYLE="text-align: justify">Non-Investment Performance: To a lesser extent, intangible contributions, including the investment
professional&#8217;s support of client service and sales activities, new fund/strategy idea generation, professional growth and
development, and management, where applicable, are also evaluated when determining bonus awards.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Options and Stock Grants. A limited number of senior investment professionals may receive options
to purchase shares of Manulife Financial stock. Generally, such option would permit the investment professional to purchase a set
amount of stock at the market price on the date of grant. The option can be exercised for a set period (normally a number of years
or until termination of employment) and the investment professional would exercise the option if the market value of Manulife Financial
stock increases. Some investment professionals may receive restricted stock grants, where the investment professional is entitled
to receive the stock at no or nominal cost, provided that the stock is forgone if the investment professional&#8217;s employment
is terminated prior to a vesting date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subadvisor also permits investment
professionals to participate on a voluntary basis in a deferred compensation plan, under which the investment professional may
elect on an annual basis to defer receipt of a portion of their compensation until retirement. Participation in the plan is voluntary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; border: silver 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Fund</B></FONT></TD>
    <TD STYLE="width: 69%; border-top: silver 1pt solid; border-right: silver 1pt solid; border-bottom: silver 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Benchmark</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: silver 1pt solid; border-bottom: silver 1pt solid; border-left: silver 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Investors Trust</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; border-right: silver 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Barclays Capital U.S. Aggregate Bond Index</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Proxy voting</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;s proxy voting policies
and procedures (the &#8220;Fund&#8217;s Procedures&#8221;) delegate to the Subadvisor the responsibility to vote all proxies relating
to securities held by the Fund in accordance with the Subadvisor&#8217;s proxy voting policies and procedures. The Subadvisor
has a duty to vote such proxies in the best interests of the Fund and its shareholders. Complete descriptions of the Fund&#8217;s
Procedures and the proxy voting procedures of the Subadvisor are set forth in Appendix B to this SAI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is possible that conflicts of interest
could arise for the Subadvisor when voting proxies. Such conflicts could arise, for example, when the Subadvisor or its affiliate
has a client or other business relationship with the issuer of the security being voted or with a third party that has an interest
in the vote. A conflict of interest also could arise when the Fund, its investment advisor or principal underwriter or any of their
affiliates has an interest in the vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that the Subadvisor becomes
aware of a material conflict of interest, the Fund&#8217;s Procedures generally require the Subadvisor to follow any conflicts
procedures that may be included in the Subadvisor&#8217;s proxy voting procedures. The conflict procedures generally will include
one or more of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in">(a)</TD><TD STYLE="text-align: justify">voting pursuant to the recommendation of a third party voting service;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in">(b)</TD><TD STYLE="text-align: justify">voting pursuant to pre-determined voting guidelines; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in">(c)</TD><TD STYLE="text-align: justify">referring voting to a special compliance or oversight committee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The specific conflicts procedures of the
Subadvisor are set forth in the Subadvisor&#8217;s proxy voting procedures included in Appendix B. While these conflicts procedures
may reduce, they will not necessarily eliminate, any influence on proxy voting of conflicts of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Subadvisor has a duty to vote
all proxies on behalf of the Fund, it is possible that the Subadvisor may not be able to vote proxies under certain circumstances.
For example, it may be impracticable to translate in a timely manner voting materials that are written in a foreign language or
to travel to a foreign country when voting in person rather than by proxy is required. In addition, if the voting of proxies for
shares of a security prohibits the Subadvisor from trading the shares in the marketplace for a period of time, the Subadvisor may
determine that it is not in the best interests of the Fund to vote the proxies. The Subadvisor also may choose not to recall securities
that have been lent in order to vote proxies for shares of the security since the Fund would lose security lending income if the
securities were recalled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information regarding how the Fund voted
proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge,
upon request, by calling 1-800-225-6020 and (ii) on the SEC&#8217;s website at http://www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_008"></A>Determination of Net Asset
Value</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;s net asset value per Common
Share (&#8220;NAV&#8221;) 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&#8217;s net assets by the number of Common Shares outstanding. On any day the NYSE is closed, the NAV
is not calculated. Equity securities traded principally in foreign markets are valued using the last sale price or official closing
price in the relevant exchange or market, as adjusted by an independent pricing vendor to reflect fair value. On any day a foreign
market is closed and the NYSE is open, any foreign securities will be valued using the last price or official closing price obtained
from the relevant exchange on the prior business day adjusted based on information provided by an independent pricing vendor to
reflect fair value. Trading of foreign securities may take place on Saturdays and U.S. business holidays on which the Fund&#8217;s
NAV is not calculated. Consequently, the Fund&#8217;s portfolio securities may trade and the NAV of the Fund&#8217;s Common Shares
may be significantly affected on days when a shareholder will not be able to purchase or sell the Fund&#8217;s Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Portfolio securities are valued by
various methods that are generally described below. Most equity securities that are traded on a stock exchange are valued at the
last sale price as of the close of the relevant exchange or, lacking any sales that day, at the last available bid prices. Certain
exceptions exist; for example, securities traded on the </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> London Stock Exchange and NASDAQ are
valued at the official closing price. Debt obligations are valued based on evaluated prices provided by an independent pricing
vendor or from broker-dealers. The value of securities denominated in foreign currencies is converted into U.S. dollars at the
exchange rate provided by an independent pricing vendor. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exchange-traded options are valued at the
mean of the most recent bid and ask prices. Futures contracts are generally valued at the settlement price. Certain futures contracts
may be valued using last traded prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shares of other open-end investment companies
that are not Exchange-Traded Funds held by the Fund are valued based on the NAVs of such other investment companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In certain instances, the Fund&#8217;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 asset in accordance with the procedures adopted
by the Board. Any such fair value may differ from the reported valuation. </P>

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

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_009"></A>Brokerage Allocation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Subadvisory Agreement,
the Subadvisor is responsible for placing all orders for the purchase and sale of portfolio securities of the Fund. The Subadvisor
has no formula for the distribution of the Fund&#8217;s brokerage business; rather it places orders for the purchase and sale of
securities with the primary objective of obtaining the most favorable overall results for the Fund and the Subadvisor&#8217;s other
clients. The cost of securities transactions for the Fund primarily consists of brokerage commissions or dealer or underwriter
spreads. Fixed-income securities and money market instruments generally are traded on a net basis and normally do not involve either
brokerage commissions or transfer taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Occasionally, securities may be purchased
directly from the issuer. For securities traded primarily in the OTC market, the Subadvisor will, where possible, deal directly
with dealers who make a market in the securities unless better prices and execution are available elsewhere. Such dealers usually
act as principals for their own account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Brokerage Commissions Paid</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the aggregate
amount of brokerage commissions paid by the Fund for the last three fiscal years ended October 31, 2015, October 31, 2014, and
October 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>October 31, 2015</U></B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>October 31, 2014</U></B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 2.35pt; padding-left: 2.35pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>October 31, 2013</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,943</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">$0</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,872</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No brokerage commissions paid by the Fund
during the last three fiscal years were to any broker that: (i) is an affiliated person of the Fund; (ii) is an affiliated person
of an affiliated person of the Fund; or (iii) has an affiliated person that is an affiliated person of the Fund, Advisor, Subadvisor,
or principal underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Approved Trading Counterparties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subadvisor maintains and periodically
updates a list of approved trading counterparties. Portfolio managers may execute trades only with pre-approved broker-dealer/counterparties.
A sub-group of the Subadvisor&#8217;s Brokerage Practices Committee, through a delegation from the Subadvisor&#8217;s Senior Investment
Policy Committee, reviews and approves all broker-dealers/counterparties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Selection of Brokers, Dealers, and Counterparties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In placing orders for purchase and sale
of securities and selecting trading counterparties (including banks or broker-dealers) to effect these transactions, the Subadvisor
seeks prompt execution of orders at the most favorable prices reasonably obtainable. The Subadvisor will consider a number of factors
when selecting trading counterparties, including the overall direct net economic result to the Fund (including commissions, which
may not be the lowest available, but which ordinarily will not be higher than the generally prevailing competitive range), the
financial strength, reputation and stability of the counterparty, the efficiency with which the transaction is effected, the ability
to effect the transaction when a large block trade is involved, the availability of the counterparty to stand ready to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">execute
possibly difficult transactions in the future, and other matters involved in the receipt of brokerage and research services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subadvisor periodically prepares
and maintains a list of broker-dealer firms that have been deemed to provide valuable research as determined periodically by
the investment staff, together with a suggested non-binding amount of brokerage commissions (&#8220;non-binding
target&#8221;) to be allocated to each of these research firms, subject to certain requirements. Neither the Subadvisor nor
any client has an obligation to any research firm if the amount of brokerage commissions paid to the research firms is less
than the applicable non-binding target.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In seeking best execution, traders have
a variety of venues available for execution. Traders may, in their discretion, use algorithmic strategies through direct market
access (&#8220;DMA&#8221;) tools and electronic crossing networks (&#8220;ECNs&#8221;). DMA allows the trader to act in the market
without a full service or other broker. ECNs give the trader additional options when searching for liquidity and the ability to
trade block positions in a more efficient manner. In selecting a broker, dealer or trading venue, traders consider the full range
of available trading platforms in seeking best execution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Best Execution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subadvisor owes a duty to its clients
to seek best execution when executing trades on behalf of clients. &#8220;Best execution&#8221; generally is understood to mean
the most favorable cost or net proceeds reasonably obtainable under the circumstances. The Subadvisor is not obligated to choose
the broker-dealer offering the lowest available commission rate if, in the Subadvisor&#8217;s reasonable judgment, there is a material
risk that the total cost or proceeds from the transaction might be less favorable than may be obtained elsewhere, or, if a higher
commission is justified by the trading provided by the broker-dealer, or if other considerations dictate using a different broker-dealer.
Negotiated commission rates generally will reflect overall execution requirements of the transaction without regard to whether
the broker may provide other services in addition to execution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subadvisor may pay higher or lower
commissions to different brokers that provide different categories of services. Under this approach, the Subadvisor periodically
may classify different brokers in different categories based on execution abilities, the quality of research, brokerage services,
block trading capability, speed and responsiveness, or other services provided by the brokers. Some examples of these categories
may include, without limitation, full service brokers, alternative trading systems, client commission and execution-only brokers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The reasonableness of brokerage commission
is evaluated on an ongoing basis and at least annually on a formal basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When more than one broker-dealer is believed
to be capable of providing the best combination of price and execution with respect to a particular portfolio transaction, the
Subadvisor often selects a broker-dealer that furnishes research and other related services or products. The amount of brokerage
allotted to a particular broker-dealer is not made pursuant to any binding agreement or commitment with any selected broker-dealer.
However, the Subadvisor maintains an internal allocation procedure to identify those broker-dealers who have provided us with effective
research and the amount of research provided, and the Subadvisor endeavors to direct sufficient commissions to it to ensure the
continued receipt of research that the Subadvisor believes is useful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Soft Dollar Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subadvisor may pay for research and
brokerage services with the commission dollars generated by Fund account transactions (known as &#8220;soft dollar benefits&#8221;),
subject to certain conditions. Further, the Subadvisor may cause the Fund to pay up in return for soft dollar benefits (pay commissions,
markups or markdowns higher than those charged by other broker-dealers).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The research provided may be either proprietary
(created and provided by the broker-dealer, including tangible research products as well as access to analysts, traders and issuers)
or third-party (created by a third party, but provided by broker-dealer). Proprietary research is generally part of a &#8220;bundle&#8221;
of brokerage and research and the research is not separately priced. In the case of third party research, the cost of products
and services is generally more transparent, and payment is made by the broker to the preparer in &#8220;hard dollars.&#8221; The
Subadvisor may receive both proprietary and third party research and execution services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subadvisor considers three factors
with respect to all third-party research and execution services received through soft dollars:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Whether the product or service is eligible research or brokerage under SEC rules and regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Whether an eligible product or service actually provides &#8220;lawful and appropriate assistance&#8221;
in the performance of the Subadvisor&#8217;s investment decision-making responsibilities; and</TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">Whether the amount of the commission paid is reasonable in light of the value of the product or
service provided by the broker-dealer (viewed in terms of the particular transaction or the Subadvisor&#8217;s overall responsibilities
with respect to the Subadvisor&#8217;s client accounts).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research services currently purchased with
soft dollars include: reports on the economy, industries, sectors and individual companies or issuers; introduction to issuers,
invitations to trade conferences, statistical information; statistical models; political and country analyses; reports on legal
developments affecting portfolio securities; information on technical market actions; and credit analyses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The overriding consideration in selecting
brokers to execute trade orders is the maximization of client profits through a combination of controlling transaction and securities
costs and seeking the most effective use of brokers&#8217; proprietary research and execution capabilities, while maintaining relationships
with those broker-dealers who consistently provide superior service. When the Subadvisor uses client brokerage commissions (or
markups or markdowns) to obtain research or other products or services, the Subadvisor receives a soft dollar benefit because the
Subadvisor does not have to produce or pay for the research, products or services. The Subadvisor may have an incentive to select
a broker-dealer based on the Subadvisor&#8217;s interest in receiving research or other products or services, rather than on the
Subadvisor&#8217;s clients&#8217; interest in receiving most favorable execution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any research received is used to service
all clients to which it is applicable, whether or not the client&#8217;s commissions were used to obtain the research. For example,
commissions of equity clients may be used to obtain research that is used with respect to fixed-income clients. The Subadvisor
does not attempt to allocate the relative costs or benefits of research among client accounts because the Subadvisor believe that,
in the aggregate, the research the Subadvisor receives benefits clients and assists the Subadvisor in fulfilling its overall duty
to its clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subadvisor does not enter into any
agreement or understanding with any broker-dealer which would obligate it to direct a specific amount of brokerage transactions
or commissions in return for such services. However, certain broker-dealers may state in advance the amount of brokerage commissions
they expect for certain services and the applicable cash equivalent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subadvisor may seek to obtain client
commission benefits through client commission arrangements in compliance with applicable laws and regulations. Under these types
of arrangements, the Subadvisor can request that executing brokers allocate a portion of total commissions paid to a pool of &#8220;credits&#8221;
maintained by the broker that can be used to obtain client commission benefits. After accumulating a number of credits within the
pool, the Subadvisor may subsequently direct that those credits be used to pay appropriate parties in return for eligible client
commission benefits provided by the broker to the Subadvisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In summary, as noted above, the Subadvisor
has three types of soft dollar arrangements through which the Subadvisor received soft dollar benefits in 2014:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in">(1)</TD><TD><I>Full service brokers </I>- In addition to receiving execution services, the Subadvisor 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&#8217;s analysts and market
experts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in">(2)</TD><TD><I>Client commission arrangements </I>(&#8220;CCA&#8221;) - Through CCA arrangements with four brokers with whom the Subadvisor
placed equity trades for execution, the Subadvisor generated commission credits with these CCA brokers that the Subadvisor can
direct and use to compensate third party research providers, including other brokers, for research received. The level of compensation
to such research providers is determined by the equity portfolio management teams using a quarterly voting process. The number
of votes determined the relative level of compensation paid to a research provider.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in">(3)</TD><TD STYLE="text-align: justify"><I>Third party research vendor </I>- The Subadvisor had one soft dollar arrangement in 2014. Under
the arrangement, the Subadvisor 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 Subadvisor. When the
Subadvisor executes equity trades with the soft dollar broker, the soft dollar broker allocates and pays a portion of the commission
to the research providers.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Trade Aggregation by the Subadvisor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because investment decisions often affect
more than one client, the Subadvisor frequently will attempt to acquire or dispose of the same security for more than one client
at the same time. The Subadvisor, to the extent permitted by applicable law, regulations and advisory contracts, may aggregate
purchases and sales of securities on behalf of its various clients for which it has discretion, provided that in the Subadvisor&#8217;s
opinion, all client accounts are treated equitably and fairly and that block trading will result in a more favorable overall execution.
Trades will not be combined when a client has directed transactions to a particular broker-dealer or when the Subadvisor determines
that combined orders would not be efficient or practical.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When appropriate, the Subadvisor will allocate
such block orders at the average price obtained or according to a system that the Subadvisor considers to be fair to all clients
over time. Generally speaking, such allocations are made on the basis of proportional capital under management in the respective
client accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Affiliated Underwriting Transactions by the Subadvisor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has approved procedures in conformity
with Rule 10f-3 under the 1940 Act whereby the Fund may purchase securities that are offered in underwritings in which an affiliate
of the Advisor or a Subadvisor participates. These procedures prohibit the Fund from directly or indirectly benefiting an Advisor
or Subadvisor affiliate in connection with such underwritings. In addition, for underwritings where an Advisor or Subadvisor affiliate
participates as a principal underwriter, certain restrictions may apply that could, among other things, limit the amount of securities
that the Fund could purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Commission Recapture Program</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has approved the Fund&#8217;s
participation in a commission recapture program. Commission recapture is a form of institutional discount brokerage that returns
commission dollars directly to the Fund. It provides a way to gain control over the commission expenses incurred by the Subadvisor,
which can be significant over time and thereby reduces expenses, improves cash flow and conserves assets. The Fund can derive commission
recapture dollars from both equity trading commissions and fixed-income (commission equivalent) spreads. From time to time, the
Board reviews whether participation in the recapture program is in the best interests of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_010"></A>Additional Information
Concerning Taxes&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The following discussion of U.S. federal
income tax matters is based on the advice of K&amp;L Gates LLP, counsel to the Fund. The Fund intends to elect to be treated and
to qualify each year as a regulated investment company (&#8220;RIC&#8221;) under the Code. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> To qualify as a RIC for income tax
purposes, the Fund must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities
loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not
limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in stock, securities
and currencies, and net income derived from an interest in a qualified publicly traded partnership. A &#8220;qualified publicly
traded partnership&#8221; is a publicly traded partnership that meets certain requirements with respect to the nature of its income.
To qualify as a RIC, the Fund must also satisfy certain requirements with respect to the diversification of its assets. The Fund
must have, at the close of each quarter of the taxable year, at least 50% of the value of its total assets represented by cash,
cash items, U.S. government securities, securities of other regulated investment companies, and other securities that, in respect
of any one issuer, do not represent more than 5% of the value of the assets of the Fund nor more than 10% of the voting securities
of that issuer. In addition, at those times not more than 25% of the value of the Fund&#8217;s assets can be invested in securities
(other than United States government securities or the securities of other regulated </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> investment companies) of any one issuer,
or of two or more issuers, which the Fund controls and which are engaged in the same or similar trades or businesses or related
trades or businesses, or of one or more qualified publicly traded partnerships. If the Fund fails to meet the annual gross income
test described above, the Fund will nevertheless be considered to have satisfied the test if (i) (a) such failure is due to reasonable
cause and not due to willful neglect and (b) the Fund reports the failure, and (ii) the Fund pays an excise tax equal to the excess
non-qualifying income. If the Fund fails to meet the asset diversification test described above with respect to any quarter, the
Fund will nevertheless be considered to have satisfied the requirements for such quarter if the Fund cures such failure within
6 months and either (i) such failure is <I>de minimis </I>or (ii) (a) such failure is due to reasonable cause and not due to willful
neglect and (b) the Fund reports the failure and pays an excise tax. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a RIC, the Fund generally will not
be subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, but
without regard to the deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net
short-term capital loss), if any, that it distributes in each taxable year to its shareholders; provided that it distributes
at least the sum of 90% of its investment company taxable income and 90% of its net tax-exempt interest income for such
taxable year. The Fund intends to distribute to its shareholders, at least annually, substantially all of its investment
company taxable income, net tax-exempt interest income and net capital gain. In order to avoid incurring a nondeductible 4%
U.S. federal excise tax obligation, the Code requires that the Fund distribute (or be deemed to have distributed) by December
31 of each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for such year, (ii) 98.2% of
its capital gain net income (which is the excess of its realized net long-term capital gain over its realized net short-term
capital loss), generally computed on the basis of the one-year period ending on October 31 of such year, after reduction by
any available capital loss carryforwards and (iii) 100% of any ordinary income and capital gain net income from the prior
year (as previously computed) that were not paid out during such year and on which the Fund paid no U.S. federal income tax.
Under current law, provided that the Fund qualifies as a RIC for U.S. federal income tax purposes, the Fund should not be
liable for any income, corporate excise or franchise tax in the Commonwealth of Massachusetts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund does not qualify as a RIC or
fails to satisfy the 90% distribution requirement for any taxable year, subject to the opportunity to cure such failures under
applicable provisions of the Code as described above, the Fund&#8217;s taxable income will be subject to corporate income taxes,
and all distributions from earnings and profits, including distributions of net capital gain (if any), will be taxable to the shareholder
as ordinary income. Such distributions generally would be eligible (i) to be treated as qualified dividend income in the case of
individual and other noncorporate shareholders and (ii) for the dividends received deduction (&#8220;DRD&#8221;) in the case of
corporate shareholders. In addition, in order to requalify for taxation as a RIC, the Fund may be required to recognize unrealized
gains, pay substantial taxes and interest, and make certain distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> For U.S. federal income tax purposes,
distributions paid out of the Fund&#8217;s current or accumulated earnings and profits will, except in the case of distributions
of qualified dividend income and capital gain dividends described below, be taxable as ordinary dividend income. Certain income
distributions paid by the Fund (whether paid in cash or reinvested in additional Fund shares) to individual taxpayers that are
attributable to the Fund&#8217;s qualified dividend income and capital gain are taxed at rates applicable to net long-term capital
gains (maximum rates of 20% for individuals in the 39.6% tax bracket, 15% for individuals in the 25% to 35% tax brackets, 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, &#8220;qualified dividend income&#8221; means dividends received by the Fund from United States
corporations and &#8220;qualified foreign corporations,&#8221; provided that the Fund satisfies certain holding period and other
requirements in respect of the stock of such corporations. Only a small portion, if any of the distributions from the Fund may
consist of income eligible to be treated as qualified dividend income. An additional 3.8% Medicare tax will also apply in the
case of some individuals. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders receiving any distribution
from the Fund in the form of additional shares pursuant to the dividend reinvestment plan will be treated as receiving a taxable
distribution in an amount equal to the fair market value of the shares received, determined as of the reinvestment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions of net capital gain, if any,
reported as capital gains dividends are taxable to a shareholder as long-term capital gains, regardless of how long the shareholder
has held Fund shares. A distribution of an amount in excess of the Fund&#8217;s current and accumulated earnings and profits will
be treated by a shareholder as a return of capital which</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">is applied against and reduces the shareholder&#8217;s basis in his or
her shares. To the extent that the amount of any such distribution exceeds the shareholder&#8217;s basis in his or her shares,
the excess will be treated by the shareholder as gain from a sale or exchange of the shares. Distributions of gains from the sale
of investments that the Fund owned for one year or less will be taxable as ordinary income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may elect to retain its net
capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may
designate the retained amount as undistributed capital gains in a notice to its shareholders who will be treated as if each
received a distribution of his <I>pro rata </I>share of such gain, with the result that each shareholder will (i) be required
to report his <I>pro rata </I>share of such gain on his tax return as long-term capital gain, (ii) receive a refundable tax
credit for his <I>pro rata </I>share of tax paid by the Fund on the gain and (iii) increase the tax basis for his shares by
an amount equal to the deemed distribution less the tax credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Selling shareholders generally will
recognize gain or loss in an amount equal to the difference between the shareholder&#8217;s adjusted tax basis in the shares sold
and the sale proceeds. If the shares are held as a capital asset, the gain or loss will be a capital gain or loss. The current
maximum tax rate applicable to net capital gains recognized by individuals and other non-corporate taxpayers is (i) the same as
the maximum ordinary income tax rate for gains recognized on the sale of capital assets held for one year or less, or (ii) for
gains recognized on the sale of capital assets held for more than one year (as well as certain capital gain distributions) (20%
for individuals in the 39.6% tax bracket, 15% for individuals in the 25% to 35% tax brackets, or 0% for individuals in the 10%
or 15% tax brackets. ) An additional 3.8% Medicare tax will also apply in the case of some individuals. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any loss realized upon the sale or exchange
of Fund shares with a holding period of six months or less will be treated as a long-term capital loss to the extent of any capital
gain distributions received (or amounts designated as undistributed capital gains) with respect to such shares. In addition, all
or a portion of a loss realized on a sale or other disposition of Fund shares may be disallowed under &#8220;wash sale&#8221; rules
to the extent the shareholder acquires other shares of the Fund (whether through the reinvestment of distributions or otherwise)
within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition of the Common Shares. Any
disallowed loss will result in an adjustment to the shareholder&#8217;s tax basis in some or all of the other shares acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales charges paid upon a purchase of shares
cannot be taken into account for purposes of determining gain or loss on a sale of the shares before the 91st day after their purchase
to the extent a sales charge is reduced or eliminated in a subsequent acquisition of shares of the Fund (or of another fund), during
the period beginning on the date of such sale and ending on January 31 of the calendar year following the calendar year in which
such sale was made, pursuant to the reinvestment or exchange privilege. Any disregarded amounts will result in an adjustment to
the shareholder&#8217;s tax basis in some or all of any other shares acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For federal income tax purposes, the Fund
is generally permitted to carry forward a net capital loss incurred in any taxable year beginning after December 23, 2010, for
an unlimited period to offset net capital gains, if any, during its taxable years following the year of the loss. The carryforward
of capital losses realized in taxable years beginning prior to December 23, 2010, however, is limited to an eight-year period following
the year of realization. Further, capital losses carried forward from taxable years beginning after December 23, 2010 will retain
their character as either short-term or long-term capital losses, rather than being considered all short-term as under previous
law. The Fund must use losses that do not expire before it uses losses that do expire, and the Fund&#8217;s ability to utilize
capital losses in a given year or in total may be limited. To the extent subsequent net capital gains are offset by such losses,
they would not result in federal income tax liability to the Fund and would not be distributed as such to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For federal tax income tax purposes, as
of October 31, 2015, the Fund has a capital loss carryforward of $16,118,314 available to offset future net realized capital gains.
The loss carryforward expires as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Capital Loss Carryforward Expiring at October 31</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No Expiration Date</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2016</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$912,660</P></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2017</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$2,675,603</P></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2019</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$2,044,097</P></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">SHORT-TERM </FONT><BR>
<FONT STYLE="font-size: 10pt">$3,991,842</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">LONG-TERM </FONT><BR>
<FONT STYLE="font-size: 10pt">$6,494,112</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></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain net investment income received
by an individual having adjusted gross income in excess of $200,000 (or $250,000 for married individuals filing jointly) will be
subject to a tax of 3.8%. Undistributed net investment income of trusts and estates in excess of a specified amount will also be
subject to this tax. Dividends and capital</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">gains distributed by the Fund, and gain realized on redemption of Fund shares, will
constitute investment income of the type subject to this tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Only a small portion, if any, of the
distributions from the Fund may qualify for the dividends-received deduction for corporations, subject to the limitations
applicable under the Code. The qualifying portion is limited to properly designated distributions attributed to dividend
income (if any) the Fund receives from certain stock in U.S. domestic corporations and the deduction is subject to holding
period requirements and debt-financing limitations under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund should have dividend income
that qualifies for the reduced tax rate applicable to qualified dividend income, the maximum amount allowable will be designated
by the Fund. This amount will be reflected on Form 1099-DIV for the current calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends and distributions on the Fund&#8217;s
shares generally are subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund&#8217;s realized
income and gains, even though such dividends and distributions may economically represent a return of a particular shareholder&#8217;s
investment. Such distributions are likely to occur in respect of shares purchased at a time when the Fund&#8217;s net asset value
reflects gains that are either unrealized, or realized but not distributed. Such realized gains may be required to be distributed
even when the Fund&#8217;s net asset value also reflects unrealized losses. Certain distributions declared in October, November
or December to shareholders of record of such month and paid in the following January will be taxed to shareholders as if received
on December 31 of the year in which they were declared. In addition, certain other distributions made after the close of a taxable
year of the Fund may be &#8220;spilled back&#8221; and treated as paid by the Fund (except for purposes of the non-deductible 4%
U.S. federal excise tax) during such taxable year. In such case, shareholders will be treated as having received such dividends
in the taxable year in which the distributions were actually made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will inform shareholders of the
source and tax status of all distributions promptly after the close of each calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legislation passed by Congress in 2008
requires the Fund (or its administrative agent) to report to the IRS and furnish to shareholders the cost basis information and
holding period for the Fund&#8217;s shares purchased on or after January 1, 2012, and repurchased by the Fund on or after that
date. The Fund will permit shareholders to elect from among several permitted cost basis methods. In the absence of an election,
the Fund will use a default cost basis method. The cost basis method a shareholder elects may not be changed with respect to a
repurchase of shares after the settlement date of the repurchase. Shareholders should consult with their tax advisors to determine
the best permitted cost basis method for their tax situation and to obtain more information about how the new cost basis reporting
rules apply to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The benefits of the reduced tax rates applicable
to long-term capital gains and qualified dividend income may be impacted by the application of the alternative minimum tax to individual
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Special tax rules apply to investments
through defined contribution plans and other tax-qualified plans. Shareholders should consult their tax advisor to determine the
suitability of shares of the Fund as an investment through such plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in debt obligations
that are in the lowest rating categories or are unrated, including debt obligations of issuers not currently paying interest or
who are in default. Investments in debt obligations that are at risk of or in default present special tax issues for the Fund.
Tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market
discount, when and to what extent deductions may be taken for bad debts or worthless securities and how payments received on obligations
in default should be allocated between principal and income, and whether exchanges of debt obligations in a workout context are
taxable. These and other issues will be addressed by the Fund if it acquires such obligations in order to reduce the risk of distributing
insufficient income to preserve its status as a regulated investment company and to seek to avoid becoming subject to federal income
or excise tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is required to accrue income on
any debt securities that have more than a <I>de minimis </I>amount of original issue discount (or debt securities acquired at a
market discount, if the Fund elects to include market discount in income currently) prior to the receipt of the corresponding cash
payments. The mark to market or constructive sale</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">rules applicable to certain options, futures, forwards, short sales or other
transactions also may require the Fund to recognize income or gain without a concurrent receipt of cash. Additionally, some countries
restrict repatriation, which may make it difficult or impossible for the Fund to obtain cash corresponding to its earnings or assets
in those countries. However, the Fund must distribute to shareholders for each taxable year substantially all of its net income
and net capital gains, including such income or gain, to qualify as a regulated investment company and avoid liability for any
federal income or excise tax. Therefore, the Fund may have to dispose of its portfolio securities under disadvantageous circumstances
to generate cash, or borrow cash, to satisfy these distribution requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may recognize gain (but not loss)
from a constructive sale of certain &#8220;appreciated financial positions&#8221; if the Fund enters into a short sale, offsetting
notional principal contract, or forward contract transaction with respect to the appreciated position or substantially identical
property. Appreciated financial positions subject to this constructive sale treatment include interests (including options and
forward contracts and short sales) in stock and certain other instruments. Constructive sale treatment does not apply if the transaction
is closed out not later than thirty days after the end of the taxable year in which the transaction was initiated, and the underlying
appreciated securities position is held unhedged for at least the next sixty days after the hedging transaction is closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gain or loss from a short sale of property
generally is considered as capital gain or loss to the extent the property used to close the short sale constitutes a capital asset
in the Fund&#8217;s hands. Except with respect to certain situations where the property used to close a short sale has a long-term
holding period on the date the short sale is entered into, gains on short sales generally are short-term capital gains. A loss
on a short sale will be treated as a long-term capital loss if, on the date of the short sale, &#8220;substantially identical property&#8221;
has been held by the Fund for more than one year. In addition, entering into a short sale may result in suspension of the holding
period of &#8220;substantially identical property&#8221; held by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gain or loss on a short sale generally
will not be realized until such time as the short sale is closed. However, as described above in the discussion of constructive
sales, if the Fund holds a short sale position with respect to securities that have appreciated in value, and it then acquires
property that is the same as or substantially identical to the property sold short, the Fund generally will recognize gain on the
date it acquires such property as if the short sale were closed on such date with such property. Similarly, if the Fund holds an
appreciated financial position with respect to securities and then enters into a short sale with respect to the same or substantially
identical property, the Fund generally will recognize gain as if the appreciated financial position were sold at its fair market
value on the date it enters into the short sale. The subsequent holding period for any appreciated financial position that is subject
to these constructive sale rules will be determined as if such position were acquired on the date of the constructive sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;s transactions in futures
contracts and options will be subject to special provisions of the Code that, among other things, may affect the character of gains
and losses realized by the Fund (<I>i.e.</I>, may affect whether gains or losses are ordinary or capital, or short-term or long-term),
may accelerate recognition of income to the Fund and may defer Fund losses. These rules could, therefore, affect the character,
amount and timing of distributions to shareholders. These provisions also (a) will require the Fund to mark-to-market certain types
of the positions in its portfolio (<I>i.e.</I>, treat them as if they were closed out), and (b) may cause the Fund to recognize
income without receiving cash with which to make distributions in amounts necessary to satisfy the 90% distribution requirement
for qualifying to be taxed as a RIC and the distribution requirement for avoiding excise taxes. The Fund will monitor its transactions,
will make the appropriate tax elections and will make the appropriate entries in its books and records when it acquires any futures
contract, option or hedged investment in order to mitigate the effect of these rules and prevent disqualification of the Fund from
being taxed as a RIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the Fund&#8217;s options and futures
contracts that qualify as &#8220;section 1256 contracts,&#8221; Code Section 1256 generally will require any gain or loss arising
from the lapse, closing out or exercise of such positions to be treated as 60% long-term and 40% short-term capital gain or loss.
In addition, the Fund generally will be required to &#8220;mark to market&#8221; (<I>i.e.</I>, treat as sold for fair market value)
each outstanding &#8220;section 1256 contract&#8221; position at the close of each taxable year (and on October 31 of each year
for excise tax purposes). If a &#8220;section 1256 contract&#8221; held by the Fund at the end of a taxable year is sold in the
following year, the amount of any gain or loss realized on such sale will be adjusted to reflect the gain or loss previously taken
into account under the &#8220;mark to market&#8221; rules. The Fund&#8217;s options that do not qualify as &#8220;section 1256
contracts&#8221; under the Code generally will be treated as equity options governed by Code Section 1234. Pursuant to Code Section
1234, if a written option expires unexercised, the premium received is short-term capital gain to the Fund. If the Fund enters
into a closing transaction, the difference</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">between the premium received for writing the option, and the amount paid to close out
its position generally is short-term capital gain or loss. If a call option written by the Fund that is not a &#8220;section 1256
contract&#8221; is cash settled, any resulting gain or loss will be short-term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Code contains special rules that
apply to &#8220;straddles,&#8221; defined generally as the holding of &#8220;offsetting positions with respect to personal
property.&#8221; For example, the straddle rules normally apply when a taxpayer holds stock and an offsetting option with
respect to such stock or substantially identical stock or securities. In general, investment positions will be offsetting if
there is a substantial diminution in the risk of loss from holding one position by reason of holding one or more other
positions. If two or more positions constitute a straddle, recognition of a realized loss from one position generally must be
deferred to the extent of unrecognized gain in an offsetting position. In addition, long-term capital gain may be
recharacterized as short-term capital gain, or short-term capital loss as long-term capital loss. Interest and other carrying
charges allocable to personal property that is part of a straddle are not currently deductible but must instead be
capitalized. Similarly, &#8220;wash sale&#8221; rules apply to prevent the recognition of loss by the Fund from the
disposition of stock or securities at a loss in a case in which identical or substantially identical stock or securities (or
an option to acquire such property) is or has been acquired within a prescribed period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Code allows a taxpayer to elect to
offset gain and loss from positions that are part of a &#8220;mixed straddle.&#8221; A &#8220;mixed straddle&#8221; is any straddle
in which one or more but not all positions are &#8220;section 1256 contracts.&#8221; The Fund may be eligible to elect to establish
one or more mixed straddle accounts for certain of its mixed straddle trading positions. The mixed straddle account rules require
a daily &#8220;marking to market&#8221; of all open positions in the account and a daily netting of gain and loss from all positions
in the account. At the end of a taxable year, the annual net gain or loss from the mixed straddle account are recognized for tax
purposes. The net capital gain or loss is treated as 60% long-term and 40% short-term capital gain or loss if attributable to the
&#8220;section 1256 contract&#8221; positions, or all short-term capital gain or loss if attributable to the non-section 1256 contract
positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, certain of the Fund&#8217;s investment
practices are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) convert dividends
that would otherwise constitute qualified dividend income into short-term capital gain or ordinary income taxed at the higher rate
applicable to ordinary income, (ii) treat dividends that would otherwise be eligible for the corporate dividends received deduction
as ineligible for such treatment, (iii) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (iv)
convert long-term capital gain into short-term capital gain or ordinary income, (v) convert an ordinary loss or deduction into
a capital loss (the deductibility of which is more limited), (vi) cause the Fund to recognize income or gain without a corresponding
receipt of cash, (vii) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (viii)
adversely alter the characterization of certain complex financial transactions, and (ix) produce income that will not qualify as
good income for purposes of the 90% annual gross income requirement described above. While it may not always be successful in doing
so, the Fund will seek to avoid or minimize any adverse tax consequences of its investment practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends and interest received, and gains
realized, by the Fund on non-U.S. securities may be subject to income, withholding or other taxes imposed by foreign countries
and United States possessions (collectively &#8220;foreign taxes&#8221;) that would reduce the return on its securities. Tax conventions
between certain countries and the United States, however, may reduce or eliminate foreign taxes, and many foreign countries do
not impose taxes on capital gains in respect of investments by U.S. investors. Depending on the number of non-U.S. shareholders
in the Fund, however, such reduced foreign withholding tax rates may not be available for investments in certain jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in the stock of &#8220;passive
foreign investment companies&#8221; (&#8220;PFICs&#8221;). A PFIC is any foreign corporation (with certain exceptions) that, in
general, meets either of the following tests: (1) at least 75% of its gross income is passive or (2) an average of at least 50%
of its assets produce, or are held for the production of, passive income. Under certain circumstances, the Fund will be subject
to U.S. federal income tax on a portion of any &#8220;excess distribution&#8221; received on the stock of a PFIC or of any gain
from disposition of that stock (collectively &#8220;PFIC income&#8221;), plus interest thereon, even if the Fund distributes the
PFIC income as a taxable dividend to its shareholders. The balance of the PFIC income will be included in the Fund&#8217;s investment
company taxable income and, accordingly, will not be taxable to it to the extent it distributes that income to its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund invests in a PFIC and elects
to treat the PFIC as a &#8220;qualified electing fund&#8221; (&#8220;QEF&#8221;), then in lieu of the foregoing tax and interest
obligation, the Fund will be required to include in income each year its pro rata share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">of the QEF&#8217;s annual ordinary earnings
and net capital gain&#8212;which it may have to distribute to satisfy the distribution requirement and avoid imposition of the
excise tax&#8212;even if the QEF does not distribute those earnings and gain to the Fund. In most instances it will be very difficult,
if not impossible, to make this election because of certain of its requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may elect to
&#8220;mark-to-market&#8221; its stock in any PFIC. &#8220;Marking-to-market,&#8221; in this context, means including in
ordinary income each taxable year the excess, if any, of the fair market value of a PFIC&#8217;s stock over the Fund&#8217;s
adjusted basis therein as of the end of that year. Pursuant to the election, the Fund also would be allowed to deduct (as an
ordinary, not capital, loss) the excess, if any, of its adjusted basis in PFIC stock over the fair market value thereof as of
the taxable year-end, but only to the extent of any net mark-to-market gains (reduced by any prior deductions) with respect
to that stock included by the Fund for prior taxable years under the election. The Fund&#8217;s adjusted basis in each
PFIC&#8217;s stock with respect to which it has made this election will be adjusted to reflect the amounts of income included
and deductions taken thereunder. The reduced rates for &#8220;qualified dividend income&#8221; are not applicable to (i)
dividends paid by a foreign corporation that is a PFIC, (ii) income inclusions from a QEF election with respect to a PFIC,
and (iii) ordinary income from a &#8220;mark-to-market&#8221; election with respect to a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Section 988 of the Code, gains or
losses attributable to fluctuations in exchange rates between the time the Fund accrues income or receivables or expenses or other
liabilities denominated in a non-U.S. currency and the time the Fund actually collects such income or receivables or pays such
liabilities generally are treated as ordinary income or loss. Similarly, gains or losses on non-U.S. currency forward contracts
and the disposition of debt securities denominated in a non-U.S. currency, to the extent attributable to fluctuations in exchange
rate between the acquisition and disposition dates, also are treated as ordinary income or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a shareholder realizes a loss on disposition
of the Fund&#8217;s shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder,
the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in
many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future
guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amounts paid by the Fund to individuals
and certain other shareholders who have not provided the Fund with their correct taxpayer identification number (&#8220;TIN&#8221;)
and certain certifications required by the IRS as well as shareholders with respect to whom the Fund has received certain information
from the IRS or a broker may be subject to &#8220;backup&#8221; withholding of U.S. federal income tax arising from the Fund&#8217;s
taxable dividends and other distributions as well as the gross proceeds of sales of shares, at a rate of 28%. An individual&#8217;s
TIN generally is his or her social security number. Backup withholding is not an additional tax. Any amounts withheld under the
backup withholding rules from payments made to a shareholder may be refunded or credited against such shareholder&#8217;s U.S.
federal income tax liability, if any; provided that the required information is furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions will not be subject to backup
withholding to the extent they are subject to the withholding tax on foreign persons described in the next paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Dividend distributions are in general
subject to a U.S. withholding tax of 30% when paid to a nonresident alien individual, foreign estate or trust, a foreign corporation,
or a foreign partnership (&#8220;foreign shareholder&#8221;). Persons who are resident in a country, such as the U.K., that has
an income tax treaty with the U.S. may be eligible for a reduced withholding rate (upon filing of appropriate forms), and are
urged to consult their tax advisors regarding the applicability and effect of such a treaty. Distributions of capital gain dividends
paid by the Fund to a foreign shareholder, and any gain realized upon the sale of Fund shares by such a shareholder, will ordinarily
not be subject to U.S. taxation, unless the recipient or seller is a nonresident alien individual who is present in the United
States for more than 182 days during the taxable year. Such distributions and sale proceeds may be subject, however, to backup
withholding, unless the foreign investor certifies his non-U.S. residency status. Also, foreign shareholders with respect to whom
income from the Fund is &#8220;effectively connected&#8221; with a U.S. trade or business carried on by such shareholder will
in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S.
citizens, residents or domestic corporations, whether such income is received in cash or reinvested in shares, and, in the case
of a foreign corporation, also may be subject to a branch profits tax. Properly-designated dividends are generally exempt from
U.S. federal withholding tax where they are (i) &#8220;interest-related dividends&#8221; paid in respect of the Fund&#8217;s &#8220;qualified
net interest income&#8221; (generally, the Fund&#8217;s U.S. source interest income, other than certain contingent interest and
interest from obligations of a corporation or partnership in which the Fund is at least a 10% shareholder, reduced by expenses
that are allocable to such income) or (ii) &#8220;short-term capital gain dividends&#8221; paid in respect of the Fund&#8217;s
&#8220;qualified short-term gains&#8221; (generally, the excess of the Fund&#8217;s net short-term capital gain over the Fund&#8217;s
long-term capital loss for such taxable year). Depending on its circumstances, the Fund may designate all, </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> some or none of its potentially eligible
dividends as such interest-related dividends or as short-term capital gain dividends and/or treat such dividends, in whole or
in part, as ineligible for this exemption from withholding. Foreign shareholders who are residents in a country with an income
tax treaty with the United States may obtain different tax results, and are urged to consult their tax advisors. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Foreign Account Tax Compliance
Act (FATCA), enacted on March 18, 2010, will impose a 30% U.S. withholding tax on certain U.S. source payments, including interest
(even if the interest is otherwise exempt from the withholding rules described above), dividends, other fixed or determinable
annual or periodical gain, profits, and income, and on the gross proceeds from a disposition of property of a type which can produce
U.S. source interest or dividends (&ldquo;Withholdable Payments&rdquo;), if paid to a foreign financial institution, unless such
institution registers with the IRS and enters into an agreement with the IRS or a governmental authority in its own jurisdiction
to collect and provide substantial information regarding U.S. account holders, including certain account holders that are foreign
entities with U.S. owners, with such institution, or such institution is otherwise deemed to be compliant with, or is exempt from,
FATCA. The legislation also generally imposes a withholding tax of 30% on Withholdable Payments made to a non-financial foreign
entity unless such entity provides the withholding agent with a certification that it does not have any substantial U.S. owners
or a certification identifying the direct and indirect substantial U.S. owners of the entity. These withholding and reporting
requirements generally apply to income payments made after June 30, 2014, and proceeds payments made after December 31, 2018.
Non-U.S. shareholders are urged to consult with their own tax advisors regarding the possible implications of this recently enacted
legislation on their investment in the Fund. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing briefly summarizes some of
the important U.S. federal income tax consequences to Common Shareholders of investing in Common Shares, reflects U.S. federal
tax law as of the date of this SAI, and does not address special tax rules applicable to certain types of investors, such as corporate
and non-U.S. investors. Unless otherwise noted, this discussion assumes that an investor is a United States person and holds Common
Shares as a capital asset. This discussion is based upon present provisions of the Code, the regulations promulgated thereunder,
and judicial and administrative ruling authorities, all of which are subject to change or differing interpretations by the courts
or the IRS retroactively or prospectively. Investors should consult their tax advisors regarding other U.S. federal, state or local
tax considerations that may be applicable to their particular circumstances, as well as any proposed tax law changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_011"></A>Other Information&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an organization of the type
commonly known as a &#8220;Massachusetts business trust.&#8221; Under Massachusetts law, shareholders of such a trust may, in certain
circumstances, be held personally liable as partners for the obligations of the trust. The Declaration of Trust contains an express
disclaimer of shareholder liability in connection with Fund property or the acts, obligations or affairs of the Fund. The Declaration
of Trust also provides for indemnification out of Fund property of any shareholder held personally liable for the claims and liabilities
to which a shareholder may become subject by sole reason of being or having been a shareholder. Thus, the risk of a shareholder
incurring financial loss on account of shareholder liability is limited to circumstances in which the Fund itself is unable to
meet its obligations. The Fund has been advised by its counsel that the risk of any shareholder incurring any liability for the
obligations of the Fund is remote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Declaration of Trust provides that
the Trustees will not be liable for errors of judgment or mistakes of fact or law; but nothing in the Declaration of Trust protects
a Trustee against any liability to the Fund or its shareholders to which he or she would otherwise be subject by reason of willful
misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office. Voting
rights are not cumulative with respect to the election of Trustees, which means that the holders of more than 50% of the shares
voting for the election of Trustees can elect 100% of the Trustees and, in such event, the holders of the remaining less than 50%
of the shares voting on the matter will not be able to elect any Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Effective January 22, 2016, the Board
of Trustees of the Fund amended and restated in its entirety the Declaration of Trust and the By-Laws for the Fund. The amendments
to the Declaration of Trust include, among other changes, provisions that: (i) clarify certain duties, responsibilities, and powers
of the Trustees; and (ii) clarify that shareholders are not intended to be third-party beneficiaries of Fund contracts. The amendments
to the By-Laws include, among other changes, provisions that: (i) clarify that, other than as provided under federal securities
laws, the shareholders may only bring actions involving the Fund derivatively; and (ii) provide that any action brought by </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> a shareholder related to the Fund will
be brought in Massachusetts state or federal court, and that, if a claim is brought in a different jurisdiction and subsequently
changed to a Massachusetts venue, the shareholder will be required to reimburse the Fund for such expenses. The foregoing description
of the Declaration of Trust and By-Laws are qualified in their entirety by the full text of the Declaration of Trust and By-Laws,
each effective as of January 22, 2016, which is available by writing to the Secretary of the Fund at 601 Congress Street, 11th
Floor, Boston, Massachusetts 02210, and are available on the SEC&#8217;s website. The Declaration of Trust also is available on
the Secretary of the Commonwealth of Massachusetts&#8217; website. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_012"></A>Custodian and Transfer Agent</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Computershare, Inc., 480 Washington Boulevard,
Jersey City, New Jersey 07310 is the transfer agent and dividend disbursing agent of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_13"></A>Independent Registered Public
Accounting Firm</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The financial statements of the Fund
for the fiscal year ended October 31, 2015, including the related financial highlights that appear in the Prospectus have been
audited by PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm, as indicated in their report with
respect thereto, and are incorporated herein by reference. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PwC is the independent registered public
accounting firm for the Fund, providing audit services, tax return preparation, and assistance and consultation with respect to
the preparation of filings with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_014"></A>Reports to Shareholders</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The financial statements of the Fund
for the fiscal year ended October 31, 2015 are incorporated herein by reference from the Fund&#8217;s most recent Annual Report
to Shareholders filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on Form N-CSR pursuant to Rule 30b2-1
under the 1940 Act. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_015"></A>Legal and Regulatory Matters&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> There are no legal proceedings to which
the Fund, the Advisor, or any of its affiliates is a party that are likely to have a material adverse effect on the Fund, or the
ability of the Advisor to perform its contract with the Fund.<FONT STYLE="font-variant: small-caps"><B> </B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_016"></A>Codes of Ethics&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund, the Advisor, the Subadvisor and
John Hancock Funds, LLC each have adopted Codes of Ethics that comply with Rule 17j-1 under the 1940 Act. Each Code of Ethics permits
personnel subject to that Code of Ethics to invest in securities, including securities that may be purchased or held by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These Codes of Ethics can be reviewed and
copied at the SEC&#8217;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 202-942-8090. These Codes of Ethics also are available on the EDGAR Database on the
SEC&#8217;s website at sec.gov. Copies of these Codes of Ethics may be obtained, after paying a duplicating fee, by electronic
request at the following e-mail address: public info@sec.gov, or by writing the SEC&#8217;s Public Reference Section, Washington,
D.C. 20549-1520.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sai_017"></A>Additional Information</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#8217;s Prospectus, any related
Prospectus Supplements, and this SAI do not contain all of the information set forth in the Registration Statement that the Fund
has filed with the SEC. The complete Registration Statement may</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">be obtained from the SEC upon payment of the fee prescribed by
its Rules and Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>John Hancock Investors Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Statement of Additional Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <B>March 1, 2016</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Investment Advisor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">John Hancock Advisers, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">601 Congress Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Boston, Massachusetts 02210</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">1-800-225-6020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Subadvisor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">John Hancock Asset Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">a division of Manulife Asset Management
(US) LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> 197 Clarendon Street </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> Boston, Massachusetts 02116 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Custodian</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">State Street Bank and Trust Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">State Street Financial Center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">One Lincoln Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Boston, Massachusetts 02111</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Transfer Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Computershare, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">P.O. Box 30170</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">College Station, TX 77842-3170</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PricewaterhouseCoopers LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> 101 Seaport Boulevard, Suite 500 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Boston, Massachusetts 02110</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sai_018"></A>APPENDIX A DESCRIPTION OF BOND RATINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESCRIPTIONS OF CREDIT RATING SYMBOLS
AND DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The ratings of Moody&#8217;s Investors
Service, Inc. (&#8220;Moody&#8217;s&#8221;), Standard &amp; Poor&#8217;s Ratings Services (&#8220;S&amp;P&#8221;) and Fitch Ratings
(&#8220;Fitch&#8221;) represent their respective opinions as of the date they are expressed and not statements of fact as to the
quality of various long-term and short-term debt instruments they undertake to rate. It should be emphasized that ratings are
general and are not absolute standards of quality. Consequently, debt instruments with the same maturity, coupon and rating may
have different yields while debt instruments of the same maturity and coupon with different ratings may have the same yield. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ratings do not constitute recommendations
to buy, sell, or hold any security, nor do they comment on the adequacy of market price, the suitability of any security for a
particular investor, or the tax-exempt nature or taxability of any payments of any security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B>I.</B></TD><TD STYLE="text-align: justify"><B><U>IN GENERAL</U></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>A.</B></TD><TD STYLE="text-align: justify"><B>Moody&#8217;s.</B><FONT STYLE="font-family: Times New Roman, Times, Serif"> Ratings assigned
on Moody&#8217;s global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial
obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles,
and public sector entities.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Note that the content of this
Appendix A, to the extent that it relates to the ratings determined by Moody&#8217;s, is derived directly from Moody&#8217;s electronic
publication of &#8220;Ratings Symbols and Definitions&#8221; which is available at: https://www.moodys.com/researchdocumentcontentpage.aspx?
docid=PBC_79004.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>B.</B></TD><TD STYLE="text-align: justify"><B>S&amp;P. </B>An S&amp;P issue credit rating is a forward-looking opinion about the creditworthiness
of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial
program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness
of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the
obligation is denominated. The opinion reflects S&amp;P&#8217;s view of the obligor&#8217;s capacity and willingness to meet its
financial commitments as they come due, and may assess terms, such as collateral security and subordination, which could affect
ultimate payment in the event of default.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Issue ratings are an assessment
of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations
are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Note that the content of this
Appendix A, to the extent that it relates to the ratings determined by S&amp;P, is derived directly from S&amp;P&#8217;s electronic
publication of &#8220;Standard &amp; Poor&#8217;s Ratings Definitions&#8221; which is available at http://www.standardandpoors.com/en_US/web/guest/article/-/view/sourceId/504352.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>C.</B></TD><TD STYLE="text-align: justify"><B>Fitch</B>. Fitch&#8217;s opinions are forward looking and include analysts&#8217; views of future
performance. In many cases, these views on future performance may include forecasts, which may in turn (i) be informed by non-disclosable
management projections, (ii) be based on a trend (sector or wider economic cycle) at a certain stage in the cycle, or (iii) be
based on historical performance. As a result, while ratings may include cyclical considerations and typically attempt to assess
the likelihood of repayment at &#8220;ultimate/final maturity&#8221;, material changes in economic conditions and expectations
(for a particular issuer) may result in a rating change.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The terms &#8220;investment grade&#8221;
and &#8220;speculative grade&#8221; have established themselves over time as shorthand to describe the categories &#8216;AAA&#8217;
to &#8216;BBB&#8217; (investment grade) and &#8216;BB&#8217; to &#8216;D&#8217; (speculative grade). The terms &#8220;investment
grade&#8221; and &#8220;speculative grade&#8221; are market conventions and do not imply any recommendation or endorsement of a
specific security for investment purposes. &#8220;Investment grade&#8221; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">categories indicate
relatively low to moderate credit risk, while ratings in the &#8220;speculative&#8221; categories either signal a higher
level of credit risk or that a default has already occurred. A designation of &#8220;Not Rated&#8221; or &#8220;NR&#8221; is
used to denote securities not rated by Fitch where Fitch has rated some, but not all, securities comprising a capital
structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Note that the content of this
Appendix A, to the extent that it relates to the ratings determined by Fitch, is derived directly from Fitch&#8217;s electronic
publication of &#8220;Definitions of Ratings and Other Forms of Opinion&#8221; which is available at https://www.fitchratings.com/web_content/ratings/fitch_ratings_definitions_and_
scales.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GENERAL PURPOSE RATINGS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B>II.</B></TD><TD STYLE="text-align: justify"><B><U>LONG-TERM ISSUE RATINGS</U></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>A.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>MOODY&#8217;S GLOBAL LONG-TERM RATING SCALE</U></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Long-term ratings are assigned
to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a default on contractually
promised payments and the expected financial loss suffered in the event of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Aaa:</B> Obligations rated
Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Aa:</B> Obligations rated
Aa are judged to be of high quality and are subject to very low credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>A:</B> Obligations rated A
are considered upper-medium grade and are subject to low credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Baa:</B> Obligations rated
Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Ba:</B> Obligations rated
Ba are judged to be speculative and are subject to substantial credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>B:</B> Obligations rated B
are considered speculative and are subject to high credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Caa:</B> Obligations rated
Caa are judged to be speculative of poor standing and are subject to very high credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Ca:</B> Obligations rated
Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>C:</B> Obligations rated C
are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Note: Addition of a Modifier
1, 2 or 3Note: </B>Moody&#8217;s appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa.
The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a
mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a &#8220;(hyb)&#8221;
indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>B.</B></TD><TD STYLE="text-align: justify"><B><U>S&amp;P LONG-TERM ISSUE CREDIT RATINGS</U></B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>AAA:</B> An obligation rated
&#8216;AAA&#8217; has the highest rating assigned by S&amp;P. The obligor&#8217;s capacity to meet its financial commitment on
the obligation is extremely strong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>AA:</B> An obligation rated
&#8216;AA&#8217; differs from the highest-rated obligations only to a small degree. The obligor&#8217;s capacity to meet its financial
commitment on the obligation is very strong.</P></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>A:</B> An obligation rated
&#8216;A&#8217; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations
in higher-rated categories. However, the obligor&#8217;s capacity to meet its financial commitment on the obligation is still strong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>BBB:</B> An obligation rated
&#8216;BBB&#8217; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> <B>BB, B, CCC, CC and C:
</B>Obligations rated &#8216;BB&#8217;, &#8216;B&#8217;, &#8216;CCC&#8217; &#8216;CC&#8217; and &#8216;C&#8217; are regarded as
having significant speculative characteristics. &#8216;BB&#8217; indicates the least degree of speculation and &#8216;C&#8217;
the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large
uncertainties or major exposures to adverse conditions. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>BB</B>: An obligation rated
&#8216;BB&#8217; is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties
or exposure to adverse business, financial, or economic conditions, which could lead to the obligor&#8217;s inadequate capacity
to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>B:</B> An obligation rated
&#8216;B&#8217; is more vulnerable to nonpayment than obligations rated &#8216;BB&#8217;, but the obligor currently has the capacity
to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the
obligor&#8217;s capacity or willingness to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> <B>CCC:</B> An obligation
rated &#8216;CCC&#8217; is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic
conditions for the obligor to meet its financial 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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> An obligation rated &#8216;CC&#8217;
is currently highly vulnerable to nonpayment. The &#8216;CC&#8217; rating is used when a default has not yet occurred, but S&amp;P
expects default to be a virtual certainty, regardless of the anticipated time to default. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> <B>C:</B> An obligation rated
&#8216;C&#8217; is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority
or lower ultimate recovery compared to obligations that are rated higher. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> <B>D:</B> An obligation rated
&#8216;D&#8217; is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &#8216;D&#8217; rating
category is used when payments on an obligation are not made on the date due, unless S&amp;P believes that such payments will
be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or
30 calendar days. The &#8216;D&#8217; rating also will be used upon the filing of a bankruptcy petition or taking of a similar
action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation&#8217;s
rating is lowered to &#8216;D&#8217; if it is subject to a distressed exchange offer. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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&amp;P does not rate a
particular obligation as a matter of policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Note: Addition of a Plus (+)
or minus (-) signNote: </B>The ratings from &#8216;AA&#8217; to &#8216;CCC&#8217; may be modified by the addition of a plus (+)
or minus (-) sign to show relative standing within the major rating categories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Dual Ratings &#8211; </B>Dual
ratings may be assigned to debt issues that have a put option or demand feature. The first component of the rating addresses the
likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature.
The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term
or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating
symbol (for example, &#8216;AAA/A-1+&#8217; or &#8216;A-1+/A-1&#8217;). With U. S. municipal short-term demand debt, the U.S.
municipal short-term note rating symbols are used for the first component of the rating(for example, &#8216;SP-1+/A-1+&#8217;).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>C.</B></TD><TD STYLE="text-align: justify"><B><U>FITCH CORPORATE FINANCE OBLIGATIONS &#8211; LONG-TERM RATING SCALES</U></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Ratings of individual securities
or financial obligations of a corporate issuer address relative vulnerability to default on an ordinal scale. In addition, for
financial obligations in corporate finance, a measure of recovery given default on that liability is also included in the rating
assessment. This notably applies to covered bond ratings, which incorporate both an indication of the probability of default and
of the recovery given a default of this debt instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>AAA: Highest credit quality</B>.
&#8216;AAA&#8217; ratings denote expectations of very low credit risk. They are assigned only in cases of exceptionally strong
capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable
events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>AA: Very high credit quality</B>.
&#8216;AA&#8217; ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial
commitments. This capacity is not significantly vulnerable to foreseeable events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>A:</B> <B>High credit quality</B>.
&#8216;A&#8217; ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered
strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher
ratings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>BBB:</B> <B>Good credit quality</B>.
&#8216;BBB&#8217; ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments
is considered adequate but adverse business or economic conditions are more likely to impair this capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>BB: Speculative</B>. &#8216;BB&#8217;
ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic
conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>B:</B> <B>Highly speculative</B>.
&#8216;B&#8217; ratings indicate that material credit risk is present.<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>CCC</B>: <B>Substantial credit
risk</B>. &#8220;CCC&#8221; ratings indicate that substantial credit risk is present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>CC: Very high levels of credit
risk</B>. &#8220;CC&#8221; ratings indicate very high levels of credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>C: Exceptionally high levels
of credit risk</B>. &#8220;C&#8221; indicates exceptionally high levels of credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Issuers will be rated &#8216;D&#8217;
upon a default. Defaulted obligations typically are not assigned &#8216;RD&#8217; or &#8216;D&#8217; ratings, but are instead rated
in the &#8216;B&#8217; to &#8216;C&#8217; rating categories, depending upon their recovery prospects and other relevant characteristics.
This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Note: Addition of a Plus (+) or minus (-) sign:
</B>Fitch ratings may be appended by the addition of a plus (+) or minus (-) sign to denote relative status within major rating
categories. Such suffixes are not added to the &#8216;AAA&#8217; obligation rating category, or to corporate finance obligation
ratings in the categories below &#8216;CCC&#8217;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CORPORATE AND TAX-EXEMPT COMMERCIAL PAPER
RATINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B>III.</B></TD><TD STYLE="text-align: justify"><B><U>SHORT-TERM ISSUE RATINGS</U></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>A.</B></TD><TD STYLE="text-align: justify"><B><U>MOODY&#8217;S GLOBAL SHORT-TERM RATING SCALE</U></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Short-term ratings are assigned to obligations with
an original maturity of thirteen months or less and reflect both on the likelihood of a default on contractually promised payments
and the expected financial loss suffered in the event of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Moody&#8217;s employs the following
designations to indicate the relative repayment ability of rated issuers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>P-1:</B> Issuers (or supporting
institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>P-2:</B> Issuers (or supporting
institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>P-3:</B> Issuers (or supporting
institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>NP:</B> Issuers (or supporting
institutions) rated Not Prime do not fall within any of the Prime rating categories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table indicates
the long-term ratings consistent with different short-term ratings when such long-term ratings exist. (Note: Structured finance
short-term ratings are usually based either on the short-term rating of a support provider or on an assessment of cash flows available
to retire the financial obligation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;<IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>B.</B></TD><TD STYLE="text-align: justify"><B><U>S&amp;P&#8217;S SHORT-TERM ISSUE CREDIT RATINGS</U></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">S&amp;P&#8217;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 days &#8211; 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.
Medium term notes are assigned long-term ratings. Ratings are graded into several categories, ranging from &#8216;A&#8217;
for the highest-quality obligations to &#8216;D&#8217; for the lowest. These categories are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>A-1:</B> A short-term obligation
rated &#8216;A-1&#8217; is rated in the highest category by S&amp;P. The obligor&#8217;s capacity to meet its financial commitment
on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that
the obligor&#8217;s capacity to meet its financial commitment on these obligations is extremely strong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> <B>A-2:</B> A short-term
obligation rated &#8216;A-2&#8217; is somewhat more susceptible to the adverse effects of changes in circumstances and economic
conditions than obligations in higher rating categories. However, the obligor&#8217;s capacity to meet its financial commitment
on the obligation is satisfactory. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>A-3:</B> A short-term obligation
rated &#8216;A-3&#8217; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances
are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>B:</B> A short-term obligation
rated &#8216;B&#8217; is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the
capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor&#8217;s
inadequate capacity to meet its financial commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>C:</B> A short-term obligation
rated &#8216;C&#8217; is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions
for the obligor to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>D:</B> A short-term obligation
rated &#8216;D&#8217; is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &#8216;D&#8217;
rating category is used when payments on an obligation are not made on the date due, unless S&amp;P believes that such payments
will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as
five business days. The &#8216;D&#8217; rating also will be used upon the filing of a bankruptcy petition or the taking of a similar
action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation&#8217;s
rating is lowered to &#8216;D&#8217; if it is subject to a distressed exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Dual Ratings &#45; </B>Dual
ratings may be assigned to debt issues that have a put option or demand feature. The first component of the rating addresses the
likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature.
The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term
or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol
(for example, &#8216;AAA/A-1+&#8217; or &#8216;A-1+/A-1&#8217;). With U. S. municipal short-term demand debt, the U.S. municipal
short-term note rating symbols are used for the first component of the rating(for example, &#8216;SP-1+/A-1+&#8217;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>C.</B></TD><TD STYLE="text-align: justify">
<B><U>FITCH&#8217;S SHORT-TERM ISSUER OR OBLIGATION RATINGS</U></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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 &#8220;short term&#8221; based on market convention. Typically,
this means up to 13 months for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public
finance markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>F1:</B> Highest short-term
credit quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> Indicates the strongest intrinsic
capacity for timely payment of financial commitments; may have an added (&#8220;+&#8221;) to denote any exceptionally strong credit
feature. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>F2:</B> Good short-term credit
quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Good intrinsic capacity for timely
payment of financial commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>F3:</B> Fair short-term credit
quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The intrinsic capacity for timely
payment of financial commitments is adequate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>B: </B>Speculative short-term
credit quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Minimal capacity for timely payment
of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>C: </B>High short-term default
risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Default is a real possibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>RD: </B>Restricted default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>D: </B>Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Indicates a broad-based default
event for an entity, or the default of a short-term obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B>IV.</B></TD><TD STYLE="text-align: justify"><B><U>TAX-EXEMPT NOTE RATINGS</U></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>A.</B></TD><TD STYLE="text-align: justify"><B><U>MOODY&#8217;S U.S. MUNICIPAL SHORT-TERM DEBT RATINGS</U></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">While the global short-term &#8216;prime&#8217;
rating scale is applied to US municipal tax-exempt commercial paper, these programs are typically backed by external letters of
credit or liquidity facilities and their short-term prime ratings usually map to the long-term rating of the enhancing bank or
financial institution and not to the municipality&#8217;s rating. Other short-term municipal obligations, which generally have
different funding sources for repayment, are rated using an additional short-term rating scale (i.e., the MIG scale discussed below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Municipal Investment Grade
(MIG) scale is used to rate US municipal bond anticipation notes of up to three years maturity. Municipal notes rated on the MIG
scale may be secured by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings
expire at the maturity of the obligation, and the issuer&#8217;s long-term rating is only one consideration in assigning the MIG
rating. MIG ratings are divided into three levels&#8212;MIG 1 through MIG 3&#8212;while speculative grade short-term obligations
are designated SG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>MIG 1: </B>This designation
denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support,
or demonstrated broad-based access to the market for refinancing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>MIG 2: </B>This designation
denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>MIG 3: </B>This designation
denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely
to be less well-established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>SG: </B>This designation denotes
speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>B.</B></TD><TD STYLE="text-align: justify"><B>
<U>S&amp;P&#8217;S MUNICIPAL SHORT-TERM NOTE RATINGS</U></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">An S&amp;P U.S. municipal note
rating reflects S&amp;P&#8217;s opinion about the liquidity factors and market access risks unique to the notes. Notes due in three
years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive
a long-term debt rating. In determining which type of rating, if any, to assign, S&amp;P&#8217;s analysis will review the following
considerations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Amortization schedule &#8211; the larger the final maturity relative to other maturities, the more
likely it will be treated as note; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Source of payment &#8211; the more dependent the issue is on the market for its refinancing, the
more likely it will be treated as a note.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Note rating symbols are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>SP-1: </B>Strong capacity
to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>SP-2: </B>Satisfactory capacity
to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>SP-3: </B>Speculative capacity
to pay principal and interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>C.</B></TD><TD STYLE="text-align: justify"><B><U>FITCH PUBLIC FINANCE RATINGS</U></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See FITCH SHORT-TERM ISSUER OR OBLIGATIONS
RATINGS above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sai_019"></A><B>APPENDIX B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> PROXY VOTING POLICIES AND PROCEDURES </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROXY VOTING POLICIES OF THE ADVISOR, THE JOHN HANCOCK FUNDS
AND THE SUBADVISOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JOHN HANCOCK INVESTMENT MANAGEMENT SERVICES,
LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&amp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JOHN HANCOCK ADVISERS, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY VOTING POLICIES AND PROCEDURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">John Hancock Investment Management Services,
LLC and John Hancock Advisers, LLC (collectively the &#8220;Adviser&#8221;) is registered as an investment adviser under the Investment
Advisers Act of 1940, as amended (the &#8220;Advisers Act&#8221;), and serves as the investment adviser to a number of management
investment companies (including series thereof) (each a &#8220;Fund&#8221;) registered under the Investment Company Act of 1940,
as amended (the &#8220;1940 Act&#8221;). The Adviser generally retains one or more sub-advisers to manage the assets of the Funds,
including voting proxies with respect to a Fund&#8217;s portfolio securities. From time to time, however, the Adviser may elect
to manage directly the assets of a Fund, including voting proxies with respect to its portfolio securities, or a Fund&#8217;s board
of trustees or directors may otherwise delegate to the Adviser authority to vote such proxies. Rule 206(4)-6 under the Advisers
Act requires that a registered investment adviser adopt and implement written policies and procedures reasonably designed to ensure
that it votes proxies with respect to a client&#8217;s securities in the best interest of the client. Pursuant thereto, the Adviser
has adopted and implemented these proxy voting policies and procedures (the &#8220;Procedures&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Procedure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fiduciary Duty</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser has a fiduciary duty to vote
proxies on behalf of a Fund in the best interest of the Fund and its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting of Proxies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser will vote proxies with respect
to a Fund&#8217;s portfolio securities when authorized to do so by the Fund and subject to the Fund&#8217;s proxy voting policies
and procedures and any further direction or delegation of authority by the Fund&#8217;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
&#8220;Designated Person&#8221;). The Designated Person may include the Fund&#8217;s portfolio manager(s) and a Proxy Voting Committee,
as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When voting proxies with respect to a Fund&#8217;s
portfolio securities, the following standards will apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">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&#8217;s investment guidelines.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">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&#8217;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">As a general principle, voting with respect to the same portfolio securities held by more than
one Fund </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in"><B>&nbsp;</B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">should be consistent among
those Funds having substantially the same mandates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: -0.2in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><B>&#8226;</B></TD><TD STYLE="text-align: justify">The Adviser will provide the Fund, from time to time in accordance with the Fund&#8217;s proxy
voting policies and procedures and any applicable laws and regulations, a record of the Adviser&#8217;s voting of proxies with
respect to the Fund&#8217;s portfolio securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Material Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In carrying out its proxy voting responsibilities,
the Adviser will monitor and resolve potential material conflicts (&#8220;Material Conflicts&#8221;) between the interests of (a)
a Fund and (b) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting Proxies of Underlying Funds of a Fund of Funds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &#8220;Fund
of Funds&#8221;) in the manner provided in the proxy voting policies and procedures of the Fund of Funds (including such policies
and procedures relating to material conflicts of interest) or as otherwise directed by the board of trustees or directors of the
Fund of Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Proxy Voting Committee(s)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;s Chief Compliance Officer (&#8220;CCO&#8221;) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Records Retention</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">these Procedures and all amendments hereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">all proxy statements received regarding Fund portfolio securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">records of all votes cast on behalf of a Fund;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">records of all Fund requests for proxy voting information;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify">all records relating to communications with the Funds regarding Conflicts; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify">all minutes of meetings of Proxy Voting Committees.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reporting to Fund Boards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser will provide the board of trustees
or directors of a Fund (the &#8220;Board&#8221;) with a copy of these Procedures, accompanied by a certification that represents
that the Procedures have been adopted in conformance with Rule 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The CCO&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Adviser votes any proxies in a manner
inconsistent with either these Procedures or a Fund&#8217;s proxy voting policies and procedures, the CCO will provide the Board
with a report detailing such exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of proxies voted by a sub-adviser
to a Fund (a &#8220;Subadviser&#8221;) pursuant to the Fund&#8217;s proxy voting procedures, the Adviser will request the Subadviser
to certify to the Adviser that the Subadviser has voted the Fund&#8217;s proxies as required by the Fund&#8217;s proxy voting policies
and procedures and that such proxy votes were executed in a manner consistent with these 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&#8217;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&#8217;s proxy
voting policies and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JOHN HANCOCK FUNDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY VOTING POLICIES AND PROCEDURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>POLICY:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Trustees (the &#8220;Board&#8221;)
of each registered investment company in the John Hancock family of funds listed on Schedule A (collectively, the &#8220;Trust&#8221;),
including a majority of the Trustees who are not &#8220;interested persons&#8221; (as defined in the Investment Company Act of
1940, as amended (the &#8220;1940 Act&#8221;)) of the Trust (the &#8220;Independent Trustees&#8221;), adopts these proxy voting
policies and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each fund of the Trust or any other registered
investment company (or series thereof) (each, a &#8220;fund&#8221;) is required to disclose its proxy voting policies and procedures
in its registration statement and, pursuant to Rule 30b1-4 under the 1940 Act, file annually with the Securities and Exchange Commission
and make available to shareholders its actual proxy voting record. In this regard, the Trust Policy is set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Delegation of Proxy Voting Responsibilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;s investment adviser (&#8220;adviser&#8221;)
or, if the fund&#8217;s adviser has delegated portfolio management responsibilities to one or more investment subadviser(s), to
the fund&#8217;s subadviser(s), subject to the Board&#8217;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 206(4)-6 under the Investment
Advisers Act of 1940, as amended (the &#8220;Advisers Act&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as noted below under Material Conflicts
of Interest, the Trust Policy with respect to a fund shall incorporate that adopted by the fund&#8217;s subadviser with respect
to voting proxies held by its clients (the &#8220;Subadviser Policy&#8221;). 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&#8217;s
adviser and by the Board. Each adviser to a fund retains the responsibility, and is directed, to oversee each subadviser&#8217;s
compliance with these policies and procedures, and to adopt and implement such additional policies and procedures as it deems necessary
or appropriate to discharge its oversight responsibility. Additionally, the Trust&#8217;s Chief Compliance Officer (&#8220;CCO&#8221;)
shall conduct such monitoring and supervisory activities as the CCO or the Board deems necessary or appropriate in order to appropriately
discharge the CCO&#8217;s role in overseeing the subadvisers&#8217; compliance with these policies and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The delegation by the Board of the authority
to vote proxies relating to portfolio securities of the fund is entirely voluntary and may be revoked by the Board, in whole or
in part, at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting Proxies of Underlying Funds of a Fund of Funds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A. <U>Where the Fund of Funds is not the
Sole Shareholder of the Underlying Fund</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to voting proxies relating
to the shares of an underlying fund (an &#8220;Underlying Fund&#8221;) held by a fund of the Trust operating as a fund of funds
(a &#8220;Fund of Funds&#8221;) in reliance on Section 12(d)(1)(G) of the 1940 Act where the Underlying Fund has shareholders other
than the Fund of Funds which are not other Fund of Funds, the Fund of Funds will vote proxies relating to shares of the Underlying
Fund in the same proportion as the vote of all other holders of such Underlying Fund shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B. <U>Where the Fund of Funds is the Sole
Shareholder of the Underlying Fund</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that one or more Funds of
Funds are the sole shareholders of an Underlying Fund, the adviser to the Fund of Funds or the Trust will vote proxies relating
to the shares of the Underlying Fund as set forth below unless</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> the Board elects to have the Fund of Funds seek voting instructions
from the shareholders of the Funds of Funds in which case the Fund of Funds will vote proxies
relating to shares of the Underlying Fund in the same proportion as the instructions timely received from such shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. <U>Where Both the Underlying Fund and
the Fund of Funds are Voting on Substantially Identical Proposals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-align: justify">In the event that the Underlying
Fund and the Fund of Funds are voting on substantially identical proposals (the &#8220;Substantially Identical Proposal&#8221;),
then the adviser or the Fund of Funds will vote proxies relating to shares of the Underlying Fund in the same proportion as the
vote of the shareholders of the Fund of Funds on the Substantially Identical Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-align: justify">2. <U>Where the Underlying Fund
is Voting on a Proposal that is Not Being Voted on By the Fund of Funds</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">In the event that the Fund of
Funds is voting on a proposal of the Underlying Fund and the Fund of Funds is not also voting on a substantially identical proposal
and there is no material conflict of interest between the interests of the shareholders of the Underlying Fund and the adviser
relating to the Proposal, then the adviser will vote proxies relating to the shares of the Underlying Fund pursuant to its Proxy
Voting Procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">In the event that the Fund of
Funds is voting on a proposal of the Underlying Fund and the Fund of Funds is not also voting on a substantially identical proposal
and there is a material conflict of interest between the interests of the shareholders of the Underlying Fund and the adviser relating
to the Proposal, then the Fund of Funds will seek voting instructions from the shareholders of the Fund of Funds on the proposal
and will vote proxies relating to shares of the Underlying Fund in the same proportion as the instructions timely received from
such shareholders. A material conflict is generally defined as a proposal involving a matter in which the adviser or one of its
affiliates has a material economic interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Material Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If: (1) a subadviser to a fund becomes
aware that a vote presents a material conflict between the interests of: (a) shareholders of the fund; and (b) the fund&#8217;s
adviser, subadviser, principal underwriter, or any of their affiliated persons, and (2) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Securities Lending Program</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of the funds participate in a securities
lending program with the Trust through an agent lender. When a fund&#8217;s securities are out on loan, they are transferred into
the borrower&#8217;s name and are voted by the borrower, in its discretion. Where a subadviser determines, however, that a proxy
vote (or other shareholder action) is materially important to the client&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Disclosure of Proxy Voting Policies
and Procedures in the Trust&#8217;s Statement of</B> <B>Additional Information (&#8220;SAI&#8221;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trust shall include in its SAI a summary
of the Trust Policy and of the Subadviser Policy included therein. (In </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">lieu of including a summary of these policies and procedures,
the Trust may include each full Trust Policy and Subadviser Policy in the SAI.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Disclosure of Proxy Voting Policies
and Procedures in Annual and Semi-Annual</B> <B>Shareholder Reports</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;s
proxy voting record for the most recent 12 months ended June 30 are available on the Securities and Exchange Commission&#8217;s
(&#8220;SEC&#8221;) website, and without charge, upon request, by calling a specified toll-free telephone number. The 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Filing of Proxy Voting Record on Form N-PX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 30 no later than August
31 of that year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PROCEDURES:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Review of Subadvisers&#8217; Proxy Voting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trust has delegated proxy voting authority
with respect to fund portfolio securities in accordance with the Trust Policy, as set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consistent with this delegation, each subadviser
is responsible for the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">1)</TD><TD STYLE="text-align: justify">Implementing written policies and procedures, in compliance with Rule 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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">2)</TD><TD STYLE="text-align: justify">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 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&#8217;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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">3)</TD><TD STYLE="text-align: justify">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Adviser Responsibilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trust has retained a proxy voting service
to coordinate, collect, and maintain all proxy-related information, and to prepare and file the Trust&#8217;s reports on Form N-PX
with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">1)</TD><TD STYLE="text-align: justify">Receive a file with the proxy voting information directly from each subadviser on a quarterly basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">2)</TD><TD STYLE="text-align: justify">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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">3)</TD><TD STYLE="text-align: justify">Deliver instructions to shareholders on how to access proxy voting information via the Trust&#8217;s
semi-annual and annual shareholder reports.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Proxy Voting Service Responsibilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Aggregation of Votes:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The proxy voting service&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reporting:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The proxy voting service&#8217;s proxy
disclosure system will provide the following reporting features:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">1)</TD><TD STYLE="text-align: justify">multiple report export options;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">2)</TD><TD STYLE="text-align: justify">report customization by fund-account, portfolio manager, security, etc.; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in">3)</TD><TD STYLE="text-align: justify">account details available for vote auditing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -0.45in"><B>Form
N-PX Preparation and Filing:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The adviser will be responsible for oversight
and completion of the filing of the Trust&#8217;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 30. The filing must be submitted to the SEC on or before
August 31 of each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY VOTING POLICIES AND PROCEDURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%; padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt"><B>JOHN HANCOCK FUNDS:</B></FONT></TD>
    <TD STYLE="width: 22%; padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt"><B>&#9;Adopted:</B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt"><B>&#9;Amended:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Variable Insurance Trust</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 28, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">March 26, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Funds II</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 28, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">March 26, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Funds III</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Bond Trust</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock California Tax-Free Income Fund</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Capital Series</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Current Interest</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Equity Trust</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Investment Trust</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Investment Trust II</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Investment Trust III</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Municipal Securities Trust</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Series Trust</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Sovereign Bond Fund</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Strategic Series</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Tax-Exempt Series</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock World Fund</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Preferred Income Fund</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Preferred Income Fund II</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Preferred Income Fund III</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Patriot Premium Dividend Fund II</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Bank &amp; Thrift Opportunity Fund</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Income Securities Trust</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Investors Trust</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Tax-Advantaged Dividend Income Fund</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><FONT STYLE="font-size: 10pt">John Hancock Tax-Advantaged Global Shareholder Yield Fund</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">September 11, 2007</FONT></TD>
    <TD STYLE="padding-right: 2.35pt; padding-left: 2.35pt"><FONT STYLE="font-size: 10pt">June 10, 2008</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify; color: #231F20"><B><IMG SRC="image_001.gif" ALT="" STYLE="height: 101px; width: 594px"></B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify; color: #231F20"><B>Proxy
Voting Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0.5in; text-align: justify; color: #231F20">Background</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0.5in; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0.5in; text-align: justify; color: #231F20">Manulife Asset
Management (&#8220;MAM&#8221; or the &#8220;Firm&#8221;)* represents investment advisors registered in certain countries as appropriate
to support the broader Manulife Asset Management discretionary advisory business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0.5in; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0.5in; text-align: justify; color: #231F20">Applicable
rules may require an investment advisor to (i) adopt proxy policies reasonably designed to seek to ensure that the advisor votes
proxies in the best interests of its clients, including addressing material conflicts of interest; (ii) disclose to clients information
about its proxy policies; and (iii) maintain certain records relating to proxy voting. These requirements are designed to minimize
conflicts of interest and to seek to ensure greater transparency in the voting of proxies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0.5in; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0.5in; text-align: justify; color: #231F20">MAM has adopted
a proxy voting policy and procedures to seek to ensure proxies are voted in the best interests of its clients and its proxy voting
activities adhere to the requirements of all applicable rules and general fiduciary principles. Where MAM is granted and accepts
responsibility for voting proxies for client accounts, it will take reasonable steps to seek to ensure proxies are received and
voted in the best interest of the client with a view to enhance the value of the shares of equity securities held in client accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0.5in; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0.5in; text-align: justify; color: #231F20">MAM has contracted
with Institutional Shareholder Services Inc. (&#8220;ISS) an independent third party service provider, to vote clients&#8217; proxies.
The Firm has adopted ISS proxy voting recommendations and established corresponding Firm Proxy Voting guidelines. Proxies will
be voted in accordance with the voting recommendations contained in the applicable domestic or global ISS Proxy Voting Manual,
as in effect from time to time. Except in instances where a MAM&#8217;s client retains voting authority, MAM will instruct custodians
of client accounts to forward all proxy statements and materials received in respect of client accounts to ISS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0.5in; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0.5in; text-align: justify; color: #231F20">MAM has engaged
ISS as its proxy voting agent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0.5in; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 48pt; width: 95%">research and make voting recommendations or, for matters for which Manulife
Asset Management has so delegated, to make the voting determinations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 48pt; width: 95%">ensure proxies are voted and submitted in a timely manner;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 48pt; width: 95%">handle other administrative functions of proxy voting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 48pt; width: 95%">maintain records of proxy statements received in connection with proxy votes
and provide copies of such proxy statements promptly upon request;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 48pt; width: 95%">maintain records of votes cast; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify; padding-right: 48pt; width: 95%">provide recommendations with respect to proxy voting matters in general.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39pt 0pt 0.75in; text-align: justify; text-indent: -9pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39pt 0pt 23pt; text-align: justify">Refer to Appendix of Affiliated
MAM entities that have adopted this policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39pt 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">Policy Administration, Oversight
and Governance<FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify; color: #231F20">MAM&#8217;s
Proxy Operations group is responsible for administering and implementing the Proxy Voting Policy, including the proper oversight
of ISS and any other service providers hired by the Firm to assist it in the proxy voting process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify; color: #231F20">Proxy Operations
are responsible for administering the proxy voting process, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify; padding-right: 46.5pt"><FONT STYLE="color: #231F20">Implementing and updating the applicable domestic
and global ISS proxy voting guidelines;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify; padding-right: 46.5pt"><FONT STYLE="color: #231F20">Coordinating and overseeing the proxy voting
process performed by ISS; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify; padding-right: 46.5pt">Providing periodic reports to the Brokerage Practices Committee (BPC), Senior
Investment Policy Committee (SIPC), the Chief Compliance Officer, Advisory Clients or any other persons/committee as deemed appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify; color: #231F20">Proper oversight
of the vendor will include periodic due diligence of the vendor including its&#8217; industry reputation, risk, compliance and
technology infrastructure and the vendor&#8217;s ability to meet the Firm&#8217;s requirements relative to reporting and other
service requirements including; assessing the adequacy and quality of the proxy advisory firm&#8217;s staffing and personnel; and
assessing whether the proxy advisory firm has robust policies and procedures that enable it to make proxy voting recommendations
based on current and accurate information and to identify and address conflicts of interest relating to its voting recommendations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify; color: #231F20">All proxies
received on behalf of Clients are forwarded to ISS. Any MAM employee that receives a client&#8217;s proxy statement should therefore
notify Proxy Operations and arrange for immediate delivery to ISS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify; color: #231F20; text-indent: 0.5in">In
addition to voting proxies, MAM:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify; color: #231F20; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify; padding-right: 46.5pt"><FONT STYLE="color: #231F20">describes its proxy voting procedures to its
clients in the relevant or required disclosure document;</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify; padding-right: 46.5pt"><FONT STYLE="color: #231F20">provides clients with a copy of the Proxy Voting
Policy, upon request;</FONT></TD></TR></TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify; padding-right: 46.5pt"><FONT STYLE="color: #231F20">discloses to its clients how they may obtain
information on how MAM voted the client&#8217;s proxies;</FONT></TD></TR></TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify; padding-right: 46.5pt"><FONT STYLE="color: #231F20">generally applies its Proxy Voting Policy consistently;</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify; padding-right: 46.5pt"><FONT STYLE="color: #231F20">documents the reason(s) for voting for all
non- routine items; and</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify; padding-right: 46.5pt"><FONT STYLE="color: #231F20">keeps records of such proxy voting through
ISS available for inspection by the Client or governmental agencies.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 46.5pt 0pt 0.5in; color: #231F20">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">Oversight and Governance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto 0pt 0; color: #231F20">Oversight of the proxy voting process
is the responsibility of the Firm&#8217;s Brokerage Practices Committee (&#8220;BPC&#8221;) which reports up to the Firm&#8217;s
Senior Investment Policy Committee (&#8220;SIPC&#8221;). However the SIPC is responsible for reviewing and approving amendments
to the Proxy Voting Policy. The BPC or its&#8217; designee should be provided a periodic evaluation of vendor due diligence and
service activity including a summary of vendor proxy voting activity on behalf the Firm&#8217;s clients. Reporting should include
trends relative to non-routine items, conflict of interest situations, voting outside of Proxy guidelines and the rationale and
other material matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto 0pt 0; color: #231F20">On a quarterly basis, Proxy Operations should
provide the BPC with summary of instances where MAM has (i) voted proxies in a manner inconsistent with the recommendation of ISS,
and (ii) voted proxies in circumstances in which a material conflict of interest may exist as set forth in the Conflicts section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto 0pt 0; color: #231F20">Material proxy voting issues identified
by the Proxy Operations group are to be escalated to the Firm&#8217;s Chief Compliance Officer. As appropriate, the BPC (or their
designee) will be informed of material matters and related actions taken by the responsible parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto 0pt 0; color: #231F20">The Chief Compliance Officer makes
an annual risk- based assessment of the Firm&#8217;s compliance program, which may include proxy voting activities, and may conduct
a review of the Procedures to determine that such Procedures are reasonably designed to achieve their purpose. The Chief Compliance
Officer makes periodic reports to MAM SIPC that includes a summary of issues identified in the review of activities as part of
the compliance program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 28.4pt 0pt 0; color: #231F20; text-align: center"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</FONT></P>

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<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 28.4pt 0pt 0; color: #231F20; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 0; text-align: center; text-indent: 0.5in; color: #231F20">General
Principles</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 0; text-align: center; text-indent: 0.5in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify"><B>Scope</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify">This Policy permits Clients to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">delegate to MAM the responsibility and authority to
vote proxies on their behalf according to MAM&#8217;s Proxy Voting Policy and guidelines; or</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">delegate to MAM the
responsibility and authority to vote proxies on their behalf according to the particular Client&#8217;s own proxy voting policies
and guidelines, subject to acceptance by the Firm, as mutually agreed upon between the Firm and the Client.&#9;</FONT>MAM 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 manner which the Firm believes will maximize the economic value of client
security holdings.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 78pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify">The Firm believes its Proxy Voting
Policy is reasonably designed to ensure proxy matters are conducted in the best interest of Clients, and in accordance with MAM&#8217;s
fiduciary duties and applicable rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in; color: #231F20">General
Standards on Voting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify">The following are examples of
general standards the Firm has established relative to its&#8217; proxy voting obligations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">MAM
</FONT>does not engage in the practice of &#8220;empty voting&#8221; ( a term embracing a variety of factual circumstances that
result in a partial or total separation of the right to vote at a shareholders meeting from beneficial ownership of the shares
on the meeting date). MAM prohibits investment managers from creating large hedge positions solely to gain the vote while avoiding
economic exposure to the market. MAM 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 48pt">MAM 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</TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
                                                           <TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt">&nbsp;</TD><TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="text-align: justify; padding-right: 48pt"> the Clients&#8217; accounts.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 48pt"><FONT STYLE="color: #231F20">Except as otherwise required by law, MAM has
a general policy of not disclosing to any issuer or third-party how MAM or its voting delegate voted a Client&#8217;s proxy.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 48pt"><FONT STYLE="color: #231F20">MAM endeavors to show sensitivity to local market
practices when voting proxies of non-domestic issuers. MAM votes in all markets where it is feasible to do so.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 81pt; text-indent: -0.25in; color: #231F20"></P>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 48pt"><FONT STYLE="color: #231F20">MAM may refrain from voting a proxy due to logistical
considerations that may have a detrimental effect on the Firm&#8217;s ability to vote such a proxy. These issues may include, but
are not limited to:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify; padding-right: 48pt"><FONT STYLE="color: #231F20">proxy statements and ballots being written in
a foreign language;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 1.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 1.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 48pt"><FONT STYLE="color: #231F20">underlying securities have been lent out pursuant
to a Client&#8217;s securities lending program;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify; padding-right: 48pt"><FONT STYLE="color: #231F20">untimely notice of a shareholder meeting;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify; padding-right: 48pt"><FONT STYLE="color: #231F20">requirements to vote proxies in person;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 18pt">5.</TD><TD STYLE="text-align: justify; padding-right: 48pt"><FONT STYLE="color: #231F20">restrictions on foreigner&#8217;s ability to
exercise votes;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 18pt">6.</TD><TD STYLE="text-align: justify; padding-right: 48pt"><FONT STYLE="color: #231F20">restrictions on the sale of securities for a
period of time in proximity to the shareholder meeting (&#8220;share blocking and re-registration&#8221;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 18pt">7.</TD><TD STYLE="text-align: justify; padding-right: 48pt"><FONT STYLE="color: #231F20">requirements to provide local agents with power
of attorney to facilitate the voting instructions (such proxies are voted on a best-efforts basis); or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 18pt; text-align: left">8.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">8.&#9;</FONT><FONT STYLE="color: #231F20">inability
of a Client&#8217;s custodian to forward and process proxies electronically.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 48pt">From time to time, proxy votes will be solicited which involve special circumstances
and require additional research and discussion or (ii) are not directly addressed by ISS. These proxies are identified through
a number of methods, including, but not limited to, notification from ISS, concerns of clients, concerns raised by the Firm&#8217;s
investment professionals and questions from consultants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 63pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 63pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 48pt">In such instances of special circumstances or issues not directly addressed
by ISS, a sub-committee of the BPC (&#8220;Proxy Committee&#8221;) will be consulted for a determination of the proxy vote. The
Proxy Committee comprises </TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 81pt; text-align: justify; color: #231F20">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 81pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 81pt; text-align: justify; color: #231F20">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 81pt; text-align: justify; color: #231F20">of no fewer than three members of the BPC. Although the Firm anticipates that such instances will be
rare, The Proxy Committee&#8217;s first determination is whether there is a material conflict of interest between the interests
of a Client and those of MAM. If the Proxy Committee determines there is a material conflict, the process detailed under &#8220;Conflicts
of Interest&#8221; below is followed. If there is no material conflict, the Proxy Committee examines each of the issuer&#8217;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 economic value
of all portfolios&#8217; holdings for the issuer in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 48pt"><FONT STYLE="color: #231F20">There may be circumstances under which a portfolio
manager or other MAM investment professional (&#8220;Manulife Asset Management Investment Professional&#8221;) believes it is in
the best interest of a Client or Clients to vote proxies in a manner inconsistent with the recommendation of ISS. In such an event,
as feasible, the Manulife Asset Management Investment Professional shall inform the Proxy Operations group of his or her decision
to vote such proxy in a manner inconsistent with the recommendation of ISS and the rationale for such decision. Proxy Operations
will report to the BPC no less than quarterly any instance where a Manulife Asset Management Investment Professional has decided
to vote a proxy on behalf of a Client in such a manner.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">C<FONT STYLE="color: #231F20">onflicts of Interest</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: justify; color: #231F20">From time to
time, proxy voting proposals may raise conflicts between the interests of the Firm&#8217;s clients and the interests of the Firm
and its affiliates or employees. For example, MAM 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 MAM 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 MAM is aware that one of the following conditions exists with respect to a proxy, MAM shall
consider such event a potential material conflict of interest:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 48pt; width: 95%">MAM has a business relationship or potential relationship with the issuer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 81pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 48pt; width: 95%">MAM has a business relationship with the proponent of the proxy proposal;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 81pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 48pt; width: 95%">MAM members, employees or consultants have a personal or other business relationship
with the participants in the proxy contest, such as corporate directors or director candidates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 81pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: justify; color: #231F20">MAM&#8217;s
goal in addressing any such potential conflict is to ensure proxy votes are cast in the advisory clients&#8217; best interests
and are not affected by MAM&#8217;s potential conflict. In those instances, there are a number of courses MAM may take. The</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: justify; color: #231F20">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: justify; color: #231F20"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: justify"> final
decision as to which course to follow shall be made by the BPC or its designee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: justify; color: #231F20">In the event
of a potential material conflict of interest, the BPC or its designee will either (i) vote such proxy according to the specific
recommendation of ISS; (ii) abstain; or (iii) request the Client vote such proxy. All such instances shall be reported to the BPC
and the Chief Compliance Officer at least quarterly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: justify; color: #231F20">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: justify; color: #231F20">In other
cases, where the matter presents a potential material conflict and is not clearly within one of the ISS&#8217; enumerated
recommendations, or is of such a nature the BPC believes more active involvement is necessary, the BPC shall make a decision
as to the voting of the proxy. The basis for the voting decision, including the basis for the determination the decision is
in the best interests of the Client, shall be formalized in writing as a part of the minutes of the BPC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: justify; color: #231F20">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: center; color: #231F20">Recordkeeping</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; color: #231F20">In accordance with applicable law,
MAM 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 MAM&#8217;s office:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 45pt; color: #231F20">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">the MAM Proxy Voting
Policy and any additional procedures created pursuant to that policy;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">a copy of each proxy
statement MAM receives regarding securities held by Clients (this requirement will be satisfied by ISS who has agreed in writing
to do so or by obtaining a copy of the proxy statement from the EDGAR databa</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 63pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">a record of each vote
cast by MAM (this requirement will be satisfied by ISS who has agreed in writing to do so) on behalf of Clients;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">a copy of any document
created by MAM that was material in making its voting decision or that memorializes the basis for such decision; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">a copy of each written
request from a client, and response to the client, for information on how MAM clients&#8217; proxies were voted.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.65pt 0pt 34pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.65pt 0pt 34pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: #4E685D">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; padding-top: 3.95pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Appendix of Affiliated MAM Entities</B></FONT></TD></TR>

<TR>
    <TD STYLE="border: black 1pt solid; padding-top: 0.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Declaration Management &amp; Research LLC</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt">Manulife Asset Management (US) LLC</P></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Manulife Asset Management (North America) Limited</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Manulife Asset Management Limited+</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Manulife Asset Management (Europe) Limited</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Manulife Asset Management Trust Company LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.65pt 0pt 34pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.65pt 0pt 34pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+Investment management business only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.65pt 0pt 34pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.65pt 0pt 34pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.65pt 0pt 34pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.65pt 0pt 34pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.65pt 0pt 34pt"><FONT STYLE="font-size: 10pt"><B>Policy Summary
</B></FONT><FONT STYLE="color: #231F20">Edition: January 2015</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.65pt 0pt 34pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
