<SEC-DOCUMENT>0001133228-18-001029.txt : 20180427
<SEC-HEADER>0001133228-18-001029.hdr.sgml : 20180427

<ACCEPTANCE-DATETIME>20180222193434

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001133228-18-001029

CONFORMED SUBMISSION TYPE:	N-2/A

PUBLIC DOCUMENT COUNT:		17

FILED AS OF DATE:		20180223

DATE AS OF CHANGE:		20180228


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			JOHN HANCOCK INVESTORS TRUST

		CENTRAL INDEX KEY:			0000759828

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-2/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-222087

		FILM NUMBER:		18634298



	BUSINESS ADDRESS:	

		STREET 1:		C/O JOHN HANCOCK FUNDS

		STREET 2:		601 CONGRESS STREET

		CITY:			BOSTON

		STATE:			MA

		ZIP:			02210

		BUSINESS PHONE:		617-663-3000



	MAIL ADDRESS:	

		STREET 1:		C/O JOHN HANCOCK FUNDS

		STREET 2:		601 CONGRESS STREET

		CITY:			BOSTON

		STATE:			MA

		ZIP:			02210



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	HANCOCK JOHN INVESTORS TRUST

		DATE OF NAME CHANGE:	19920703




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			JOHN HANCOCK INVESTORS TRUST

		CENTRAL INDEX KEY:			0000759828

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-2/A

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-04173

		FILM NUMBER:		18634299



	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>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt">As filed with the Securities and Exchange Commission on February 23, 2018</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: Arial; FONT-SIZE: 10pt">1933 Act File No. 333-222087</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: Arial; FONT-SIZE: 10pt">1940 Act File No. 811-04173</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 14pt; FONT-WEIGHT: bold">U.S. SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 18pt; FONT-WEIGHT: bold">FORM N-2</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pre-Effective Amendment No.&#160;&#160; 1</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Post-Effective Amendment No.</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt">and/or</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</div>
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<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amendment No. 27</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 16pt; FONT-WEIGHT: bold">JOHN HANCOCK INVESTORS TRUST</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt">(Exact Name of Registrant as Specified in Charter)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">601 Congress Street, Boston, Massachusetts 02210-2805</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: normal">(Address of Principal Executive Offices) (Zip Code)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Registrant&#8217;s Telephone Number, including Area Code: 1-800-225-6020</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">John J. Danello, Esq.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">601 Congress Street, Boston, Massachusetts 02210-2805</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Copies of Communications to:</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Mark P. Goshko, Esq.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">K&amp;L Gates LLP</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">One Lincoln Street</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Boston, Massachusetts 02111-2950</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Approximate Date of Proposed Public Offering:&#160; </font><font style="FONT-WEIGHT: normal">Commencing as soon as practicable after the effective date of this Registration Statement and continuing from time to time thereafter.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt">If any of the securities being registered on this form are to be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933, other than securities offered in connection with a dividend reinvestment plan, check the following box. <font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">&#9745;</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt">It is proposed that this filing will become effective (check appropriate box):</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt">when declared effective pursuant to section 8(c)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Title of Securities Being </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Registered</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount Being </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Registered</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(1)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Proposed</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Maximum</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Offering</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Price Per Unit</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(2)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Proposed</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Maximum</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Aggregate</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Offering Price</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(1)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amount of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Registration Fees </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(1)(3)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Common Shares, no par value</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt">1,000,000 Shares</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt">$17.00</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt">$17,000,000</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">$2,116.50</div>
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<div style="TEXT-ALIGN: left">&#160;&#160;&#160;&#160; </div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Includes 1,000,000 unsold Common Shares of beneficial interest being carried forward by this filing</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt">(2)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) under the Securities Act of 1933, as amended, based on the average of the high and low sales prices of the Common Shares of beneficial interest on February 20, 2018 as reported on the New York Stock Exchange.</div>
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<div style="TEXT-ALIGN: left">
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<td style="WIDTH: 18pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(3)</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt">The registration fee amount of $2,116.50 is fully attributable to the unsold securities under the Registrant&#8217;s Registration Statement on Form N-2 (File No. 333-201041) filed February 25, 2015. Such amount is being applied to offset against the registration fee currently due pursuant to Rule 415(a)(6) and Rule 457(p) under the Securities Act.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such dates as the Commission, acting pursuant to said Section 8(a), may determine.</div>
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<div>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ff0000; TEXT-ALIGN: left">The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and is not soliciting to offer or to buy these securities in any state where the offer or sale is not permitted.</div>

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<div style="TEXT-ALIGN: left"><img style="HEIGHT: 48px; WIDTH: 148px" src="image0.jpg"></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">Base Prospectus dated March 1, 2018</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">1,000,000 Shares</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Investors Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Common Shares</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investment Objectives. </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">The Offering. </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investment Strategy. </font>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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investment Advisor and Subadvisor. </font>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;).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exchange listing. </font>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 20, 2018, the last reported sale price for the Common Shares was $17.00. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Leverage. </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">The Common Shares have traded both at a premium and a discount to net asset</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">value (&#8220;NAV&#8221;). The Fund cannot predict whether Common Shares will trade in the</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">future at a premium or discount to NAV. The provisions of the 1940 Act</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">generally require that the public offering price of common shares (less any</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">underwriting commissions and discounts) must equal or exceed the NAV per share</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">of a company&#8217;s common stock (calculated within 48 hours of pricing). The Fund&#8217;s</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">issuance of Common Shares may have an adverse effect on prices in the secondary</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">market for the Fund&#8217;s Common Shares by increasing the number of Common Shares</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">available, which may put downward pressure on the market price for the Fund&#8217;s</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Common Shares. Shares of common stock of closed-end investment companies</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">frequently trade at a discount from NAV, which may increase investors&#8217; risk of</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">loss.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investing in the Fund&#8217;s Common Shares involves certain risks. See &#8220;Risk</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Factors&#8221; beginning on page 27.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Neither the Securities and Exchange Commission (the &#8220;SEC&#8221;) nor any state</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">securities commission has approved or disapproved of these securities or</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">determined whether this Prospectus is truthful or complete. Any representation</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">to the contrary is a criminal offense.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> 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, 2018, containing additional information about the Fund, has been filed with the SEC and is incorporated by reference in its entirety into this Prospectus. The Table of Contents for the SAI is on page 58 of the Prospectus. A copy of the SAI may be obtained without charge by calling 800-225-6020 (toll-free) or from the SEC&#8217;s website at sec.gov. Copies of the Fund&#8217;s annual report and semi-annual report and other information about the Fund may be obtained upon request by writing to the Fund, by calling 800-225-6020, or by visiting the Fund&#8217;s website at www.jhinvestments.com/Fund/PerformanceTable.aspx?ProductType=ClosedEnd.&#160;You also may obtain a copy of any information regarding the Fund filed with the SEC from the SEC&#8217;s website (sec.gov). </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Prospectus dated March 1, 2018</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">You should rely only on the information contained in, or incorporated by</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">reference into, this Prospectus and any related Prospectus Supplement in making</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">your investment decisions. The Fund has not authorized any person to provide</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">you with different information. If anyone provides you with different or</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">inconsistent information, you should not rely on it. The Fund is not making an</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">offer to sell the Common Shares in any jurisdiction where the offer or sale is</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">not permitted. You should assume that the information in this Prospectus and</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">any Prospectus Supplement is accurate only as of the dates on their covers. The</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Fund&#8217;s business, financial condition and prospects may have changed since the</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">date of its description in this Prospectus or the date of its description in</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">any Prospectus Supplement.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="TABLEOFCONTENTSPRO"><!--Anchor--></a>TABLE OF CONTENTS</div>

<div><br>
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<table id="z1ffb962ec5fb44b097e9d69115e24bd3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#ProspectusSummary"> Prospectus Summary </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 1 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#SummaryofFundExpenses"> Summary of Fund Expenses </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 13 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#FinancialHighlights"> Financial Highlights </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 15 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#MarketandNetAssetValueInf"> Market and Net Asset Value Information </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 17 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#TheFund"> The Fund </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 17 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#UseofProceeds"> Use of Proceeds </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 18 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#InvestmentObjectives"> Investment Objectives </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 18 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#InvestmentStrategies"> Investment Strategies </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 18 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#RiskFactors"> Risk Factors </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 27 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#ManagementoftheFund"> Management of the Fund </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 41 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#DeterminationofNetAssetVa"> Determination of Net Asset Value </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 44 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#DistributionPolicy"> Distribution Policy </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 45 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#DividendReinvestmentPlan"> Dividend Reinvestment Plan </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 46 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#Closed-EndFundStructure"> Closed-End Fund Structure </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 47 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#U.S.FederalIncomeTaxMatte"> U.S. Federal Income Tax Matters </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 48 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#PlanofDistribution"> Plan of Distribution </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 51 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#DescriptionofCapitalStruc"> Description of Capital Structure </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 52 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#CertainProvisionsintheDec"> Certain Provisions in the Declaration of Trust and By-Laws </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 55 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#ReportstoShareholders"> Reports to Shareholders </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 56 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#IndependentRegisteredPubl"> Independent Registered Public Accounting Firm </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 56 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#AdditionalInformation"> Additional Information </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 56 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#TableofContentsoftheState"> Table of Contents of the Statement of Additional Information </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 58 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 93.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#TheFundsPrivacyPolicy"> The Fund&#8217;s Privacy Policy </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6.64%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 59 </div>
</td>
</tr>
</table>

<div>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="ProspectusSummary"><!--Anchor--></a>Prospectus Summary</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">This is only a summary. You should review the more detailed information</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">elsewhere in this prospectus (&#8220;Prospectus&#8221;), in any related supplement to this</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Prospectus (each, a &#8220;Prospectus Supplement&#8221;), and in the Statement of</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Additional Information (the &#8220;SAI&#8221;) prior to making an investment in the Fund.</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">See &#8220;Risk Factors.&#8221;</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">The Fund</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 and may be changed without shareholder approval.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">The Offering</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">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.</div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Listing and Symbol </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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; Any new Common Shares offered and sold hereby will be listed on the NYSE and trade under this symbol. As of February 20, 2018, the last reported sale price for the Common Shares was $17.00. </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Investment Strategy </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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, including foreign currency forward contracts, foreign currency swaps, futures contracts, swaps, including credit-default swaps and interest-rate swaps, and options, including currency options. In addition, the Fund may invest in repurchase agreements. </div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 acquisition, investment grade (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">e.g.</font>, &#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.</div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Investment Advisor and </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Subadvisor</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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;).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> 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, 2017, the Advisor had total assets under management of approximately $152.9 billion. </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The Subadvisor handles the fund&#8217;s portfolio management activity, subject to oversight by the Advisor. The Subadvisor, organized in 1968, is a wholly owned subsidiary of John Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife Financial, a publicly held, Canadian-based company). As of December 31, 2017, the Subadvisor had total assets under management of approximately $209.5 billion. </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">See &#8220;Management of the Fund&#8212;The Advisor&#8221; and &#8220;&#8212;The Subadvisor.&#8221;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 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 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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; net asset value (&#8220;NAV&#8221;).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">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.</div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Dividend Reinvestment Plan</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">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;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Closed-End Fund Structure</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In recognition of the possibility that the Common Shares may trade at a discount from their NAV, and that any such discount may not be in the best interest of Common Shareholders, the Board, in consultation with the Advisor, from time to time may review possible actions to reduce any such discount. There can be no assurance that the Board will decide to undertake any of these actions or that, if undertaken, such actions would result in the Common Shares trading at a price equal to or close to NAV per Common Share. In the event that the Fund conducts an offering of new Common Shares and such offering constitutes a &#8220;distribution&#8221; under Regulation M, the Fund and certain of its affiliates may be subject to an applicable restricted period that could limit the timing of any repurchases by the Fund.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Summary of Risks </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The Fund&#8217;s principal 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. </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">General Risks</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Investment and Market Risk.</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Tax Risk.</font> 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. To the extent designated by the Fund, such distributions generally would be eligible (i) to be treated as qualified dividend income in the case of individual and other non-corporate shareholders and (ii) for the dividends received deduction in the case of corporate shareholders, provided that in each case the shareholder meets applicable holding period requirements. In addition, in order to requalify for taxation as a regulated investment company, the Fund might be required to recognize unrealized gain, pay substantial taxes and interest, and make certain distributions. See &#8220;U.S. Federal Income Tax Matters.&#8221;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The tax treatment and characterization of the Fund&#8217;s distributions may vary significantly from time to time due to the nature of the Fund&#8217;s investments. The ultimate tax characterization of the Fund&#8217;s distributions in a calendar year may not finally be determined until after the end of that calendar year. The Fund may make distributions during a calendar year that exceed the Fund&#8217;s net investment income and net realized capital gain for that year. In such a situation, the amount by which the Fund&#8217;s total distributions exceed net investment income and net realized capital gain generally would be treated as a return of capital up to the amount of the Common Shareholder&#8217;s tax basis in his or her Common Shares, with any amounts exceeding such basis treated as gain from the sale of his or her Common Shares. The Fund&#8217;s income distributions that qualify for favorable tax treatment may be affected by Internal Revenue Service (&#8220;IRS&#8221;) interpretations of the Code and future changes in tax laws and regulations. See &#8220;U.S. Federal Income Tax Matters.&#8221; </div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Distribution Risk.</font> 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. 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Defensive Positions Risk.</font> During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its total assets in short-term money market instruments, securities with remaining maturities of less than one year, cash or cash equivalents. The Fund will not be pursuing its investment objectives in these circumstances and could miss favorable market developments.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Interest Rate Risk.</font> Interest rate risk is the risk that fixed-income securities such as debt securities and preferred securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall. The Fund&#8217;s investments in debt securities and preferred securities means that the NAV and market price of the Common Shares will tend to decline if market interest rates rise. Given the historically low level of interest rates in recent years and the likelihood that interest rates will increase when the national economy strengthens, the risk of the potentially negative impact of rising interest rates on the value of the Fund&#8217;s portfolio may be significant. In addition, the longer the average maturity of the Fund&#8217;s portfolio of debt securities, the greater the potential impact of rising interest rates on the value of the Fund&#8217;s portfolio and the less flexibility the Fund may have to respond to the decreasing spread between the yield on its portfolio securities.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">During periods of declining interest rates, an issuer may exercise its option to prepay principal of debt securities or to redeem preferred securities earlier than scheduled, forcing the Fund to reinvest in lower yielding securities. This is known as call or prepayment risk. During periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected principal payments. This may lock in a below market interest rate, increase the security&#8217;s duration and reduce the value of the security. This is known as extension risk. Recent and potential future changes in government monetary policy may affect the level of interest rates.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Inflation Risk.</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Leverage Risk. </font>The Fund is authorized to utilize leverage through borrowings, reinvestment of securities lending collateral or reverse repurchase agreement proceeds, and/or the issuance of preferred shares, including the issuance of debt securities. The Fund is party to the LA as described in &#8220;&#8212;Description of Capital Structure&#8212;Liquidity Facility.&#8221; </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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&#8217;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&#8217;s assets. Leverage creates risks that may adversely affect the return for the Common Shareholders, including:</div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8226;&#160;&#160; &#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">the likelihood of greater volatility of NAV and market price of Common Shares;</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8226;&#160;&#160; &#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">fluctuations in the interest rate paid for the use of the LA;</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8226;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">increased operating costs, which may reduce the Fund&#8217;s total return;</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8226;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">the potential for a decline in the value of an investment acquired through leverage, while the Fund&#8217;s obligations under such leverage remains fixed; and</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8226;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">the Fund is more likely to have to sell securities in a volatile market in order to meet asset coverage or other debt compliance requirements.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">To the extent the returns derived from securities purchased with proceeds received from leverage exceeds 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 it would be unable to timely, or at all, obtain replacement financing if the LA is terminated. For more information regarding termination, see &#8220;&#8212;Description of Capital Structure&#8212;Liquidity Facility.&#8221;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Market Discount Risk.</font> 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Secondary Market for the Common Shares.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">&#160;</font>The issuance of new Common Shares may have an adverse effect on the secondary market for the Common Shares. When Common Shares are trading at a premium, the Fund may issue new Common Shares of the Fund. The increase in the amount of the Fund&#8217;s outstanding Common Shares resulting from the offering of new Common Shares may put downward pressure on the market price for the Common Shares of the Fund. Common Shares will not be issued at any time when Common Shares are trading at a price lower than a price equal to the Fund&#8217;s NAV per Common Share plus the per Common Share amount of commissions. </div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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. </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Management Risk.</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-RIGHT: 8.3pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Economic and market events risk</font>. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Natural Disasters and Adverse Weather Conditions.</font> 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.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Changes in U.S. Law.</font> 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.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Anti-takeover Provisions.</font> 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;</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Cybersecurity and Operational Risk.</font> Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of the Fund&#8217;s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Strategy Risks</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 73%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Credit and counterparty risk.</font> 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.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Corporate Debt Securities Risk. </font>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.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">U.S. Government Securities Risk. </font>No assurance can be given that the U.S. government will provide financial support in the future to U.S. government agencies, authorities or instrumentalities that are not supported by the full faith and credit of the U.S. Securities guaranteed as to principal and interest by the United States government, its agencies, authorities or instrumentalities include: (i) securities for which the payment of principal and interest is backed by an irrevocable letter of credit issued by the U.S. government or any of its agencies, authorities or instrumentalities; and (ii) participations in loans made to non-U.S. governments or other entities that are so guaranteed. The secondary market for certain of these participations is limited and therefore may be regarded as illiquid.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Fixed-income securities risk.</font> 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&#8217;s credit quality may adversely affect fund performance.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 1.45pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 0.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Mortgage-backed and asset-backed securities risk.</font> Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 73%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Equity securities risk.</font> The price of equity securities may decline due to changes in a company&#8217;s financial condition or overall market conditions.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Liquidity and Restricted Securities Risk. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Fund may have significant exposure to restricted securities.&#160; Restricted securities are securities with restrictions on public resale, such as securities offered in accordance with an exemption under Rule 144A under the Securities Act of 1933 (the &#8220;1933 Act&#8221;), or commercial paper issued under Section 4(a)(2) of the 1933 Act.&#160; Restricted securities are often required to be sold in private sales to institutional buyers, markets for restricted securities may or may not be well developed, and restricted securities can be illiquid.</font> </div>
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</div>
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<div>&#160;</div>

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">9</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Non-U.S. Investment Risk.</font> 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.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Sovereign Debt Obligations Risk.</font> 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.</div>
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Brady Bonds Risk.</font> 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&#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.</div></td>
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<div>&#160;</div>

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">10</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Reverse Repurchase Agreement Risk.</font> 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. An event of default of insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the Fund&#8217;s ability to dispose of the underlying securities, in addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the Fund&#8217;s net asset value per share (NAV).</div>
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Warrants Risk</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">.</font> Warrants are rights to purchase securities at specific prices and are valid for a specific period of time. Warrant prices do not necessarily move parallel to the prices of the underlying securities, and warrant holders receive no dividends and have no voting rights or rights with respect to the assets of an issuer. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants cease to have value if not exercised prior to the expiration date. These factors can make warrants more speculative than other types of investments.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Hedging, Derivatives and Other Strategic Transactions Risk. </font>Hedging, derivatives, and other strategic transactions may increase the volatility of the Fund and, if the transaction does not have the desired outcome, could result in a significant loss to the Fund. The use of derivative instruments could produce <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">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. Regulatory changes in derivative markets could impact the cost of or the Fund&#8217;s ability to engage in derivative transactions. 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:</font></div>
<div>&#160;</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8226;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Credit default swaps. </font>Counterparty risk, liquidity risk (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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.</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8226;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Foreign currency forward contracts. </font>Counterparty risk, liquidity risk (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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.</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8226;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Foreign currency swaps. </font>Counterparty risk, liquidity risk (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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.</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8226;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Futures contracts. </font>Counterparty risk, liquidity risk (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, the inability to enter into closing transactions) and risk of disproportionate loss are the principal risks of engaging in transactions involving futures contracts.</font></div>
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<div>&#160;</div>

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<div style="MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt">&#8226;&#160;&#160;&#160;&#160;<font style="FONT-WEIGHT: bold; FONT-STYLE: italic">Interest-rate swaps.</font> Counterparty risk, liquidity risk (i.e., 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.</div>

<div>&#160;</div>

<div style="MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt">&#8226;&#160;&#160;&#160;&#160;<font style="FONT-WEIGHT: bold; FONT-STYLE: italic">Options and currency options.</font> Counterparty risk, liquidity risk (i.e., 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.</div>

<div>&#160;</div>

<div style="MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt"><font style="FONT-FAMILY: Symbol, serif"><font style="FONT-WEIGHT: normal">&#183;</font>&#160;&#160;&#160;&#160; </font><font style="FONT-WEIGHT: bold; FONT-STYLE: italic">Swaps.</font> Counterparty risk, liquidity risk (i.e., 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Given the risks described above, an investment in Common Shares may not be</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">appropriate for all investors.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">You should carefully consider your ability to</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">assume these risks before making an investment in the Fund.</font></div>
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<div>&#160;</div>

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">12</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="SummaryofFundExpenses"><!--Anchor--></a>Summary of Fund Expenses</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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, 2017, 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, 2017.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Shareholder Transaction Expenses </div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%"> &#160; </td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 16.2pt; TEXT-INDENT: -7.2pt"> Sales load (as a percentage of offering price) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup> </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> _____% </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 16.2pt; TEXT-INDENT: -7.2pt"> Offering expenses (as a percentage of offering price) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup> </div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> _____% </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 16.2pt; TEXT-INDENT: -7.2pt"> Dividend Reinvestment Plan fees <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(2)</sup> </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> None </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Annual Expenses (Percentage of Net Assets Attributable to Common Shares) </div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
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<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 16.2pt; TEXT-INDENT: -7.2pt"> Management fees <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(3)</sup> </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> 0.83% </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 16.2pt; TEXT-INDENT: -7.2pt"> Interest payments on borrowed funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(4)</sup> </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> 0.88% </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 16.2pt; TEXT-INDENT: -7.2pt"> Other expenses <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(5)</sup> </div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> 0.24% </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 81%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 16.2pt; TEXT-INDENT: -7.2pt"> Total Annual Expenses </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> 1.95% </div>
</td>
</tr>
</table>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">
<hr style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; WIDTH: 15%; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify">
<table id="zeeaa25344c6d4dc5b41910aee84475b1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 15.95pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If Common Shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zc9d285e75e204ae28a44dd6e5b7e26e4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 15.95pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">pro</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">rata </font>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;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zbe16941217bf4da6a62e67cd4467dd9b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 15.95pt; align: right">(3)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">See &#8220;Management of the Fund&#8212;The Advisor.&#8221;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z0ac6f2df8b8a45809b8d027baa077eeb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 15.95pt; align: right"> (4) </td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> The Fund uses leverage by borrowing under a liquidity agreement. &#8220;Interest payments on borrowed funds&#8221; includes all interest paid in connection with outstanding loans.&#160;See &#8220;Other Investment Policies - Borrowing&#8221; and &#8220;Use of Leverage by the Fund.&#8221; </div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="zbd8da61e294a4827932ae5d001218586" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 15.95pt; align: right">(5)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Other expenses have been estimated for the current fiscal year.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">EXAMPLE</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 1.95% 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: </div>

<div><br>
</div>

<table id="zbf5f66cf59d64de79275ec96644da27c" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 80%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 32%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 1 Year </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 3 Years </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 5 Years </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> 10 Years </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 32%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Total Expenses </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 20 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 61 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 105 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 227 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>
</table>

<div><br>
</div>

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

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">13</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">The example should not be considered a representation of past or future</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">expenses, and the Fund&#8217;s actual expenses may be greater or less than those</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">shown. Moreover, the Fund&#8217;s actual rate of return may be greater or less than</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">the hypothetical 5% return shown in the example.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">14</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="FinancialHighlights"><!--Anchor--></a>Financial Highlights</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The financial statements of the Fund as of October 31, 2017 have been audited by PricewaterhouseCoopers LLP (&#8220;PwC&#8221;), the Fund&#8217;s independent registered public accounting firm. The report of PwC is included, along with the Fund&#8217;s financial statements, in the Fund&#8217;s annual report, which has been incorporated by reference into the SAI and is available upon request. </div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Common Shares </div>

<table id="z4a423362cf074facb4cd0c1c351f971b" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt" valign="bottom" colspan="3"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 10-31-17 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 10-31-16 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 10-31-15 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 10-31-14 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 10-31-13 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 27%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Per share operating performance </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 2%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Period </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> ended </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Net asset value, beginning of period </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 18.11 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 17.20 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 19.56 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 19.76 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 20.44 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Net investment income </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup>&#160; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.28 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.32 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.41 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.58 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.61 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Net realized and unrealized gain (loss) on investments </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 0.72 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 0.96 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (2.28 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (0.14 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (0.59 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> ) </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Distributions to Auction Preferred Shares (APS) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Total from investment operations </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 2.00 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 2.28 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (0.87 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 1.44 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 1.02 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Less distributions to common shareholders </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> From net investment income </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (1.30 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (1.39 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (1.49 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (1.64 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (1.71 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> ) </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Total distributions </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (1.30 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (1.39 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (1.49 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (1.64 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (1.71 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Anti-dilutive impact of repurchase plan </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 0.02 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup>&#160; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Anti-dilutive impact of shelf offering </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3</sup>&#160; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 0.01 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Net asset value, end of period </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160;&#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 18.81 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 18.11 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 17.20 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 19.56 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 19.76 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Per share market value, end of period </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160;&#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 17.87 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 16.73 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 15.20 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 19.06 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 19.30 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Total return at net asset value (%) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">4,5</sup>&#160; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 11.87 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 14.95 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (3.85 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 7.65 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 5.09 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Total return at market value (%) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">5</sup>&#160; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 15.05 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 20.17 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (12.80 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 7.40 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (5.66 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 27%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Ratios and supplemental data </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Net assets applicable to common shares, end of period (in millions) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160;&#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 164 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 158 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 151 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 172 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 173 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Ratios (as a percentage of average net assets): </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Expenses before reductions </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.95 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.79 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.54 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.38 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.41 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Expenses including reductions </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup>&#160; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.94 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.78 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.53 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.37 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.41 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Net investment income </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 6.96 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 7.75 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 7.70 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 7.94 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 8.00 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Portfolio turnover (%) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 53 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 62 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 74 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 71 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 61 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 27%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Senior securities </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Total debt outstanding end of period (in millions) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160;&#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 87 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 87 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 87 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 87 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 86 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 27%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Asset coverage per $1,000 of debt </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">7</sup>&#160; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 2,884 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 2,814 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 2,741 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 2,979 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 3,013 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>
</table>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">15</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Common Shares </div>

<table id="z230cf25d98b24320a2e2a19892ac4954" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="3"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 10-31-12 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 10-31-11 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 10-31-10 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 10-31-09 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 10-31-08 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 29%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Per share operating performance </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 2%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Period </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> ended </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Net asset value, beginning of period </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160;&#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 19.19 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 20.11 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 18.03 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 14.51 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 19.21 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Net investment income </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup>&#160; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.88 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.93 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 2.15 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.70 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.49 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Net realized and unrealized gain (loss) on investments </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.30 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (0.88 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 2.00 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 3.51 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (4.80 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> ) </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Distributions to Auction Preferred Shares (APS) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (0.19 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> ) </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Total from investment operations </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 3.18 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 1.05 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 4.15 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 5.21 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (3.50 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Less distributions to common shareholders </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> From net investment income </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (1.94 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (1.97 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (2.07 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (1.69 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (1.20 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> ) </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Total distributions </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (1.94 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (1.97 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (2.07 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (1.69 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (1.20 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Anti-dilutive impact of repurchase plan </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Anti-dilutive impact of shelf offering </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 0.01 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8212; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Net asset value, end of period </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160;&#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 20.44 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 19.19 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 20.11 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 18.03 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 14.51 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Per share market value, end of period </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160;&#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 22.24 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 21.82 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 21.13 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 17.73 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 13.46 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Total return at net asset value (%) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">4,5</sup>&#160; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 16.14 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 4.90 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 23.81 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 39.26 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (18.78 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Total return at market value (%) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">5</sup>&#160; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 11.13 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 13.52 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 32.29 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 47.62 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (14.91 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> ) </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 29%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Ratios and supplemental data </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Net assets applicable to common shares, end of period (in millions) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160;&#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 176 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 164 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 171 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 152 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 121 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Ratios (as a percentage of average net assets): </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt"> Expenses before reductions </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.57 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.62 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.93 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 2.43 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 2.25 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt"> Expenses including reductions </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup>&#160; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.57 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.62 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.93 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 2.43 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.42 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="MARGIN-LEFT: 9pt"> Net investment income </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 9.65 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 9.63 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 11.33 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 11.34 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 9.93 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Portfolio turnover (%) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 56 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 45 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 71 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 72 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 37 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 29%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Senior securities </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Total debt outstanding end of period (in millions) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 86 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 88 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 80 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 67 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 58 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 29%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"> Asset coverage per $1,000 of debt </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 2%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">7</sup>&#160; </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 3,054 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 2,871 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 3,136 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 3,268 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 3,090 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>
</table>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">
<hr style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; WIDTH: 15%; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify">
<table id="z97af639be6e24dbbbe3a895c26ea7bc8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 9pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> (1) </td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Based on average daily shares outstanding. </div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7b879bd7f52043fdb95f64bec6f5c018" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 9pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> (2) </td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> The repurchase plan was completed at an average repurchase price of $13.99 for 84,400 shares, which equals $1,180,832 in redemptions for the year ended 10-31-16. </div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8501668be60e488cb93ac13569979d76" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 9pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> (3) </td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Less than $0.005 per share. </div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc97d094927b5456786ff83ac8e78a0ce" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 9pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> (4) </td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Total returns would have been lower had certain expenses not been reduced during the applicable periods. </div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbc57b346cf7c4ed6a245ef3ac5b30bf3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 9pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> (5) </td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Total return based on net asset value reflects changes in the fund's net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that distributions from income, capital gains and tax return of capital, if any, were reinvested. These figures will differ depending upon the level of any discount from or premium to net asset value at which the fund's shares traded during the period. </div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze6b0d4f076b14877855dcf2dae637fab" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 9pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> (6) </td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Expenses net of reductions excluding interest expense were 1.06%,1.16%,1.06%,1.05% and 1.07% for the years ended 10-31-17,10-31-16, 10-31-15,10-31-14 and 10-31-13, respectively. </div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5a73b6040ec849b4a753fd5a9af848ea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 9pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> (7) </td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Assets coverage equals the total net assets plus borrowing dividends divided by the borrowings of the Fund outstanding at the period ended (Note 8). As debt outstanding changes, the level of invested assets may change accordingly.&#160; Asset coverage ratio provides a measure of leverage </div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">16</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="MarketandNetAssetValueInf"><!--Anchor--></a>Market and Net Asset Value Information</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div><br>
</div>

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

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div><br>
</div>

<table id="z0d890d1e54db4b74a608eefea163f8c4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 95%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 23%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="6">
<div></div>

<div></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Market Price </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" valign="bottom" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> NAV per Share on </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Date of Market Price </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> High and Low </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" valign="bottom" colspan="6">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Premium/(Discount) on </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Date of Market Price </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> High and Low </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 23%; BORDER-LEFT-COLOR: " valign="bottom"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; BORDER-LEFT-COLOR: " colspan="2"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: "> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: "> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; BORDER-LEFT-COLOR: " colspan="2"> &#160;&#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; BORDER-LEFT-COLOR: " valign="bottom" colspan="2"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; BORDER-LEFT-COLOR: " valign="bottom" colspan="2"> &#160;&#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; BORDER-LEFT-COLOR: " valign="bottom" colspan="2"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; BORDER-LEFT-COLOR: " valign="bottom" colspan="3"> &#160;&#160;&#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; PADDING-BOTTOM: 1px; FONT-STYLE: normal; TEXT-ALIGN: center; WIDTH: 23%" valign="bottom">
<div style="TEXT-ALIGN: left"><u> Fiscal Quarter Ended </u></div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> High </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Low </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> High </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Low </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> High </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Low </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 23%; BORDER-LEFT-COLOR: " valign="bottom"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; BORDER-LEFT-COLOR: " valign="bottom" colspan="2"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; BORDER-LEFT-COLOR: " valign="bottom" colspan="2"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; BORDER-LEFT-COLOR: " valign="bottom" colspan="2"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; BORDER-LEFT-COLOR: " valign="bottom" colspan="2"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; BORDER-LEFT-COLOR: " valign="bottom" colspan="2"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; BORDER-LEFT-COLOR: " valign="bottom" colspan="2"> &#160; </td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: " valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 23%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt"> January 31, 2016 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 15.23 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 13.38 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17.30 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 15.35 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (11.97 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (12.83 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 23%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt"> April 30, 2016 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 15.77 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 13.76 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17.10 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 15.34 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (7.78 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (10.30 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 23%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt"> July 31, 2016 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17.34 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 15.36 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17.78 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17.07 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (2.47 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (10.02 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 23%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt"> October 31, 2016 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17.75 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 16.36 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 18.19 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17.78 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (2.42 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (7.99 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 23%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt"> January 31, 2017 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17.19 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 15.94 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17.86 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17.56 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (3.75 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (9.23 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 23%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt"> April 30, 2017 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17.68 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 16.49 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 18.59 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17.77 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (4.75 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (7.20 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 23%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt"> July 31, 2017 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 18.29 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17.15 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 18.87 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 18.41 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (2.92 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (7.25 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 23%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt"> October 31, 2017 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 18.85 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17.65 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 18.98 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 18.62 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 0.43 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> % </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (5.61 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 23%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt"> January 31, 2018 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17.93 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17.19 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 18.81 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 18.35 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (4.68 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (6.32 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
</tr>
</table>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The last reported sale price, NAV per share and percentage discount to NAV per share of the Common Shares as of February 20, 2018 were $17.00, $18.16 and 6.39%, respectively. As of February 20, 2018, the Fund had&#160;8,707,025 Common Shares outstanding and net assets of the Fund were $158,083,328. </div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="TheFund"><!--Anchor--></a>The Fund</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 (as amended and restated from time to time, 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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The following provides information about the Fund&#8217;s outstanding securities as of October 31, 2017.</div>

<div><br>
</div>

<table id="z073e13415b4f49a89dc8697009bda584" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 95%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-TOP-COLOR: ; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; PADDING-BOTTOM: 1px; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left; BORDER-RIGHT-COLOR: ; WIDTH: 53%; BORDER-LEFT-COLOR: ">
<div><u> Title of Class </u></div>
</td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: "> &#160; </td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Amount </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Authorized </div>
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<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: "> &#160; </td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Amount Held by </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> the Fund or for </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> its Account </div>
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<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center; BORDER-RIGHT-COLOR: ; WIDTH: 1%; BORDER-LEFT-COLOR: "> &#160; </td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Amount </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Outstanding </div>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 5.05pt; MARGIN-RIGHT: 5.05pt; TEXT-INDENT: -5.05pt"> Common Shares, no par value </div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> Unlimited </div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center; TEXT-INDENT: 31.4pt"> 0 </div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 8,707,025 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="UseofProceeds"><!--Anchor--></a>Use of Proceeds</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 and lack of liquidity in the markets of suitable investments. Pending such investment, the Fund anticipates that it will invest the proceeds in short-term money market instruments, securities with remaining maturities of less than one year, cash or cash equivalents. A delay in the anticipated use of proceeds could lower returns and reduce the Fund&#8217;s distribution to Common Shareholders or result in a distribution consisting principally of a return of capital.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="InvestmentObjectives"><!--Anchor--></a>Investment Objectives</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="InvestmentStrategies"><!--Anchor--></a>Investment Strategies</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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, including foreign currency forward contracts, foreign currency swaps, futures contracts, swaps, including credit-default swaps and interest-rate swaps, and options, including currency options.&#160; In addition, the Fund may invest in repurchase agreements.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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.</div>
<div>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">e.g.</font>, &#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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO INVESTMENTS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Corporate debt securities</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">U.S. government and foreign government securities</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">e.g.</font>, 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 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">e.g.</font>, 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 government issuer. As with other fixed-income securities, sovereign issuers may be unable or unwilling to make timely principal or interest payments.</div>
<div>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Mortgage-backed securities</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Illiquid securities</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Fund may invest up to 20% of its total assets in illiquid securities (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Equity securities</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Common stocks are shares of a corporation or other entity that entitle the holder to a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">pro rata </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Non-U.S. securities</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Sovereign debt obligations</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Money market instruments</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Hedging and interest rate transactions</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 depends on the Subadvisor&#8217;s ability to predict pertinent market movements, which cannot be assured. Thus, the use to the benefit of the Fund of Strategic Transactions may result in a loss greater than if they had not been used, may require the Fund to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise sell. Additionally, amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to Strategic Transactions are not otherwise available to the Fund for investment purposes.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">A more complete discussion of Strategic Transactions and their risks is contained in the SAI.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">TEMPORARY DEFENSIVE STRATEGIES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 an unlimited portion of its portfolio in short-term money market instruments, securities with remaining maturities of less than one year, cash or cash equivalents. It is impossible to predict when, or for how long, the Fund may use these alternative strategies.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">ADDITIONAL PORTFOLIO INVESTMENTS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Structured securities</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">When-Issued and Forward Commitment Securities</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Repurchase agreements</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Reverse repurchase agreements</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Asset-backed securities</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Brady bonds</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Other investment companies</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">pro rata </font>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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">OTHER INVESTMENT POLICIES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Borrowing</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The Fund may use leverage to the extent permitted by the 1940 Act, this Prospectus, and the LA. The Fund is authorized to utilize leverage through borrowings, reinvestment of securities lending collateral or reverse repurchase agreement proceeds, and/or the issuance of preferred shares, including the issuance of debt securities. The Fund is party to the LA as described in &#8220;&#8212;Description of Capital Structure&#8212;Liquidity Facility.&#8221; Borrowings, together with 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 style="vertical-align: text-top; line-height: 1; font-size: smaller">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). </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Portfolio turnover</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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, 2017 and October 31, 2016 was 53% and 62%, 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; </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Securities loans</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 style="vertical-align: text-top; line-height: 1; font-size: smaller">1/3</sup>% of total assets. In such transactions, the borrower pays to the Fund an amount equal to any dividends or interest received on loaned securities. The Fund retains all or a portion of the dividends, interest, capital gains, and/or other distributions received on investment of cash collateral in short-term obligations of the U.S. government, cash equivalents (including shares of a fund managed by the Fund&#8217;s investment adviser or an affiliate thereof), or other investments consistent with the Fund&#8217;s investment objective, policies, and restrictions, or receives a fee from the borrower. If the Fund receives a fee in lieu of dividends with respect to securities on loan pursuant to a securities lending transaction, such income will not be eligible for the dividends-received deduction for corporate shareholders. As a result of investing such cash collateral in such investments, the Fund will receive the benefit of any gains and bear any losses generated by such investments. All securities loans will be made pursuant to agreements requiring that the loans be continuously secured by collateral in cash or short-term debt obligations at least equal at all times to the market value of the loaned securities. The Fund may pay reasonable finders&#8217;, administrative and custodial fees in connection with loans of its portfolio securities. Although voting rights or rights to consent accompanying loaned securities pass to the borrower, the Fund retains the right to call the loans at any time on reasonable notice, and it will do so in order that the securities may be voted by the Fund with respect to matters materially affecting the Fund&#8217;s investment. The Fund may also call a loan in order to sell the securities involved. Lending portfolio securities involves risks of delay in recovery of the loaned securities or, in some cases, loss of rights in the collateral should the borrower commence an action relating to bankruptcy, insolvency or reorganization. The use of securities lending collateral to obtain leverage in the Fund&#8217;s investment portfolio may subject the Fund to greater risk of loss than the use of traditional securities lending to earn incremental income via investing collateral solely in short-term U.S. government securities or cash equivalents.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Foreign currency transactions</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, cash) basis at the spot rate prevailing in the foreign currency exchange market or through entering into derivative currency transactions. Currency futures contracts are exchange-traded and change in value to reflect movements of a currency or a basket of currencies. Settlement must be made in a designated currency.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, income other than tax-advantaged dividends).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">USE OF LEVERAGE BY THE FUND</div>

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

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">26</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> At October 31, 2017, the Fund had borrowings under the LA of $86,900,000. The average daily loan balance, weighted average interest rate and maximum daily loan outstanding for the year ended October 31, 2017, including borrowings under a prior credit facility discussed below, were as follows: </div>

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<table id="zd4e9cc284ff1420abc5e20b7d55c4bf1" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Average Daily Loan Balance </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Weighted Average Interest Rate% </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Maximum Daily Loan Outstanding </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 86,900,000 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 31%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 1.61 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> % </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $ </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 31%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 86,900,000 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap"> &#160; </td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The Fund&#8217;s borrowings under the LA as of October 31, 2017 equaled approximately 34.28% of the Fund&#8217;s total assets (including the proceeds of such leverage). The Fund&#8217;s asset coverage ratio as of October 31, 2017 was 288%. See &#8220;&#8212;Other Investment Policies&#8212;Borrowing&#8221; for a brief description of the Fund&#8217;s liquid facility agreement. </div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Assuming the utilization of leverage in the amount of 34.28% of the Fund&#8217;s total assets and an annual interest rate of 1.84% payable on such leverage based on market rates as of October 31, 2017, the additional income that the Fund must earn (net of expenses) in order to cover such leverage is approximately $1,598,960. 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%. </div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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;</div>
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 34.28% 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. </div>

<div>&#160;</div>

<table id="z869da37221c4478091b5321b68ec208b" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; WIDTH: 40%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: bold; FONT-STYLE: normal; BACKGROUND-COLOR: #cceeff"> <u>Assumed Portfolio Return</u> </font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (10.00 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> )% </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (5.00 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> )% </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 0.00 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> % </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 5.00 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> % </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> 10.00 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> % </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 40%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 5.05pt; MARGIN-RIGHT: 5.05pt; TEXT-INDENT: -5.05pt"> Corresponding Common Shares Total Return </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (13.80 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (7.21 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (0.62 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> )% </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 5.96 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> % </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 12.55 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> % </div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="RiskFactors"><!--Anchor--></a>Risk Factors</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 8.15pt"> The principal risks of investing in the Fund are summarized in the Prospectus Summary above.&#160; Below are more detailed descriptions of such factors. The descriptions are grouped by general risks, equity strategy risks, and options strategy risks. For a discussion of non-principal risk factors, see the Fund&#8217;s SAI. </div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left">General Risks</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">CYBERSECURITY AND OPERATIONAL RISK</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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).</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">27</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The Fund is exposed to operational risk arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund&#8217;s service providers, counterparties, or other third parties, failed or inadequate processes and technology or system failures. </div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">INVESTMENT AND MARKET RISK</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">TAX RISK</div>

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</div>

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

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

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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;</div>

<div>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">DISTRIBUTION RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">DEFENSIVE POSITIONS RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">INTEREST RATE RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">During periods of declining interest rates, an issuer may exercise its option to prepay principal of debt securities or to redeem preferred securities earlier than scheduled, forcing the Fund to reinvest in lower yielding securities. This is known as call or prepayment risk. During periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected principal payments. This may lock in a below market interest rate, increase the security&#8217;s duration and reduce the value of the security. This is known as extension risk. Recent and potential future changes in government monetary policy may affect the level of interest rates.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">INFLATION RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">LEVERAGE RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The Fund is authorized to utilize leverage through borrowings, reinvestment of securities lending collateral or reverse repurchase agreement proceeds, and/or the issuance of preferred shares, including the issuance of debt securities. The Fund is party to the LA as described in &#8220;&#8212;Description of Capital Structure&#8212;Liquidity Facility.&#8221; </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">the likelihood of greater volatility of NAV and market price of Common Shares;</div>
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<div style="TEXT-ALIGN: justify">
<table id="z4515740c40334d62882bfafd13fe7b56" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">fluctuations in the interest rate paid for the use of the LA;</div>
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<div style="TEXT-ALIGN: justify">
<table id="z76021a67b8fb4e9e9c70adc7e97452fa" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">increased operating costs, which may reduce the Fund&#8217;s total return;</div>
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<div style="TEXT-ALIGN: justify">
<table id="z0cfc3239ba4b4de18d6213e81f795157" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">the potential for a decline in the value of an investment acquired through leverage, while the Fund&#8217;s obligations under such leverage remains fixed; and</div>
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<div style="TEXT-ALIGN: justify">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
<div>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">MARKET DISCOUNT RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">SECONDARY MARKET FOR THE COMMON SHARES</div>

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

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">MANAGEMENT RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">ECONOMIC AND MARKET EVENTS RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Events in certain sectors historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings, and other events related to the sub-prime mortgage crisis in 2008; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits; social, political and economic instability in Europe; economic stimulus by the Japanese central bank; steep declines in oil prices; dramatic changes in currency exchange rates; and China&#8217;s economic slowdown. Interconnected global economies and financial markets increase the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected. Banks and financial services companies could suffer losses if interest rates were to rise or economic conditions deteriorate. </div>
<div>&#160;</div>

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

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> In addition, while interest rates have been unusually low in recent years in the United States and abroad, the Fed&#8217;s decision to raise the target fed funds rate in 2017, following a similar move the previous year, and the possibility that the Fed may continue with such rate increases, among other factors, could cause markets to experience continuing high volatility. A significant increase in interest rates may cause a decline in the market for equity securities. Also, regulators have expressed concern that rate increases may contribute to price volatility. These events and the possible resulting market volatility may have an adverse effect on the Fund. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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. The U.S. is also considering significant new investments in infrastructure and national defense which could lead to increased government borrowing and higher interest rates. While these proposed policies are going through the political process, the equity and debt markets may react strongly to expectations, which could increase volatility, especially if the markets expectations for changes in government policies are not born out. </div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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. In June 2016, the United Kingdom approved a referendum to leave the EU, commonly referred to as &#8220;Brexit.&#8221; There is significant market uncertainty regarding Brexit&#8217;s ramifications, and the range and potential implications of possible political, regulatory, economic, and market outcomes are difficult to predict. Political and military events, including in North Korea, Venezuela, Syria, and other areas of the Middle East, and nationalist unrest in Europe, also may cause market disruptions.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">NATURAL DISASTERS AND ADVERSE WEATHER CONDITIONS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">ANTI-TAKEOVER PROVISIONS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left">Strategy Risks</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">CREDIT AND COUNTERPARTY RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 6.7pt">This is the risk that the issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter (OTC) derivatives contract (see &#8220;Hedging, derivatives, and other strategic transactions risk&#8221;), or a borrower of the Fund&#8217;s securities will be unable or unwilling to make timely principal, interest, or settlement payments, or otherwise honor its obligations. Credit risk associated with investments in fixed-income securities relates to the ability of the issuer to make scheduled payments of principal and interest on an obligation. A fund that invests in fixed-income securities is subject to varying degrees of risk that the issuers of the securities will have their credit ratings downgraded or will default, potentially reducing the fund&#8217;s share price and income level. Nearly all fixed-income securities are subject to some credit risk, which may vary depending upon whether the issuers of the securities are corporations, domestic or foreign governments, or their subdivisions or instrumentalities. U.S. government securities are subject to varying degrees of credit risk depending upon whether the securities are supported by the full faith and credit of the United States; the ability to borrow from the U.S. Treasury; only by the credit of the issuing U.S. government agency, instrumentality, or corporation; or otherwise supported by the United States. For example, issuers of many types of U.S. government securities (e.g., the Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Banks), although chartered or sponsored by Congress, are not funded by congressional appropriations, and their fixed-income securities, including asset-backed and mortgage-backed securities, are neither guaranteed nor insured by the U.S. government. An agency of the U.S. government has placed Fannie Mae and Freddie Mac into conservatorship, a statutory process with the objective of returning the entities to normal business operations. It is unclear what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac. As a result, these securities are subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the United States (e.g., U.S. Treasury bonds). When a fixed-income security is not rated, a manager may have to assess the risk of the security itself. Asset-backed securities, whose principal and interest payments are supported by pools of other assets, such as credit card receivables and automobile loans, are subject to further risks, including the risk that the obligors of the underlying assets default on payment of those assets.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 7pt">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 10.4pt">In addition, the Fund is exposed to credit risk to the extent that it makes use of OTC derivatives (such as forward foreign currency contracts and/or swap contracts) and engages to a significant extent in the lending of fund securities or the use of repurchase agreements. OTC derivatives transactions can be closed out with the other party to the transaction. If the counterparty defaults, the Fund will have contractual remedies, but there is no assurance that the counterparty will be able to meet its contractual obligations or that, in the event of default, the Fund will succeed in enforcing them. A fund, therefore, assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts or that those payments may be delayed or made only after the fund has incurred the costs of litigation. While the manager intends to monitor the creditworthiness of contract counterparties, there can be no assurance that the counterparty will be in a position to meet its obligations, especially during unusually adverse market conditions.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">CORPORATE DEBT SECURITIES RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">U.S. GOVERNMENT SECURITIES RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 8.25pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">FIXED-INCOME SECURITIES RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 8.25pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 5.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Interest-rate risk. </font>Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk. Recent and potential future changes in government monetary policy may affect the level of interest rates.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 10.15pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Credit quality risk. </font>Fixed-income securities are subject to the risk that the issuer of the security will not repay all or a portion of the principal borrowed and will not make all interest payments. If the credit quality of a fixed-income security deteriorates after the Fund has purchased the security, the market value of the security may decrease and lead to a decrease in the value of the fund&#8217;s investments. An issuer&#8217;s credit quality could deteriorate as a result of poor management decisions, competitive pressures, technological obsolescence, undue reliance on suppliers, labor issues, shortages, corporate restructurings, fraudulent disclosures, or other factors. Funds that may invest in lower-rated fixed-income securities, commonly referred to as junk securities, are riskier than funds that may invest in higher-rated fixed-income securities. Additional information on the risks of investing in investment-grade fixed-income securities in the lowest rating category and lower-rated fixed-income securities is set forth below.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 7.8pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investment-grade fixed-income securities in the lowest rating category risk. </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Prepayment of principal risk. </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 9.7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Additional risks regarding lower-rated foreign government fixed-income securities. </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Recent Fixed-Income Market Events.</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">LOWER-RATED AND HIGH-YIELD FIXED-INCOME SECURITIES RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Lower-rated fixed-income securities and high-yield fixed-income securities (both 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. </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Risk to principal and income.</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Price volatility.</font> 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 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Liquidity.</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Dependence on manager&#8217;s own credit analysis.</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Additional risks regarding lower-rated corporate fixed-income securities.</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">MORTGAGE-BACKED AND ASSET-BACKED SECURITIES RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 8.25pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Mortgage-backed securities.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 3.3pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 10.45pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 8.7pt">When interest rates rise, homeowners are less likely to prepay their mortgage loans. A decreased rate of prepayments lengthens the expected maturity of a mortgage-backed security. Therefore, the prices of mortgage-backed securities may decrease more than prices of other fixed-income securities when interest rates rise.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 9.7pt">The yield of mortgage-backed securities is based on the average life of the underlying pool of mortgage loans. The actual life of any particular pool may be shortened by unscheduled or early payments of principal and interest. Principal prepayments may result from the sale of the underlying property, or the refinancing or foreclosure of underlying mortgages. The occurrence of prepayments is affected by a wide range of economic, demographic, and social factors, and, accordingly, it is not possible to accurately predict the average life of a particular pool. The actual prepayment experience of a pool of mortgage loans may cause the yield realized by the fund to differ from the yield calculated on the basis of the average life of the pool. In addition, if the Fund purchases mortgage-backed securities at a premium, the premium may be lost in the event of early prepayment, which may result in a loss to the Fund.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 8.9pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 6.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Collateralized mortgage obligations (CMOs).</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 7.8pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Asset-backed securities.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-RIGHT: 8.25pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Mortgage Dollar Rolls.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 9.95pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 7.9pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">EQUITY SECURITIES RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Preferred and convertible securities risk.</font> 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 market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. The value of convertible preferred stock can depend heavily upon the value of the security into which such convertible preferred stock is converted, depending on whether the market price of the underlying security exceeds the conversion price.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"> LIQUIDITY AND RESTRICTED SECURITIES RISK </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20">The Fund may have significant exposure to restricted securities.&#160; Restricted securities are securities with restrictions on public resale, such as securities offered in accordance with an exemption under Rule 144A under the Securities Act of 1933 (the &#8220;1933 Act&#8221;), or commercial paper issued under Section 4(a)(2) of the 1933 Act.&#160; Restricted securities are often required to be sold in private sales to institutional buyers, markets for restricted securities may or may not be well developed, and restricted securities can be illiquid.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions or other economic and market impediments. Funds with principal investment strategies that involve investments in securities of companies with smaller market capitalizations, foreign securities, derivatives, or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Exposure to liquidity risk may be heightened for funds that invest in securities of emerging markets and related derivatives that are not widely traded, and that may be subject to purchase and sale restrictions.</font> </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 10.1pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">NON-U.S. INVESTMENT RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Currency risk.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>Currency risk is the risk that fluctuations in exchange rates may adversely affect the U.S. dollar value of the Fund&#8217;s investments. Currency risk includes both the risk that currencies in which a fund&#8217;s investments are traded, or currencies in which a fund has taken an active investment position, will decline in value relative to the U.S. dollar and, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly for a number of reasons, including the forces of supply and demand in the foreign exchange markets, actual or perceived changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or currency controls or political developments in the United States or abroad. Certain funds may engage in proxy hedging of currencies by entering into derivative transactions with respect to a currency whose value is expected to correlate to the value of a currency the fund owns or wants to own. This presents the risk that the two currencies may not move in relation to one another as expected. In that case, the fund could lose money on its investment and also lose money on the position designed to act as a proxy hedge. Certain funds may also take active currency positions and may cross-hedge currency exposure represented by their securities into another foreign currency. This may result in a fund&#8217;s currency exposure being substantially different than that suggested by its securities investments. All funds with foreign currency holdings and/or that invest or trade in securities denominated in foreign currencies or related derivative instruments may be adversely affected by changes in foreign currency exchange rates. Derivative foreign currency transactions (such as futures, forwards, and swaps) may also involve leveraging risk, in addition to currency risk. Leverage may disproportionately increase a fund&#8217;s portfolio losses and reduce opportunities for gain when interest rates, stock prices, or currency rates are changing. </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">SOVEREIGN DEBT OBLIGATIONS RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">BRADY BONDS RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">REVERSE REPURCHASE AGREEMENT RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">WARRANTS RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Warrants are rights to purchase securities at specific prices and are valid for a specific period of time. Warrant prices do not necessarily move parallel to the prices of the underlying securities, and warrant holders receive no dividends and have no voting rights or rights with respect to the assets of an issuer. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants cease to have value if not exercised prior to the expiration date. These factors can make warrants more speculative than other types of investments.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">HEDGING, DERIVATIVES AND OTHER STRATEGIC TRANSACTIONS RISK</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The ability of the Fund to utilize hedging, derivatives and other strategic transactions to benefit the Fund&#160; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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, 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). Derivatives may relate to stocks, bonds, interest rates, currencies or currency exchange rates and related indexes. The Fund may use derivatives for many purposes, including for hedging, and as a substitute for direct investment in securities or other assets. Derivatives may be used in a way to efficiently adjust the exposure of the Fund to various securities, markets and currencies without the Fund actually having to sell existing investments and make new investments. This generally will be done when the adjustment is expected to be relatively temporary or in anticipation of effecting the sale of fund assets and making new investments over time. Further, since many derivatives have a leverage component, adverse changes in the value or level of the underlying asset, reference rate or index can result in a loss substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When the Fund uses derivatives for leverage, investments in the Fund will tend to be more volatile, resulting in larger gain or loss in response to market changes. To limit leverage risk, the Fund may segregate assets determined to be liquid or, as permitted by applicable regulation, enter into certain offsetting positions to cover its obligations under derivative instruments. For a description of the various derivative instruments the Fund may utilize, refer to the SAI.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 8.25pt">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, 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The following is a list of certain derivatives and other strategic transactions that the Fund may utilize and the main risks associated with each of them:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Credit default swaps. </font>Counterparty risk, liquidity risk (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Foreign currency forward contracts</font>. Counterparty risk, liquidity risk (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Foreign currency swaps. </font>Counterparty risk, liquidity risk (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Futures contracts. </font>Counterparty risk, liquidity risk (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, the inability to enter into closing transactions) and risk of disproportionate loss are the principal risks of engaging in transactions involving futures contracts.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Interest-rate swaps. </font>Counterparty risk, liquidity risk (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Options and currency option. </font>Counterparty risk, liquidity risk (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Swaps. </font>Counterparty risk, liquidity risk (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Given the risks described above, an investment in Common Shares may not be</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">appropriate for all investors. You should carefully consider your ability to</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">assume these risks before making an investment in the Fund.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="ManagementoftheFund"><!--Anchor--></a>Management of the Fund</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">TRUSTEES</div>

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

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">A discussion regarding the basis for the Trustees&#8217; approval of the Advisory Agreement and the Subadvisory Agreement (each, as defined below) is available in the Fund&#8217;s most recent<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ff0000">&#160;</font>annual shareholder report for the period ended October 31.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">THE ADVISOR</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 Investment Advisers Act of 1940, as amended (the &#8220;Advisers Act&#8221;).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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, 2017, the Advisor had total assets under management of approximately $152.9 billion. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Subject to general oversight by the Board of Trustees, the Advisor manages and supervises the investment operations and business affairs of the Fund. The Advisor selects, contracts with and compensates one or more subadvisors to manage all or a portion of the Fund&#8217;s portfolio assets subject to oversight by the Advisor. In this role, the Advisor has supervisory responsibility for managing the investment and reinvestment of the Fund&#8217;s portfolio assets through proactive oversight and monitoring of the Subadvisor and the Fund, as described in further detail below. The Advisor is responsible for developing overall investment strategies for the Fund and overseeing and implementing the Fund&#8217;s continuous investment program and provides a variety of advisory oversight and investment research services. The Advisor also provides management and transition services associated with certain fund events (e.g., strategy, portfolio manager or subadvisor changes) and coordinates and oversees services provided under other agreements.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The Advisor has ultimate responsibility to oversee a subadvisor and recommended to the Board of Trustees its hiring, termination, and replacement. In this capacity, the Advisor, among other things: (i) monitors on a daily basis the compliance of the subadvisor with the investment objectives and related policies of the fund; (ii) monitors significant changes that may impact the subadvisor&#8217;s overall business and regularly performs due diligence reviews of the subadvisor; (iii) reviews the performance of the subadvisor; and (iv) reports periodically on such performance to the Board of Trustees. The Advisor employs a team of investment professionals who provide these ongoing research and monitoring services. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 over C$1.04 trillion (US $829.4 billion) as at December 31, 2017. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Advisory Agreement. </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Service Agreement. </font>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 advisory in nature. JHA is reimbursed for its costs in providing Non-Advisory Services to the Fund under the Service Agreement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">THE SUBADVISOR</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Subadvisory Agreement. </font>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, 2017, the Subadvisor had total assets under management of approximately $209.5 billion. The Subadvisor is located at 101 Huntington Avenue, Boston, Massachusetts 02199. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO MANAGERS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify">John F. Addeo, CFA</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">Chief Investment Officer, US Fixed-Income, John Hancock Asset Management since 2012</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">Investment Officer, Portfolio Manager/Analyst, High Yield Bond Group, MFS Investment Management (1998&#8212;2012)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">Began business career in 1984</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">Joined Fund team in 2013</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify">Jeffrey N. Given, CFA</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt"> Senior Managing Director, Senior Portfolio Manager, John Hancock Asset Management since 2012 </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt"> Managing Director, John Hancock Asset Management (2005&#8212;2012) </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt"> Second Vice President, John Hancock Advisers LLC (1993&#8212;2005) </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt"> Began business career in 1993 </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt"> Joined Fund team in 1999 </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify">Dennis F. McCafferty, CFA</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt"> Managing Director, Portfolio Manager, John Hancock Asset Management since 2009 </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt"> Investment analyst, John Hancock Asset Management (2008&#8212;2009) </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt"> Principal and senior analyst, Pardus Capital Management (2005&#8212;2008) </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt"> Began business career in 1995 </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt"> Joined Fund team in 2013 </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">CUSTODIAN AND TRANSFER AGENT</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The Fund&#8217;s portfolio securities are held pursuant to a custodian agreement between the Fund and State Street Bank and Trust Company (&#8220;State Street&#8221; or the &#8220;Custodian&#8221;), State Street Financial Center, One Lincoln Street, Boston, Massachusetts 02111. Under the custodian agreement, State Street performs custody, foreign custody manager and fund accounting services. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Computershare, Inc., 250 Royall Street, Canton, Massachusetts, 02021, is the transfer agent and dividend disbursing agent of the Fund.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><!--Anchor--><a name="DeterminationofNetAssetVa"><!--Anchor--></a>Determination of Net Asset Value</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Fund&#8217;s net asset value per Common Share (&#8220;NAV&#8221;) is normally determined each business day at the close of regular trading on the NYSE (typically 4:00 p.m. Eastern Time, on each business day that the NYSE is open) by dividing the Fund&#8217;s net assets by the number of Common Shares outstanding. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the NAV may be determined as of the regularly scheduled close of the NYSE pursuant to the Fund's Valuation Policies and Procedures. The time at which shares and transactions are priced and until which orders are accepted may vary to the extent permitted by the Securities and Exchange Commission and applicable regulations. On holidays or other days when the NYSE is closed, the NAV is not calculated. Trading of securities that are primarily listed on foreign exchanges may take place on weekends and U.S. business holidays on which the Fund&#8217;s NAV is not calculated. Consequently, the Fund&#8217;s portfolio securities may trade and the NAV of the Fund&#8217;s Common Shares may be significantly affected on days when a shareholder will not be able to purchase or sell the Fund&#8217;s Common Shares.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Portfolio securities are valued by various methods that are generally described below. Portfolio securities also may be fair valued by the Fund&#8217;s Pricing Committee in certain instances pursuant to procedures established by the Trustees. Equity securities are generally valued at the last sale price or, for certain markets, the official closing price as of the close of the relevant exchange. Securities not traded on a particular day are valued using last available bid prices. A security that is listed or traded on more than one exchange is typically valued at the price on the exchange where the security was acquired or most likely will be sold. In certain instances, the Pricing Committee may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market. Equity securities traded principally in foreign markets are typically valued using the last sale price or official closing price in the relevant exchange or market, as adjusted by an independent pricing vendor to reflect fair value. On any day a foreign market is closed and the NYSE is open, any foreign securities will typically be valued using the last price or official closing price obtained from the relevant exchange on the prior business day adjusted based on information provided by an independent pricing vendor to reflect fair value. Debt obligations are valued based on evaluated prices provided by an independent pricing vendor. The value of securities denominated in foreign currencies is converted into U.S. dollars at the exchange rate provided by an independent pricing vendor. Exchange-traded options are valued at the mean of the most recent bid and ask prices. Futures contracts are typically valued at settlement prices. If settlement prices are not available, futures contracts may be valued using last traded prices. Shares of open-end investment companies that are not exchange-traded funds (&#8220;ETFs&#8221;) held by the Fund are valued based on the NAVs of such other investment companies.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Pricing vendors may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, general market conditions, news, and other factors and assumptions. Special valuation considerations may apply with respect to the Fund&#8217;s &#8220;odd-lot&#8221; positions, if any, as the Fund may receive different prices when it sells such positions than it would receive for sales of institutional round lot positions. Pricing vendors generally value securities assuming orderly transactions of institutional round lot sizes, but the Fund may hold or transact in such securities in smaller, odd lot sizes.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Pricing Committee engages in oversight activities with respect to the Fund&#8217;s pricing vendors, which includes, among other things, monitoring significant or unusual price fluctuations above predetermined tolerance levels from the prior day, back-testing of pricing vendor prices against actual trades, conducting periodic due diligence meetings and reviews, and periodically reviewing the inputs, assumptions and methodologies used by these vendors.</div>

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

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

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Regarding the Fund&#8217;s investment in an open-end investment company that is not an ETF, which (as noted above) is valued at such investment company&#8217;s NAV, the prospectus for such investment company explains the circumstances and effects of fair value pricing for that investment company</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><!--Anchor--><!--Anchor--><a name="DistributionPolicy"><!--Anchor--></a>Distribution Policy</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 adjusted tax basis in Common Shares sold. For example, in year one, a Common Shareholder purchased 100 shares of the Fund at $10 per Share. In year two, the Common Shareholder received a $1-per-share return of capital distribution, which reduced the basis in each share by $1, to give the Common Shareholder an adjusted basis of $9 per share. In year three, the Common Shareholder sells the 100 shares for $15 per Share. Assuming no other transactions during this period, a Common Shareholder would have a capital gain in year three of $6 per share ($15 minus $9) for a total capital gain of $600.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">Dividend Reinvestment Plan</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">pro rata </font>portion of brokerage trading fees, currently $0.05 per share purchased or sold. Brokerage trading fees will be deducted from amounts to be invested.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Shareholders participating in the Plan may buy additional Common Shares of the Fund through the Plan at any time in amounts of at least $50 per investment, up to a maximum of $10,000, with a total calendar year limit of $100,000. Shareholders will be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each order. Purchases of additional shares of the Fund will be made on the open market. Shareholders who elect to utilize monthly electronic fund transfers to buy additional shares of the Fund will be charged a $2 transaction fee plus $0.05 per share brokerage trading fee for each automatic purchase. Shareholders also can sell Fund shares held in the Plan account at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent&#8217;s website at www.computershare.com/investor The Plan Agent will mail a check (less applicable brokerage trading fees) on settlement date. Pursuant to regulatory changes, effective September 5, 2017, the settlement date is changed from three business days after the shares have been sold to two business days after the shares have been sold. If shareholders choose to sell shares through their stockbroker, they will need to request that the Plan Agent electronically transfer those shares to their stockbroker through the Direct Registration System. </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Shareholders participating in the Plan may elect to receive all distributions in cash by withdrawing from the Plan at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent&#8217;s website at www.computershare.com/investor. Such termination will be effective immediately if the notice is received by the Plan Agent prior to any dividend or distribution record date; otherwise, such termination will be effective on the first trading day after the payment date for such dividend or distribution, with respect to any subsequent dividend or distribution. If you withdraw, your shares will be credited to your account; or, if you wish, the Plan Agent will sell your full and fractional shares and send you the proceeds, less a transaction fee of $5.00 and less brokerage trading fees of $0.05 per share. If a shareholder does not maintain at least one whole share of common stock in the Plan account, the Plan Agent may terminate such shareholder&#8217;s participation in the Plan after written notice. Upon termination, shareholders will be sent a check for the cash value of any fractional share in the Plan account, less any applicable broker commissions and taxes.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Shareholders who hold at least one full share of the Fund may join the Plan by notifying the Plan Agent by telephone, in writing or by visiting the Plan Agent&#8217;s website at www.computershare.com/investor. If received in proper form by the Plan Agent before the record date of a dividend, the election will be effective with respect to all dividends paid after such record date. If you wish to participate in the Plan and your shares are held in the name of a brokerage firm, bank or other nominee, please contact your nominee to see if it will participate in the Plan for you. If you wish to participate in the Plan, but your brokerage firm, bank or other nominee is unable to participate on your behalf, you will need to request that your shares be re-registered in your own name, or you will not be able to participate. The Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by you as representing the total amount registered in your name and held for your account by your nominee.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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)).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><!--Anchor--><a name="Closed-EndFundStructure"><!--Anchor--></a>Closed-End Fund Structure</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="U.S.FederalIncomeTaxMatte"><!--Anchor--></a>U.S. Federal Income Tax Matters</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 on or 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 on or 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">To qualify as a RIC for income tax purposes, the Fund must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gain from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gain from options, futures or forward contracts) derived with respect to its business of investing in stock, securities and currencies, and net income derived from an interest in a qualified publicly traded partnership. A &#8220;qualified publicly traded partnership&#8221; is a publicly traded partnership that meets certain requirements with respect to the nature of its income. To qualify as a RIC, the Fund must also satisfy certain requirements with respect to the diversification of its assets. The Fund must have, at the close of each quarter of the taxable year, at least 50% of the value of its total assets represented by cash, cash items, U.S. government securities, securities of other regulated investment companies, and other securities that, in respect of any one issuer, do not represent more than 5% of the value of the assets of the Fund nor more than 10% of the voting securities of that issuer. In addition, at those times not more than 25% of the value of the Fund&#8217;s assets can be invested in securities (other than U.S. government securities or the securities of other regulated investment companies) of any one issuer, or of two or more issuers, which the Fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses, or of one or more qualified publicly traded partnerships. If the Fund fails to meet the annual gross income test described above, the Fund will nevertheless be considered to have satisfied the test if (i) (a) such failure is due to reasonable cause and not due to willful neglect and (b) the Fund reports the failure, and (ii) the Fund pays an excise tax equal to the excess non-qualifying income. If the Fund fails to meet the asset diversification test described above with respect to any quarter, the Fund will nevertheless be considered to have satisfied the requirements for such quarter if the Fund cures such failure within 6 months and either (i) such failure is <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">de minimis </font>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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">As a RIC, the Fund generally will not be subject to federal income tax on its investment company taxable income (as that term is defined in the Code, but without regard to the deductions for dividend paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that it distributes in each taxable year to its shareholders, provided that it distributes at least the sum of 90% of its investment company taxable income and 90% of its net tax-exempt interest income for such taxable year. The Fund intends to distribute to its shareholders, at least annually, substantially all of its investment company taxable income, net tax-exempt income and net capital gain. In order to avoid incurring a nondeductible 4% federal excise tax obligation, the Code requires that the Fund distribute (or be deemed to have distributed) by December 31 of each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for such year, (ii) 98.2% of its capital gain net income (which is the excess of its realized net long-term capital gain over its realized net short-term capital loss), generally computed on the basis of the one-year period ending on 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Gain or loss from a short sale of property generally is considered as capital gain or loss to the extent the property used to close the short sale constitutes a capital asset in the Fund&#8217;s hands. Except with respect to certain situations where the property used to close a short sale has a long-term holding period on the date the short sale is entered into, gain on short sales generally are short-term capital gain. A loss on a short sale will be treated as a long-term capital loss if, on the date of the short sale, &#8220;substantially identical property&#8221; has been held by the Fund for more than one year. In addition, entering into a short sale may result in suspension of the holding period of &#8220;substantially identical property&#8221; held by the Fund.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Selling Common Shareholders generally will recognize gain or loss in an amount equal to the difference between the amount realized on the sale and the Common Shareholder&#8217;s adjusted tax basis in the Common Shares sold. If Common Shares are held as a capital asset, the gain or loss will be a capital gain or loss. The maximum tax rate applicable to net capital gain recognized by individuals and other non-corporate taxpayers is (i) the same as the maximum ordinary income tax rate for gain recognized on the sale of capital assets held for one year or less (currently 37%), or (ii) for gain recognized on the sale of capital assets held for more than one year (as well as any capital gain distributions), 20%, 15%, or 0% for individuals depending on the amount of their taxable income for the year. An additional 3.8% Medicare tax will also apply in the case of some individuals. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Taxable distributions to certain individuals and certain other non-corporate Common Shareholders, including those who have not provided their correct taxpayer identification number and other required certifications, may be subject to &#8220;backup&#8221; U.S. federal income tax withholding at the fourth lowest rate of tax applicable to a single individual (24%). Backup withholding is not an additional tax. Any amounts withheld may be refunded or credited against such shareholder&#8217;s U.S. federal income tax liability, if any, provided that the required information is furnished to the Internal Revenue Service. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="PlanofDistribution"><!--Anchor--></a>Plan of Distribution</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The Fund from time to time may offer its Common Shares through or to certain broker-dealers, including [____], that have entered into selected dealer agreements relating to at-the-market offerings. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="DescriptionofCapitalStruc"><!--Anchor--></a>Description of Capital Structure</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">COMMON SHARES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">LIQUIDITY FACILITY</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Fund has entered into the LA with State Street Bank and Trust Company ("SSB") 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Under normal circumstances, interest charged is at the rate of one month LIBOR (London Interbank Offered Rate) plus 0.60%, and is payable monthly on the aggregate balance of the drawdowns outstanding under the LA. As of October 31, 2017, the Fund had an average daily loan balance of $86,900,000 at an average interest rate of 1.61%. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 "Liquidity and Restricted Securities Risk." </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">REPURCHASE OF SHARES AND OTHER DISCOUNT MEASURES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">PREFERRED SHARES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the terms of any Preferred Shares may entitle the holders of Preferred Shares to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus redemption premium, if any, together with accrued and unpaid dividends, whether or not earned or declared and on a cumulative basis) before any distribution of assets is made to Common Shareholders. After payment of the full amount of the liquidating distribution to which they are entitled, the holders of Preferred Shares would not be entitled to any further participation in any distribution of assets by the Fund.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="CertainProvisionsintheDec"><!--Anchor--></a>Certain Provisions in the Declaration of Trust and By-Laws</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">ANTI-TAKEOVER PROVISIONS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Declaration of Trust and By-laws include provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or to change the composition of its Board and could have the effect of depriving Common Shareholders of an opportunity to sell their Common Shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses of the Fund and interfering with the normal operation of the Fund. They provide, however, the advantage of potentially requiring persons seeking control of the Fund to negotiate with its management regarding the price to be paid and facilitating the continuity of the Fund&#8217;s investment 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 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.&#160; 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, last amended March 10, 2016.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">POTENTIAL CONVERSION TO OPEN-END FUND</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="ReportstoShareholders"><!--Anchor--></a>Reports to Shareholders</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Fund sends to its shareholders unaudited semi-annual and audited annual reports, including a list of investments held.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="IndependentRegisteredPubl"><!--Anchor--></a>Independent Registered Public Accounting Firm</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> PricewaterhouseCoopers LLP, who has offices at 101 Seaport Boulevard, Suite 500, Boston Massachusetts 02210, is the independent registered public accounting firm for the Fund and audits the Fund&#8217;s financial statements. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="AdditionalInformation"><!--Anchor--></a>Additional Information</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Fund has entered into contractual arrangements with various parties that provide services to the Fund, including, among others, the Advisor, Subadvisor, Custodian, and transfer agent, as described above and in the SAI. Fund shareholders are not parties to, or intended or &#8220;third-party&#8221; beneficiaries of, any of these contractual arrangements. These contractual arrangements are not intended to, nor do they, create in any individual shareholder or group of shareholders any right, either directly or on behalf of the fund, to either: (a) enforce such contracts against the service providers; or (b) seek any remedy under such contracts against the service providers.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">This prospectus provides information concerning the Fund that you should consider in determining whether to purchase shares of the Fund. Each of this prospectus, the SAI, or any contract that is an exhibit to the Fund&#8217;s registration statement, is not intended to, nor does it, give rise to an agreement or contract between the Fund and any investor. Each such document also does not give rise to any contract or create rights in any individual shareholder, group of shareholders, or other person. The foregoing disclosure should not be read to suggest any waiver of any rights <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>conferred explicitly by</u></font> federal or state securities laws.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="TableofContentsoftheState"><!--Anchor--></a>Table of Contents of the Statement of Additional Information</div>

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<td style="VERTICAL-ALIGN: top; WIDTH: 94%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Page </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Organization of the Fund </div>
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 2 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Additional Investment Policies and Risks </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 2 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Investment Restrictions </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 16 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Portfolio Turnover </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 17 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Those Responsible for Management </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 18 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Shareholders of the Fund </div>
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 29 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Investment Advisory and Other Services </div>
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 29 </div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 94%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Determination of Net Asset Value </div>
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 35 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Brokerage Allocation </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 36 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Additional Information Concerning Taxes </div>
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 40 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Other Information </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 46 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Custodian and Transfer Agent </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 47 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Independent Registered Public Accounting Firm </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 47 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Reports to Shareholders </div>
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 47 </div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 94%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Legal and Regulatory Matters </div>
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 47 </div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 94%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Codes of Ethics </div>
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 6%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 47 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Additional Information </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Appendix A: Description of Ratings </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; TEXT-INDENT: -7.2pt"> Appendix B: Proxy Voting Policies and Procedures </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="TheFundsPrivacyPolicy"><!--Anchor--></a>The Fund&#8217;s Privacy Policy</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">1,000,000 Shares</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Investors Trust</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Common Shares</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">PROSPECTUS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">March 1, 2018</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ff0000; TEXT-ALIGN: left">The information in this SAI is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This SAI is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">JOHN HANCOCK INVESTORS TRUST</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Statement of Additional Information</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">March 1, 2018</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">601 Congress Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Boston, Massachusetts 02210</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">800-225-6020</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a name="TABLEOFCONTENTSAI"><!--Anchor--></a>TABLE OF CONTENTS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#OrganizationoftheFund"> Organization of the Fund </a></div>
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 10%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 2 </div>
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<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 90%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#AdditionalInvestmentPolic"> Additional Investment Policies and Risks </a></div>
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 10%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 2 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#InvestmentRestrictions"> Investment Restrictions </a></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 16 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#PortfolioTurnover"> Portfolio Turnover </a></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 17 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#ThoseResponsibleforManage"> Those Responsible for Management </a></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 18 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#ShareholdersoftheFund"> Shareholders of the Fund </a></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 29 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#InvestmentAdvisoryandOthe"> Investment Advisory and Other Services </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 10%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 29 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#DeterminationofNetAssetVaSAI"> Determination of Net Asset Value </a></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 35 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#BrokerageAllocation"> Brokerage Allocation </a></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 36 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#AdditionalInformationConc"> Additional Information Concerning Taxes </a></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 40 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#OtherInformation"> Other Information </a></div>
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 10%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 46 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#CustodianandTransferAgent"> Custodian and Transfer Agent </a></div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 47 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#IndependentRegisteredPublSAI"> Independent Registered Public Accounting Firm </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 10%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 47 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#ReportstoShareholdersSAI"> Reports to Shareholders </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 10%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 47 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#LegalandRegulatoryMatters"> Legal and Regulatory Matters </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 10%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 47 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#CodesofEthics"> Codes of Ethics </a></div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 47 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><a href="#AdditionalInformationSAI"> Additional Information </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 10%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> 48 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><a href="#APPENDIXA"> Appendix A: Description of Ratings </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 10%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> A-1 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><a href="#APPENDIXB"> Appendix B: Proxy Voting Policies and Procedures </a></div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 10%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> B-1 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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, 2018 (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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="OrganizationoftheFund" name="OrganizationoftheFund"><!--Anchor--></a>Organization of the Fund</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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;).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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, college savings plans, and certain forms of business insurance.&#160; Additional information about John Hancock may be found on the Internet at johnhancock.com.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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).</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="AdditionalInvestmentPolic" name="AdditionalInvestmentPolic"><!--Anchor--></a>Additional Investment Policies and Risks</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Ratings as Investment Criteria. </font>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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Short-Term Bank and Corporate Obligations. </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">pari passu </font>with other senior, unsecured obligations of the bank. Bank notes are not insured by the Federal Deposit Insurance Corporation or any other insurer. Deposit notes are insured by the Federal Deposit Insurance Corporation only to the extent of $100,000 per depositor per bank.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Preferred Securities. </font>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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investments in Non-U.S. Securities. </font>The Fund may invest directly in the securities of non-U.S. issuers as well as securities in the form of sponsored or unsponsored American Depository Receipts (&#8220;ADRs&#8221;), European Depository Receipts (&#8220;EDRs&#8221;) and Global Depository Receipts (&#8220;GDRs&#8221;) or other securities convertible into non-U.S. securities. The Fund may invest up to 30% of its total assets in securities denominated in non-U.S. currencies. ADRs are receipts typically issued by a U.S. bank or trust company which evidence ownership of underlying securities issued by a non-U.S. corporation. EDRs are receipts issued in Europe which evidence a similar ownership arrangement. Issuers of unsponsored ADRs are not contractually obligated to disclose material information, including financial information, in the United States. Generally, ADRs are designed for use in the United States securities markets and EDRs are designed for use in European securities markets.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Multinational Companies Risk.</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Risks of Non-U.S. Securities.</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">These risks may be intensified in the case of investments in emerging markets or countries with limited or developing capital markets.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Fund&#8217;s ability and decision to purchase or sell portfolio securities may be affected by laws or regulations relating to the convertibility and repatriation of assets. Under present conditions, it is not believed that this consideration will have any significant effect on the Fund&#8217;s portfolio strategies.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">European Markets Risk.</font>&#160; 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 other EU member countries and major trading partners outside Europe.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In recent years, the European financial markets have experienced volatility and adverse trends due to concerns about economic downturns, rising government debt levels and the possible default of government debt in several European countries, 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, the IMF, 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Uncertainties regarding the viability of the EU have impacted and may continue to impact markets in the United States and around the world. If one or more countries leave the EU or the EU dissolves, securities markets would likely be significantly disrupted. In June 2016, the United Kingdom (the &#8220;UK&#8221;) approved a referendum to leave the EU, commonly referred to as &#8220;Brexit,&#8221; which sparked depreciation in the value of the British pound and heightened risk of continued worldwide economic volatility. Pursuant to Article 50 of the Treaty of Lisbon, the UK gave notice in March 2017 of its withdrawal from the EU and commenced negotiations on the terms of withdrawal. With notice given, the negotiation period could last for two years or more, and during that period there might be considerable uncertainty as to the arrangements that might apply to the UK&#8217;s relationships with the EU and other countries following its anticipated withdrawal. This long-term uncertainty might affect other countries in the EU and elsewhere. It is also possible that the UK could initiate another referendum on the issue of Brexit, or that various countries within the UK, such as Scotland, could seek to separate and remain a part of the EU.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The UK has one of the largest economies in Europe and is a major trading partner with the other EU countries and the United States. If implemented, Brexit might negatively affect The City of London&#8217;s economy, which is heavily dominated by financial services, as banks might be forced to move staff and comply with two separate sets of rules or lose business to banks in Continental Europe. In addition, Brexit would likely create additional economic stresses for the UK, including the potential for decreased trade, capital outflows, devaluation of the British pound, wider corporate bond spreads due to uncertainty, and declines in business and consumer spending as well as foreign direct investment. Further, the UK&#8217;s departure from the EU would potentially cause volatility within the EU, which could trigger prolonged economic downturns in certain European countries or spark additional member states to contemplate departing the EU (thereby exacerbating political instability in the region).</div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 the international credit market due to their reliance on bank related inflows of capital.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">To the extent that the Fund invests in European securities, it may be exposed to these risks through its direct investments in such securities, including sovereign debt, or indirectly through investments in money market funds and financial institutions with significant investments in such securities.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Negative Interest Rates.</font>&#160; Certain European countries have recently experienced negative interest rates on deposits and debt instruments have traded at negative yields.&#160; A negative interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a negative value (i.e., below zero percent) intended to help create self-sustaining growth in the local economy. Negative interest rates may become more prevalent among non-U.S. issuers, and potentially within the U.S.&#160; For example, if a bank charges negative interest, instead of receiving interest on deposits, a depositor must pay the bank fees to keep money with the bank.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">These market conditions may increase the Fund&#8217;s exposures to interest rate risk. To the extent the Fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the Fund would generate a negative return on that investment. While negative yields can be expected to reduce demand for fixed-income investments trading at a negative interest rate, investors may be willing to continue to purchase such investments for a number of reasons including, but not limited to, price insensitivity, arbitrage opportunities across fixed-income markets or rules-based investment strategies. If negative interest rates become more prevalent in the market, it is expected that investors will seek to reallocate assets to other income-producing assets such as investment grade and high-yield debt instruments, or equity investments that pay a dividend. This increased demand for higher yielding assets may cause the price of such instruments to rise while triggering a corresponding decrease in yield and the value of debt instruments over time.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Russian Securities Risk.</font> 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Emerging Markets Risk.</font> 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 and financial reporting standards, which may result in the unavailability of material information about issuers; different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions; difficulties in obtaining and/or enforcing legal judgments in foreign jurisdictions; and significantly smaller market capitalizations of emerging market issuers.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Hedging and Other Strategies.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Options on Securities and Securities Indices.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>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.</div>

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

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Purchasing Options. </font>The Fund would normally purchase call options in anticipation of an increase, or put options in anticipation of a decrease (&#8220;protective puts&#8221;), in the market value of securities of the type in which it may invest. The Fund may also sell call and put options to close out its purchased options.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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;).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Futures Contracts and Options on Futures Contracts. </font>The Fund may purchase and sell futures contracts based on various securities (such as U.S. government securities) and securities indices, and any other financial instruments and indices and purchase and write call and put options on these futures contracts. The Fund may also enter into closing purchase and sale transactions with respect to any of these contracts and options. All futures contracts entered into by the Fund are traded on U.S. or foreign exchanges or boards of trade that are licensed, regulated or approved by the Commodity Futures Trading Commission (&#8220;CFTC&#8221;).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Futures Contracts. </font>A futures contract may generally be described as an agreement between two parties to buy and sell particular financial instruments or currencies for an agreed price during a designated month (or to deliver the final cash settlement price, in the case of a contract relating to an index or otherwise not calling for physical delivery at the end of trading in the contract).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Other Considerations.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>The Fund will engage in futures and related options transactions either for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">bona fide </font>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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Transactions in futures contracts and options on futures involve brokerage costs, require margin deposits and, in the case of contracts and options obligating the Fund to purchase securities, require the Fund to establish a segregated account consisting of cash or liquid securities in an amount equal to the underlying value of such contracts and options.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Interest Rate Swaps, Collars, Caps and Floors.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Interest Rate Swaps. </font>In an interest rate swap, the Fund exchanges with another party their respective commitments to pay or receive interest (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">e.g.</font>, an exchange of fixed rate payments for floating rate payments). For example, if the Fund holds a debt instrument with an interest rate that is reset only once each year, it may swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week. This would enable the Fund to offset a decline in the value of the debt instrument due to rising interest rates but would also limit its ability to benefit from falling interest rates. Conversely, if the Fund holds a debt instrument with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest rates and may permit the Fund to enhance its income through the positive differential between one week and one year interest rates, but would preclude it from taking full advantage of rising interest rates.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Fund usually will enter into interest rate swaps on a net basis (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Interest Rate Collars, Caps and Floors. </font>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 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, the reference amount with respect to which interest obligations are determined although no actual exchange of principal occurs) from the party selling such interest rate cap. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest at the difference of the index and the predetermined rate on a notional principal amount from the party selling such interest rate floor.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Credit Default Swap Agreements. </font>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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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;).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Warrants and Rights.</font> Warrants and rights generally give the holder the right to receive, upon exercise and prior to the expiration date, a security of the issuer at a stated price. Funds typically use warrants and rights in a manner similar to their use of options on securities, as described in &#8220;General Characteristics of Options&#8221; above and elsewhere in this SAI. Risks associated with the use of warrants and rights are generally similar to risks associated with the use of options. Unlike most options, however, warrants and rights are issued in specific amounts, and warrants generally have longer terms than options. Warrants and rights are not likely to be as liquid as exchange-traded options backed by a recognized clearing agency. In addition, the terms of warrants or rights may limit the Fund&#8217;s ability to exercise the warrants or rights at such time, or in such quantities, as the Fund would otherwise wish.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Additional Regulatory Limitations on the Use of Futures and Related Options,</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Interest Rate Floors, Caps and Collars and Interest Rate and Currency Swap</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Contracts</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">. </font>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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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, increase the costs of implementing its strategy, increase its expenses and/or adversely affect its total return.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Risk of Potential Government Regulation of Derivatives.</font> 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.</div>
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<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">11</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Short-Term Trading and Portfolio Turnover.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>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, 2017 and October 31, 2016 was 53% and 62%, respectively. </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Real estate securities.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>Investing in securities of companies in the real estate industry subjects the Fund to the risks associated with the direct ownership of real estate. These risks include:</div>

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<table id="z4e25c204fd9f43eb97fa4becacacd6fe" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Declines in the value of real estate;</div>
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<table id="z9b243807432c4821a17135923189025c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Risks related to general and local economic conditions;</div>
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<div style="TEXT-ALIGN: justify">
<table id="z72bad5fdd98942a2b9fb3e86cf3f514b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Possible lack of availability of mortgage funds;</div>
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<table id="zbd9efcd0d85544469dbe774d32a49d2a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Overbuilding;</div>
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<table id="z1748efe6d95049d8a5040230fd296353" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Extended vacancies of properties;</div>
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<div style="TEXT-ALIGN: justify">
<table id="z161e96204c754e6889eb0b86047420e2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Increased competition;</div>
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<table id="z98462e5cd09943e69b470120b8d8c3a0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Increases in property taxes and operating expenses;</div>
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<div style="TEXT-ALIGN: justify">
<table id="z9dfd1cd0909341c0bc8ffc665907c5c5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Changes in zoning laws;</div>
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<div style="TEXT-ALIGN: justify">
<table id="z67171523e6f9402f9c8c710488a287ff" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Losses due to costs resulting from the cleanup of environmental problems;</div>
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<div style="TEXT-ALIGN: justify">
<table id="zbe58760ac3124b42b16226705281183e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Liability to third parties for damages resulting from environmental problems;</div>
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<div style="TEXT-ALIGN: justify">
<table id="zb0c29cba6a854c648871bede1d7741d3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Casualty or condemnation losses;</div>
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<div style="TEXT-ALIGN: justify">
<table id="z5e5afc2f9b3146ce867ae34648a02e02" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Limitations on rents;</div>
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<div style="TEXT-ALIGN: justify">
<table id="z13fe510770c14a018dc175bae9dc4167" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Changes in neighborhood values and the appeal of properties to tenants;</div>
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<div style="TEXT-ALIGN: justify">
<table id="z14aa60aab6034ebbb570201410b61aea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Changes in interest rates; and</div>
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<div style="TEXT-ALIGN: justify">
<table id="z2a0ae45abae94adcac05ccec5373d12a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Liquidity risk.</div>
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<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Gaming-Tribal Authority Investments.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Cybersecurity and Operational Risk.</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> A cybersecurity breach could result in the loss or theft of customer data or funds, the inability to access electronic systems (&#8220;denial of services&#8221;), loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on the Fund. For example, in a denial of service, Fund shareholders could lose access to their electronic accounts indefinitely, and employees of the Advisor, a Subadvisor, or the Fund&#8217;s other service providers may not be able to access electronic systems to perform critical duties for the Fund, such as trading, NAV calculation, shareholder accounting, or fulfilment of Fund share purchases and redemptions. Cybersecurity incidents could cause the Fund, the Advisor, a Subadvisor, or other service provider to incur regulatory penalties, reputational damage, compliance costs associated with corrective measures, or financial loss. They may also result in violations of applicable privacy and other laws. In addition, such incidents could affect issuers in which the Fund invests, thereby causing the Fund&#8217;s investments to lose value. </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The Fund is exposed to operational risk arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the fund&#8217;s service providers, counterparties, or other third parties, failed or inadequate processes and technology or system failures. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Market Events.</font>&#160; Events in certain sectors have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. These events have included, but are not limited to : bankruptcies, corporate restructurings, and other events related to the sub-prime mortgage crisis in 2008; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits, social, political, and economic instability in Europe; economic stimulus by the Japanese central bank; steep declines in oil prices; dramatic changes in currency exchange rates; and China&#8217;s economic slowdown. Interconnected global economies and financial markets increase the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected, and it is uncertain when these conditions will recur.&#160; Banks and financial services companies could suffer losses if interest rates were to rise or economic conditions deteriorate.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In addition to relatively high market volatility and reduced liquidity in credit and fixed-income markets may adversely affect many issuers worldwide. Actions taken by the U.S. Federal Reserve (Fed) or foreign central banks to stimulate or stabilize economic growth, such as interventions in currency markets, could cause high volatility in the equity and fixed-income markets. Reduced liquidity may result in less money being available to purchase raw materials, goods, and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in emerging-market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their securities prices.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In addition, while interest rates have been unusually low in recent years in the united states and abroad, the Fed&#8217;s decision to raise the target fed funds rate in 2017, following a similar move the previous year, and the possibility that the Fed may continue with such rate increases, among other factors, could cause markets to experience continuing high volatility. A significant increase in interest rates may cause a decline in the market for equity securities. Also, regulators have expressed concern that rate increases may contribute to price volatility. These events and the possible resulting market volatility may have an adverse effect on the Fund. The U.S. is also considering significant new investments in infrastructure and national defense which, coupled with the prospect of lower federal taxes, could lead to increased government borrowing and higher interest rates. While these proposed policies are going through the political process, the equity and debt markets may react strongly to expectations, which could increase volatility, especially if the market&#8217;s expectations for changes in government policies are not borne out.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Political turmoil within the United States and abroad may also impact the Funds. 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 United States&#160;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&#160;United States&#160;or other securities markets. The United States&#160;is also considering significant new investments in infrastructure and national defense which could lead to increased government borrowing and higher interest rates. While these proposed policies are going through the political process, the equity and debt markets may react strongly to expectations, which could increase volatility, especially if the market&#8217;s expectations for changes in the government policies are not borne out. </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Uncertainties surrounding the sovereign debt of a number of European Union (&#8220;EU&#8221;) 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. In June 2016, the United Kingdom approved a referendum to leave the EU, commonly referred to as &#8220;Brexit.&#8221; There is significant market uncertainty regarding Brexit&#8217;s ramifications, and the range and potential implications of possible political, regulatory, economic, and market outcomes are difficult to predict.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font>Political and military events, including in North Korea, Venezuela, Syria, and other areas of the Middle East, and nationalist unrest in Europe also may cause market disruptions.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In addition, there is a risk that the prices of goods and services in the United States and many foreign economies may decline over time, known as deflation. Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country&#8217;s economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify">Use of Segregated and Other Special Accounts</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Use of extensive hedging and other strategic transactions by the Fund will require, among other things, that the Fund post collateral with counterparties or clearinghouses and/or segregate cash or other liquid assets with its custodian, or a designated subcustodian, to the extent that the Fund&#8217;s obligations are not otherwise &#8220;covered&#8221; through ownership of the underlying security, financial instrument or currency.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In general, either the full amount of any obligation by the Fund to pay or deliver securities or assets under a transaction or series of transactions must be covered at all times by (a) holding the securities, instruments or currency required to meet the Fund&#8217;s obligations under such transactions or series of transactions, or (b) subject to any regulatory restrictions, segregating an amount of cash or other liquid assets at least equal to the current amount of the obligation. The segregated assets cannot be sold or transferred unless equivalent assets are substituted in their place or it is no longer necessary to segregate them. Some examples of cover requirements are set forth below.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Call Options. </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Put Options. </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">OTC Options. </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Currency Contracts. </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Futures Contracts and Options on Futures Contracts</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">. </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Swaps. </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Caps, Floors and Collars. </font>Caps, floors and collars require segregation of assets with a value equal to the Fund&#8217;s net obligation, if any.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="InvestmentRestrictions" name="InvestmentRestrictions"><!--Anchor--></a>Investment Restrictions</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Fundamental Investment Restrictions</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Borrow money, except as permitted by the 1940 Act and the rules and interpretive positions of the SEC thereunder.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Fund does not have a fundamental policy with respect to short sales and purchases on margin.</div>

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

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">With respect to restriction (7), a diversified fund, as to at least 75% of the value of its total assets, generally may not, except with respect to government securities and securities of other investment companies, invest more than 5% of its total assets in the securities, or own more than 10% of the outstanding voting securities, of any one issuer. In determining the issuer of a municipal security, each state, each political subdivision, agency, and instrumentality of each state and each multi-state agency of which such state is a member is considered a separate issuer. In the event that securities are backed only by assets and revenues of a particular instrumentality, facility or subdivision, such entity is considered the issuer.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Non-fundamental Investment Restrictions</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="TEXT-ALIGN: justify">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="TEXT-ALIGN: justify">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="TEXT-ALIGN: justify">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="PortfolioTurnover" name="PortfolioTurnover"><!--Anchor--></a>Portfolio Turnover</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> 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.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font>The Fund&#8217;s annual rate of portfolio turnover may vary from year to year as well as within a year. A high rate of portfolio turnover (100% or more) generally involves correspondingly greater brokerage commission expenses, which must be borne directly by the Fund and could generate short-term capital gain taxable as ordinary income, which could have a negative impact on the Fund&#8217;s performance over time. Portfolio turnover is calculated by dividing the lesser of purchases or sales of Fund securities during the fiscal year by the monthly average of the value of the Fund&#8217;s securities. (Excluded from the computation are all securities, including options, with maturities at the time of acquisition of one year or less.) The portfolio turnover rate for the Fund for the fiscal years ended October 31, 2017 and October 31, 2016 was 53% and 62%, respectively. </div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">17</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="ThoseResponsibleforManage" name="ThoseResponsibleforManage"><!--Anchor--></a>Those Responsible for Management</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The business of the Fund is managed by the Board, including certain Trustees who are not &#8220;interested persons&#8221; (as defined in the 1940 Act) of the Fund (the &#8220;Independent Trustees&#8221;). The Trustees elect officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Trustees. Several of the Trustees and officers of the Fund also are officers or directors of the Advisor, or officers or directors of its affiliates. Each Trustee oversees the Fund and other funds in the John Hancock Fund Complex (as defined below).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The tables below present certain information regarding the Trustees and officers of the Fund, including their principal occupations which, unless specific dates are shown, are of at least five years&#8217; duration. In addition, the table includes information concerning other directorships held by each Trustee in other registered investment companies or publicly traded companies. Information is listed separately for each Trustee who is an &#8220;interested person&#8221; (as defined in the 1940 Act) of the Fund (each a &#8220;Non-Independent Trustee&#8221;) and the Independent Trustees. As of January 31, 2018, the John Hancock Fund Complex consisted of 220 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;) (66 funds); John Hancock Funds II (&#8220;JHF II&#8221;) (95 funds)]; John Hancock Funds III (&#8220;JHF III&#8221;) (7 funds); John Hancock Exchange-Traded Fund Trust (13 funds)]; and 38 other John Hancock funds consisting of 28 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. </div>
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<table id="zeda953ff5243458f96763bf4faefde45" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Non-Independent Trustees </div>
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</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Name </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> (Birth Year) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 16.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Positions with </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">the Fund</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(1)</sup> </div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Principal Occupation(s) and Other </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Directorships During the Past 5 Years </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Number of </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Funds in John </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Hancock Fund </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Complex </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Overseen by </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Trustee </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Andrew G. Arnott<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(2)</sup> (1971) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 16.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Trustee (since 2017); </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> President (Since 2014); </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Executive Vice President (2007-2014, including prior positions) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Executive Vice President, John Hancock Financial Services (since 2009, including prior positions); 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); President, John Hancock retail funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(3)</sup>, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2007, including prior positions); President, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014). </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Trustee, John Hancock Collateral Trust, John Hancock Exchange-Traded Fund Trust, John Hancock retail funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(3)</sup>, John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2017). </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 220 </div>

<div>&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 18%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 16.67%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.8%"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> James R. Boyle<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(2)</sup> (1959) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 16.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Trustee </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (since 2015)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(4)</sup> </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Chief Executive Officer, Foresters Financial (since 2018); Chairman and Chief Executive Officer, Zillion Group, Inc. (formerly HealthFleet, Inc.)&#160; (healthcare) (2014-2018); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014&#8211;July 2014); Senior Executive Vice President, Manulife Financial Corporation, 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&#8211;2010). </div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(3)</sup> (2005&#8211;2010; 2012&#8211;2014 and since 2015); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (2005&#8211;2014 and since 2015). </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 220 </div>
</td>
</tr>
</table>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">18</font></div>

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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Non-Independent Trustees </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Name </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> (Birth Year) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 16.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Positions with </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">the Fund</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(1)</sup> </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Principal Occupation(s) and Other </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Directorships During the Past 5 Years </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Number of </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Funds in John </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Hancock Fund </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Complex </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Overseen by </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Trustee </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Warren A. Thomson<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(2)</sup> </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (1955) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 16.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Trustee </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (since 2012) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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). </div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Trustee, John Hancock retail funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(3)</sup>, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015). </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 220 </div>
</td>
</tr>
</table>

<div><br>
</div>

<table id="z4b90839bf39047b1a0522e1fbe34d8a2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center; WIDTH: 18%" colspan="4"> Independent Trustees </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Name </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (Birth Year) </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; WIDTH: 16.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Position(s) with </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">the Fund</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(1)</sup> </div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Principal Occupation(s) and Other </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Directorships During the Past 5 Years </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 14.8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Number of </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Funds in John </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Hancock Fund </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Complex </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Overseen by </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Trustee </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Charles L. Bardelis </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (1941) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 16.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Trustee </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (since 2012) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Director, Island Commuter Corp. (marine transport). </div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(3)</sup> (since 2012); Trustee, John Hancock Funds III (2005&#8211;2006 and since 2012); Trustee, John Hancock Variable Insurance Trust (since 1988); Trustee, John Hancock Funds II (since 2005). </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 220 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 18%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 16.67%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.8%"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Peter S. Burgess </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (1942) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 16.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Trustee </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (since 2012) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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&#8211;2016); Director, PMA Capital Corporation (2004&#8211;2010). </div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(3)</sup> (since 2012); Trustee, John Hancock Funds III (2005&#8211;2006 and since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2005). </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 220 </div>
</td>
</tr>
</table>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">19</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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<table id="zfe8701870f26403b973fb82dc13f521a" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Name </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (Birth Year) </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; WIDTH: 16.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Position(s) with </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">the Fund</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(1)</sup> </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Principal Occupation(s) and Other </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Directorships During the Past 5 Years </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 14.8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Number of </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Funds in John </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Hancock Fund </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Complex </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Overseen by </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Trustee </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> William H. Cunningham </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (1944) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 16.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Trustee </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (since 2005) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, LIN Television (2009-2014). </div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Trustee, John Hancock retail funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(3)</sup> (since 1986); Trustee, John Hancock Variable Insurance Trust (since 2012); Trustee, John Hancock Funds II (2005&#8211;2006 and since 2012); Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015). </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 220 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 18%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 16.67%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.8%"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Grace K. Fey </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (1946) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 16.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Trustee </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (since 2012) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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). </div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(3)</sup> (since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2008). </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 220 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 18%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 16.67%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.8%"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Theron S. Hoffman </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (1947) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 16.67%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Trustee </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (since 2012) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Chief Executive Officer, T. Hoffman Associates, LLC (consulting firm) (since 2003); Director, The Todd Organization (consulting firm) (2003&#8211;2010); President, Westport Resources Management (investment management consulting firm) (2006&#8211;2008); Board Member, 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). </div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(3)</sup> (since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2008). </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 220 </div>
</td>
</tr>
</table>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">20</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<table id="ze265d34110e94619b7bf9ddb7bad27ce" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 17.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Name </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (Birth Year) </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; WIDTH: 17.43%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Position(s) with </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">the Fund</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(1)</sup> </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Principal Occupation(s) and Other </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Directorships During the Past 5 Years </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 14.81%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Number of </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Funds in John </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Hancock Fund </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Complex </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Overseen by </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Trustee </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 17.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Deborah C. Jackson </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (1952) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 17.43%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Trustee </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (since 2008) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, National Association of Corporate Directors/New England (since 2015); Board of Directors, Association of Independent Colleges and Universities of Massachusetts (since 2014); 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). </div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Trustee, John Hancock retail funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(3)</sup> (since 2008); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015). </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.81%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 220 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 17.76%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 17.43%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.81%"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 17.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Hassell H. McClellan </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (1945) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 17.43%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Trustee </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (since 2012) and </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Chairperson of the Board (since 2017) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Director/Trustee, Virtus Funds (since 2008); Director, The Barnes Group (since 2010); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). </div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Trustee (since 2014) and Chairperson of the Board (since 2017), John Hancock Collateral Trust; Trustee (since 2015) and Chairperson of the Board (since 2017), John Hancock Exchange-Traded Fund Trust; Trustee (since 2012) and Chairperson of the Board (since 2017), John Hancock retail funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(3)</sup>; Trustee (2005&#8211;2006 and since 2012) and Chairperson of the Board (since 2017), John Hancock Funds III; Trustee (since 2005) and Chairperson of the Board (since 2017), John Hancock Variable Insurance Trust and John Hancock Funds II. </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.81%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 220 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 17.76%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 17.43%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.81%"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 17.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> James M. Oates </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (1946) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 17.43%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Trustee </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (since 2012) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (2000&#8211;2015); 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/Trustee, Virtus Funds (since 1988). </div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Trustee (since 2014) and Chairperson of the Board (2014&#8211;2016), John Hancock Collateral Trust; Trustee (since 2015) and Chairperson of the Board (2015&#8211;2016), John Hancock Exchange-Traded Fund Trust; Trustee (since 2012) and Chairperson of the Board (2012&#8211;2016), John Hancock retail funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(3)</sup>; Trustee (2005&#8211;2006 and since 2012) and Chairperson of the Board (2012&#8211;2016), John Hancock Funds III; Trustee (since 2004) and Chairperson of the Board (2005&#8211;2016), John Hancock Variable Insurance Trust; Trustee (since 2005) and Chairperson of the Board, John Hancock Funds II (2005&#8211;2016). </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.81%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 220 </div>
</td>
</tr>
</table>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">21</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<table id="zd3918417b48441a2849cd988979b19c4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 17.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Name </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> (Birth Year) </div>
</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; WIDTH: 17.43%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Position(s) with </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">the Fund</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(1)</sup> </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Principal Occupation(s) and Other </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Directorships During the Past 5 Years </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 14.81%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Number of </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Funds in John </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Hancock Fund </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Complex </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Overseen by </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Trustee </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 17.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Steven R. Pruchansky </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (1944) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 17.43%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Trustee (since 2005) and Vice Chairperson of the Board </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (since 2012) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Managing Director, Pru Realty (since 2017); 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); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank &amp; Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). </div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Trustee (since 1992) and Chairperson of the Board (2011&#8211;2012), John Hancock retail funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(3)</sup>; Trustee and Vice Chairperson of the Board, John Hancock retail funds, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, and Vice Chairperson of the Board, John Hancock Collateral Trust (since 2014); Trustee and Vice Chairperson of the Board, John Hancock Exchange-Traded Fund Trust (since 2015). </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.81%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 220 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 17.76%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 17.43%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 14.81%"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 17.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Gregory A. Russo </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (1949) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 17.43%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Trustee </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (since 2008) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> 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). </div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Trustee, John Hancock retail funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(3)</sup> (since 2008); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015). </div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 14.81%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 220 </div>
</td>
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<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z277f24daed01452497636fd6173087f7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"> (1) </td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> 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 2, 2018. </div>
</td>
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<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zebf4780622da406dacc7902537c64e66" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 15.95pt; align: right"> (2) </td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> The Trustee is a Non-Independent Trustee due to his position with the Advisor and certain of its affiliates. </div>
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<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zdd55eae190ee45ea91de3cf79162438b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 15.95pt; align: right"> (3) </td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8220;John Hancock retail funds&#8221; comprises of ten closed-end funds (including the Fund), as well as the series of John Hancock Funds III and 28 series of other John Hancock trusts. The information for the John Hancock retail funds category relates to service as a Trustee of any of these Funds for the stated period. </div>
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<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 15.95pt; align: right">(4)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Mr. Boyle served as Trustee at various times prior to 2015.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Principal Officers who are not Trustees</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Principal Officers who are not Trustees</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Name </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> (Birth Year) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Position(s) with </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> the Fund </div>
</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 9.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Officer </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> since </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 47%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"> Principal Occupation(s) During Past 5 Years </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.58%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.72%"> &#160; </td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 9.2%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 47%"> &#160; </td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.58%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify"> John J. Danello (1955) </div>

<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left"> Senior Vice President (since 2006, including prior positions); and&#160; Secretary and Chief Legal Officer (since 2014) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 9.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 2014 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 47%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left"> Vice President and Chief Counsel, John Hancock Wealth Management (since 2005); Senior Vice President (since 2007) and Chief Legal Counsel (2007&#8211;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 style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(1)</sup>, John Hancock Funds II and John Hancock Variable Insurance Trust; Senior Vice President, Secretary and Chief Legal Officer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014); 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); and Senior Vice President, Secretary and Chief Legal Counsel (2007&#8211;2014, including prior positions) of John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC. </div></td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.58%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.72%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 9.2%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 47%"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.58%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Francis V. Knox, Jr. </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> (1947) </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Chief Compliance Officer </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 9.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 2005 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 47%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify"> Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock retail funds<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(1)</sup>, John Hancock Variable Insurance Trust, John Hancock Funds II, John Hancock Advisers, LLC, and John Hancock Investment Management Services, LLC (since 2005); Chief Compliance Officer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014). </div>
</td>
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<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">23</font></div>

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<table id="za98ea80d4c6d4d62a44ba60f243595e8" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.58%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Name</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(Birth Year)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Position(s) with</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">the Fund</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 9.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Officer</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">since</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 47%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Principal Occupation(s) During Past 5 Years</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.58%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 9.2%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 47%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.58%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Charles A. Rizzo</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">(1957)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Chief Financial Officer</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 9.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">2007</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 47%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">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 style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(1)</sup>, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2007); Chief Financial Officer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014).</div>
</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.58%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.72%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 9.2%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 47%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.58%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Salvatore Schiavone</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">(1965)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 21.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Treasurer</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 9.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">2009</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 47%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">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 style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">(1)</sup> (since 2007, including prior positions); Treasurer, John Hancock Variable Insurance Trust and John Hancock Funds II (2007&#8211;2009 and since 2010, including prior positions); Treasurer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014).</div>
</td>
</tr>
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<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z0e964e616dd940948d20c720b0836966" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 18pt; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1"> (1) </sup></td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#8220;John Hancock retail funds&#8221; comprises John Hancock Funds III and 38 other John Hancock funds consisting of 28 series of other John Hancock trusts and 10 closed-end funds.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font>The information for the John Hancock retail funds category relates to service as a Trustee of any of these funds for the stated period. </div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Additional Information about the Trustees</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In addition to the description of each Trustee&#8217;s Principal Occupation(s) and Other Directorships set forth above, the following provides further information about each Trustee&#8217;s specific experience, qualifications, attributes or skills<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font>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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Andrew G. Arnott &#8212; </font>Through his positions as Executive Vice President of John Hancock Financial Services; Director and Executive Vice President of the Advisor and an affiliated investment advisor, John Hancock Investment Management Services, LLC; President of John Hancock Funds, LLC; and President of the John Hancock Fund Complex, Mr. Arnott has experience in the management of investments, registered investment companies, variable annuities and retirement products, enabling him to provide management input to the Board.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Charles L. Bardelis</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#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</font>.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">James R. Boyle</font> &#8212; Through his former positions as chairman and director of the Advisor, position as a senior executive of Manulife Financial Corporation (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.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">24</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Peter S. Burgess</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> &#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</font>.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">William H. Cunningham</font> &#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 also has oversight and corporate governance experience as a current and former director of a number of operating companies, including an insurance company.</div>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Grace K. Fey</font> &#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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Theron S. Hoffman</font> &#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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Deborah C. Jackson</font> &#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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Hassell H. McClellan</font> &#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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">James M. Oates</font> &#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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Steven R. Pruchansky</font> &#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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Gregory A. Russo</font> &#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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Warren A. Thomson</font> &#8212; Through his positions as Chairman of Manulife Asset Management and Chief Investment Officer of MFC, 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left">Duties of Trustees</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 five times during the latest fiscal year.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Board has appointed an Independent Trustee as Chairperson. The Chairperson presides at meetings of the Trustees and may call meetings of the Board and any Board committee whenever he deems it necessary. The Chairperson participates in the preparation of the agenda for meetings of the Board and the identification of information to be presented to the Board with respect to matters to be acted upon by the Board. The Chairperson also acts as a liaison with the Fund&#8217;s management, officers, attorneys, and other Trustees generally between meetings. The Chairperson may perform such other functions as may be requested by the Board from time to time. The Board has also designated a Vice Chairperson to serve in the absence of the Chairperson. Except for any duties specified in this SAI or pursuant to the Fund&#8217;s Declaration of Trust or Amended and Restated By-Laws (the &#8220;By-Laws), or as assigned by the Board, the designation of a Trustee as Chairperson or Vice Chairperson does not impose on that Trustee any duties, obligations or liability that are greater than the duties, obligations or liability imposed on any other Trustee, generally. The Board has designated a number of standing committees as further described below, each of which has a Chairperson. The Board also may designate working groups or ad hoc committees as it deems appropriate.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The Board believes that this leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over matters under its purview, and it allocates areas of responsibility among committees or working groups of Trustees and the full Board in a manner that enhances effective oversight. The Board considers leadership by an Independent Trustee as Chairperson to be integral to promoting effective independent oversight of the Fund&#8217;s operations and meaningful representation of the shareholders&#8217; interests. The Board also believes that having a super-majority of Independent Trustees is appropriate and in the best interest of the Fund&#8217;s shareholders. Nevertheless, the Board also believes that having interested persons serve on the Board brings corporate and financial viewpoints that are, in the Board&#8217;s view, helpful elements in its decision-making process. In addition, the Board believes that Messrs. Arnott, Boyle, and Thomson, as current or former senior executives of the Advisor (or of its parent company, Manulife Financial), 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. </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left">Board Committees</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Audit Committee.</font> 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. This Committee met four times during the fiscal year ended October 31, 2017, 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Compliance Committee</font>. The Board also has a standing Compliance Committee (Mses. Fey and Jackson and Mr. Cunningham). This Committee reviews and makes recommendations to the full Board regarding certain compliance matters relating to the Fund. Ms. Fey serves as Chairperson of this Committee. This Committee met four times during the fiscal year ended October 31, 2017.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Contracts, Legal &amp; Risk Committee</font>. The Board also has a standing Contracts, Legal &amp; Risk Committee (Messrs. Oates, Pruchansky, and Russo). This Committee met four times during the fiscal year ended October 31, 2017. 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 Funds, as well as any significant regulatory and legislative actions or proposals affecting or relating to the Funds or their service providers. The Committee also assists the Board in its oversight role with respect to the processes pursuant to which the Advisor and the subadvisors identify, manage and report the various risks that affect or could affect the Funds. Mr. Russo serves as Chairperson of this Committee.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Nominating and Governance Committee.</font> The Board also has a Nominating and Governance Committee composed of all of the Independent Trustees. This Committee met four times during the fiscal year ended October 31, 2017. 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Investment Committee</font>. 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. Ms. Jackson and Messrs. Bardelis, Cunningham, Hoffman, and Oates serve as Chairpersons of the Investment Sub-Committees. The Investment Committee met five times during the fiscal year ended October 31, 2017.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Annually, the Board evaluates its performance and that of its Committees, including the effectiveness of the Board&#8217;s Committee structure.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left">Risk Oversight</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 or his/her delegate 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div>&#160;</div>

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<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Board may, at any time and in its discretion, change the manner in which it conducts its risk oversight role.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Trustee Compensation</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The Fund pays fees to its Independent Trustees. Trustees also are reimbursed for travel and other out-of-pocket expenses. Each Independent Trustee receives in the aggregate from the Fund and the other closed-end funds in the John Hancock Fund Complex an annual retainer of $40,000. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The following table provides information regarding the compensation paid by the Fund and the other investment companies in the John Hancock Fund Complex to the Independent Trustees for their services during the Fund&#8217;s fiscal year ended October 31, 2017.</div>

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<table id="zd56c9891141a4517b3ee6cfb100444b3" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 95%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-LEFT: medium none; WIDTH: 57%">
<div style="TEXT-ALIGN: left"><u> Independent Trustees </u></div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-LEFT: medium none; WIDTH: 8.37%">
<div style="TEXT-ALIGN: center"> Fund </div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: center; BORDER-LEFT: medium none; WIDTH: 1%"> &#160; </td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: center; BORDER-LEFT: medium none; WIDTH: 28.55%">
<div> John Hancock Fund Complex </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Charles L. Bardelis </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 8.37%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> $4,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 28.55%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $374,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Peter S. Burgess </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 8.37%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> $4,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 28.55%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $394,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> William H. Cunningham </div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> $4,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 28.55%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $374,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Grace K. Fey </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 8.37%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> $4,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 28.55%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $394,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Theron S. Hoffman </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 8.37%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> $4,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 28.55%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $374,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Deborah C. Jackson </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 8.37%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> $4,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 28.55%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $374,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Hassell H. McClellan </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 8.37%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> $4,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 28.55%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $514,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> James M. Oates </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 8.37%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> $4,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 28.55%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $353,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Steven R. Pruchansky </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 8.37%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> $4,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 28.55%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $374,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Gregory A. Russo </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 8.37%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> $4,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 28.55%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $352,000 </div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="TEXT-ALIGN: left"><u> Non-Independent Trustees </u></div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 8.37%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 28.55%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Andrew G. Arnott </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 8.37%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> $0 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 28.55%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $0 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> James R. Boyle </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 8.37%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> $4,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 28.55%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $354,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Warren A. Thomson </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 8.37%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> $0 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; WIDTH: 28.55%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $0 </div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Fund does not have a pension or retirement plan for any of its Trustees or officers.</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">28</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Trustee Ownership of Shares of John Hancock Funds</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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, 2017. The information as to beneficial ownership is based on statements furnished to the Fund by the Trustees. Each of the Trustees has all voting and investment powers with respect to the shares indicated.</div>

<div><br>
</div>

<table id="z860d5cfb856c44ed959ba9c455d5c426" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-LEFT: medium none; WIDTH: 52%">
<div style="TEXT-ALIGN: left"><u> Trustees </u></div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Fund </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> John Hancock Fund Complex </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 52%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left"> Independent Trustees </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%"> &#160; </td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 52%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Charles L. Bardelis </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $10,001-$50,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Over $100,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 52%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Peter S. Burgess </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $10,001-$50,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Over $100,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 52%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> William H. Cunningham </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $10,001-$50,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Over $100,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 52%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Grace K. Fey </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $10,001-$50,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Over $100,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 52%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Theron S. Hoffman </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $10,001-$50,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Over $100,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 52%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Deborah C. Jackson </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $10,001-$50,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Over $100,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 52%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Hassell H. McClellan </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $10,001-$50,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Over $100,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 52%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> James M. Oates </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $10,001-$50,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Over $100,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 52%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Steven R. Pruchansky </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $10,001-$50,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Over $100,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 52%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Gregory A. Russo </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $10,001-$50,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Over $100,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 52%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 52%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left"> Non-Independent Trustees* </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 52%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Andrew G. Arnott </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> None </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Over $100,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 52%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> James R. Boyle </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $10,001-$50,000 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Over $100,000 </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 52%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Warren A. Thomson </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 18.7%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> None </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; WIDTH: 28.36%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Over $100,000 </div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="ShareholdersoftheFund" name="ShareholdersoftheFund"><!--Anchor--></a>Shareholders of the Fund</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> As of February 1, 2018, the officers and Trustees of the Fund as a group owned beneficially less than 1% of the outstanding shares of the Fund. </div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> To the best knowledge of the Fund, the shareholders listed below owned more than 5% of the fund&#8217;s shares as of February 1, 2018. Information related to these shareholders is as of the date indicated and may be different as of February 1, 2018. </div>

<div><br>
</div>

<table id="zd0c54d46b98841f89472f69a1cec9aeb" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 80%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 40%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"> Name and Address of Owner </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 20%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"> Amount </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 20%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"> Percentage </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 40%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> First Trust Portfolios LP </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> 120 East Liberty Drive </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Wheaton, IL 60187 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> 689,551 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> 7.84%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup> </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 40%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 20%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 20%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 40%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">As of December 31, 2017</font> </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 20%"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 20%"> &#160; </td>
</tr>
</table>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="InvestmentAdvisoryandOthe" name="InvestmentAdvisoryandOthe"><!--Anchor--></a>Investment Advisory and Other Services</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">THE ADVISOR</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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, 2017, the Advisor had total assets under management of approximately $152.9 billion. </div>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">29</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">&#160;</font>Assets under management and administration by Manulife Financial and its subsidiaries were C$1.04 trillion (US$829.4 billion) as at December 31, 2017. </div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Advisory Agreement. </font>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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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, 2017, October 31, 2016, and October 31, 2015.</div>

<div><br>
</div>

<table id="za2fed5ceb2eb4a36b0fffe4fb55f6afa" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 60%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-LEFT: medium none; WIDTH: 20%">
<div style="TEXT-ALIGN: center"><u> October 31, 2017 </u></div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-LEFT: medium none; WIDTH: 20%">
<div style="TEXT-ALIGN: center"><u> October 31, 2016 </u></div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-LEFT: medium none; WIDTH: 20%">
<div style="TEXT-ALIGN: center"><u> October 31, 2015 </u></div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $1,325,936 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $1,284,601 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $1,330,223 </div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Fund pays all expenses of its organization, operations and business.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Advisory Agreement had an initial period of two years and continues from year to year so long as such continuance is approved at least annually: (i) by the vote of a majority of the Independent Trustees; and (ii) either by the Board or by the vote of a majority of the outstanding shares of the Fund.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Service Agreement. </font>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.</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">30</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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, 2017, October 31, 2016, and October 31, 2015.</div>

<div><br>
</div>

<table id="z6da8acc9043747f7bc8133c7150182d7" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 60%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-LEFT: medium none; WIDTH: 20%">
<div style="TEXT-ALIGN: center"><u> October 31, 2017 </u></div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-LEFT: medium none; WIDTH: 20%">
<div style="TEXT-ALIGN: center"><u> October 31, 2016 </u></div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-LEFT: medium none; WIDTH: 20%">
<div style="TEXT-ALIGN: center"><u> October 31, 2015 </u></div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $57,107 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $48,985 </div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $46,494 </div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">THE SUBADVISOR</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Subadvisory Agreement. </font>The Advisor entered into a Subadvisory Agreement dated December 31, 2005 with the Subadvisor (the &#8220;Subadvisory Agreement&#8221;). The Subadvisor handles the fund&#8217;s portfolio management activity, subject to oversight by the Advisor. The Subadvisor, organized in 1968, is a wholly owned subsidiary of John Hancock Life Insurance Company (U.S.A.) (a subsidiary of Manulife Financial, a publicly held, Canadian-based company). As of December 31, 2017, the Subadvisor had total assets under management of approximately $209.5 billion. The Subadvisor is located at 197 Clarendon Street, Boston, Massachusetts 02116. </div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">PORTFOLIO MANAGERS</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> The Subadvisor handles the Fund&#8217;s portfolio management activities, subject to oversight by the Advisor. The individuals primarily responsible for the day-to-day management of the Fund&#8217;s portfolio are listed below. </div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">31</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The following table reflects approximate information as of October 31, 2017:</div>

<div><br>
</div>

<table id="zaf6f3eff26554ebeb9043f5d857e2cb6" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 23%"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Registered Investment </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Companies </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Other Pooled Investment </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Vehicles </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 1%"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Other Accounts </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 23%"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Number of </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Accounts </div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Total </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Assets </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> $Million </div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Number of </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Accounts </div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Total </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Assets </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> $Million </div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Number of </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Accounts </div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%"> &#160; </td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 12%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Total </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Assets </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> $Million </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle; WIDTH: 23%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> John F. Addeo, CFA </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 3 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $1,493 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 10 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $751 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 0 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $0 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle; WIDTH: 23%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Jeffrey N. Given, CFA </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 57 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $111,789 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 36 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $4,882 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 42 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%; BACKGROUND-COLOR: #ffffff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $23,250 </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle; WIDTH: 23%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Dennis F. McCafferty, CFA </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 3 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $1,493 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 15 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $4,751 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 0 </div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"> &#160; </td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $0 </div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Performance-Based Fees for Other Accounts Managed</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Number and value of accounts within the total accounts that are subject to a performance-based advisory fee: None.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Portfolio Manager Ownership of Shares of the Fund</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The table below sets forth the aggregate dollar range of equity securities beneficially owned by each portfolio manager in the Fund and similarly managed accounts as of October 31, 2017. The information as to beneficial ownership is based on statements furnished to the Fund by the portfolio managers.</div>

<div><br>
</div>

<table id="ze9a2799a1b024691a061378ec9cfec1f" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 59.54%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"> Portfolio Manager </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 20.23%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Range of Beneficial </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Ownership in the Fund </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 20.23%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Range of Beneficial </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Ownership in Similarly </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Managed Accounts </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 59.54%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> John F. Addeo </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 20.23%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $0 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 20.23%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> &gt;$1 million </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 59.54%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Jeffrey N. Given </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 20.23%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $1-$10,000 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 20.23%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> &gt;$ 1 Million </div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 59.54%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> Dennis F. McCafferty </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 20.23%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $50,001-$100,000 </div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 20.23%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> &gt;$1 million </div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Conflicts of Interest</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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.</div>
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of interest may arise. For example, if a portfolio manager purchases a security for one account and sells the same security short for another account, such trading pattern could disadvantage either the account that is long or short. In making portfolio manager assignments, the Subadvisor seeks to avoid such potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security. While these accounts have many similarities, the investment performance of each account will be different due to differences in fees, expenses and cash flows.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Compensation of Portfolio Managers</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Profitability of the Subadvisor: The profitability of the Subadvisor and its parent company are also considered in determining bonus awards.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"> 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. The pre-tax performance of the Fund is measured relative to the benchmark listed below: </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Barclays Capital U.S. Aggregate Bond Index </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Other Services</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left">Proxy voting</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">voting pursuant to the recommendation of a third party voting service;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">voting pursuant to pre-determined voting guidelines; or</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">referring voting to a special compliance or oversight committee.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>http://www.sec.gov</u></font>.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><!--Anchor--><a name="DeterminationofNetAssetVa"><!--Anchor--></a><a name="DeterminationofNetAssetVaSAI"><!--Anchor--></a>Determination of Net Asset Value</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Fund&#8217;s net asset value per Common Share (&#8220;NAV&#8221;) is normally determined each business day at the close of regular trading on the NYSE (typically 4:00 p.m. Eastern Time, on each business day that the NYSE is open) by dividing the Fund&#8217;s net assets by the number of Common Shares outstanding. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the NAV may be determined as of the regularly scheduled close of the NYSE pursuant to the Fund&#8217;s Valuation Policies and Procedures. The time at which shares and transactions are priced and until which orders are accepted may vary to the extent permitted by the Securities and Exchange Commission and applicable regulations. On holidays or other days when the NYSE is closed, the NAV is not calculated. Trading of securities that are primarily listed on foreign exchanges may take place on weekends and U.S. business holidays on which the Fund&#8217;s NAV is not calculated. Consequently, the Fund&#8217;s portfolio securities may trade and the NAV of the Fund&#8217;s Common Shares may be significantly affected on days when a shareholder will not be able to purchase or sell the Fund&#8217;s Common Shares.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Portfolio securities are valued by various methods that are generally described below. Portfolio securities also may be fair valued by the Fund&#8217;s Pricing Committee in certain instances pursuant to procedures established by the Trustees. Equity securities are generally valued at the last sale price or, for certain markets, the official closing price as of the close of the relevant exchange. Securities not traded on a particular day are valued using last available bid prices. A security that is listed or traded on more than one exchange is typically valued at the price on the exchange where the security was acquired or most likely will be sold. In certain instances, the Pricing Committee may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market. Equity securities traded principally in foreign markets are typically valued using the last sale price or official closing price in the relevant exchange or market, as adjusted by an independent pricing vendor to reflect fair value. On any day a foreign market is closed and the NYSE is open, any foreign securities will typically be valued using the last price or official closing price obtained from the relevant exchange on the prior business day adjusted based on information provided by an independent pricing vendor to reflect fair value. Debt obligations are valued based on evaluated prices provided by an independent pricing vendor. The value of securities denominated in foreign currencies is converted into U.S. dollars at the exchange rate provided by an independent pricing vendor. Exchange-traded options are valued at the mean of the most recent bid and ask prices. Futures contracts are typically valued at settlement prices. If settlement prices are not available, futures contracts may be valued using last traded prices. Shares of open-end investment companies that are not exchange-traded funds (&#8220;ETFs&#8221;) held by the Fund are valued based on the NAVs of such other investment companies.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Pricing vendors may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, general market conditions, news, and other factors and assumptions. Special valuation considerations may apply with respect to the Fund&#8217;s &#8220;odd-lot&#8221; positions, if any, as the Fund may receive different prices when it sells such positions than it would receive for sales of institutional round lot positions. Pricing vendors generally value securities assuming orderly transactions of institutional round lot sizes, but the Fund may hold or transact in such securities in smaller, odd lot sizes.</div>

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<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Pricing Committee engages in oversight activities with respect to the Fund&#8217;s pricing vendors, which includes, among other things, monitoring significant or unusual price fluctuations above predetermined tolerance levels from the prior day, back-testing of pricing vendor prices against actual trades, conducting periodic due diligence meetings and reviews, and periodically reviewing the inputs, assumptions and methodologies used by these vendors.</div>

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

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

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Regarding the Fund&#8217;s investment in an open-end investment company that is not an ETF, which (as noted above) is valued at such investment company&#8217;s NAV, the prospectus for such investment company explains the circumstances and effects of fair value pricing for that investment company.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="BrokerageAllocation" name="BrokerageAllocation"><!--Anchor--></a>Brokerage Allocation</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Brokerage Commissions Paid</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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, 2017, October 31, 2016, and October 31, 2015.</div>

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<table id="z53008a4d7b9e4fc4b20312d05972014c" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 60%" cellspacing="0" cellpadding="0" align="center" border="0">
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<div style="TEXT-ALIGN: center"><u> October 31, 2017 </u></div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-LEFT: medium none; WIDTH: 20%">
<div style="TEXT-ALIGN: center"><u> October 31, 2016 </u></div>
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<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-LEFT: medium none; WIDTH: 20%">
<div style="TEXT-ALIGN: center"><u> October 31, 2015 </u></div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 20%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $806 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $0 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> $1,943 </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">36</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Approved Trading Counterparties</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Selection of Brokers, Dealers, and Counterparties</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In placing orders for purchase and sale of securities and selecting trading counterparties (including banks or broker-dealers) to effect these transactions, the Subadvisor seeks prompt execution of orders at the most favorable prices reasonably obtainable. The Subadvisor will consider a number of factors when selecting trading counterparties, including the overall direct net economic result to the Fund (including commissions, which may not be the lowest available, but which ordinarily will not be higher than the generally prevailing competitive range), the financial strength, reputation and stability of the counterparty, the efficiency with which the transaction is effected, the ability to effect the transaction when a large block trade is involved, the availability of the counterparty to stand ready to execute possibly difficult transactions in the future, and other matters involved in the receipt of brokerage and research services.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Best Execution</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The reasonableness of brokerage commission is evaluated on an ongoing basis and at least annually on a formal basis.</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">37</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Soft Dollar Considerations</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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).</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Subadvisor considers three factors with respect to all third-party research and execution services received through soft dollars:</div>

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<div style="TEXT-ALIGN: justify">
<table id="z0d28389a82f6454f883b3951a634e842" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Whether the product or service is eligible research or brokerage under SEC rules and regulations;</div>
</td>
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</div>

<div style="TEXT-ALIGN: justify">
<table id="z6671eb1afddd4f1b9e42ffc3f568f350" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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</div>
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</div>

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</div>

<div style="TEXT-ALIGN: justify">
<table id="zc545ec7b197548b2855b0773143463bc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 14.4pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 14.4pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">38</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">In summary, as noted above, the Sub advisor has three types of &#8220;soft dollar&#8221; arrangements through which the Subadvisor receives benefits:</div>

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<div style="TEXT-ALIGN: left">
<table id="z7bd8248db78b4835a6827379db48b331" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic">Full service brokers</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>&#8211; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">In addition to receiving execution services, the Subadvisor also receives a variety of research and related services from these brokers, including, for example, proprietary research reports on companies, markets or investment related reports, meetings with senior management teams of companies, and discussions with the broker&#8217;s analysis and market experts.</font></div>
</td>
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<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z29d25cf447c2486aa099c7b03f6c67bc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 14.4pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 21.6pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic">Client commission arrangements </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">(&#8220;CCA&#8221;) - </font>Through CCA arrangements with brokers with whom the Subadvisor places equity trades for execution, the Subadvisor generates commission credits with these CCA brokers that the Subadvisor can direct and use to compensate third party research providers, including other brokers, for research received. The level of compensation to such research providers is determined by the equity portfolio management teams using a quarterly voting process. The number of votes determines the relative level of compensation paid to a research provider.</div>
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<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z953d0b1ca37a491689f550f05788a2ce" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 14.4pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 21.6pt; align: right">(3)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic">Third party research vendors </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">- </font>The Subadvisor may have soft dollar arrangements. Under these arrangements, the Subadvisor will identify research services that it wants to obtain and subject to the approval of the soft dollar broker, the soft dollar broker will directly contract with research providers for services provided to the Subadvisor. When the Subadvisor executes equity trades with the soft dollar broker, the soft dollar broker allocates and pays a portion of the commission to the research providers.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Trade Aggregation by the Subadvisor</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Affiliated Underwriting Transactions by the Subadvisor</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Commission Recapture Program</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="AdditionalInformationConc" name="AdditionalInformationConc"><!--Anchor--></a>Additional Information Concerning Taxes</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 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 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">de minimis </font>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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">As a RIC, the Fund generally will not be subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, but without regard to the deductions for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that it distributes in each taxable year to its shareholders; provided that it distributes at least the sum of 90% of its investment company taxable income and 90% of its net tax-exempt interest income for such taxable year. The Fund intends to distribute to its shareholders, at least annually, substantially all of its investment company taxable income, net tax-exempt interest income and net capital gain. In order to avoid incurring a nondeductible 4% U.S. federal excise tax obligation, the Code requires that the Fund distribute (or be deemed to have distributed) by December 31 of each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for such year, (ii) 98.2% of its capital gain net income (which is the excess of its realized net long-term capital gain over its realized net short-term capital loss), generally computed on the basis of the one-year period ending on 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> For U.S. federal income tax purposes, distributions paid out of the Fund&#8217;s current or accumulated earnings and profits will, except in the case of distributions of qualified dividend income and capital gain dividends described below, be taxable as ordinary dividend income. Certain income distributions paid by the Fund (whether paid in cash or reinvested in additional Fund shares) to individual taxpayers that are attributable to the Fund&#8217;s qualified dividend income and capital gain are taxed at rates applicable to net long-term capital gains (maximum rates of 20% 15%, or 0% for individuals depending on the amount of their taxable income for the year). This tax treatment applies only if certain holding period requirements and other requirements are satisfied by the shareholder and the dividends are attributable to qualified dividend income received by the Fund itself. For this purpose, &#8220;qualified dividend income&#8221; means dividends received by the Fund from United States corporations and &#8220;qualified foreign corporations,&#8221; provided that the Fund satisfies certain holding period and other requirements in respect of the stock of such corporations. Only a small portion, if any of the distributions from the Fund may consist of income eligible to be treated as qualified dividend income. An additional 3.8% Medicare tax will also apply in the case of some individuals. </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Distributions of net capital gain, if any, reported as capital gains dividends are taxable to a shareholder as long-term capital gains, regardless of how long the shareholder has held Fund shares. A distribution of an amount in excess of the Fund&#8217;s current and accumulated earnings and profits will be treated by a shareholder as a return of capital which is applied against and reduces the shareholder&#8217;s basis in his or her shares. To the extent that the amount of any such distribution exceeds the shareholder&#8217;s basis in his or her shares, the excess will be treated by the shareholder as gain from a sale or exchange of the shares. Distributions of gains from the sale of investments that the Fund owned for one year or less will be taxable as ordinary income.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">pro rata </font>share of such gain, with the result that each shareholder will (i) be required to report his <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">pro rata </font>share of such gain on his tax return as long-term capital gain, (ii) receive a refundable tax credit for his <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">pro rata </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Selling shareholders generally will recognize gain or loss in an amount equal to the difference between the shareholder&#8217;s adjusted tax basis in the shares sold and the sale proceeds. If the shares are held as a capital asset, the gain or loss will be a capital gain or loss. The current maximum tax rate applicable to net capital gains recognized by individuals and other non-corporate taxpayers is (i) the same as the maximum ordinary income tax rate for gains recognized on the sale of capital assets held for one year or less, or (ii) for gains recognized on the sale of capital assets held for more than one year (as well as certain capital gain distributions) (20%, 15%, or 0% for individuals depending on the amount of their taxable income for the year. ) An additional 3.8% Medicare tax will also apply in the case of some individuals.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 on or 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 on or 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> For federal tax income tax purposes, as of October 31, 2017, the Fund has a capital loss carryforward of $12,335,143 available to offset future net realized capital gains. The loss carryforward expires as follows: </div>

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<table id="z9476aecdcf164b69929943aecb28c696" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 1px solid; WIDTH: 17.78%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> Fund </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 1px solid; WIDTH: 17.11%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center"> Short-term </div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center"> Losses (subject </div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: center"> to expiration) </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 1px solid; WIDTH: 16.89%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> Expiration </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> Date </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 1px solid; WIDTH: 15.11%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> Short-term </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> Losses (no </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> expiration </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> date) </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 1px solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> Long-term </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> Losses (no </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> expiration date) </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; BORDER-LEFT: #000000 1px solid; WIDTH: 15.11%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> Total </div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 17.78%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left"> John Hancock Investors Trust </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 17.11%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"> $2,044,097 </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 16.89%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"> 10/31/19 </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15.11%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"> $1,871,545 </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"> $8,419,501 </div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15.11%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center"> $12,335,143 </div>
</td>
</tr>
</table>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Certain net investment income received by an individual having adjusted gross income in excess of $200,000 (or $250,000 for married individuals filing jointly) will be subject to a tax of 3.8%. Undistributed net investment income of trusts and estates in excess of a specified amount will also be subject to this tax. Dividends and capital gains distributed by the Fund, and gain realized on redemption of Fund shares, will constitute investment income of the type subject to this tax.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Fund is required to accrue income on any debt securities that have more than a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">de minimis </font>amount of original issue discount (or debt securities acquired at a market discount, if the Fund elects to include market discount in income currently) prior to the receipt of the corresponding cash payments. The mark to market or constructive sale rules applicable to certain options, futures, forwards, short sales or other transactions also may require the Fund to recognize income or gain without a concurrent receipt of cash. Additionally, some countries restrict repatriation, which may make it difficult or impossible for the Fund to obtain cash corresponding to its earnings or assets in those countries. However, the Fund must distribute to shareholders for each taxable year substantially all of its net income and net capital gains, including such income or gain, to qualify as a regulated investment company and avoid liability for any federal income or excise tax. Therefore, the Fund may have to dispose of its portfolio securities under disadvantageous circumstances to generate cash, or borrow cash, to satisfy these distribution requirements.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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 (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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; (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, 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 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">If the Fund invests in a PFIC and elects to treat the PFIC as a &#8220;qualified electing fund&#8221; (&#8220;QEF&#8221;), then in lieu of the foregoing tax and interest obligation, the Fund will be required to include in income each year its pro rata share of the QEF&#8217;s annual ordinary earnings and net capital gain&#8212;which it may have to distribute to satisfy the distribution requirement and avoid imposition of the excise tax&#8212;even if the QEF does not distribute those earnings and gain to the Fund. In most instances it will be very difficult, if not impossible, to make this election because of certain of its requirements.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> Amounts paid by the Fund to individuals and certain other shareholders who have not provided the Fund with their correct taxpayer identification number (&#8220;TIN&#8221;) and certain certifications required by the IRS as well as shareholders with respect to whom the Fund has received certain information from the IRS or a broker may be subject to &#8220;backup&#8221; withholding of U.S. federal income tax arising from the Fund&#8217;s taxable dividends and other distributions as well as the gross proceeds of sales of shares, at a rate of 24%. An individual&#8217;s TIN generally is his or her social security number. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from payments made to a shareholder may be refunded or credited against such shareholder&#8217;s U.S. federal income tax liability, if any; provided that the required information is furnished to the IRS. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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, some or none of its potentially eligible dividends as such interest-related dividends or as short-term capital gain dividends and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. The Fund&#8217;s capital gain distributions are also exempt from such withholding. Foreign shareholders who are residents in a country with an income tax treaty with the United States may obtain different tax results, and are urged to consult their tax advisors.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">The Foreign Account Tax Compliance Act, 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 (&#8220;Withholdable Payments&#8221;), if paid to a foreign financial institution, unless such institution registers with the IRS and enters into an agreement with the IRS or a governmental authority in its own jurisdiction to collect and provide substantial information regarding U.S. account holders, including certain account holders that are foreign entities with U.S. owners, with such institution. The legislation also generally imposes a withholding tax of 30% on Withholdable Payments made to a non-financial foreign entity unless such entity provides the withholding agent with a certification that it does not have any substantial U.S. owners or a certification identifying the direct and indirect substantial U.S. owners of the entity. These withholding and reporting requirements generally apply to income payments made after June 30, 2014, and proceeds payments made after December 31, 2018. Holders are urged to consult with their own tax advisors regarding the possible implications of this recently enacted legislation on their investment in the Fund.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="OtherInformation" name="OtherInformation"><!--Anchor--></a>Other Information</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Effective January 22, 2016, the Board of Trustees of the Fund amended and restated in its entirety the Declaration of Trust and the By-Laws for the Fund. The amendments to the Declaration of Trust include, among other changes, provisions that: (i) clarify certain duties, responsibilities, and powers of the Trustees; and (ii) clarify that shareholders are not intended to be third-party beneficiaries of Fund contracts. The amendments to the By-Laws include, among other changes, provisions that: (i) clarify that, other than as provided under federal securities laws, the shareholders may only bring actions involving the Fund derivatively; and (ii) provide that any action brought by a shareholder related to the Fund will be brought in Massachusetts state or federal court, and that, if a claim is brought in a different jurisdiction and subsequently changed to a Massachusetts venue, the shareholder will be required to reimburse the Fund for such expenses.&#160; 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.&#160; The Declaration of Trust also is available on the Secretary of the Commonwealth of Massachusetts&#8217; website.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="CustodianandTransferAgent" name="CustodianandTransferAgent"><!--Anchor--></a>Custodian and Transfer Agent</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Computershare, Inc., 250 Royall Street, Canton, Massachusetts 02021 is the transfer agent and dividend disbursing agent of the Fund.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="IndependentRegisteredPubl" name="IndependentRegisteredPubl"><!--Anchor--></a><a name="IndependentRegisteredPublSAI"><!--Anchor--></a>Independent Registered Public Accounting Firm</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"> The financial statements of the Fund for the fiscal year ended October 31, 2017, including the related financial highlights that appear in the Prospectus have been audited by PricewaterhouseCoopers LLP (&#8220;PwC&#8221;), independent registered public accounting firm, as indicated in their report with respect thereto, and are incorporated herein by reference. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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. </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="ReportstoShareholders" name="ReportstoShareholders"><!--Anchor--></a><a name="ReportstoShareholdersSAI"><!--Anchor--></a>Reports to Shareholders</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The financial statements of the Fund for the fiscal year ended October 31, 2017 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="LegalandRegulatoryMatters" name="LegalandRegulatoryMatters"><!--Anchor--></a>Legal and Regulatory Matters</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="CodesofEthics" name="CodesofEthics"><!--Anchor--></a>Codes of Ethics</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="AdditionalInformation" name="AdditionalInformation"><!--Anchor--></a><a name="AdditionalInformationSAI"><!--Anchor--></a>Additional Information</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Fund&#8217;s Prospectus, any related Prospectus Supplements, and this SAI do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its Rules and Regulations.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Investors Trust</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Statement of Additional Information</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">March 1, 2018</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Investment Advisor</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">John Hancock Advisers, LLC</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">601 Congress Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Boston, Massachusetts 02210</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">1-800-225-6020</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Subadvisor</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">John Hancock Asset Management</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">a division of Manulife Asset Management (US) LLC</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">197 Clarendon Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Boston, Massachusetts 02116</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Custodian</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">State Street Bank and Trust Company</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">State Street Financial Center</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">One Lincoln Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Boston, Massachusetts 02111</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Transfer Agent</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Computershare, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">250 Royall Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Canton, Massachusetts 02021</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Independent Registered Public Accounting Firm</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> PricewaterhouseCoopers LLP </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> 101 Seaport Boulevard, Suite 500 </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"> Boston, Massachusetts 02210 </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center"><a id="APPENDIXA" name="APPENDIXA"><!--Anchor--></a>APPENDIX A DESCRIPTION OF BOND RATINGS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">DESCRIPTIONS OF CREDIT RATING SYMBOLS AND DEFINITIONS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 36pt; align: right">I.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>IN GENERAL</u></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Moody&#8217;s.</font> 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">S&amp;P. </font>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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">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.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 18pt; align: right">C.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Fitch</font>. 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">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; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">GENERAL PURPOSE RATINGS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>LONG-TERM ISSUE RATINGS</u></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>MOODY&#8217;S GLOBAL LONG-TERM RATING SCALE</u></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Long-term<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font>ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font>both on the likelihood of a default on contractually promised payments and the expected financial loss<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font>suffered in the event of default.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Aaa:</font> Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Aa:</font> Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">A:</font> Obligations rated A are considered upper-medium grade and are subject to low credit risk.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Baa:</font> Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Ba:</font> Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">B:</font> Obligations rated B are considered speculative and are subject to high credit risk.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Caa:</font> Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Ca:</font> Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">C:</font> Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Note: Addition of a Modifier 1, 2 or 3: </font>Moody&#8217;s appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a &#8220;(hyb)&#8221; indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled divisions, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">AAA:</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">AA:</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">A:</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">BBB:</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">BB, B, CCC, CC and C:</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">B:</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">D:</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">NR:</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Note: Addition of a Plus (+) or minus (-) sign: </font>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Dual Ratings</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> &#8211; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">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;).</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><u>FITCH CORPORATE FINANCE OBLIGATIONS &#8211; LONG-TERM RATING SCALES</u></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">AAA: Highest credit quality</font>. &#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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">AA: Very high credit quality</font>. &#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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">A:</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">High credit quality</font>. &#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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">BBB:</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Good credit quality</font>. &#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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">BB: Speculative</font>. &#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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">B:</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Highly speculative</font>. &#8216;B&#8217; ratings indicate that material credit risk is present.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">CCC</font>: <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Substantial credit risk</font>. &#8220;CCC&#8221; ratings indicate that substantial credit risk is present.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">CC: Very high levels of credit risk</font>. &#8220;CC&#8221; ratings indicate very high levels of credit risk.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">C: Exceptionally high levels of credit risk</font>. &#8220;C&#8221; indicates exceptionally high levels of credit risk.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Note: Addition of a Plus (+) or minus (-) sign: </font>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;.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">The subscript &#8216;emr&#8217; is appended to a rating to denote embedded market risk which is beyond the scope of the rating. The designation is intended to make clear that the rating solely addresses the counterparty risk of the issuing bank. It is not meant to indicate any limitation in the analysis of the counterparty risk, which in all other respects follows published Fitch criteria for analyzing the issuing financial institution. Fitch does not rate these instruments where the principal is to any degree subject to market risk.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">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 corporations, financial institutions, structured finance vehicles project finance vehicles, and public sector entities.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>S&amp;P&#8217;S SHORT-TERM ISSUE CREDIT RATINGS</u></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">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:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">A-1:</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">D:</font> 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Dual Ratings &#8209; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">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;).</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000"><u>FITCH&#8217;S SHORT-TERM ISSUER OR OBLIGATION RATINGS</u></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">F1:</font> Highest short-term credit quality.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added (&#8220;+&#8221;) to denote any exceptionally strong credit feature.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">F2:</font> Good short-term credit quality.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Good intrinsic capacity for timely payment of financial commitments.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The intrinsic capacity for timely payment of financial commitments is adequate.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Default is a real possibility.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Applicable to entity ratings only.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">D: </font>Default.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Indicates a broad-based default event for an entity, or the default of a short-term obligation.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>MOODY&#8217;S U.S. MUNICIPAL SHORT-TERM DEBT RATINGS</u></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">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).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">MIG 1: </font>This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">MIG 3: </font>This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">SG: </font>This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">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:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Amortization schedule &#8211; the larger the final maturity relative to other maturities, the more likely it will be treated as note; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">SP-2: </font>Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">See FITCH <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">SHORT-TERM ISSUER OR OBLIGATIONS RATINGS</font> above.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><a id="APPENDIXB" name="APPENDIXB"><!--Anchor--></a>APPENDIX B</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">PROXY VOTING POLICIES OF THE ADVISOR, THE JOHN HANCOCK FUNDS AND THE SUBADVISOR</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">JOHN HANCOCK ADVISERS, LLC</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">PROXY VOTING POLICIES AND PROCEDURES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">General</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Advisers are registered investment advisers under Advisers Act and serve as the investment advisers to the Funds. The Advisers generally retain one or more sub-advisers to manage the assets of the Funds, including voting proxies with respect to a Fund&#8217;s portfolio securities.&#160; From time to time, however, the Advisers may elect to manage directly the assets of a Fund, including voting proxies with respect to such Fund&#8217;s portfolio securities, or a Fund&#8217;s Board may otherwise delegate to the Advisers authority to vote such proxies.&#160; 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.&#160; Pursuant thereto, the Advisers have adopted and implemented these proxy voting policies and procedures (the &#8220;Proxy Procedures&#8221;).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Procedure</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Fiduciary Duty</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Advisers have a fiduciary duty to vote proxies on behalf of a Fund in the best interest of the Fund and its shareholders.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Voting of Proxies</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Advisers 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.&#160; The decision on how to vote a proxy will be made by the person(s) to whom the Advisers have from time to time delegated such responsibility (the &#8220;Designated Person&#8221;).&#160; The Designated Person may include the Fund&#8217;s portfolio manager(s) and a Proxy Voting Committee, as described below.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">When voting proxies with respect to a Fund&#8217;s portfolio securities, the following standards will apply:</div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 28.8pt; TEXT-INDENT: -14.4pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font>Designated Person will vote based on what it believes is in the best interest of the Fund and its shareholders and in accordance with the Fund&#8217;s investment guidelines.</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 28.8pt; TEXT-INDENT: -14.4pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Each voting decision will be made independently. To assist with the analysis of voting issues and/or to carry out the actual voting process the Designated Person may enlist the services of&#160; (1)reputable professionals (who may include persons employed by or otherwise associated with the Advisers or any of its affiliated persons) or (2) independent proxy evaluation services such as Institutional Shareholder Services.&#160; However, the ultimate decision as to how to vote a proxy will remain the responsibility of the Designated Person.</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 28.8pt; TEXT-INDENT: -14.4pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;<font style="FONT-SIZE: 9pt">&#160;&#160; </font></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Advisers believe that a good management team of a company will generally act in the best interests of the company.&#160; 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. In general, the Designated Person will vote as recommended by company management except in situations where the Designated Person believes such recommended vote is not in the best interests of the Fund and its shareholders.</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 28.8pt; TEXT-INDENT: -14.4pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">As a general principle, voting with respect to the same portfolio securities held by more than one Fund should be consistent among those Funds having substantially the same investment mandates</font>.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 28.8pt; TEXT-INDENT: -14.4pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Advisers 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 Advisers&#8217; voting of proxies with respect to the Fund&#8217;s portfolio securities.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Material Conflicts of Interest</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In carrying out its proxy voting responsibilities, the Advisers will monitor and resolve potential material conflicts (&#8220;Material Conflicts&#8221;) between the interests of (a) a Fund and (b) the Advisers or any of its affiliated persons.&#160; Affiliates of the Advisers include Manulife Financial Corporation and its subsidiaries.&#160; Material Conflicts may arise, for example, if a proxy vote relates to matters involving any of these companies or other issuers in which the Advisers or any of their affiliates has a substantial equity or other interest.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">If the Advisers or a Designated Person become aware that a proxy voting issue may present a potential Material Conflict, the issue will be referred to the Advisers&#8217; Legal Department and/or the Office of the CCO.&#160; If the Legal Department and/or the Office of the CCO, as applicable determines that a potential Material Conflict does exist, a Proxy Voting Committee will be appointed to consider and resolve the issue. The Proxy Voting Committee may make any determination that it considers reasonable and may, if it chooses, request the advice of an independent, third-party proxy service on how to vote the proxy.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Voting Proxies of Underlying Funds of a Fund of Funds</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Advisers or the Designated Person will vote proxies with respect to the shares of a Fund that are held by another Fund that operates as a Fund of Funds&#8221;)in the manner provided in the proxy voting policies and procedures of the Fund of Funds (including such policies and procedures relating to material conflicts of interest) or as otherwise directed by the board of trustees or directors of the Fund of Funds.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Proxy Voting Committee(s)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Advisers will from time to time, and on such temporary or longer term basis as they deem appropriate, establish one or more Proxy Voting Committees.&#160; A Proxy Voting Committee shall include the Advisers&#8217; CCO and may include legal counsel.&#160; 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.&#160; Records of the deliberations and proxy voting recommendations of a Proxy Voting Committee will be maintained in accordance with applicable law, if any, and these Proxy Procedures.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Records Retention</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Advisers will retain (or arrange for the retention by a third party of) such records relating to proxy voting pursuant to these Proxy Procedures as may be required from time to time by applicable law and regulations, including the following:</div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1.&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">These Proxy Procedures and all amendments hereto;</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2.&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">All proxy statements received regarding Fund portfolio securities;</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3.&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Records of all votes cast on behalf of a Fund;</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4.&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Records of all Fund requests for proxy voting information;</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any documents prepared by the Designated Person or a Proxy Voting Committee that were material to or memorialized the basis for a voting decision;</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6.&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">All records relating to communications with the Funds regarding Conflicts; and</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7.&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">All minutes of meetings of Proxy Voting Committees.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Fund Administration Department Investment Compliance group, the Office of the CCO, and/or the Legal Department are responsible for maintaining the documents set forth above as needed and deemed appropriate.&#160; Such documents will be maintained in the Fund Administration Department Investment</font> Compliance group, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Office of the CCO, and/or the Legal Department for the period set forth in the Records Retention Schedule.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Reporting to Fund Boards</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The CCO of the Advisers will provide the Board with a copy of these Proxy Procedures, accompanied by a certification that represents that the Proxy Procedures have been adopted by the Advisers in conformance with Rule 206(4)-6 under the Advisers Act.&#160; Thereafter, the Advisers will provide the Board with notice and a copy of any amendments or revisions to the Procedures and will report quarterly to the Board all material changes to these Proxy Procedures.</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The CCO&#8217;s annual written compliance report to the Board will contain a summary of material changes to the Proxy Procedures during the period covered by the report.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">If the Advisers vote any proxies in a manner inconsistent with either these Proxy Procedures or a Fund&#8217;s proxy voting policies and procedures, the CCO will provide the Board with a report detailing such exceptions.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In the case of proxies voted by a sub-adviser to a Fund pursuant to the Fund&#8217;s proxy voting procedures, the Advisers will request the sub-adviser to certify to the Advisers that the sub-adviser has voted the Fund&#8217;s proxies as required by the Fund&#8217;s proxy voting policies and procedures and that such proxy votes were executed in a manner consistent with these Proxy Procedures and to provide the Advisers with a report detailing any instances where the sub-adviser voted any proxies in a manner inconsistent with the Fund&#8217;s proxy voting policies and procedures.&#160; The COO of the Advisers will then report to the Board on a quarterly basis regarding the sub-adviser certification and report to the Board any instance where the sub-adviser voted any proxies in a manner inconsistent with the Fund&#8217;s proxy voting policies and procedures.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">May 2017</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">JOHN HANCOCK FUNDS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">PROXY VOTING POLICIES AND PROCEDURES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Majority of the Independent Board of Trustees (the &#8220;Board&#8221;) of each registered investment company of the Trusts, has adopted these proxy voting policies and procedures (the &#8220;Trust Proxy Policy).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Delegation of Proxy Voting Responsibilities</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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 sub-adviser(s), to the fund&#8217;s sub-adviser(s), subject to the Board&#8217;s continued oversight. The sub-adviser for each fund shall vote all proxies relating to securities held by each fund and in that connection, and subject to any further policies and procedures contained herein, shall use proxy voting policies and procedures adopted by each sub-adviser in conformance with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the &#8220;Advisers Act&#8221;).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Except as noted below under Material Conflicts of Interest, the Trust Proxy Policy with respect to a Fund shall incorporate that adopted by the Fund&#8217;s sub-adviser with respect to voting proxies held by its clients (the &#8220;Sub-adviser Proxy Policy&#8221;). Each Sub-adviser Policy, as it may be amended from time to time, is hereby incorporated by reference into the Trust Proxy Policy. Each sub-adviser to a Fund is directed to comply with these policies and procedures in voting proxies relating to portfolio securities held by a fund, subject to oversight by the Fund&#8217;s adviser and by the Board. Each Adviser to a Fund retains the responsibility, and is directed, to oversee each sub-adviser&#8217;s compliance with these policies and procedures, and to adopt and implement such additional policies and procedures as it deems necessary or appropriate to discharge its oversight responsibility. Additionally, the Trust&#8217;s Chief Compliance Officer (&#8220;CCO&#8221;) shall conduct such monitoring and supervisory activities as the CCO or the Board deems necessary or appropriate in order to appropriately discharge the CCO&#8217;s role in overseeing the sub-advisers&#8217; compliance with these policies and procedures.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The delegation by the Board of the authority to vote proxies relating to portfolio securities of the funds is entirely voluntary and may be revoked by the Board, in whole or in part, at any time.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Voting Proxies of Underlying Funds of a Fund of Funds</div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 14.4pt; TEXT-INDENT: -14.4pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A.&#160; &#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Where the Fund of Funds is not the Sole Shareholder of the Underlying Fund</u></font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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.</div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 14.4pt; TEXT-INDENT: -14.4pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">B.&#160; &#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Where the Fund of Funds is the Sole Shareholder of the Underlying Fund</u></font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">In the event that one or more Funds of Funds are the sole shareholders of an Underlying Fund, the Adviser to the Fund of Funds or the Trusts will vote proxies relating to the shares of the Underlying Fund as set forth below unless the Board elects to have the Fund of Funds seek voting instructions from the shareholders of the Funds of Funds in which case the Fund of Funds will vote proxies relating to shares of the Underlying Fund in the same proportion as the instructions timely received from such shareholders.</div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 32.4pt; TEXT-INDENT: -14.4pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1.&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Where Both the Underlying Fund and the Fund of Funds are Voting on Substantially Identical Proposals</u></font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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.</div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 32.4pt; TEXT-INDENT: -14.4pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2.&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Where the Underlying Fund is Voting on a Proposal that is Not Being Voted on by the Fund of Funds</u></font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><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></font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">In the event that the Fund of Funds is voting on a proposal of the Underlying Fund and the Fund of Funds is not also voting on a substantially identical proposal and there is no material conflict of interest between the interests of the shareholders of the Underlying Fund and the Adviser relating to the Proposal, then the Adviser will vote proxies relating to the shares of the Underlying Fund pursuant to its Proxy Voting Procedures.</div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><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></font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Material Conflicts of Interest</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">If (1) a sub-adviser to a Fund becomes aware that a vote presents a material conflict between the interests of (a) shareholders of the Fund; and (b) the Fund&#8217;s Adviser, sub-adviser, principal underwriter, or any of their affiliated persons, and (2) the sub-adviser does not propose to vote on the particular issue in the manner prescribed by its Sub-adviser Proxy Policy or the material conflict of interest procedures set forth in its Sub-adviser Proxy Policy are otherwise triggered, then the sub-adviser will follow the material conflict of interest procedures set forth in its Sub-adviser Proxy Policy when voting such proxies.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">If a Sub-adviser Proxy Policy provides that in the case of a material conflict of interest between Fund shareholders and another party, the sub-adviser will ask the Board to provide voting instructions, the sub-adviser shall vote the proxies, in its discretion, as recommended by an independent third party, in the manner prescribed by its Sub-adviser Proxy Policy or abstain from voting the proxies.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Securities Lending Program</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Certain of the Funds participate in a securities lending program with the Trusts through an agent lender. When a Fund&#8217;s securities are out on loan, they are transferred into the borrower&#8217;s name and are voted by the borrower, in its discretion. Where a sub-adviser determines, however, that a proxy vote (or other shareholder action) is materially important to the client&#8217;s account, the sub-adviser should request that the agent recall the security prior to the record date to allow the sub-adviser to vote the securities.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Disclosure of Proxy Voting Policies and Procedures in the Trust&#8217;s Statement of Additional Information (&#8220;SAI&#8221;)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Trust shall include in its SAI a summary of the Trust Proxy Policy and of the Sub-adviser Proxy Policy included therein. (In lieu of including a summary of these policies and procedures, the Trust may include each full Trust Proxy Policy and Sub-adviser Proxy Policy in the SAI.)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Disclosure of Proxy Voting Policies and Procedures in</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Annual and Semi-Annual Shareholder Reports</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Trusts shall disclose in annual and semi-annual shareholder reports that a description of the Trust Proxy Policy, including the Sub-adviser Proxy Policy, and the Trusts&#8217; proxy voting record for the most recent 12 months ended June 30 are available on the Securities and Exchange Commission&#8217;s (&#8220;SEC&#8221;) website, and without charge, upon request, by calling a specified toll-free telephone number. The Trusts will send these documents within three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery. The Fund Administration Department is responsible for preparing appropriate disclosure regarding proxy voting for inclusion in shareholder reports and distributing reports.&#160; The Legal Department supporting the Trusts is responsible for reviewing such disclosure once it is prepared by the Fund Administration Department.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Filing of Proxy Voting Record on Form N-PX</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Trusts will annually file their complete proxy voting record with the SEC on Form N-PX. The Form N-PX shall be filed for the twelve months ended June 30 no later than August 31 of that year. The Fund Administration department, supported by the Legal Department supporting the Trusts, is responsible for the annual filing.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Review of Sub-advisers&#8217; Proxy Voting</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Trusts have delegated proxy voting authority with respect to Fund portfolio securities in accordance with the Trust Policy, as set forth above.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Consistent with this delegation, each sub-adviser is responsible for the following:</div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1.&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Implementing written policies and procedures, in compliance with Rule 206(4)-6 under the Advisers Act, reasonably designed to ensure that the sub-adviser votes portfolio securities in the best interest of shareholders of the Trusts.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2.&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Providing the Advisers with a copy and description of the Sub-adviser Proxy Policy prior to being approved by the Board as a sub-adviser, accompanied by a certification that represents that the Sub-adviser Proxy Policy has been adopted in conformance with Rule 206(4)-6 under the Advisers Act. Thereafter, providing the Advisers with notice of any amendment or revision to that Sub-adviser Proxy Policy or with a description thereof. The Advisers are required to report all material changes to a Sub-adviser Proxy Policy quarterly to the Board. The CCO&#8217;s annual written compliance report to the Board will contain a summary of the material changes to each Sub-adviser Proxy Policy during the period covered by the report.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3.&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Providing the Adviser with a quarterly certification indicating that the sub-adviser did vote proxies of the funds and that the proxy votes were executed in a manner consistent with the Sub-adviser Proxy Policy. If the sub-adviser voted any proxies in a manner inconsistent with the Sub-adviser Proxy Policy, the sub-adviser will provide the Adviser with a report detailing the exceptions.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Adviser Responsibilities</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Trusts have retained a proxy voting service to coordinate, collect, and maintain all proxy-related information, and to prepare and file the Trust&#8217;s reports on Form N-PX with the SEC.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Advisers, in accordance with their general oversight responsibilities, will periodically review the voting records maintained by the proxy voting service in accordance with the following procedures:</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1.&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Receive a file with the proxy voting information directly from each sub-adviser on a quarterly basis.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2.&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Select a sample of proxy votes from the files submitted by the sub-advisers and compare them against the proxy voting service files for accuracy of the votes.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3.&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Deliver instructions to shareholders on how to access proxy voting information via the Trust&#8217;s semi-annual and annual shareholder reports.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Fund Administration Department, in conjunction with the Legal Department supporting the Trusts, is responsible for the foregoing procedures.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Proxy Voting Service Responsibilities</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Proxy voting services retained by the Trusts are required to undertake the following procedures:</div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Aggregation of Votes:</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The proxy voting service&#8217;s proxy disclosure system will collect fund-specific and/or account-level voting records, including votes cast by multiple sub-advisers or third party voting services.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The proxy voting service&#8217;s proxy disclosure system will provide the following reporting features:</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1.&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">multiple report export options;</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2.&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">report customization by fund-account, portfolio manager, security, etc.; and</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3.&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">account details available for vote auditing.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Form N-PX Preparation and Filing:</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Advisers will be responsible for oversight and completion of the filing of the Trusts&#8217; reports on Form N-PX with the SEC. The proxy voting service will prepare the EDGAR version of Form N-PX and will submit it to the adviser for review and approval prior to filing with the SEC. The proxy voting service will file Form N-PX for each twelve-month period ending on June 30. The filing must be submitted to the SEC on or before August 31 of each year. The Fund Administration Department, in conjunction with the Legal Department supporting the Trusts, is responsible for the foregoing procedures.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">September 2015</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Asset Management a division of Manulife Asset Management (US) LLC</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Proxy Voting Policy</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Background</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">MAM has contracted with the RiskMetrics Group (RiskMetrics), an independent third party service provider, to vote clients&#8217; proxies. The Firm has adopted RiskMetrics 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 RiskMetrics 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 RiskMetrics.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">MAM has engaged RiskMetrics as its proxy voting agent to:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">1. research and make voting recommendations or, for matters for which Manulife Asset Management has so delegated, to make the voting determinations;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">2.&#160; ensure proxies are voted and submitted in a timely manner;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">3.&#160; handle other administrative functions of proxy voting;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">4. maintain records of proxy statements received in connection with proxy votes and provide copies of such proxy statements promptly upon request;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">5.&#160; maintain records of votes cast; and</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">6.&#160; provide recommendations with respect to proxy voting matters in general.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">* Refer to Appendix of Affiliated MAM entities that have adopted this policy</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Policy Administration, Oversight and Governance</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">MAM&#8217;s Proxy Operations group is responsible for administering and implementing the Proxy Voting Policy, including the proper oversight of RiskMetrics and any other service providers hired by Proxy Operations are responsible for administering the proxy voting process, including:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">1.&#160; Implementing and updating the applicable domestic and global RiskMetrics proxy voting guidelines;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">2.&#160; Coordinating and overseeing the proxy voting process performed by RiskMetrics; and</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">3.&#160; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Proper oversight of the vendor will include periodic due diligence of the vendor including its 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">All proxies received on behalf of Clients are forwarded to RiskMetrics. Any MAM employee that receives a client&#8217;s proxy statement should therefore notify Proxy Operations and arrange for immediate delivery to RiskMetrics.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In addition to voting proxies, MAM:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">1. describes its proxy voting procedures to its clients in the relevant or required disclosure document;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">2. provides clients with a copy of the Proxy Voting Policy, upon request;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">3. discloses to its clients how they may obtain information on how MAM voted the client&#8217;s proxies;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">4. generally applies its Proxy Voting Policy consistently;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">5. documents the reason(s) for voting for all non- routine items; and</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">6. keeps records of such proxy voting through RiskMetrics available for inspection by the Client or governmental agencies.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Oversight and Governance</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">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 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. 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 RiskMetrics, and (ii) voted proxies in circumstances in which a material conflict of interest may exist as set forth in the Conflicts section.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">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 RiskMetrics, and (ii) voted proxies in circumstances in which a material conflict of interest may exist as set forth in the Conflicts section.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Material proxy voting issues identified by the Proxy Operations group are to be escalated to the Firm&#8217;s Chief Compliance Officer.&#160; As appropriate, the BPC (or their designee) will be informed of material matters and related actions taken by the responsible parties.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">General Principles</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">This Policy permits Clients to:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1.&#160;&#160;&#160; &#160;delegate to MAM the responsibility and authority to vote proxies on their behalf according to MAM&#8217;s Proxy Voting Policy and guidelines; or</div>

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<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2.&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">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.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">General Standards on Voting</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The following are examples of general standards the Firm has established relative to its proxy voting obligations:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">MAM 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&#160; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#8226;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 the Clients&#8217; accounts.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#8226;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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#8226;MAM endeavors to show sensitivity to local market practices when voting proxies of non-domestic issuers.&#160; MAM votes in all markets where it is feasible to do so.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#8226;MAM may refrain from voting a proxy due to logistical considerations that may have a detrimental effect</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">1.&#160; proxy statements and ballots being written in a foreign language;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">2.&#160; underlying securities have been lent out pursuant to a Client&#8217;s securities lending program;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">3.&#160; untimely notice of a shareholder meeting;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">4.&#160; requirements to vote proxies in person;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">5.&#160; restrictions on foreigner&#8217;s ability to exercise votes;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">6.&#160; restrictions on the sale of securities for a period of time in proximity to the shareholder meeting (&#8220;share blocking and re-registration&#8221;);</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">7.&#160;&#160; requirements to provide local agents with power of attorney to facilitate the voting instructions&#160; (such proxies are voted on a best-efforts basis); or</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">8.&#160; inability of a Client&#8217;s custodian to forward and process proxies electronically.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#8226;From time to time, proxy votes will be solicited which involve special circumstances and&#160; require additional research and discussion or (ii) are not directly addressed by RiskMetrics. These proxies are identified through a number of methods, including, but not limited to, notification from RiskMetrics, concerns&#160; of&#160; clients,&#160; concerns&#160; raised&#160; by&#160; the&#160; Firm&#8217;s&#160; investment professionals&#160; and&#160; questions&#160; from consultants.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#8226; In such instances of special circumstances or issues not directly addressed by RiskMetrics, a sub-committee of the BPC (&#8220;Proxy Committee&#8221;) will be consulted for a determination of the proxy vote. The Proxy Committee comprises 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.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">* 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 RiskMetrics. 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 RiskMetrics 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Conflicts of Interest</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">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:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">1.&#160; MAM has a business relationship or potential relationship with the issuer;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">2.&#160; MAM has a business relationship with the proponent of the proxy proposal; or</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">3.&#160; 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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">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 final decision as to which course to follow shall be made by the BPC or its designee.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">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 RiskMetrics; (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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In other cases, where the matter presents a potential material conflict and is not clearly within one of the RiskMetrics&#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.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Recordkeeping</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">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:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">-the MAM Proxy Voting Policy and any additional procedures created pursuant to that policy;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">-a copy of each proxy statement MAM receives regarding securities held by Clients (this requirement will be satisfied by RiskMetrics who has agreed in writing to do so or by obtaining a copy of the proxy statement from the EDGAR database);</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">-record of each vote cast by MAM (this requirement will be satisfied by RiskMetrics who has agreed in writing to do so) on behalf of Clients;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">-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</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">a copy of each written request from a client, and response to the client, for information on how MAM clients&#8217; proxies were voted.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Appendix of Affiliated MAM Entities</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Declaration Management &amp; Research LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Manulife Asset Management (US) LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Manulife Asset Management (North America) Limited</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Manulife Asset Management Limited+</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Manulife Asset Management (Europe) Limited</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Manulife Asset Management Trust Company</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">+Investment management business only.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Policy Edition:&#160; August 2015</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">JOHN HANCOCK INVESTORS TRUST</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PART C</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OTHER INFORMATION</div>

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<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial Statements and Exhibits</div>
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<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">FINANCIAL STATEMENTS:</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Included in Part A: Financial Highlights</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Included in Part B: Financial Statements are incorporated in Part B by reference to the Fund&#8217;s October 31, 2017 annual shareholder report (audited) on Form N-CSR as filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) on December 27, 2017 (Accession No. </font><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">0001145443-17-001213</font><font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">).</font></div>

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<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">EXHIBITS:</div>
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<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Amended and Restated Declaration of Trust dated January 22, 2016 (&#8220;Declaration of Trust&#8221;) &#8211; previously filed as exhibit 99.(b)(1) to the Fund&#8217;s Shelf Registration Statement on Form N-2 filed with the SEC on February 26, 2016 (Accession No. 0001133228-16-007669).</div>
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<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z6bee729f5f8e4e22bf0edc99fd1d9b66" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Amended and Restated By-laws dated January 22, 2016 (&#8220;By-Laws&#8221;) &#8211; previously filed as exhibit 99.(b)(1) to the Fund&#8217;s Shelf Registration Statement on Form N-2 filed with the SEC on February 26, 2016 (Accession No. 0001133228-16-007669).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z2006222626bd44efb265dfd064969344" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt">&#160;</td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Amendment dated March 10, 2016 to the Amended and Restated By-Laws dated January 22, 2016 &#8211; previously filed as exhibit 99.(2)(B)(1) to&#160; post-effective amendment No. 2 to the Fund&#8217;s Registration Statement on Form N-2 filed with the SEC on February 24, 2017 (Accession No. 0001133228-17-000929).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z20941a3083bd47478c777caba8951fcd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Voting Trust Agreements.&#160; </font>Not applicable.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zd3626d78f94c44399bab2ab2ff556e78" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Instruments Defining Rights of Security Holders.</font>&#160; See exhibits 99.(2)(a) and 99.(2)(b), above.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zada86b123b884a49b6bbd471596e0357" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Dividend Reinvestment Plan</font><font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">.&#160; Dividend Reinvestment Plan dated November 1, 2013 &#8211; previously filed as exhibit 99.(2)(e) to the Fund&#8217;s Shelf Registration Statement on Form N-2 filed with the SEC on February 26, 2014 (</font>0001133228-14-000838).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zdcefbbedc8c64509a8384226c5c1fc91" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Instruments Defining Rights of Long-term Debt Holders.</font>&#160; <font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Not applicable.</font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z8581a1f0decc45d78d7b10d0e12a4f22" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt">&#160;</td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-STYLE: italic; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Investment Advisory Contracts.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z8524ace9045440fab7a730f28f0f3145" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Investment Advisory Agreement dated July 1, 2009 with John Hancock Advisers, LLC &#8211; previously filed as exhibit 99.(g)(1) to the Fund&#8217;s Shelf Registration Statement on Form N-2 filed with the SEC on May 21, 2012 (Accession No. 0000950123-12-008305).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zaa4bb25d557e484ab90dd3f487963b79" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Sub-Advisory Agreement dated December 31, 2005 with </font>John Hancock Advisers, LLC and John Hancock Asset Management a division of Manulife Asset Management (US) LLC (formerly, MFC Global Investment Management (U.S.), LLC, formerly Sovereign Asset Management, LLC)<font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"> &#8211; previously filed as exhibit 99.(g)(2) to the Fund&#8217;s Shelf Registration Statement on Form N-2 filed with the SEC on May 21, 2012 (Accession No. 0000950123-12-008305).</font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zb01ef5250a814f5695791d4264bd8cdd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(h)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-STYLE: italic; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Underwriting or Distribution Contracts.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zdd4ffb8c821148009f3d52eba903ecbc" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Form of Distribution Agreement between John Hancock Funds, LLC and the Registrant &#8211;<font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FILED HEREWITH.</font></div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: Arial; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">C-1</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #999999; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #999999; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z0165a6af78c04f509fe60616d64c1ccb" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Form of Dealer Agreement between John Hancock Funds, LLC and the Dealer &#8211; <font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FILED HEREWITH.</font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z6727889221aa470eb82ff33dc189b765" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Bonus or Profit Sharing Contracts.</font>&#160; Not applicable.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zbe0f0ed9045b4d409b877937c82fbc2f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(j)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Custodian Agreement.&#160; </font>Master Custodian Agreement dated September 10, 2008 between the Fund and State Street Bank and Trust Company &#8211; previously filed as exhibit 99.(j) to the Fund&#8217;s Shelf Registration Statement on Form N-2 filed with the SEC on May 21, 2012 (Accession No. 0000950123-12-008305).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zb42e12cea94240469394a19757309aa7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(k)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-STYLE: italic; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Other Material Contracts.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z58c10f6f8bb7482c82f3a14beb0ce278" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Service Agreement dated July 1, 2009 with John Hancock Advisers, LLC &#8211; previously filed as exhibit 99.(k)(1) to the Fund&#8217;s Shelf Registration Statement on Form N-2 filed with the SEC on May 21, 2012 (Accession No. 0000950123-12-008305).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z3acfcc11c60f4a97b9344ac4d6c990c5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Service Agreement for Transfer Agent Services dated June 1, 2002 with Computershare Shareowner Services LLC (formerly, Mellon Investor Services, LLC) &#8211; previously filed as exhibit 99.(k)(1) to&#160;&#160; pre-effective amendment No. 1 to the Fund&#8217;s Preferred Shares Registration Statement on Form N-2 filed with the SEC on October 27, 2003 (Accession No. 0000950135-03-005304.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z817246494dc04c47b301a49284dd7a12" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Amendment dated July 1, 2007 to the Service Agreement for Transfer Agent Services <font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">&#8211; previously filed as exhibit 99.(k)(2)(a) to the Fund&#8217;s Shelf Registration Statement on Form N-2 filed with the SEC on May 21, 2012 (Accession No. 0000950123-12-008305).</font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z56921a99f6c0458fbebae346684e5926" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Amendment dated September 25, 2007 to the Service Agreement for Transfer Agent Services <font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">&#8211; previously filed as exhibit 99.(k)(2)(b) to the Fund&#8217;s Shelf Registration Statement on Form N-2 filed with the SEC on May 21, 2012 (Accession No. 0000950123-12-008305).</font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z965850f8d29148e8bc3a08e2f41c010c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(c)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Amendment dated October 10, 2007 to the Service Agreement for Transfer Agent Services &#8211; previously filed as exhibit 99.(k)(2)(c) to the Fund&#8217;s Shelf Registration Statement on Form N-2 filed with the SEC on May 21, 2012 (Accession No. 0000950123-12-008305).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z03c2618a748540cbbba7abd82fb1b9c1" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(d)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Amendment dated July 1, 2010 to the Service Agreement for Transfer Agent Services &#8211; previously filed as exhibit 99.(k)(2)(d) to the Fund&#8217;s Shelf Registration Statement on Form N-2 filed with the SEC on May 21, 2012 (Accession No. 0000950123-12-008305).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z281de068a6464f5391f084c4c34671eb" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(e)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Amendment dated October 18, 2010 to the Service Agreement for Transfer Agent Services &#8211; previously filed as exhibit 99.(k)(2)(e) to the Fund&#8217;s Shelf Registration Statement on Form N-2 filed with the SEC on May 21, 2012 (Accession No. 0000950123-12-008305).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z6c65173779fc49878ac9ff1893b1a3ce" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(f)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Amendment dated April 6, 2011 to the Service Agreement for Transfer Agent Services &#8211;<font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"> previously filed as exhibit 99.(k)(2)(f) to the Fund&#8217;s Shelf Registration Statement on Form N-2 filed with the SEC on May 21, 2012 (Accession No. 0000950123-12-008305).</font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zeb0ebf090c3d4a639ef93bdc647c1f0f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(g)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Amendment dated March 31, 2013 to the Service Agreement for Transfer Agent Services &#8211;<font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">&#160;</font><font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">previously filed as exhibit&#160; 99.(2)(k)(3)(g) to the Fund&#8217;s Shelf Registration Statement on Form N-2 filed with the SEC on February 26, 2014 (0001133228-14-000838).</font></div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 54pt"><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z1118717f9e4f477b8be7828e03123d8a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt">&#160;</td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">(3)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Chief Compliance Officer Services Agreement dated March 10, 2009 by and among the Fund, John Hancock Investment Management Services, LLC, John Hancock Advisers, LLC, and the Fund&#8217;s Chief Compliance Officer <font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">&#8211; previously filed as exhibit 99.(k)(3) to the Fund&#8217;s Shelf Registration Statement on Form N-2 filed with the SEC on May 21, 2012 (Accession No. 0000950123-12-008305).</font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zf919a80bf0784d9dbaa43397bf9f1ec9" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Legal Opinion</font> &#8211; <font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FILED HEREWITH.</font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zebbed26ba90548eab075bdfa7a0a3f1a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(m)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Non-resident Consent to Service of Process.</font>&#160; Not applicable.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z6538a5b0289440c3ae9a31348c0b5705" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(n)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Other Opinions.</font><font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">&#160; Consent of Independent Registered Public Accounting Firm &#8211; </font><font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FILED HEREWITH</font><font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">.</font></div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: Arial; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">C-2</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #999999; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #999999; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="ze0d867d9965a48cd8f9993c502cc4794" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(o)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Omitted Financial Statements.</font>&#160; Not applicable.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z3961803d7e9846a68d445b64b3f41263" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(p)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Agreement Related to Initial Capital.</font>&#160; Not applicable.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z7bf89274d4b14226b92f2536885d7fcd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(q)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Model Retirement Plan.</font>&#160; Not applicable.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z96a015cdd870404fae54d24350860654" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(r)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-STYLE: italic; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Codes of Ethics.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zc4f5c18b488f426aba41433c7b87cbc8" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Code of Ethics dated January 1, 2008 (as revised December 14, 2017) of John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (each, a &#8220;John Hancock Adviser&#8221;), John Hancock Funds, LLC, John Hancock Distributors, LLC, and each open-end and closed-end fund advised by a John Hancock Adviser &#8211; <font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FILED HEREWITH.</font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zcba0a3ad33634325b32c56aa5a851b2f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Code of Ethics adopted by </font>John Hancock Asset Management a division of Manulife Asset Management (US) LLC (formerly, MFC Global Investment Management (U.S.), LLC, formerly Sovereign Asset Management, LLC)<font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">&#160;</font><font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">amended as of September 1, 2015 &#8211; </font><font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FILED HEREWITH.</font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zaf63736279594c8ab13d6585ba8123cd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(s)</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Power of Attorney</font><font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">.&#160; Power of Attorney dated December 14, 2017 &#8211; </font><font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FILED HEREWITH</font><font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">.</font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zfea8fa724c724820b5ea935555270a54" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">ITEM 26.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MARKETING ARRANGEMENTS</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">See Form of Distribution Agreement and Form of Dealer Agreement &#8211; previously filed as exhibits 99.(h)(1) and 99(h)(2) to the Registrant&#8217;s shelf registration statement on Form N-2 filed with the SEC on February 25, 2015 (Accession No. 0001133228-15-000578).</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zfdb9bbaf526d48eba8b2d0ee3c083a04" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">ITEM 27.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">The approximate expenses in connection with the offering are as follows:</div>

<div><br>
</div>

<table style="WIDTH: 60%; FONT-FAMILY: Arial; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt" id="zfa5e3f4c39184266ace1b72e0754831b" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 51%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Registration and Filing Fees</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">$2,657</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 51%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Financial Industry Regulatory Authority Fee</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">$4,421</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 51%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">New York Stock Exchange Fee</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">$2,228</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 51%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cost of Printing and Engraving</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">$48,579</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 51%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accounting Fee and Expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">$7,040</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 51%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Legal Fees and Expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">$180,723</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 51%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">$245,648</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z2a3ec94adce2489d8be80b0dbc0bbaa6" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">ITEM 28.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PERSONS CONTROLLED BY OR UNDER COMMON CONTROL</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">John Hancock Advisers, LLC (the &#8220;Advisor&#8221;) is the investment advisor to the Fund.&#160; The Advisor is a wholly owned subsidiary of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation (&#8220;Manulife Financial&#8221;), a publicly traded company based in Toronto, Canada.&#160; A corporate organization list is set forth below.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><img style="WIDTH: 793px; HEIGHT: 588px" border="0" src="orgchart-2017.jpg"><br>
 &#160;</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z0c9b8aa0c1774dcaa403c482132889c4" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">ITEM 29.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NUMBER OF HOLDERS OF SECURITIES</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Set forth below is the number of record holders as of December 1, 2017 of each class of securities of the Fund:</div>

<div><br>
</div>

<table style="WIDTH: 50%; FONT-FAMILY: Arial; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt" id="z032bf8d2a1da41e8b3650d2c6201cca0" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM-COLOR: ; PADDING-BOTTOM: 1px; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 35%; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="TEXT-ALIGN: justify"><u>Title of Class</u></div>
</td>
<td style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Record Holders</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 35%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Shares of Common Stock, no par value</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">1,385</div>
</td>
</tr>
</table>

<div>&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: Arial; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">C-3</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #999999; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #999999; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z588a2d7e0b064afcaed18ed0b8918e38" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">ITEM 30.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INDEMNIFICATION</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Indemnification provisions relating to the Fund&#8217;s Trustees, officers, employees and agents are set forth in Section 4.3 of Article IV of Fund&#8217;s Declaration of Trust, as previously filed.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">The form of Underwriting Agreement contains provisions limiting the liability and providing for indemnification of the Trustees and officers under certain circumstances.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">The Fund&#8217;s Trustees and officers are insured under a standard investment company errors and omissions insurance policy covering loss incurred by reason of negligent errors and omissions committed in their official capacities as such.&#160; Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), may be permitted to Trustees, officers and controlling persons of the Fund pursuant to the provisions described in this Item 30, or otherwise, the Fund has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.&#160; In the event that a claim for indemnification against such liabilities (other than the payment by the Fund of expenses incurred or paid by a Trustee, officer or controlling person of the Fund in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the securities being registered, the Fund will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Article V of the Limited Liability Company Agreement of the Advisor provides as follows:</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 18pt">&#8220;Section 5.06. Indemnity and Exculpation.</div>

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<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(a)</td>
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<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">No Indemnitee, and no shareholder, director, officer, member, manager, partner, agent, representative, employee or Affiliate of an Indemnitee, shall have any liability to the Company or to any Member for any loss suffered by the Company (or the Corporation) which arises out of any action or inaction by such Indemnitee with respect to the Company (or the Corporation) if such Indemnitee so acted or omitted to act (i) in the good faith (A) belief that such course of conduct was in, or was not opposed to, the best interests of the Company (or the Corporation), or (B) reliance on the provisions of this Agreement, and (ii) such course of conduct did not constitute gross negligence or willful misconduct of such Indemnitee.</div>
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<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">The Company shall, to the fullest extent permitted by applicable law, indemnify each person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was, or has agreed to become, a Director or Officer, or is or was serving, or has agreed to serve, at the request of the Company (or previously at the request of the Corporation), as a director, officer, manager or trustee of, or in a similar capacity with, another corporation, partnership, limited liability company, joint venture, trust or other enterprise (including any employee benefit plan) (all such persons being referred to hereafter as an &#8220;Indemnitee&#8221;), or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses (including attorneys&#8217; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by or on behalf of an Indemnitee in connection with such action, suit or proceeding and any appeal therefrom.</div></td>
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<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">As a condition precedent to his right to be indemnified, the Indemnitee must notify the Company in writing as soon as practicable of any action, suit, proceeding or investigation involving him for which indemnity hereunder will or could be sought.&#160; With respect to any action, suit, proceeding or investigation of which the Company is so notified, the Company will be entitled to participate therein at its own expense and/or to assume the defense thereof at its own expense, with legal counsel reasonably acceptable to the Indemnitee.</div>
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<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">In the event that the Company does not assume the defense of any action, suit, proceeding or investigation of which the Company receives notice under this Section 5.06, the Company shall pay in advance of the final disposition of such matter any expenses (including attorneys&#8217; fees) incurred by an Indemnitee in defending a civil or criminal action, suit, proceeding or investigation or any appeal therefrom; provided, however, that the payment of such expenses incurred by an Indemnitee in advance of the final disposition of such matter shall be made only upon receipt of an undertaking by or on behalf of the Indemnitee to repay all amounts so advanced in the event that it shall ultimately be determined that the Indemnitee is not entitled to be indemnified by the Company as authorized in this Section 5.06, which undertaking shall be accepted without reference to the financial ability of the Indemnitee to make such repayment; and further provided that no such advancement of expenses shall be made if it is determined that (i) the Indemnitee did not act in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interests of the Company, or (ii) with respect to any criminal action or proceeding, the Indemnitee had reasonable cause to believe his conduct was unlawful.</div></td>
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<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">The Company shall not indemnify an Indemnitee seeking indemnification in connection with a proceeding (or part thereof) initiated by such Indemnitee unless the initiation thereof was approved by the Board of Directors.&#160; In addition, the Company shall not indemnify an Indemnitee to the extent such Indemnitee is reimbursed from the proceeds of insurance, and in the event the Company makes any indemnification payments to an Indemnitee and such Indemnitee is subsequently reimbursed from the proceeds of insurance, such Indemnitee shall promptly refund such indemnification payments to the Company to the extent of such insurance reimbursement.</div>
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<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">All determinations hereunder as to the entitlement of an Indemnitee to indemnification or advancement of expenses shall be made in each instance by (a) a majority vote of the Directors consisting of persons who are not at that time parties to the action, suit or proceeding in question (&#8220;Disinterested Directors&#8221;), whether or not a quorum, (b) a majority vote of a quorum of the outstanding Common Shares, which quorum shall consist of Members who are not at that time parties to the action, suit or proceeding in question, (c) independent legal counsel (who may, to the extent permitted by law, be regular legal counsel to the Company), or (d) a court of competent jurisdiction.</div>
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<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">The indemnification rights provided in this Section 5.06 (i) shall not be deemed exclusive of any other rights to which an Indemnitee may be entitled under any law, agreement or vote of Members or Disinterested Directors or otherwise, and (ii) shall inure to the benefit of the heirs, executors and administrators of the Indemnitees.&#160; The Company may, to the extent authorized from time to time by its Board of Directors, grant indemnification rights to other employees or agents of the Company or other persons serving the Company and such rights may be equivalent to, or greater or less than, those set forth in this Section 5.06.&#160; Any indemnification to be provided hereunder may be provided although the person to be indemnified is no longer a Director or Officer.&#8221;</div>
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<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISOR</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">For information as to the business, profession, vocation or employment of a substantial nature of each of the directors and executive officers of the Advisor and the Subadvisor, reference is made to the information set forth under: (i) the caption &#8220;Investment Advisory and Other Services&#8221; in the Statement of Additional Information; (ii) Item 6 of the Form ADV Part II of John Hancock Advisers, LLC (File No. 801-8124) filed with the SEC; and (iii) Item 6 of the Form ADV Part II of</font> John Hancock Asset Management a division of Manulife Asset Management (US) LLC<font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"> (File No. 801-42023) filed with the SEC, all of which are incorporated herein by reference.</font></div>

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<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LOCATION OF ACCOUNTS AND RECORDS</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">All applicable accounts, books and documents required to be maintained by the Fund by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder are in the possession and custody of the Fund&#8217;s custodian, State Street Bank and Trust Company, Corporate Headquarters, State Street Financial Center, One Lincoln Street, Boston, Massachusetts 02111, and its transfer agent, Computershare, Inc., 250 Royall Street, Canton, Massachusetts, 02021, with the exception of certain corporate documents and portfolio trading documents that are in the possession and custody of the Advisor, 601 Congress Street, Boston, Massachusetts, 02210, and the Subadvisor, </font>101 Huntington Avenue, Boston, MA 02199-7603<font style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">.</font><font style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"> The Fund is informed that all applicable accounts, books and documents required to be maintained by registered investment advisors are in the custody and possession of the Advisor and the Subadvisor.</font></div>
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<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MANAGEMENT SERVICES</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Not applicable.</div>

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<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">UNDERTAKINGS</div>
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<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">The Fund undertakes to suspend the offering of Common Shares until the Prospectus and any applicable Prospectus Supplement are amended if (a) subsequent to the effective date of this registration Statement, the net asset value declines more than 10 percent from its net asset value as of the effective date of this Registration Statement or (b) the net asset value increases to an amount greater than its net proceeds as stated in the Prospectus and any other applicable Prospectus Supplement.</div>
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<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">The Common Shares being registered will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act.&#160; Accordingly, the Fund undertakes:</div>
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<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">To file, during any period in which offers or sales are being made, a post-effective amendment to the Registration Statement:</div>
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<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">To include any prospectus required by Section 10(a)(3) of the Securities Act;</div>
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<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">To reflect in the prospectus any facts or events after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement; and</div>
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<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement.</div>
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<div style="TEXT-ALIGN: left">
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<td style="WIDTH: 18pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">b.</td>
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<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial <font style="FONT-STYLE: italic; FONT-FAMILY: Arial; FONT-SIZE: 10pt">bona fide</font> offering thereof; and</div>
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<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">To remove from registration by means of a post-effective amendment any of the Common Shares being registered which remain unsold at the termination of the offering.</div>
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<td style="WIDTH: 18pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">d.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">That, for the purpose of determining liability under the Securities Act to any purchaser, if the Fund is subject to Rule 430C:&#160; Each prospectus filed pursuant to Rule 497(b), (c), (d) or (e) under the Securities Act as part of a Registration Statement relating to an offering, other than prospectuses filed in reliance on Rule 430A under the Securities Act, shall be deemed to be part of and included in the Registration Statement as of the date it is first used after effectiveness.&#160; <font style="FONT-STYLE: italic; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Provided</font>, however, that no statement made in a Registration Statement or prospectus that is part of the Registration Statement or made in a document incorporated or deemed incorporated by reference into the Registration Statement or prospectus that is part of the Registration Statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the Registration Statement or prospectus that was part of the Registration Statement or made in any such document immediately prior to such date of first use.</div></td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z85d803a3613c461d965b6509335b7033" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">e.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">That for the purpose of determining liability of the Fund under the Securities Act to any purchaser in the initial distribution of Common Shares:</div>
</td>
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</div>

<div>&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: Arial; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">C-6</font></div>

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<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #999999; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #999999; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">The undersigned Fund undertakes that in a primary offering of securities of the undersigned Fund pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Fund will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
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<td style="WIDTH: 36pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">any preliminary prospectus or prospectus of the undersigned Fund relating to the offering required to be filed pursuant to Rule 497 under the Securities Act;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zf54814806f5b4b6396db908ce7645809" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">the portion of any advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information about the undersigned Fund or its securities provided by or on behalf of the undersigned Fund; and</div>
</td>
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</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z9075bedec33c428e802b06e961eaa79c" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 36pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(3)</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">any other communication that is an offer in the offering made by the undersigned Fund to the purchaser.</div>
</td>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z3fa92731818349d89a0372a5023bd6d2" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">5.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">The Fund undertakes that, for the purpose of determining any liability under the Securities Act:</div>
</td>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z4e8909df92234d30b2b85be9d7732fba" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">a.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">the information omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Fund pursuant to 497(h) under the Securities Act shall be deemed to be part of the Registration Statement as of the time it was declared effective; and</div>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z4386a3a7b655442880a95fa334509e63" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">b.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">each post- effective amendment that contains a form of prospectus shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <font style="FONT-STYLE: italic; FONT-FAMILY: Arial; FONT-SIZE: 10pt">bona fide</font> offering thereof.</div>
</td>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zd80f35efaeee437da80119dd3f03f71c" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">6.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">The Fund undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of an oral or written request, its Statement of Additional Information.</div>
</td>
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</div>

<div>&#160;</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXHIBIT INDEX</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zbb36ee6653a549f39d14c3cddcb26b17" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><a href="h10050933_ex992h1.htm">(2)(h)(1)</a></div>
</td>
<td style="WIDTH: 88.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Form of Distribution Agreement between John Hancock Funds, LLC and the Registrant</div>
</td>
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<tr>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><a href="h10050933_ex992h2.htm">(2)(h)(2)</a></div>
</td>
<td style="WIDTH: 88.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Form of Dealer Agreement between John Hancock Funds, LLC and the Dealer</div>
</td>
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<tr>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><a href="h10050933_ex992l.htm">(2)(l)</a></div>
</td>
<td style="WIDTH: 88.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Legal Opinion</div>
</td>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><a href="h10050933_ex992n.htm">(2)(n)</a></div>
</td>
<td style="WIDTH: 88.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Consent of Independent Registered Public Accounting Firm</div>
</td>
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<tr>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><a href="h10050933_ex992r1.htm">(2)(r)(1)</a></div>
</td>
<td style="WIDTH: 88.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Code of Ethics John Hancock Advisers, LLC dated January 1, 2008 (as revised December 14, 2017)</div>
</td>
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<tr>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><a href="h10050933_ex992r2.htm">(2)(r)(2)</a></div>
</td>
<td style="WIDTH: 88.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Code of Ethics Manulife Asset Management (US), LLC as amended September 1, 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><a href="h10050933_ex992s.htm">(2)(s)</a></div>
</td>
<td style="WIDTH: 88.46%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Power of Attorney dated December 14, 2017</div>
</td>
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</table>

<div>&#160;</div>
</div>

<div>
<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: Arial; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">C-8</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #999999; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #999999; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>SIGNATURES</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston and The Commonwealth of Massachusetts, on the 23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">rd</sup> day of February 2018.</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="z663aeeede21d4955ae4da55651c5395e" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: bold" colspan="3">
<div>JOHN HANCOCK INVESTORS TRUST</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; FONT-VARIANT: normal; FONT-STYLE: normal; BORDER-TOP-COLOR: ; WIDTH: 49%; FONT-FAMILY: Arial; BORDER-RIGHT-COLOR: ; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-LEFT-COLOR: ; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: left"><u>/s/ Andrew G. Arnott</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Name:</div>
</td>
<td style="WIDTH: 49%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Andrew G. Arnott</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 6%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Title:</div>
</td>
<td style="WIDTH: 49%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; FONT-SIZE: 10pt">President and Trustee</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: Arial; FONT-SIZE: 10pt" id="zc4b3b0a590de4e77ac5008865f198537" border="0" cellspacing="0" cellpadding="0">
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<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 36%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Signature</div>
</td>
<td style="WIDTH: 41%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Title</div>
</td>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date</div>
</td>
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<tr>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 36%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 41%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 36%; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: justify"><u>/s/ Andrew G. Arnott</u></div>
</td>
<td style="WIDTH: 41%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">President and Trustee</div>
</td>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">February 23, 2018</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 36%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Andrew G. Arnott</div>
</td>
<td style="WIDTH: 41%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 36%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 41%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 36%; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: justify"><u>/s/ Charles A. Rizzo</u></div>
</td>
<td style="WIDTH: 41%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Chief Financial Officer</div>
</td>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">February 23, 2018</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 36%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Charles A. Rizzo</div>
</td>
<td style="WIDTH: 41%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">(Principal Financial Officer and Principal </div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Accounting Officer)</div>
</td>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="WIDTH: 41%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 36%; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: justify"><u>/s/ Charles L. Bardelis *</u></div>
</td>
<td style="WIDTH: 41%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Trustee</div>
</td>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">February 23, 2018</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 36%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Charles L. Bardelis</div>
</td>
<td style="WIDTH: 41%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 36%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 41%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 36%; FONT-FAMILY: Arial; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: justify"><u>/s/ James R. Boyle *</u></div>
</td>
<td style="WIDTH: 41%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Trustee</div>
</td>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">February 23, 2018</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 36%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">James R. Boyle</div>
</td>
<td style="WIDTH: 41%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Trustee</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">February 23, 2018</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">February 23, 2018</div>
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<div style="TEXT-ALIGN: justify"><u>/s/ Grace K. Fey *</u></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Trustee</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">February 23, 2018</div>
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<div style="TEXT-ALIGN: justify"><u>/s/ Theron S. Hoffman *</u></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Trustee</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">February 23, 2018</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Deborah C. Jackson</div>
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<div style="TEXT-ALIGN: justify"><u>/s/ Warren A. Thomson*</u></div>
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<div style="TEXT-ALIGN: justify; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>/s/ Ariel Ayanna</u></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; FONT-FAMILY: Arial; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Ariel Ayanna</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -13.5pt; FONT-FAMILY: Arial; MARGIN-LEFT: 13.5pt; FONT-SIZE: 10pt">*Pursuant to Power of Attorney filed herewith</div>
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<DOCUMENT>
<TYPE>EX-99.(2)(H)(1)
<SEQUENCE>2
<FILENAME>h10050933_ex992h1.htm
<DESCRIPTION>EX-99.(2)(H)(1) FORM OF DISTRIBUTION AGREEMENT BETWEEN JOHN HANCOCK FUNDS, LLC
<TEXT>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">Exhibit (2)(h)(1)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">FORM OF DISTRIBUTION AGREEMENT</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">JOHN HANCOCK INVESTORS TRUST</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">601 Congress Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Boston, Massachusetts 02210</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">March __, 2018</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">John Hancock Funds, LLC</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">601 Congress Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Boston, Massachusetts 02210</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Re:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Distribution Agreement Relating to At-the-Market Offerings</div>
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<div style="TEXT-ALIGN: left"><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Ladies and Gentlemen:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 24.5pt">John Hancock Investors Trust is a Massachusetts business trust operating as a closed-end management investment company (hereinafter referred to as the &#8220;Fund&#8221;). The Fund has filed a registration statement on Form N-2 (File Nos. 333-222087 and 811-04173) (the &#8220;Registration Statement&#8221;) pursuant to the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;), to register additional common shares of the Fund, which may be issued and sold from time to time through various specified transactions, including at-the-market (&#8220;ATM&#8221;) offerings.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">You have informed us that John Hancock Funds, LLC is registered as a broker-dealer under the provisions of the Securities Exchange Act of 1934, as amended, and is a member in good standing with the Financial Industry Regulatory Authority, Inc. (&#8220;FINRA&#8221;). You have indicated your desire to act as distributor for the Fund&#8217;s common shares issued pursuant to the Registration Statement. We have been authorized by the Fund to execute and deliver this Agreement to you by a resolution of our Board of Trustees (the &#8220;Trustees&#8221;) adopted at a meeting of the Trustees, at which a majority of Trustees, including a majority of our Trustees who are not otherwise interested persons of our investment manager or its related organizations, were present and voted in favor of said resolution approving this Agreement.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 24.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1.&#160;&#160; &#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">APPOINTMENT OF DISTRIBUTOR. </font>Upon the execution of this Agreement and in consideration of the agreements on your part herein expressed and upon the terms and conditions set forth herein, we hereby appoint you as the distributor for up to 500,000 of the common shares of the Fund to be issued pursuant to the Registration Statement through ATM offerings (the &#8220;Shares&#8221;) and agree that we will issue such Shares as you may sell. You agree to use reasonable efforts to identify opportunities for the sale of Shares, but you are not obligated to sell any specific number of the Shares. The Shares will be sold only on such days as shall be agreed to by you and the Fund.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 24.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2.&#160;&#160; &#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">SELECTED DEALERS. </font>You may enter into selected dealer agreements, on such terms and conditions as you determine are not inconsistent with this Agreement, with broker-dealers to act as your agent to effect the sale of the Shares. Such selected broker-dealers shall sell Shares only at market prices subject to a minimum price to be established each day by you and the Fund (see paragraph 3 below). This Agreement shall not be construed as authorizing any dealer or other person to accept orders for sale on our behalf or to otherwise act as our agent for any purpose. You shall not be responsible for the acts of other dealers or agents except as and to the extent that they shall be acting for you or under your direction or authority.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 24.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">3.&#160;&#160; &#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">SHARE PRICE. </font>The price per Share shall be determined by reference to trades on the Fund&#8217;s primary exchange. In no event shall the price be less than the current net asset value per share plus the per share amount of the commission to be paid to you (the &#8220;Minimum Price&#8221;). You shall suspend the sale of Shares if the per share price of the Shares is less than the Minimum Price.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">You shall be entitled to receive a sales commission from the Fund in an amount equal to 1.00% of the gross sales price per Share, of which 0.80% will be re-allowed to the sub-sales agent.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)&#160;&#160; &#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">You may pay to selected broker-dealers such selling agent commissions (not exceeding 80% of the total sales commission) (the &#8220;ATM Sales Agent Commission&#8221;) as you shall deem advisable, which shall be payable from the commissions payable to you under Section 4(a) above.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 24.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">FURNISHING OF INFORMATION. </font>We will furnish you with copies of the Registration Statement, and we warrant that the statements therein contained are true and correct as of the date of the Registration Statement, as it may be amended or supplemented from time to time. We will also furnish you with such other information that you may reasonably request for use in connection with the distribution of the Shares, including, at least annually, audited financial statements of our books and accounts certified by independent public accountants.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 24.5pt">You shall comply with the applicable federal and state laws and regulations where our shares are offered for sale and conduct your affairs with us and with dealers, brokers or investors in accordance with the Conduct Rules of FINRA.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 24.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Fund agrees to indemnify, defend and hold you, your officers, and Directors, and any person who controls you within the meaning of Section 15 of the 1933 Act or Section 20 of the Securities Exchange Act of 1934, as amended (the &#8220;1934 Act&#8221;), free and harmless from and against any and all claims, demands or liabilities and expenses (including the cost of investigating or defending such claims, demands or liabilities and any counsel fees incurred in connection therewith) which you, your officers, Directors or any such controlling persons may incur under the 1933 Act, the 1934 Act, or under common law or otherwise, arising out of or based upon (i) any untrue statement of a material fact contained in the Fund&#8217;s Registration Statement or arising out of or based upon any alleged omission to state a material fact required to be stated in it or necessary to make the statements in it not misleading, except insofar as such claims, demands, liabilities or expenses arise out of or are based upon any such untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information furnished in writing by you to the Fund for use in the Registration Statement, (ii) any untrue statement of a material fact contained in the Fund&#8217;s advertisement or sales literature or arising out of or based upon any alleged omission to state a material fact required to be stated in either thereof or necessary to make the statements in either thereof not misleading, except insofar as such claims, demands, liabilities or expenses arise out of or are based upon any such untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information furnished in writing by you to the Fund for use in such advertisement or sales literature or (iii) any action taken or omitted by the Fund prior to the date of this Agreement.&#160; You agree to comply with all of the applicable terms and provisions of the 1934 Act.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 24.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">You agree to indemnify, defend, and hold the Fund, its officers, Trustees, employees shareholders and agents, and any person who controls the Fund within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, free and harmless from and against any and all claims, demands, liabilities and expenses (including the cost of investigating or defending against such claims, demands or liabilities and any counsel fees incurred in connection therewith) which the Fund, its Trustees, officers, employees, shareholders and agents, or any such controlling person may incur under the 1933 Act, the 1934 Act or under common law or otherwise arising out of or based upon any untrue statement of a material fact contained in information furnished in writing by you to the Fund for use in the Registration Statement, or arising out of or based upon any omission or alleged omission to state a material fact in connection with such information required to be stated in the Registration Statement necessary to make such information not misleading.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 24.5pt">A party seeking indemnification hereunder (the Indemnitee) shall give prompt written notice to the party from whom indemnification is sought (&#8220;Indemnitor&#8221;) of a written assertion or claim of any threatened or pending legal proceeding which may be subject to indemnity under this Section; provided, however, that failure to notify the Indemnitor of such written assertion or claim shall not relieve the indemnitor of any liability arising from this Section. The Indemnitor shall be entitled, if it so elects, to assume the defense of any suit brought to enforce a claim subject to this Agreement and such defense shall be conducted by counsel chosen by the Indemnitor and satisfactory to the Indemnitee; provided, however, that if the defendants include both the Indemnitee and the Indemnitor, and the Indemnitee shall have reasonably concluded that there may be one or more legal defenses available to it which are different from or additional to those available to the Indemnitor (&#8220;conflict of interest&#8221;), the Indemnitor shall have the right to select separate counsel to defend such claim on behalf of the Indemnitee.&#160; In the event that the Indemnitor elects to assume the defense of any suit pursuant to the preceding sentence and retains counsel satisfactory to the Indemnitee, the Indemnitee shall bear the fees and expenses of additional counsel retained by it except for reasonable investigation costs which shall be borne by the Indemnitor.&#160; If the Indemnitor (i) does not elect to assume the defense of a claim, (ii) elects to assume the defense of a claim but chooses counsel that is not satisfactory to the Indemnitee or (iii) has no right to assume the defense of a claim because of a conflict of interest, the Indemnitor shall advance or reimburse the Indemnitee, at the election of the Indemnitee, reasonable fees and disbursements of any counsel retained by Indemnitee, including reasonable investigation costs.</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 24pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">9.&#160;&#160; &#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">SUSPENSION OF SALES.&#160;</font>We reserve the right at all times to suspend or limit the offering of the shares upon written notice to you and to reject any order in whole or in part.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">You shall bear all expenses incurred by you in connection with your duties and activities under this Agreement including the payment to selected dealers of any sales commissions for sales of the Fund&#8217;s Shares.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Fund shall bear all costs and expenses of the Fund, including expenses (including legal fees) pertaining to the preparation and filing of the Registration Statement and Prospectus and any amendment or supplement thereto, and expenses pertaining to the preparation, printing and distribution of any reports or communications to shareholders, including Prospectuses and Statements of Additional Information, annual and interim reports, or proxy materials.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 24.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">11.&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">TERMINATION. </font>This Agreement (i) may be terminated by the Fund at any time without the payment of any penalty and (ii) may be terminated by you at any time without the payment of any penalty. This Agreement shall remain in full force and effect unless terminated pursuant to this provision or by the mutual agreement of the parties.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 24.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">13.&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">STANDARD OF CARE. </font>You shall be responsible for exercising reasonable care in carrying out the provisions of this Agreement.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 24.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">14. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">DECLARATION OF TRUST AND LIMITATION OF LIABILITY. </font>A copy of the Declaration of Trust of the Fund is on file with the Secretary of State of the Commonwealth of Massachusetts, and notice is hereby given that this Agreement is executed by an officer of the Fund on behalf of the Trustees, as trustees and not individually, and that the obligations of this Agreement with respect to the Fund shall be binding upon the assets and properties of the Fund only and shall not be binding upon the assets or properties of the Trustees, officers, employees, agents or shareholders of the Fund individually.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 24.5pt">If the foregoing meets with your approval, please acknowledge your acceptance by signing each of the enclosed counterparts hereof and returning such counterparts to us, whereupon this shall constitute a binding agreement as of the date first above written.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 24.5pt">Very truly yours,</div>

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<DOCUMENT>
<TYPE>EX-99.(2)(H)(2)
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<FILENAME>h10050933_ex992h2.htm
<DESCRIPTION>EX-99.(2)(H)(2) FORM OF DEALER AGREEMENT BETWEEN JOHN HANCOCK FUNDS, LLC AND THE DEALER
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">EXHIBIT (2)(h)(2)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">FORM OF DEALER AGREEMENT</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Funds, LLC</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">601 Congress Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Boston, Massachusetts 02210</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">[__________], 20</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">[Name]</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">At-the-Market Offerings by John Hancock Investors Trust</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Ladies and Gentlemen:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">From time to time John Hancock Funds, LLC (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manager</font>&#8221;, &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">we</font>&#8221; or &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">us</font>&#8221;) will act as manager of registered at-the-market offerings by John Hancock Investors Trust, a Massachusetts business trust (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Fund</font>&#8221;), of up to 500,000 common shares (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Shares</font>&#8221;) of beneficial interest, par value $0.01 per share, of the Fund (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Common Shares</font>&#8221;).&#160; In the case of such offerings, the Fund has agreed with the Manager to issue and sell through or to the Manager, as sales agent and/or principal, the Shares.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">We hereby agree to retain [_______________] (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Dealer</font>&#8221; or &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">you</font>&#8221;) as a sub-placement agent with respect to the offerings of the Shares to be issued and sold by the Fund (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Offerings</font>&#8221;), and you agree to act in such capacity, all upon, and subject to, the terms and conditions set forth below:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">SECTION 1.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Description of Offerings</u></font>.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Fund and the Manager on any day (each, an &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Offering Date</font>&#8221;) that is a trading day for the exchange on which the Fund&#8217;s Shares are listed and primarily trade (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Stock Exchange</font>&#8221;) (other than a day on which the Stock Exchange is scheduled to close prior to its regular weekday closing time).&#160; Promptly after the Fund and the Manager have determined the maximum amount of the Shares to be sold by the Manager for any Offering Date, the Manager shall advise the Dealer of such amount, which shall not in any event exceed the amount available for issuance under the currently effective Registration Statement (as defined below).&#160; Subject to the terms and conditions hereof, the Dealer shall use its reasonable best efforts to sell all of the Shares designated in accordance with the plan of distribution set forth in the Prospectus Supplement (as defined below).&#160; The gross sales price of the Shares sold under this Section 1(a) shall be the market price at which the Dealer sells such Shares.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Notwithstanding the foregoing, the Manager may instruct the Dealer by telephone (confirmed promptly by e-mail or telecopy) not to sell the Shares if such sales cannot be effected at or above a price agreed to by the Fund and the Manager with respect to such Shares.&#160; In addition, the Manager may, upon notice to the Dealer by telephone (confirmed promptly by e-mail or telecopy), suspend the offering of the Shares at any time; provided, however, that such suspension or termination shall not affect or impair the parties&#8217; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Dealer agrees not to make any sales of the Shares on behalf of the Manager pursuant to this Section 1, other than through transactions for which compliance with Rule 153 under the Securities Act will satisfy the prospectus delivery requirements of Section 5(b)(2) of the Securities Act.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(d)&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The compensation to the Dealer, as a sub-placement agent of the Manager, for each sale of the Shares pursuant to this Section 1, shall be the Applicable Selling Agent Commission with respect to the Shares sold, multiplied by the Gross Sales Proceeds, as further described in the Addendum to this Agreement.&#160; The Dealer shall not be responsible for any fees imposed by any governmental or self-regulatory organization on the Fund or the Manager in respect of such sales.&#160; The compensation to the Manager, as manager of registered at-the-market offerings by the Fund, for each sale of the Shares pursuant to this Section 1, before any fees imposed by any governmental or self-regulatory organization on the Fund or the Manager in respect of such sales, shall be the Manager Retention with respect to the Shares sold, multiplied by the Gross Sales Proceeds, as further described in the Addendum to this Agreement.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(e)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Dealer shall provide written confirmation to the Manager following the close of trading on the Stock Exchange on each Offering Date setting forth for each sale the number of Shares sold, the time of sale, the Gross Sales Price per Share, the compensation payable to the Manager with respect to such sales, and the compensation payable by the Manager to the Dealer with respect to such sales.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(f)&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Settlement for sales of the Shares pursuant to this Section 1 will occur on the second business day following the date on which such sales are made (each such day, a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Settlement Date</font>&#8221;).&#160; On each Settlement Date, the Shares sold through the Dealer for settlement on such date shall be delivered by the Manager to the Dealer against payment of the Gross Proceeds for the sale of such Shares.&#160; Settlement for all such Shares shall be effected by free delivery of the Shares to the Dealer&#8217;s account at The Depository Trust Company in return for payments in same day funds delivered to the account designated by the Manager.&#160; If the Manager shall default on its obligation to deliver the Shares on any Settlement Date, subject to the terms of Section 4 herein, the Manager shall (A) hold the Dealer harmless against any reasonable loss, claim or damage arising from or as a result of such default by the Manager and (B) pay the Dealer any commission to which it would otherwise be entitled absent such default.&#160; If the Dealer breaches this Agreement by failing to deliver proceeds on any Settlement Date for the Shares delivered by the Manager, the Dealer will pay the Manager interest based on the effective overnight Federal Funds rate.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(g)&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">In connection with this Agreement and the Offerings, the Manager shall provide to the Dealer, no more than once per calendar quarter, (i) a certificate signed by the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer, the Treasurer, the President, an Executive Vice President or a Senior Vice President of the Manager to the effect that (A) the representations and warranties of the Manager in this Agreement are true and correct with the same force and effect as though expressly made at and as of the date thereof and the Manager has performed or complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied hereunder at or prior to the date thereof, (B) to their knowledge, no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or threatened by the Securities and Exchange Commission (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Commission</font>&#8221;) and (C) subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been any material adverse change or development involving a prospective material adverse change to the business, properties, financial condition or results of operations of the Fund; (ii) a certificate signed by the Secretary or Assistant Secretary of the Manager relating to authorization, capacity and incumbency matters; and (iii) such other certificates and documents related to the Offerings at the Dealer&#8217;s reasonable request.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">SECTION 2.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Representations and Warranties by the Manager</u></font>.&#160; The Manager represents, warrants to and agrees with the Dealer, as of the date hereof and as of each Offering Date and Settlement Date, that:</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A registration statement on Form N-2 (File Nos. 333-[____] and 811-04173) (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Registration Statement</font>&#8221;) (i) has been prepared by the Fund in conformity with the requirements of the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively called the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities Act</font>&#8221;), the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (collectively called the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">1940 Act</font>&#8221;); (ii) has been filed with the Commission under the Securities Act and the 1940 Act; and (iii) heretofore became, and is, effective; the registration statement sets forth the terms of the offering, sale and plan of distribution of the Shares and contains additional information concerning the Fund and its business; no stop order of the Commission preventing or suspending the use of any Basic Prospectus (as defined below), the Prospectus Supplement (as defined below) or the Prospectus (as defined below), or the effectiveness of the Registration Statement, has been issued, and no proceedings for such purpose have been instituted or, to the Fund&#8217;s knowledge, are contemplated by the Commission.&#160; Except where the context otherwise requires, &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Registration Statement</font>,&#8221; as used herein, means, collectively, the various parts of the registration statement, as amended at the time of effectiveness for purposes of Section 11 of the Securities Act (the &#8220;Effective Time&#8221;), as such section applies to the Manager, including (1) all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, and (2) any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule 497(c) and/or Rule 497(h) under the Securities Act, to the extent such information is deemed to be part of the registration statement at the Effective Time, &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Basic Prospectus</font>,&#8221; as used herein, means the final prospectus filed as part of the Registration Statement, including the related Statement of Additional Information, together with any amendments or supplements thereto as of the date of the Agreement.&#160; Except where the context otherwise requires, &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Prospectus Supplement</font>,&#8221; as used herein, means the final prospectus supplement, including the related statement of additional information, relating to the Shares, filed by the Fund with the Commission pursuant to Rule 497(c) and/or Rule 497(h) under the Securities Act on or before the second business day after the date hereof (or such earlier time as may be required under the Securities Act), in the form furnished by the Fund to the Manager in connection with the offering of the Shares.&#160; Except where the context otherwise requires, &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Prospectus</font>,&#8221; as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.&#160; Any reference herein to the registration statement, the Registration Statement, any Basic Prospectus, the Prospectus Supplement or the Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Incorporated Documents</font>&#8221;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Fund is duly registered under the 1940 Act as a closed-end management investment company.&#160; A notification of registration of the Fund as an investment company under the 1940 Act on Form N-8A (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">1940 Act Notification</font>&#8221;) has been prepared by the Fund in conformity with the 1940 Act and has been filed with the Commission and, at the time of filing thereof and at the time of filing any amendment or supplement thereto, conformed in all material respects with all applicable provisions of the 1940 Act.&#160; The Fund has not received any notice from the Commission pursuant to Section 8(e) of the 1940 Act with respect to the 1940 Act Notification or the Registration Statement (or any amendment or supplement to either of them).&#160; No person is serving or acting as an officer, trustee or investment adviser of the Fund except in accordance with the provisions of the 1940 Act and the Investment Advisers Act of 1940, as amended and the rules and regulations thereunder.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Registration Statement, the 1940 Act Notification and the Prospectus as from time to time amended or supplemented each complied when it became effective or was filed, complies as of the date hereof and, as amended or supplemented, will comply, at the time of purchase, each additional time of purchase, if any, and at all times during which a prospectus is required by the Securities Act to be delivered in connection with any sale of Shares, in all material respects, with the requirements of the Securities Act and the 1940 Act; the Registration Statement did not, as of the Effective Time, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; the 1940 Act Notification did not, as of the Effective Time, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; at no time during the period that begins on the earlier of the date of the Basic Prospectus and the date such Basic Prospectus was filed with the Commission and ends at the later of the time of purchase, the latest additional time of purchase, if any, and the end of the period during which a prospectus is required by the Securities Act to be delivered in connection with any sale of Shares did or will the Prospectus, as from time to time amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Manager does not make any representation or warranty with respect to any statement contained in the Registration Statement or the Prospectus in reliance upon and in conformity with information concerning the Dealer and furnished in writing by the Dealer or on the Dealer&#8217;s behalf to the Manager or the Fund expressly for use in the Registration Statement or the Prospectus.&#160; The Dealer confirms that the seventh paragraph under the heading &#8220;Plan of Distribution&#8221; in the Prospectus Supplement was the only information furnished in writing to the Manager and the Fund by or on behalf of the Dealer expressly for use in the Prospectus.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(d)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The financial statements incorporated by reference in the Registration Statement or the Prospectus, together with the related notes and schedules, present fairly the financial position of the Fund as of the dates indicated and the results of operations, cash flows and changes in stockholders&#8217; equity of the Fund for the periods specified and have been prepared in compliance in all material respects with the requirements of the Securities Act, the 1940 Act and the Securities Exchange Act of 1934, as amended (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Exchange Act</font>&#8221;) and in conformity in all material respects with U.S. generally accepted accounting principles applied on a consistent basis during the periods involved; the other financial and statistical data contained or incorporated by reference in the Registration Statement or the Prospectus are accurately and fairly presented and prepared on a basis consistent with the financial statements and books and records of the Fund; there are no financial statements that are required to be included or incorporated by reference in the Registration Statement, any Basic Prospectus or the Prospectus that are not included or incorporated by reference as required; the Fund does not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not described in the Registration Statement (excluding the exhibits thereto); and all disclosures contained or incorporated by reference in the Registration Statement or the Prospectus regarding &#8220;non-GAAP financial measures&#8221; (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Item 10 of Regulation S-K under the Securities Act, to the extent applicable.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(e)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">As of the date of this Agreement, the Fund has an authorized and outstanding capitalization as set forth in the sections of the Registration Statement, the Basic Prospectus and the Prospectus entitled &#8220;The Fund&#8221; and &#8220;Description of Capital Structure,&#8221; and, with respect to any issuance and sale under this Agreement, the Fund shall have as of the date of the most recent amendment or supplement to the Registration Statement or Prospectus, an authorized and outstanding capitalization as set forth in the sections of the Registration Statement and the Prospectus entitled &#8220;The Fund&#8221; and &#8220;Description of Capital Structure;&#8221; all of the issued and outstanding shares of capital stock, including the Common Shares, of the Fund have been duly authorized and validly issued and are fully paid and non-assessable (except as described below and in the Registration Statement), have been issued in material compliance with all applicable securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right; the Shares will be duly listed, and admitted and authorized for trading, subject to official notice of issuance, on the Stock Exchange.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(f)&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Fund has been duly formed, is validly existing and is in good standing as a voluntary association with transferable shares of beneficial interest commonly referred to as a &#8220;Massachusetts business trust&#8221; under the laws of The laws of the Commonwealth of Massachusetts, with full power and authority to own, lease and operate and conduct its business as described in the Registration Statement, the Basic Prospectuses and the Prospectus, and to issue, sell and deliver the Shares as contemplated herein.&#160; The Fund is duly qualified to do business as a foreign entity and is in good standing in each jurisdiction where the conduct of its business requires such qualification, except where the failure to be so qualified and in good standing would not, individually or in the aggregate, (i) have a material adverse effect on the business, properties, financial condition or results of operations of the Fund (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Material Adverse Effect</font>&#8221;), (ii) prevent or materially interfere with consummation of the transactions contemplated hereby or (iii) result in the delisting of Common Shares from the Stock Exchange (the occurrence of any such effect or any such prevention or interference or any such result described in the foregoing clauses (i), (ii) and (iii) being herein referred to as a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Material Adverse Effect</font>&#8221;).</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(g)&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Shares have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued, fully paid and non-assessable (except as described below and in the Registration Statement) and free of statutory and contractual preemptive rights, resale rights, rights of first refusal and similar rights; the Shares, when issued and delivered against payment therefor as provided herein, will be free of any restriction upon the voting or transfer thereof pursuant to the Fund&#8217;s Declaration of Trust or bylaws or any agreement or other instrument to which the Fund is a party.&#160; The capital stock of the Fund, including the Shares, conforms in all material respects to each description thereof, if any, contained or incorporated by reference in the Registration Statement, any Basic Prospectus or the Prospectus; and the certificates for the Shares, if any, are in due and proper form.&#160; The Fund is in material compliance with the rules of the Stock Exchange, including, without limitation, the requirements for continued listing of the Common Shares on the Stock Exchange and the Fund has not received any notice from the Stock Exchange regarding the delisting of the Common Shares from the Stock Exchange.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(h)&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Manager has full corporate power and authority to enter into this Agreement and the transactions contemplated hereby.&#160; This Agreement has been duly authorized, executed and delivered by the Manager.&#160; This Agreement constitutes a valid and binding agreement of the Manager and is enforceable against the Manager in accordance with its terms, except as the enforceability hereof and thereof may be limited by applicable bankruptcy, insolvency, reorganization and similar laws affecting creditors&#8217; rights generally and moratorium laws in effect from time to time and by equitable principles restricting the availability of equitable remedies.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(i)&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">No approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency, or of or with any self-regulatory organization or other non-governmental regulatory authority (including, without limitation, the Stock Exchange), or approval of the stockholders of the Fund, is required in connection with the issuance and sale of the Shares or the consummation by the Fund of the transactions contemplated hereby, other than (i) the registration of the Shares under the Securities Act and the 1940 Act, which has been effected, (ii) the listing of the Shares with the Stock Exchange, upon official notice of issuance, (iii) any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Manager or (iv) any necessary qualification under the Conduct Rules of the Financial Industry Regulatory Authority, Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">FINRA</font>&#8221;).</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">SECTION 3.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Additional Covenants</u></font>.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Dealer hereby confirms that it is actually engaged in the investment banking and securities business and is a member in good standing with FINRA and hereby agrees that it will undertake to comply with all applicable FINRA rules (as amended from time to time, including, without limitation, any successor provision) in connection with acting as sub-placement agent for the sale of the Shares.&#160; The Dealer further agrees that in acting as sub-placement agent for the sale of the Shares, it will comply with all applicable laws, rules and regulations, including the applicable provisions of the Securities Act and the Exchange Act, the applicable rules and regulations of the Commission thereunder, and the applicable rules and regulations of any state or any securities exchange or self-regulatory organization having jurisdiction over the relevant Offering.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Dealer hereby agrees that in acting as sub-placement agent for the sale of the Shares, it will not use, authorize use of, refer to, or participate in the planning for use of any written communication (as defined in Rule 405 under the Securities Act) concerning any Offering, other than the Prospectus.&#160; The Dealer further agrees that in acting as sub-placement agent for the sale of the Shares, it is not authorized by the Manager or the Fund or any other seller of the Shares offered pursuant to the Prospectus to give any information or to make any representation not contained in the Prospectus in connection with the sale of such Shares.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Manager shall not be under any obligation to the Dealer except for obligations assumed hereunder or in writing by the Manager in connection with any Offering.&#160; Nothing contained herein or in any communication in writing from us shall constitute the Manager and the Dealer an association or partners with one another.&#160; If such parties should be deemed to constitute a partnership for Federal income tax purposes, then the Dealer elects to be excluded from the application of Subchapter K, Chapter 1, Subtitle A of the Internal Revenue Code of 1986 and agrees not to take any position inconsistent with that election.&#160; The Dealer authorizes the Manager, in its discretion, to execute and file on its behalf such evidence of that election as may be required by the Internal Revenue Service.&#160; In connection with any Offering, each party shall be liable for its proportionate amount of any tax, claim, demand or liability that may be asserted against it alone, based upon the claim that either of them constitutes an association, an unincorporated business or other entity, including, in each case, its proportionate amount of any expense incurred in defending against any such tax, claim, demand or liability.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(d)&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected with respect to the Shares.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(e)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Dealer shall at all times comply with the offering requirements as set forth under the heading &#8220;Plan of Distribution&#8221; in the Prospectus.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(f)&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Fund shall use its best efforts to list, subject to official notice of issuance, the Shares on the Stock Exchange and to maintain such listing.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">SECTION 4.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Indemnification and Contribution</u></font>.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Manager agrees to indemnify, defend and hold harmless the Dealer, its partners, directors and officers, and any person who controls the Dealer within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any reasonable loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Dealer or any such person may incur under the Securities Act, the 1940 Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i) any material breach of any representation, warranty, covenant or agreement of the Manager contained in this Agreement, (ii) any material violation by the Manager of any law, rule or regulation (including any rule of any self-regulatory organization) applicable to the Offerings, or (iii) any untrue statement of a material fact appearing in the Registration Statement or Prospectus or omission to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading, except to the extent such statements were provided in writing by the Dealer for inclusion in the Registration Statement or Prospectus.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Dealer agrees to indemnify, defend and hold harmless the Manager, the Fund, their partners, trustees, directors and officers, and any person who controls the Manager or the Fund within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Manager or any such person may incur under the Securities Act, the 1940 Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i) any material breach of any representation, warranty, covenant or agreement of the Dealer contained in this Agreement or (ii) any material violation by the Dealer of any law, rule or regulation (including any rule of any self-regulatory organization), or (iii) any untrue statement or omission made in the Registration Statement or the Prospectus in reliance upon and in conformity with information furnished by the Dealer.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">An indemnified person under Section 4 of this Agreement (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Indemnified Party</font>&#8221;) shall give written notice to the other party (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Indemnifying Party</font>&#8221;) of any loss, damage, expense, liability or claim in respect of which the Indemnifying Party has a duty to indemnify such Indemnified Party under Section 4(a) or (b) of this Agreement (a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Claim</font>&#8221;), specifying in reasonable detail the nature of the loss, damage, expense, liability or claim for which indemnification is sought, except that any delay or failure so to notify such other party shall only relieve such other party of its obligations hereunder to the extent, if at all, that you are actually prejudiced by reason of such delay or failure.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(d)&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If a Claim results from any action, suit or proceeding brought or asserted against an Indemnified Party, the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses.&#160; The Indemnified Party shall have the right to employ separate counsel in such action, suit or proceeding and participate in such defense thereof, but the fees and expenses of such counsel shall be at the expense of the Indemnified Party unless (i) the Indemnifying Party has agreed in writing to pay such fees and expenses, (ii) the Indemnifying Party has failed within a reasonable time to assume the defense and employ counsel or (iii) the named parties to any such action, suit or proceeding (including any impleaded parties) include both such Indemnified Party and Indemnifying Party and such Indemnified Party shall have been advised by its counsel that representation of such Indemnified Party and Indemnifying Party by the same counsel would be inappropriate under applicable standards of professional conduct (whether or not such representation by the same counsel has been proposed) due to actual or potential differing interests between the Indemnifying Party and the Indemnified Party (in which case the Indemnifying Party shall not have the right to assume the defense of such action, suit or proceeding on behalf of such Indemnified Party).&#160; It is understood, however, that the Indemnifying Party shall, in connection with any one action, suit or proceeding or separate but substantially similar or related actions, suits or proceedings in the same jurisdiction arising out of the same general allegations or circumstances be liable for the reasonable fees and expenses of only one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties not having actual or potential differing interests with the Indemnifying Party or among themselves, which firm shall be designated in writing by an authorized representative of such parties and that all such fees and expenses shall be reimbursed promptly as they are incurred.&#160; The Indemnifying Party shall not be liable for any settlement of any such action, suit or proceeding effected without its written consent, but if settled with such written consent or if there be a final judgment for the plaintiff in any such action, suit or proceeding, the Indemnifying Party agrees to indemnify and hold harmless any Indemnified Party from and against any loss, liability, damage or expense by reason by such settlement or judgment.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(e)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">With respect to any Claim not within Paragraph (d) of Section 4 hereof, the Indemnifying Party shall have 20 days from receipt of notice from the Indemnified Party of such Claim within which to respond thereto.&#160; If the Indemnifying Party does not respond within such twenty-day period, it shall be deemed to have accepted responsibility to make payment and shall have no further right to contest the validity of such Claim.&#160; If the Indemnifying Party notifies the Indemnified Party within such twenty-day period that it rejects such Claim in whole or in part, the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified Party under applicable law.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(f)&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If the indemnification provided for in this Section 4 is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable Indemnifying Party shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, damages, expenses, liabilities or claims in such proportion as is appropriate to reflect (i) the relative benefits received by the Indemnified Party and its Affiliates (treated jointly as one person for this purpose), on the one hand, and the Indemnifying Party and its Affiliates, on the other hand, from the offering of the Shares; or (ii) if, but only if, the allocation provided for in clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Indemnified Party and its Affiliates (treated jointly as one person for this purpose), on the one hand, and of the Indemnifying Party and its Affiliates, on the other, in connection with any statements or omissions or other matters which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations.&#160; The relative benefits received by the Indemnified Party and its Affiliates (treated jointly as one person for this purpose), on the one hand, and the Indemnifying Party and its Affiliates, on the other, shall be deemed to be in the same respective proportions as the total proceeds from the Offering received by each such party and its Affiliates bear to the aggregate public offering price of the Shares.&#160; The relative fault of the parties and their Affiliates shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by such party or its Affiliate, on one hand, or by the other party or its Affiliate on the other hand and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.&#160; The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any Proceeding.</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(g)&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The parties agree that it would not be just and equitable if contribution pursuant to this Section 4 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in subsection (f) above.&#160; No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(h)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The indemnity and contribution agreements contained in this Section 4 and the covenants, warranties and representations of the parties contained in this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Dealer, its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the Dealer within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, or by or on behalf of the Manager, its directors or officers or any person who controls the Manager within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">SECTION 5.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Representations and Agreements to Survive Delivery</u></font>.&#160; The representations, warranties, covenants and agreements of the parties contained in this Agreement, including, without limitation, the indemnity agreement contained in Section 4 hereof, shall remain operative and in full force and effect, regardless of (i) any investigation made by or on behalf of any party or any person controlling any party, or their directors or officers, (ii) acceptance of any Shares and payment therefor and (iii) any termination of this Agreement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">SECTION 6.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Termination</u></font>.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">This Agreement shall continue in full force and effect until terminated by either party by thirty days&#8217; written notice to the other; provided, that if this Agreement has become effective with respect to any Offering pursuant to this Agreement, this Agreement may not be terminated by either party with respect to such Offering.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b)&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">This Agreement shall remain in full force and effect unless terminated pursuant to Section 6(a) above or otherwise by mutual agreement of the parties; provided that any such termination by mutual agreement shall in all cases be deemed to provide that Section 4 and Section 5 shall remain in full force and effect.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(c)&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided that such termination shall not be effective until the close of business on the date of receipt of such notice by the Manager or the Dealer, as the case may be.&#160; If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in accordance with the provisions of Section 1 of this Agreement.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">SECTION 7.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Notices</u></font>.&#160; Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Manager, it shall be sufficient in all respects if delivered or sent to:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">John Hancock Funds, LLC</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">601 Congress Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">Boston, Massachusetts 02210</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Attn: </font>[_____________]</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">with a copy for information purposes to:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">John Hancock Funds, LLC</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">601 Congress Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Boston, Massachusetts 02210</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Attn: General Counsel</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">and if to the Dealer, it shall be sufficient in all respects if delivered or sent to:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">[Name]</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">[Address]</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Attn: [______________]</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">SECTION 8.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Parties at Interest</u></font>.&#160; The Agreement herein set forth has been and is made solely for the benefit of the Manager, the Fund, and the Dealer and to the extent provided in Section 4 of this Agreement the controlling persons, trustees, directors and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors and administrators.&#160; No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Manager) shall acquire or have any right under or by virtue of this Agreement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">SECTION 9.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>No Fiduciary Relationship</u></font>.&#160; The Manager hereby acknowledges that the Dealer is acting solely as sub-sales agent in connection with the sale of the Shares and that the Dealer is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm&#8217;s-length basis, and in no event do the parties intend that the Dealer act or be responsible as a fiduciary to the Manager or the Fund, their respective management, stockholders or creditors, or any other person in connection with any activity that the Dealer may undertake or have undertaken in furtherance of the sale of the Shares, either before or after the date hereof.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">SECTION 10.&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Entire Agreement</u></font>.&#160; This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">SECTION 11.&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Counterparts; Heading</u></font>.&#160; This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement among the parties.&#160; The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">SECTION 12.&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Law; Construction</u></font>.&#160; This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Claim</font> &#8220;), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">SECTION 13.&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Submission to Jurisdiction</u></font>.&#160; Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and each of the Manager and the Dealer consents to the jurisdiction of such courts and personal service with respect thereto.&#160; Each of the Manager and the Dealer hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against the Manager or any indemnified party.&#160; Each of the Manager and the Dealer (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.&#160; Each of the Manager and the Dealer agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Manager and the Dealer and may be enforced in any other courts to the jurisdiction of which the Manager or the Dealer is or may be subject, by suit upon such judgment.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">SECTION 14.&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Successors and Assigns</u></font>.&#160; This Agreement shall be binding upon the Manager and the Dealer and their successors and assigns and any successor or assign of any substantial portion of the Manager&#8217;s and the Dealer&#8217;s respective businesses and/or assets.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">If the foregoing correctly sets forth the understanding between the Manager and the Dealer, please so indicate in the space provided below for that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement between the Manager and the Dealer.&#160; Alternatively, the execution of this Agreement by the Manager and the acceptance by or on behalf of the Dealer may be evidenced by an exchange of telegraphic or other written communications.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">&#160;</div>

<table id="z1a3c84a06dc14313968834a9b4dd0e0b" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Very truly yours,</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">JOHN HANCOCK FUNDS, LLC</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; WIDTH: 50%">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; WIDTH: 3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">By:</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 35%">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Name:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 35%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Title:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 35%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 12%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">ACCEPTED as of the date first above written</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">[___________________]</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">(as sub-placement agent)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<table id="z21927f19982f4be28b90f95a969c1453" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; WIDTH: 5%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">By:</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 25%">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; WIDTH: 70%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 5%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Name:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 25%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 70%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 5%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Title:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 25%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 70%">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="z50e52fb77bb8445ca121fe9ce3d66af2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; WIDTH: 5%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">By:</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 25%">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; WIDTH: 70%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 5%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Name:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 25%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 70%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 5%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Title:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 25%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 70%">&#160;</td>
</tr>
</table>

<div>&#160;</div>

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<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">ADDENDUM</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">TO</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">DEALER AGREEMENT</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">BETWEEN</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">JOHN HANCOCK FUNDS, LLC</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">AND</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">[________]</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Compensation payable to the Dealer for acting as a sub-placement agent on behalf of the Manager with respect to a specified sale of Shares pursuant to this Agreement shall be determined by multiplying the Gross Sales Proceeds by the Applicable Selling Agent Commission as set forth in the table below:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">&#160;</div>

<table id="zb9740ec45ba74483baebcb3d4defcfad" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 70%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 23%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Gross Sales</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Commission</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Manager Retention</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 23%">
<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Applicable</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Selling Agent</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Commission</div>
</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 23%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">[&#160; &#160; &#160; ]%</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">[&#160; &#160; &#160; ]%</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 23%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">[&#160; &#160; &#160; ]%</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Where:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">&#8220;Gross Sales Proceeds&#8221; with respect to each sale of Shares shall be the Gross Sales Price multiplied by the number of Shares sold;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">&#8220;Gross Sales Price&#8221; with respect to each sale of Shares sold pursuant to this Agreement shall be the gross sales price per share of such Shares.</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(L)
<SEQUENCE>4
<FILENAME>h10050933_ex992l.htm
<DESCRIPTION>EX-99.(2)(L) LEGAL OPINION
<TEXT>
<html>
<head>
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<div>
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</div>

<div>
<div style="TEXT-ALIGN: right; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit (2)(l)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">JOHN HANCOCK INVESTORS TRUST</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">601 Congress Street</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Boston, Massachusetts 02210</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">February 23, 2018</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">To whom it may concern:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">John Hancock Tax-Advantaged Global Shareholder Yield Fund (the &#8220;Trust&#8221;) is a business trust formed under the laws of the Commonwealth of Massachusetts (the &#8220;Trust&#8221;), with the powers and authority set forth under its Amended and Restated Declaration of Trust dated January 22, 2016 (the &#8220;Declaration of Trust&#8221;). The Trustees of the Trust have the powers set forth in the Declaration of Trust, subject to the terms, provisions and conditions therein provided.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">This opinion is furnished in connection with the filing with the Securities and Exchange Commission (&#8220;SEC&#8221;) of Pre-Effective Amendment No. 1 to the Trust&#8217;s Registration Statement on Form N-2 (File Nos. 333-222087 and 811-22056) (the &#8220;Registration Statement&#8221;), for the registration of up to 1,000,000 common shares of beneficial interest of the Trust, no par value (the &#8220;Shares&#8221;) under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;). This amount represents Shares previously registered on Form N-2 (Reg. No. 333-201041) and being carried forward as permitted by Rule 415 (a)(6) and Rule 457 (p) under the 1933 Act. The Fund has carried forward 1,000,000 unsold Shares.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">I am a member of the Massachusetts bar and have acted as internal legal counsel to the Trust in connection with the preparation of the Registration Statement. I have examined originals, or copies, certified or otherwise identified to my satisfaction, of such certificates, records and other documents as I have deemed necessary or appropriate for the purpose of this opinion.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Based upon the foregoing, and with respect to existing Massachusetts law (other than the Massachusetts Uniform Securities Act), only to the extent that Massachusetts law may be applicable and without reference to the laws of the other several states or of the United States of America, I am of the opinion that the Shares, when issued, sold and consideration therefore is paid in accordance with the Registration Statement, will be legally issued, fully paid and non-assessable by the Trust.&#160; In this regard, however, I note that the Trust is a Massachusetts business trust and, under certain circumstances, shareholders of a Massachusetts business trust could be held personally liable for the obligations of the Trust.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">I consent to the filing of this opinion with the U.S. Securities and Exchange Commission as an exhibit to the Registration Statement.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">Very truly yours,</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Arial; FONT-SIZE: 10pt">&#160;</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt"><u>/s/ Ariel Ayanna</u></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Ariel Ayanna</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">Assistant Secretary</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 10pt">
<hr style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; BORDER-TOP: medium none; MARGIN-RIGHT: auto; BORDER-RIGHT: medium none" align="center" noshade="noshade">
</div>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(N)
<SEQUENCE>5
<FILENAME>h10050933_ex992n.htm
<DESCRIPTION>EX-99.(2)(N) CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
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<head>
<title></title>
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<div>
<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">EXHIBIT (2)(n)</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center"><u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u></div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">We hereby consent to the incorporation by reference in this Registration Statement on Form N-2 of John Hancock Investors Trust of our report dated December 15, 2017, relating to the financial statements and financial highlights, which appears in the John Hancock Investors Trust Annual Report on Form N-CSR for the year ended October 31, 2017. We also consent to the references to us under the headings &#8220;Financial Highlights&#8221; and &#8220;Independent Registered Public Accounting Firm&#8221; in such Registration Statement.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">/s/ PricewaterhouseCoopers LLP</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Boston, Massachusetts</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">February 22, 2018</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(R)(1)
<SEQUENCE>6
<FILENAME>h10050933_ex992r1.htm
<DESCRIPTION>EX-99.(R)(1) CODE OF ETHICS JOHN HANCOCK ADVISERS, LLC DATED JANUARY 1, 2008 (AS REVISED DECEMBER 14, 2017)
<TEXT>
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<title></title>
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<div>
<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">Exhibit (2)(r)(1)</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Code of Ethics</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">January 1, 2008</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">( revised December 14, 2017<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">This is the Code of Ethics for the following:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Advisers, LLC and</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Investment Management Services, LLC</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">(each, a &#8220;John Hancock Adviser&#8221;)</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Funds, LLC</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Distributors, LLC,</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">each open-end and closed<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>end fund advised by a John Hancock Adviser</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">(the &#8220;John Hancock Affiliated Funds&#8221;), and</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Worldwide Investors, PLC</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">(together, called &#8220;John Hancock&#8221;)</div>

<div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">John Hancock is required by law to adopt a Code of Ethics<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> The purposes of a Code of Ethics are to ensure that companies and their &#8220;covered employees&#8221;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup></font>comply with all applicable laws and to prevent abuses in the investment advisory business that can arise when conflicts of interest exist between the employees of an investment advisor and its clients<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> By adopting and enforcing a Code of Ethics<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> we strengthen the trust and confidence entrusted in us by demonstrating that at John Hancock, client interests come first<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Code of Ethics (the &#8220;Code&#8221;) that follows represents a balancing of important interests<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> On the one hand<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> as registered investment advisers<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> the John Hancock Advisers owe a duty of undivided loyalty to their clients<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> and must avoid even the appearance of a conflict that might be perceived as abusing the trust they have placed in John Hancock. On the other hand<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> the John Hancock Advisers do not want to prevent conscientious professionals from investing for their own accounts where conflicts do not exist or that are immaterial to investment decisions affecting the John Hancock Advisers&#8217; clients<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">When conflicting interests cannot be reconciled<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> the Code makes clear that<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> first and foremost<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> covered employees owe a fiduciary duty to John Hancock clients<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> In most cases<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> this means that the affected employee will be required to forego conflicting personal securities transactions<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> In some cases<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> personal investments will be permitted<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> but only in a manner, which<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> because of the circumstances and applicable controls<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> cannot reasonably be perceived as adversely affecting John Hancock client portfolios or taking unfair advantage of the relationship John Hancock employees have to John Hancock clients<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Code contains specific rules prohibiting defined types of conflicts<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> Since every potential conflict cannot be anticipated by the Code<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> it also contains general provisions prohibiting conflict situations<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> In view of these general provisions<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> it is critical that any covered employee who is in doubt about the applicability of the Code in a given situation seek a determination from Code of Ethics Administration or the Chief Compliance Officer about the propriety of the conduct in advance<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">It is critical that the Code be strictly observed<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> Not only will adherence to the Code ensure that John Hancock renders the best possible service to its clients<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> it will help to ensure that no individual is liable for violations of law<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">It should be emphasized that adherence to this policy is a fundamental condition of employment at John Hancock. Every covered employee is expected to adhere to the requirements of the Code despite any inconvenience that may be involved<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> Any covered employee failing to do so may be subject to disciplinary action<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> including financial penalties and termination of employment in conjunction with the John Hancock Schedule of Fines and Sanctions or as determined by Ethics Oversight Committee<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: 10pt; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup> &#8220;Covered employees&#8221; includes all &#8220;access persons&#8221; as defined under Securities and Exchange Commission (&#8220;SEC&#8221;) Rule 17j-1</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">under the Investment Company Act of 1940<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> as amended (the &#8220;194<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font> Act&#8221;), and &#8220;supervised persons&#8221; as defined under SEC Rule 204A<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1 under the Investment Advisers Act of 194<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0,</font> as amended (the &#8220;Advisers Act&#8221;).</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Table of Contents</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Section 1: General Principles </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Section 2: To Whom Does This Code Apply? </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Access Person Designations</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Section 3: Which Accounts and Securities are Subject to the Code&#8217;s Personal <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Trading Restrictions? </font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">4</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Preferred Brokerage Account Requirements</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">6</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Section 4: Overview of Policies</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">7</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Section 5: Policies in the Code of Ethics</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">John Hancock Affiliated Funds Reporting Requirement and Holding Period</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pre</font>-<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">clearance Requirement of Securities Transactions </font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">9</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Pre-clearance of IPOs, Private Placements and Limited Offerings </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">9</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Pre-clearance of MFC securities</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">10</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Preclearance of Gifts and Donations of covered securities </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">10</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Pre-clearance Process</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">10</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Ban on Short</font>-<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Term Profits </font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">11</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Ban on IPOs </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">11</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Ban on Speculative Transactions in MFC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">12</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Ban on ownership of publicly traded securities of sub-advisers </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">12</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Ban on Restricted Securities</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">13</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Excessive Trading </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">13</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Disclosure of Private Placement Conflicts </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">13</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Seven Day Blackout Period</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">14</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Three Day Blackout Period</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">14</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Restriction on Securities under Active Consideration </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">15</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Exceptions</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">15</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">De Minimis Trading Rule</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">15</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Market Cap Securities Exception</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">15</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Trading in Exchange Traded Funds/Notes and Options on covered securities </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">15</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Section 6: Policies outside of the Code of Ethics </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">16</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">MFC Code of Business Conduct &amp; Ethics</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">16</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">John Hancock Gift &amp; Entertainment Policy</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">16</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">John Hancock Insider Trading Policy </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">17</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">John Hancock Whistleblower Policy </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">18</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Policy and Procedures Regarding Disclosure of Portfolio Holdings </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">18</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Section 7: Reports and Other Disclosures outside the Code of Ethics </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">19</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Broker Letter/Duplicate Confirm Statements </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">19</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Investment Professional Disclosure of Personal Securities Conflicts</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">19</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Section 8: Reporting Requirements and Other Disclosures inside the Code of Ethics </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">20</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Initial/Annual Brokerage Holdings Report</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">20</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Quarterly Brokerage Account &amp; Transaction Certification </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">20</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Annual Certification of Code of Ethics </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Reporting of Gifts</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Donations</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> and Inheritances </font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Section 9: Subadviser Compliance </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Adoption and Approval</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Subadviser Reporting &amp; Recordkeeping Requirements </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Section 10: Reporting to the Board</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Section 11: Reporting Violations</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Section 12: Interpretation and Enforcement </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Section 13: Exemptions &amp; Appeals </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Section 14: Education of Employees </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Section 15: Recordkeeping </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Appendix A: Access Person Categories</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Appendix B: Preferred Brokers List </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Appendix C: Pre</font>-<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">clearance Procedures </font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Appendix D: Other Important Policies Outside the Code</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Appendix E: Investment Professional Disclosure of Personal Securities Conflicts </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Appendix F: John Hancock Advisers Schedule of Fines and Sanctions </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Appendix G: Chief Compliance Officers and Code of Ethics Contacts </div>
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">General Principles</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Each covered person within the John Hancock organization is responsible for maintaining the very highest ethical standards when conducting our business.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">This means that:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">You have a fiduciary duty at all times to place the interests of our clients and fund investors first<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">All of your personal securities transactions must be conducted consistent with the provisions of the Code that apply to you and in such a manner as to avoid any actual or potential conflict of interest or other abuse of your position of trust and responsibility.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">You should not take inappropriate advantage of your position or engage in any fraudulent or manipulative practice (such as front<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>running or manipulative market timing) with respect to our clients&#8217; accounts or fund investors<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">You must treat as confidential any information concerning the identity of security holdings and financial circumstances of clients or fund investors<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">You must comply with all applicable federal securities laws, which, for purposes of the Code, means the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> any rules adopted by the SEC under any of these statutes<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> the Bank Secrecy Act as it applies to funds and investment advisers<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> and any rules adopted there under by the SEC or the Department of the Treasury.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">You must promptly report any violation of the Code that comes to your attention to the Chief Compliance Officer of your company &#8211; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">see Appendix F.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">It is essential that you understand and comply with the general principles<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> noted above, in letter and in spirit as no set of rules can anticipate every possible problem or conflict situation.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">As described in section 12: &#8220;Interpretation and Enforcement&#8221; on page 24 of the Code, failure to comply with the general principles and the provisions of the Code may result in disciplinary action<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> including termination of employment<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">To Whom Does This Code Apply?</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">This Code applies to you if you are:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a director<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> officer or other &#8220;Supervised Employee&#8221;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup></font>of a John Hancock Adviser;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">an interested director</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> officer or access person</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">3</sup></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">of John Hancock Funds</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> LLC</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> John Hancock Distributors</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> LLC</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> or a John Hancock open-end or closed</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">end fund registered under the 1940 Act and are advised by a John Hancock Adviser;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">4</sup></font></div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">an employee of Manulife Financial Corporation (&#8220;MFC&#8221;) or its subsidiaries who participates in making recommendations for<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> or receives information about<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> portfolio trades or holdings of the John Hancock Affiliated Funds<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> The preceding excludes John Hancock Asset Management (U.S.) and John Hancock Asset Management (N.A.)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> and Declaration Management and Research<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> LLC each of whom have adopted their own code of ethics in accordance with Rule 204A<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1 under the Advisers Act<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Please note that if a policy described below applies to you, it also applies to all accounts over which you have a beneficial interest<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> Normally, you will be deemed to have a beneficial interest in your personal accounts<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> those of a spouse, "significant other," minor children or family members sharing the same household, as well as all accounts over which you have discretion or give advice or information. &#8220;Significant others&#8221; are defined for these purposes as two people who (1) share the same primary residence; (2) share living expenses; and (3) are in a committed relationship and intend to remain in the relationship indefinitely.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">There are three categories for persons covered by the Code, taking into account their positions<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> duties and access to information regarding fund portfolio trades<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> You have been notified about which of these categories applies to you, based on Code of Ethics Administration&#8217;s understanding of your current role. If you have a level of investment access beyond your assigned category<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> or if you are promoted or change duties and as a result should more appropriately be included in a different category, it is your responsibility to notify Code of Ethics Administration.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>Access Person Designations: </u></font>The basic definitions of three categories<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> with examples<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> are provided below. The more detailed definitions of each category are attached as <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Appendix A.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: 10pt; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup>&#160; A &#8220;Supervised Employee&#8221; is defined by the Advisers Act to mean a partner<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> officer<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> director (or other person occupying a similar status or performing similar functions) or employee<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> as well as any other person who provides advice on behalf of the adviser and is subject to the adviser&#8217;s supervision and control<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> However, in reliance on the Prudential no<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>action letter<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> John Hancock does not treat as a &#8220;Supervised Employee&#8221; any of its &#8220;non-advisory personnel&#8221;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> as defined below<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">In reliance on the Prudential no-action letter, John Hancock treats as an &#8220;Advisory Person&#8221; any &#8220;Supervised Employee&#8221; who is involved<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> directly<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> or indirectly<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> in John Hancock Financial Services investment advisory activities<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> as well as any &#8220;Supervised Employee&#8221; who is an &#8220;Access Person.&#8221; John Hancock treats as &#8220;non<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>advisory personnel&#8221;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> and does not treat as a &#8220;Supervised Person&#8221;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> those individuals who have no involvement<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> directly or indirectly<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> in John Hancock investment advisory activities<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> and who are not &#8220;Access Persons.&#8221;</div>
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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: 10pt; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">3</sup>&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">You are an &#8220;Access Person&#8221; if you are a &#8220;Supervised Person&#8221; who has access to non<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>public information regarding any client&#8217;s purchase or sale of securities<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> or non<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>public information regarding the portfolio holdings of any John Hancock Affiliated Fund<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> or who is involved in making securities recommendations to clients<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> or who has access to such recommendations that are non-public.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: 10pt; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">4</sup>&#160; Disinterested Trustees of John Hancock open<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>end and closed-end funds registered under the 194<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font> Act and advised by a John Hancock Adviser are subject to a separate Code of Ethics adopted by the Board of Trustees.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#8220;Access Level I&#8221;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Investment Access</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#8220;Access Level II&#8221;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Regular Access</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#8220;Access Level III&#8221;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Periodic Access</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 9.35pt">A person who, in connection with his/her regular functions or duties<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> makes or participates in making recommendations regarding the purchase or sale of securities by the Fund or account.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>Examples</u></font>:</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Portfolio Managers</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Analysts</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Traders</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 7.05pt">A person who, in connection with his/her regular functions or duties<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> has regular access to nonpublic information regarding any clients' purchase or sale of securities<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> or nonpublic information regarding the portfolio holdings of any John Hancock Affiliated Fund or who is involved in making securities recommendations to clients, or who has regular access to such recommendations that are nonpublic.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><u>Examples:</u></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 34.25pt; TEXT-INDENT: -27pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Office of the Chief Compliance Officer</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Fund Administration</font></div>

<div style="TEXT-ALIGN: left; MARGIN-RIGHT: 12.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Investment Management Services<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font></font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Administrative Personnel for Access Level I Persons</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Technology Resources Personnel</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Private Client Group Personnel</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Legal Staff</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 7.1pt">A person who, in connection with his/her regular functions or duties<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> has periodic access to nonpublic information regarding any clients' purchase or sale of securities<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> or nonpublic information regarding the portfolio holdings of any John Hancock Affiliated Fund.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><u>Examples:</u></div>

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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8226;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 23.1pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Marketing</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8226;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 23.1pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Product Development</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8226;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 23.1pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">E<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>Commerce</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8226;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 23.1pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Corporate Publishing</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Administrative Personnel for Access Level II Persons</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">So Designated Technology Resources Personnel</font></div>
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Which Accounts and Securities are Subject to the Code&#8217;s Personal Trading Restrictions</font>?</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">If the Code describes &#8220;Personal Trading Requirements&#8221; (i.e., John Hancock Mutual Fund reporting requirement and holding period, the pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance requirement<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> the ban on short-term profits<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> the ban on IPOs<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> the disclosure of private placement conflicts and the reporting requirements) that apply to your access category as described above, then the requirements apply to trades for any account in which you have a beneficial interest<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> Normally, this includes your personal accounts<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> those of a spouse, "significant other," minor children or family members sharing your household, as well as all accounts over which you have discretion or give advice or information. This includes all brokerage accounts that contain securities <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">(including brokerage accounts that only contain securities exempt from reporting</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> e.g</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">.,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> brokerage accounts holding shares of non</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> affiliated mutual funds)</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">This also includes all accounts holding John Hancock Affiliated Funds as well as accounts in the MFC Global Share Ownership Plan.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Accounts over which you have no direct or indirect influence or control are exempt<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> To prevent potential violations of the Code, you are strongly encouraged to request clarification for any accounts that are in question.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">These personal trading requirements do not apply to the following securities:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Direct obligations of the U.S. government (e.g<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.,</font> treasury securities) and indirect obligations of the U.S. government having less than one year to maturity;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Bankers&#8217; acceptances<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> bank certificates of deposit<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> commercial paper<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> and high quality short-term debt obligations<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> including repurchase agreements;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Shares issued by money market funds and all other open-end mutual funds registered under the 1940 Act that are not advised or subadvised by a John Hancock Adviser or another Manulife entity<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">5</font>;</div>
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<div><br>
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<div style="TEXT-ALIGN: justify">
<table id="zc053bb2af5a649d294cadcf023b1a1d0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Commodities and options and futures on commodities;</div>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf659d06d538a46b3bfe43604cbc0561e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Swaps on commodities; and</div>
</td>
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</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zeb793874d3524dfa92c6e570d2f745bc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Securities in accounts over which you have no direct or indirect influence or control. For discretionary accounts this is defined as:</div>
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<div style="TEXT-ALIGN: justify">
<table id="z23cae81b82b444a490c17d4777109905" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Not being able to suggest that the trustee or third-party discretionary manager make any particular purchases or sales of securities;</div>
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<table id="zaf137e86e1ef41eb85ab4d607743f6e1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Not being able to direct the trustee or third-party discretionary manager to make any particular purchases or sales of securities; and</div>
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<table id="z6d17bcb0ba6e4dbbab090b2373677c2f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">3)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">You did not consult with the trustee or third-party discretionary manager as to the particular allocation of investments to be made in your account.</div>
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<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Except as noted above, the Personal Trading Requirements apply to all securities, including:</div>

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<div style="TEXT-ALIGN: justify">
<table id="zdd0438bbc17b4aafa454cd321237ea2f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Stocks; including MFC Shares held in your Global Share Ownership Plan</div>
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<div><br>
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<div style="TEXT-ALIGN: justify">
<table id="zf3d6c716ceb442a1a09537ca96b2a85c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Bonds;</div>
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<div style="TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">4</font></div>

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<div style="TEXT-ALIGN: justify">
<table id="zb578e5d114d840de88b5b68e81e541e0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Government securities that are not direct obligations of the U.S. government<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> such as Fannie Mae, or municipal securities<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> in each case that mature in more than one year;</div>
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<div><br>
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<div style="TEXT-ALIGN: justify">
<table id="z036ccf03fae641eab07567b7e1def3ce" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">John Hancock Affiliated Funds;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">5</sup></font></div>
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<div><br>
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<div style="TEXT-ALIGN: justify">
<table id="zca47fe84ce6e4ba0946ed516dd1e480b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Closed<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>end funds;</div>
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<div><br>
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<div style="TEXT-ALIGN: justify">
<table id="z7ecb189876bb44d4a7e59f8df52c3431" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Options on securities<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> on indexes<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> and on currencies;</div>
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<div><br>
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<div style="TEXT-ALIGN: justify">
<table id="zb9aabf0d6c694d3ea3aa2d860266efee" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Swaps on securities<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> on indexes<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> and on currencies;</div>
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<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfa7ccd96a626471a8ed2674e79a2a126" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Limited partnerships;</div>
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<div><br>
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<div style="TEXT-ALIGN: justify">
<table id="z2fe87f8900434e0bb6da275d26a8fcd4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Exchange traded funds and notes;</div>
</td>
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<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zff378949f13342039cf2fe7c248caaad" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Domestic unit investment trusts;</div>
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<div><br>
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<div style="TEXT-ALIGN: justify">
<table id="za7546ca23a924636a594937bbfe6af83" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Non-US unit investment trusts and Non<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>US mutual funds;</div>
</td>
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<div><br>
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<div style="TEXT-ALIGN: justify">
<table id="zb90c9bbfec4d49eaa49cba345c2e1239" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Private investment funds and hedge funds; and</div>
</td>
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<div><br>
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<div style="TEXT-ALIGN: justify">
<table id="zbcd95526000c4389b4820d2661bf6700" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Futures<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> investment contracts or any other instrument that is considered a &#8220;security&#8221; under the Securities Act of 1933.</div>
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<div>&#160;</div>

<div>
<hr style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; WIDTH: 25%; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
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<div>
<table id="z5e0443b272e74b63a64cd09b19c92597" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 9pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: 10pt; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">5</sup></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Different requirements apply to shares of John Hancock Affiliated Funds<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> See the section titled &#8220;Reporting Requirement and Holding Period for positions in John Hancock Affiliated Funds&#8221; on page 7 of this Code<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> A list of Affiliated Funds can be found within the document section of your employee work center on the Personal Trade Control Center System (PTCC)</div>
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<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">5</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><u>Preferred Brokerage Account Requirements:</u></div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">This rule applies to new access persons commencing employment after January 1, 2008, plus any new brokerage accounts established by existing access persons.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">While employed by John Hancock, you must maintain your accounts at one of the preferred brokers approved by John Hancock. Please find the list of preferred brokers in <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Appendix B</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exceptions: </font>With approval from Code of Ethics Administration, you can maintain a brokerage account at a broker-dealer other than the ones listed above if any of the following applies:</div>

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<div style="TEXT-ALIGN: justify">
<table id="z0e30c1e34f2d451085760cb117b4ec41" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">it contains only securities that can't be transferred;</div>
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<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z716c22202fa1486981b75354fd757069" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">it exists solely for products or services that one of the above broker/dealers cannot provide;</div>
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<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd303fe2c0c084523aeacecc59f7e43de" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">it exists solely because your spouse's or significant other&#8217;s employer also prohibits external covered accounts;</div>
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</div>

<div style="TEXT-ALIGN: justify">
<table id="zdf3c1c83084c46bc81f91fb9d517a72c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">it is managed by a third<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>party registered investment adviser;</div>
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<div><br>
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<div style="TEXT-ALIGN: justify">
<table id="z411136b4b3ef4073a18c334082e7c8e2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">it is restricted to trading interests in non-Hancock 529 College Savings Plans;</div>
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</div>

<div style="TEXT-ALIGN: justify">
<table id="z8ecd4c9e86124ea490c20c2cc81f098c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">it is associated with an ESOP (employee stock option plan) or an ESPP (employee stock purchase plan) in which a related covered person is the participant;</div>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze2f33fe4c9244a5f87e4ac3778d0f374" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">it is required by a direct purchase plan, a dividend reinvestment plan, or an automatic investment plan with a public company in which regularly scheduled investments are made or planned;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf955647436d2413cb921a0820154c433" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">it is required by a trust agreement;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z514fb884d4984f608d81ae0a4e506b06" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">it is associated with an estate of which you are the executor, but not a beneficiary<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> and your involvement with the account is temporary; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z596f0d2ac9054cf4a45e8ad0601378d4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">transferring the account would be inconsistent with other applicable rules<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">What do I need to do to comply?</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Upon designation as an Access Person<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> you have 45 calendar days to (i) qualify any non-compliant account as an exempt account or (ii) transfer all assets to a preferred broker and close the non<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font> compliant <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">account. </font>You will need to contact Code of Ethics Administration to obtain an exemption request form to submit a request for permission to maintain a brokerage account with a broker/dealer not on John Hancock&#8217;s preferred broker list<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">6</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: right">
<table id="z8b2039c3f463487a9f029fcb5030db27" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 27pt; align: right">4)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: auto">
<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Overview of Policies</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table id="z1240b54da7fe4ec2bd83b35512adbd03" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 95%" cellspacing="0" cellpadding="4" align="left" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%; BACKGROUND-COLOR: #818181">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: bold; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #818181">
<div>Access Level</div>

<div>I Person</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #818181">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Access Level</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">II Person</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #818181">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Access Level</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">III Person</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">General principles</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 14pt">Reporting requirement and holding period for positions in John Hancock Affiliated Funds</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance requirement</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Limited</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 28.1pt">Pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance requirement for initial public offerings (&#8220;IPOs&#8221;)</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Prohibited</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 52.8pt">Pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance requirement on private placements/ limited offerings</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Ban on IPOs</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">No</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">No</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Ban on short<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>term profits</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">No</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Fund trade blackout period rule</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">No</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Ban on speculative trading in MFC stock</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #a7a8a7">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #a7a8a7">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #a7a8a7">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 54.4pt">Ban on ownership of publicly traded subadvisers and controlling parent</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">No</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Reporting of gifts<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> donations<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> and inheritances</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Duplicate confirms &amp; statements</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Initial &amp; annual certification of the Code</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Initial &amp; annual holdings reporting</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Quarterly personal transaction reporting</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Disclosure of private placement conflicts</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">No</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">No</div>
</td>
</tr>

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<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">MFC Code of Business Conduct &amp; Ethics</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
</tr>

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<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 8.1pt">John Hancock Gift &amp; Entertainment Policy for the Advisers</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">John Hancock Insider Trading Policy</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Yes</div>
</td>
</tr>
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</div>

<div style="CLEAR: both">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">7</font></div>

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</div>
</div>

<div style="TEXT-ALIGN: left">
<table id="z0f9a8f14e5344b0c889f8016456cafc2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 95%" cellspacing="0" cellpadding="4" align="left" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">John Hancock Whistleblower Policy</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 5.1pt">Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 5.1pt">Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 5.1pt">Yes</div>
</td>
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<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Policy and Procedures Regarding Disclosure of Portfolio Holdings</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 5.1pt">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 5.1pt">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 5.1pt">Yes</div>
</td>
</tr>

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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 53%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Investment Professional Personal Security Ownership Disclosure</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 14%; BACKGROUND-COLOR: #9a9a9a">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 5.1pt">Yes</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 14%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 5.1pt">No</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 14%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 5.1pt; MARGIN-RIGHT: 6.7pt">No</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; CLEAR: both">&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z1934ecedd648456ca7da62b6a9a99f83" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 27pt; align: right">5)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Policies in the Code of Ethics</div>
</td>
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</table>
</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>John Hancock Affiliated Funds Reporting Requirement and Holding Period</u></div>

<div><br>
</div>

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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">All Access Levels</div>
</td>
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<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">You must follow the reporting requirement and the holding period requirement specified below if you purchase either:</div>

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</div>

<div style="TEXT-ALIGN: justify">
<table id="zac5125b8015c4b18ab0bcf33e7788ec5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a &#8220;John Hancock Mutual Fund&#8221; (i.e., a 194<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font> Act mutual fund that is advised or sub<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>advised by a John Hancock Adviser or by another Manulife entity); or</div>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z721df007f9fa42b5891da2374a58626f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a &#8220;John Hancock Variable Product&#8221; (i.e., contracts funded by insurance company separate accounts that use one or more portfolios of John Hancock Variable Insurance Trust)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The reporting requirement and the holding period requirement for positions in John Hancock Affiliated Funds do not include John Hancock money market funds and any dividend reinvestment<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> payroll deduction, systematic investment/withdrawal and/or other program trades<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Reporting Requirement: </font>You must report your holdings and your trades in a John Hancock Affiliated Fund held in an outside brokerage account. This is not a pre-clearance requirement&#8212;you can report your holdings after you trade by submitting duplicate confirmation statements to Code of Ethics Administration. You must also make sure that your holdings in a John Hancock Affiliated Fund are included in your Initial Holdings Report (upon hire or commencement of access designation).</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">If you purchase a John Hancock Variable Product<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> you must notify Code of Ethics Administration of your contract or policy number<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Code of Ethics Administration will rely on the operating groups of the John Hancock Affiliated Funds for administration of trading activity, holdings and monitoring of market timing policies;. i.e. John Hancock Signature Services, Inc. and the contract administrators supporting the John Hancock variable products, for the retail mutual funds and registered insurance products, respectively.</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Holding Requirement:&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">You cannot profit from the purchase and sale of a John Hancock Mutual </font>Fund within 30 calendar days. The purpose of this policy is to address the risk, real or perceived, of manipulative market timing or other abusive practices involving short-term personal trading in the John Hancock Affiliated Funds. Any profits realized on short-term trades must be surrendered by check payable to John Hancock Advisers, LLC, which will be contributed to a charity of its choice. <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">You may request an exemption from this policy for involuntary sales due to unforeseen corporate&#160;activity (such as a merger)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> or for sales due to hardship reasons (such as unexpected medical expenses) by sending an e-mail to the Chief Compliance Officer of your company.</font></div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">8</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">A list of Affiliated Funds can be found within the document section of your employee work center on the Personal Trade Control Center System (PTCC)</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Pre</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>-</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>clearance Requirement of Securities Transactions</u></font></div>

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<table id="z437110f1255a4558a9b2682da3572a5e" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Access Level I Persons<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> Access Level II Persons</div>
</td>
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<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cdcdcd" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Also<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> for a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>limited category of trades</u></font>:</div>
</td>
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<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cdcdcd" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: center">Access Level III Persons</div>
</td>
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</table>

<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Access Level I Persons and Access Level II Persons: </font>If you are an Access Level I Person or Access Level II Person, you must &#8220;pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clear&#8221; (i.e., receive advance approval of) any personal securities transactions in the categories described in section 3: &#8220;Which Accounts and Securities are Subject to the Code&#8217;s Personal Trading Restrictions&#8221; on page 4 of the Code.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Due to this pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance requirement<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> participation in investment clubs and special orders, such as &#8220;good until canceled orders&#8221; and &#8220;limit orders<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font>&#8221; are prohibited.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Place day orders only, i<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font>e., orders that automatically expire at the end of the trading session. Be sure to check the status of all orders at the end of the trading day and cancel any orders that have not been executed<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> If any Access Person leaves an order open and it is executed the next day (or later)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> the transaction will constitute a violation of the Code by the Access Person<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font>&#160; The only exception to the prohibition on limit orders noted above would be a limit order that is also a day order.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Limited Category of Trades for Access Level III Persons: </font>If you are an Access Level III Person, you must pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clear transactions in securities of any closed-end funds and exchange traded funds advised by a John Hancock Adviser, as well as transactions in IPOs, private placements and limited offerings. An Access level III Person is not required to pre-clear other trades. However, please keep in mind that an Access level III Person is required to report covered securities transactions after every trade (even those that are not required to be pre-cleared) by requiring your broker to submit duplicate confirmation statements, as described in section 7: &#8220;Reports and Other Disclosures outside the Code of Ethics.&#8221;</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Pre</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">clearance of IPOs, Private Placements and Limited Offerings </font>Pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance requests for these securities require some special considerations&#8212;the decision will take into account whether<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> for example: (1) the investment opportunity should be reserved for John Hancock clients; and (2) is it being offered to you because of your position with John Hancock. A separate procedure should be followed for requesting pre-clearance on these securities.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">9</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance of MFC securities:</div>

<div>&#160;</div>

<table id="z8efda38e1a7849ac8214704cc126e335" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Access Level I Persons<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> Access Level II Persons</div>
</td>
</tr>
</table>

<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">All personal transactions in MFC securities including stock, company issued options<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> sell transactions in the MFC Global Share Ownership Plan, and any other securities such as debt must be pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>cleared.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Preclearance of Gifts and Donations of covered securities:</div>

<div>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Access Level I Persons<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> Access Level II Persons</div>
</td>
</tr>
</table>

<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">If you gift or donate shares of a reportable security it is considered a sale and you must receive preclearance approval. You must also ensure that the transaction is properly reported on your next quarterly transaction certification<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">If denied, relief may be available with appeal to Code of Ethics Administration.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance Process:</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">You may pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clear a trade through the Personal Trading Control Center (PTCC) System<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Please note that:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="z3ccc6b87de8e4dcf9ce7e3b8e24d71b0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">You may not trade until clearance approval is received.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="ze84fd0f5c6e341558ac24384472072bf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Clearance approval is valid only for the date granted (i.e. the pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance requested date and the trade date should be the same)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="za02b78189b3f493a8260ae19be7eaf80" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A separate procedure should be followed for requesting pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance of an IPO<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> a private placement, or a limited offering in PTCC.</div>
</td>
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</table>
</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Code of Ethics Administration must maintain a five<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>year record of all pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearances of private placement purchases by Access Level I Persons<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> and the reasons supporting the clearances<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance policy is designed to proactively identify potential &#8220;problem trades&#8221; that raise front-running, manipulative market timing or other conflict of interest concerns (example: when an Access Level II Person trades a security on the same day as a John Hancock Affiliated Fund)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Certain transactions in securities that would normally require pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance are exempt from the pre- clearance requirement in the following situations: (1) shares are being purchased as part of an automatic investment plan; (2) shares are being purchased as part of a dividend reinvestment plan; or (3) transactions are being made in an account over which you have designated a third party as having sole discretion to trade (you must have approval from the Chief Compliance Officer to establish a discretionary account).</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">10</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Ban on Short</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>-</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Term Profits</u></font></div>

<div>&#160;</div>

<table id="z46ff76de68c34526a0b9345b5d53083b" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Access Level I Persons<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> Access Level II Persons</div>
</td>
</tr>
</table>

<div style="CLEAR: both"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">If you are an Access Level I Person or Access Level II Person<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> you cannot profit from the purchase and sale (or sale and purchase) of the same (or equivalent) securities within 6<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font> calendar days. This applies to any personal securities trades in the categories described in section 3: &#8220;Which Accounts and Securities are Subject to the Code&#8217;s Personal Trading Restrictions&#8221; on page 4 of the Code, except for personal security trades of John Hancock Affiliated Funds which you cannot profit from within 30 days<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">You may invest in derivatives<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> excluding certain equity options on MFC securities or sell short provided the transaction period exceeds the 60<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>day holding period</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 5pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Remember<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> if you donate or gift a security, it is considered a sale and is subject to this rule.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 5pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">This restriction does not apply to trading within a sixty calendar day period if you do not realize a profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The purpose of this policy is to address the risk, real or perceived, of front-running, manipulative market timing or other abusive practices involving short-term personal trading. Any profits in excess of $100.00 realized on short-term trades must be surrendered by check payable to John Hancock Advisers<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> LLC<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> which will be contributed to a charity of its choice</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">You may request an exemption from this policy for involuntary sales due to unforeseen corporate activity (such as a merger)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> or for sales due to hardship reasons (such as unexpected medical expenses) from Code of Ethics Administration. In addition, transactions in securities with the following characteristics will typically be granted an exemption from this provision.</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Market Cap Securities Exception: </font>Pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance requests in a security with a market capitalization of $5 billion or more would in most cases not be subject to the Ban on Short Term Profits because management has determined that transactions in these types of companies do not typically present any conflict of interest to the John Hancock Affiliated Funds<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Ban on IPOs</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div>
<table id="zacf79321bfba48689c49c4bafacc70ea" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Access Level I Persons</div>
</td>
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</div>

<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">If you are an Access Level I Person<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> you may not acquire securities in an IPO<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> You may not purchase any newly<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>issued securities until the next business (trading) day after the offering date. This applies to any personal securities trades in the categories described above in section 3: &#8220;Which Accounts and Securities are Subject to the Code&#8217;s Personal Trading Restrictions.&#8221;</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">There are two main reasons for this prohibition: (1) these purchases may suggest that persons have taken inappropriate advantage of their positions for personal profit; and (2) these purchases may create at least the appearance that an investment opportunity that should have been available to the John Hancock Affiliated Funds was diverted to the personal benefit of an individual employee.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">
<hr style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; WIDTH: 25%; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">11</font></div>

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</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">You may request an exemption for certain investments that do not create a potential conflict of interest<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> such as: (1) securities of a mutual bank or mutual insurance company received as compensation in a demutualization and other similar non-voluntary stock acquisitions; (2) fixed rights offerings; or (3) a family member&#8217;s participation as a form of employment compensation in their employer&#8217;s IPO<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Ban on Speculative Transactions in MFC</u></div>

<div><br>
</div>

<table id="zf55bb102354548c08a96f806ec3a839f" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">All Access Levels</div>
</td>
</tr>
</table>

<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">All covered employees under this code are prohibited from engaging in speculative transactions involving securities of MFC<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> since these transactions might be seen as evidencing a lack of confidence in, and commitment to, the future of MFC or as reducing the incentive to maximize the performance of MFC and its stock price. Accordingly, all covered employees<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> as well as their family members<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> are prohibited from entering into any transaction involving MFC securities for their personal account which falls into the following categories:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: right">
<table id="z8cd03ba99fe446caa0471447b91bbaa6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 45pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">1.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Short sales of MFC securities</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: right">
<table id="z5f6abc145a664181b2f976ee3b7dc4c9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">2.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Buying put options or selling call options on MFC securities</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Ban on ownership of securities of subadvisers</u></div>

<div><br>
</div>

<table id="z1bf35de173354e8da98e73fbdbffc54e" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 45%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Access Level I and Access Level II Persons</div>
</td>
</tr>
</table>

<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">As an Access Level I or Access Level II Person you are prohibited from purchasing securities of any subadviser of a John Hancock Affiliated Fund. This list will be maintained on PTCC.</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">MFC securities are excluded from this prohibition for Access Level I &amp; Access Level II Persons.</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">12</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><u>Ban on Restricted Securities</u></div>

<div><br>
</div>

<table id="zda890d1534a04adaa15fce0d7392a342" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">Applies to:</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 45%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">All Access Levels</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">No pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance will be approved for securities appearing on the John Hancock Restricted List<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> Securities are placed on the Restricted List if:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z45949360da7843fd95253182028dac82" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">John Hancock or a member of John Hancock has received material non-public inside information on a security or company; or</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze311cb3902ac498abf53cc973c6a434b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">In the judgment of the Legal Department<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> or Chief Compliance Officer circumstances warrant addition of a security to this list</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Restricted List is a confidential list of companies that is maintained for those access persons subject to this Code after taking into consideration the applicability of other restricted lists among the affiliated advisers<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><u>Excessive Trading</u></div>

<div><br>
</div>

<table id="za627d159b9c04e9dafb8cbefa947f3de" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">Applies to:</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 45%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">All Access Levels</div>
</td>
</tr>
</table>

<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">While active personal trading may not in and of itself raise issues under applicable laws and regulations<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> we believe that a very high volume of personal trading can be time consuming and can increase the possibility of actual or apparent conflicts with portfolio transactions<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> Accordingly, an unusually high level of personal trading activity is strongly discouraged and may be monitored by Code of Ethics Administration to the extent appropriate for the category of person, and a pattern of excessive trading may lead to the taking of appropriate action under the Code.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">An Access Person effecting more than 45 trades in a quarter<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> or redeeming shares of a John Hancock Affiliated Fund within 30 days of purchase, should expect additional scrutiny of his or her trades and he or she may be subject to limitations on the number of trades allowed during a given period.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><u>Disclosure of Private Placement Conflicts</u></div>

<div>&#160;</div>

<div>
<table id="zd0dcdb75f4b5450a818a8b691fb13406" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">Applies to:</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 45%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">Access Level I Persons</div>
</td>
</tr>
</table>
</div>

<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">If you are an Access Level I Person and you own securities purchased in a private placement<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> you must disclose that holding when you participate in a decision to purchase or sell that same issuer&#8217;s securities for a John Hancock Affiliated Fund. This applies to any private placement holdings in the categories described above in section 3: &#8220;Which Accounts and Securities are Subject to the Code&#8217;s Personal Trading Restrictions&#8221; on page 4 of the Code. Private placements are securities exempt from SEC registration under section 4(2)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> section 4(6) and/or rules 504 &#8211;506 under the Securities Act<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The investment decision must be subject to an independent review by investment personnel with no personal interest in the issuer<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> The purpose of this policy is to provide appropriate scrutiny in situations in which there is a potential conflict of interest<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">13</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Seven Day Blackout Period</u></div>

<div><br>
</div>

<table id="ze9558efa4cc543cca4ed248c7c4e765d" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 45%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Access Level I Persons</div>
</td>
</tr>
</table>

<div style="CLEAR: both"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">An Access Level I Person is prohibited from buying or selling a security within seven calendar days before and after that security is traded for a fund that the Person manages unless no conflict of interest exists in relation to that security as determined by Code of Ethics Administration<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> If a conflict exists<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> Code of Ethics will report conflict to Ethics Oversight Committee for review.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In addition, Access Level I Persons are prohibited from knowingly buying or selling a security within seven calendar days before and after that security is traded for a John Hancock Affiliated Fund unless no conflict of interest exists in relation to that security. This applies to any personal securities trades in the categories described above in section 3: &#8220;Which Accounts and Securities are Subject to the Code&#8217;s Personal Trading Restrictions&#8221; on page 4 of the Code. If a John Hancock Affiliated Fund trades in a security within seven calendar days before or after an Access Level I Person trades in that security, the Person may be required to demonstrate that he or she did not know that the trade was being considered for that John Hancock Affiliated Fund.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">You will be required to sell any security purchased in violation of this policy unless it is determined that no conflict of interest exists in relation to that security (as determined by Code of Ethics Administration Any profits realized on trades determined by Code of Ethics Administration to be in violation of this policy must be surrendered by check payable to John Hancock Advisers<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> LLC<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> which will be contributed to a charity of its choice.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Three Day Blackout Period</u></div>

<div><br>
</div>

<table id="z7e355d44b56a4b6296cde0d1c3b766f6" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 45%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Access Level II Persons</div>
</td>
</tr>
</table>

<div style="CLEAR: both"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">An Access Level II Person is prohibited from knowingly buying or selling a security within three calendar days before and after that security is traded for a John Hancock Affiliated Fund unless no conflict of interest exists in relation to that security as determined by Code of Ethics Administration which essentially requires the access person to demonstrate that they were not aware of the trade being considered for the John Hancock Affiliated Fund. If a conflict exists<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> Code of Ethics will report the conflict to the CCO or his or her designee. The CCO will then determine if the matter should be brought to the attention of the Ethics Oversight Committee<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font>for review.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">This applies to any personal securities trades in the categories described above in section 3: &#8220;Which Accounts and Securities are Subject to the Code&#8217;s Personal Trading Restrictions&#8221; on page 4 of the Code. </div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">14</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">You will be required to sell any security purchased in violation of this policy unless it is determined that no conflict of interest exists in relation to that security as determined Code of Ethics Administration. Any profits realized on trades determined to be in violation of this policy must be surrendered by check payable to John Hancock Advisers<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> LLC<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> which will be contributed to a charity of its choice.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>R</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>estriction on Securities under Active Consideration</u></font></div>

<div><br>
</div>

<table id="zff26db2c9a2a442a8bd77dc56b5be459" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 45%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Access Level I &amp; Access Level II Persons</div>
</td>
</tr>
</table>

<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Access Level I Persons and Access Level II Persons are prohibited from buying or selling a security if the security is being actively traded by a John Hancock Affiliated Fund.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Exceptions:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Personal Trading and Reporting System will utilize the following exception criteria when determining approval or denial of pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearances requests:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">De Minimis Trading Rule: </font>Pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance requests for 500 shares or less of a particular security with a market value of $25,000.00 or less<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> aggregated daily, would<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> in most cases<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> not be subject to the blackout period restrictions and the restriction on actively traded securities because management has determined that transactions of this size do not typically present any conflict of interest as long as the requestor is not associated with the conflicting fund or account<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Market Cap Securities Exception: </font>Pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance requests in a security with a market capitalization of $5 billion or more would not be subject to the blackout period restrictions and the restriction on actively traded securities as management has determined that transactions in these types of companies do not typically present (except where another conflict occurs, such as front running) any conflict of interest as long as the requestor is not associated with the conflicting fund or account<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><u>Trading in Exchange Traded Funds/Notes and Options on Covered Securities</u></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Exchange Traded Funds, Exchange Traded Notes and Options on covered securities are required to receive pre-clearance approval prior to trading. However, if the Exchange Traded Fund/Note or Option has an average market capitalization of $5 billion or more; or is based on a non-covered security; or is based on one of the following broad-based indices it will be treated as a market cap exception security, in each case provided it is not a John Hancock Affiliated Fund.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6468308488ed4e68a9527a8afac2f419" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">the S&amp;P 100, S&amp;P Midcap 400, S&amp;P 500, FTSE 100, and Nikkei 225;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z229bc89459dc478c81a984e825f44bca" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Direct obligations of the U.S. Government (e.g., treasury securities)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z320bb5e75b4a4b6da0c195b0fa755183" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Indirect obligations of the U.S. Government with a maturity of less than 1 year (GNMA)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z730feaad6c11422aa5ae3fbeff212572" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Commodities;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3753f020f4924b5b8ae2457e8b864ce6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Foreign currency</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">15</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left">
<table id="za3635db5b5b4458ebdca830d8350c0ff" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 27pt; align: right">6)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Policies Outside of the Code of Ethics</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The John Hancock Affiliated Funds have certain policies that are not part of the Code, but are equally important:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><u>MFC Code of Business Conduct &amp; Ethics</u></div>

<div><br>
</div>

<table id="z28f0f77dfc19466f8a4d92e557ef2277" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">Applies to:</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 45%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">All Covered Employees</div>
</td>
</tr>
</table>

<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The MFC Code of Business Conduct and Ethics (the &#8220;MFC Code&#8221;) provides standards for ethical behavior when representing the Company and when dealing with employees<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> field representatives<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> customers<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> investors<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> external suppliers<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> competitors<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> government authorities and the public.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The MFC Code applies to directors<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> officers and employees of MFC<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> its subsidiaries and controlled affiliates<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> Sales representatives and third-party business associates are also expected to abide by all applicable provisions of the MFC Code and adhere to the principles and values set out in the MFC Code when representing Manulife to the public or performing services for<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> or on behalf of<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> Manulife.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Other important issues in the MFC Code include:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z800d21771d7543a698fe347b2b3e1509" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">MFC values &#8211; P<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font>R<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font>I<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font>D.E.;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc19eb69e3b1e4ff1a3f36664c8210905" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Ethics in workplace;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2130ff3338094cfda5000e3973f258ad" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Ethics in business relationships;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7463c88659cd47448a10108ef4790c0e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Misuse of inside information;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6ace0b426d634b21945bf17dd43cd196" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Receiving or giving of gifts<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> entertainment or favors;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze10e9cdfcc144c9a9f101658a8324a1c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Misuse or misrepresentation of your corporate position;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3462dee8548a47369cfb0cf77d35f08c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Disclosure of confidential or proprietary information;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcc7f991e13f94d69ab72738b8a8c66cf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Disclosure of outside business activities;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf229787c79984a91b3b8cc9158a2c5d4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Antitrust activities; and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0041034e37974ee7be45583acc0664b0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Political campaign contributions and expenditures relating to public officials<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>John Hancock Gift &amp; Entertainment Policy</u></div>

<div><br>
</div>

<table id="z9092530401a3469ab1d92e47c367d9cc" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 45%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">All Covered Employees</div>
</td>
</tr>
</table>

<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">You are subject to the Gift and Entertainment Policy for the John Hancock Advisers which is designed to prevent the appearance of an impropriety, potential conflict of interest or improper payment<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The Gift &amp; Entertainment Policy covers many issues relating to giving and accepting of gifts and entertainment when dealing with business partners<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> such as:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">16</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left">
<table id="zc08ab4cfd74345deb5482d633756f3d7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Gift &amp; Business Entertainment Limits</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z69f62c3880ab4c8b8b3eee901e37c370" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Restrictions on Gifts &amp; Entertainment</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z382a6d1090c5435aaa033fbb636fae9c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Reporting of Gifts &amp; Entertainment</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>John Hancock Insider Trading Policy</u></div>

<div><br>
</div>

<table id="z78593f4001c74f7dad9c47c65d04faab" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 45%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">All Covered Employees</div>
</td>
</tr>
</table>

<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The antifraud provisions of the federal securities laws generally prohibit persons with material non<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font> public information from trading on or communicating the information to others<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> Sanctions for violations can include civil injunctions<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> permanent bars from the securities industry, civil penalties up to three times the profits made or losses avoided, criminal fines and jail sentences<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> While Access Level I Persons are most likely to come in contact with material non-public information, the rules (and sanctions) in this area apply to all persons covered under this code and extend to activities both related and unrelated to your job duties<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The John Hancock Insider Trading Policy (the &#8220;Insider Trading Policy&#8221;) covers a number of important issues<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> such as:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zd05942f784c44b74b9a9d637c70a2e68" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Possession of material non-public information</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z721a3207917f43b392e89980cb52475d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The misuse of material non-public information</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zaea81d2d4e2f489ab46983c1cb120829" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Restricting access to material nonpublic information</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><u>John Hancock Pay to Play Rule on Political Contributions</u></div>

<div><br>
</div>

<table id="z60034930392443399376605f02409dfa" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">Applies to:</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 45%; BACKGROUND-COLOR: #cdcdcd">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">Certain Covered Employees</div>
</td>
</tr>
</table>

<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Pay to Play rule restricts Investment Advisers and certain employees who fall within the definition of Covered Associates from making contributions to elected officials (including incumbents, candidates, or successful candidates for an elective office of a government entity) who may be able to influence the selection of the investment adviser to manage the assets of government entities (any state or political subdivision of a state). The rule has three primary elements:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z37dcd8eccaae48d6b9d283eae3c07099" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A two-year prohibition on an adviser&#8217;s providing compensated investment advisory services to a government entity after a contribution has been made by the adviser or one of its covered associates;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc7a7cbccb5ea4bf4a22a4bf1f15b22fc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A prohibition on the use of third-party solicitors who are not themselves regulated persons subject to pay-to-play restrictions on political contributions; and</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A prohibition on bundling and other efforts by advisers to solicit political contributions to certain officials of a government entity to which the adviser is seeking to provide services.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Sanctions for violating the rule include a prohibition from receiving compensation for providing advisory services to a fund in which such government entity&#8217;s participant-directed plan or program invests for two years thereafter, otherwise known as a &#8220;time-out&#8221; period.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>John Hancock Whistleblower Policy</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">All Covered Employees</div>
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<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Committees of the mutual funds&#8217; Board of Trustees investigate improprieties or suspected improprieties in the operations of the Funds and has established procedures for the confidential, anonymous submission by employees of John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC.&#160; (collectively the &#8220;Advisers&#8221;) or any other provider of services to the Funds or Advisers of complaints regarding accounting, internal accounting controls, auditing matters or violations of the securities laws.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 5pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The objective of this policy is to provide a mechanism by which complaints and concerns regarding accounting, internal accounting controls, auditing matters or violations of securities law may be raised and addressed without the fear or threat of retaliation.&#160; The funds desire and expect that the employees and officers of the Advisers, or any other service provider to the funds will report any complaints or concerns they may have regarding accounting, internal accounting controls or auditing matters<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Persons may submit complaints or concerns to the attention of funds&#8217; Chief Compliance Officer by sending a letter or other writing to the funds&#8217; principal executive offices, by telephone call to or an email to the Ethics Hotline, Ethics Hotline can be reached at 1-866-294-9534, or through the Ethicspoint website at www.manulifeethics.com.&#160; The Ethics Hotline and Ethicspoint website are operated by an independent third party, which maintains the anonymity of all complaints<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Complaints and concerns may be made anonymously to the funds&#8217; Chief Compliance Officer. In addition<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> any complaints or concerns may also be communicated anonymously, directly to the respective Committee&#8217;s Chairperson. Furthermore, nothing in this policy prohibits reporting possible violations of applicable law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of applicable law or regulation.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Policy and Procedures Regarding Disclosure of Portfolio Holdings</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">All Covered Employees</div>
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<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">It is our policy not to disclose nonpublic information regarding Fund portfolio holdings except in the limited circumstances noted in this Policy. You can only provide nonpublic information regarding portfolio holdings to any person, including affiliated persons<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> on a &#8220;need to know&#8221; basis (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">.,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>the person receiving the information must have a legitimate business purpose for obtaining the information prior to it being publicly available and you must have a legitimate business purpose for disclosing the information in this manner)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> We consider nonpublic information regarding Fund portfolio holdings to be confidential and the intent of the policy and procedures is to guard against selective disclosure of such information in a manner that would not be in the best interest of Fund shareholders<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">A listing of other corporate and divisional policies with which you should be familiar is listed in <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Appendix C</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Reports and Other Disclosures Outside the Code of Ethics</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><u>Broker Letter/Duplicate Confirm Statements</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">Applies to:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">All Access Levels</div>
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<div style="CLEAR: both">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In accordance with Rule 17j<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1(d) (2) under the 1940 Act and Rule 204A<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1(b) under the Advisers Act<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> you are required to report to Code of Ethics Administration each transaction in any reportable security. This applies to any personal securities trades in the categories described above in section 3: &#8220;Which Accounts and Securities are Subject to the Code&#8217;s Personal Trading Restrictions&#8221; on page 3 of the Code, as well as trades in John Hancock Affiliated Funds<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">To comply with these rules noted above you are required by this Code and by the Insider Trading Policy to inform your broker-dealer that you are employed by a financial institution<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> Your broker<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font> dealer is subject to certain rules designed to prevent favoritism toward your accounts<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> You may not accept negotiated commission rates that you believe may be more favorable than the broker grants to accounts with similar characteristics<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">When a brokerage account in which you have a beneficial interest is opened you must do the following before any trades are made:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Notify the broker-dealer with which you are opening an account that you are an employee of John Hancock;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Notify the broker-dealer if you are registered with the Financial Industry Regulatory Authority (the successor to the National Association of Securities Dealers) or are employed by John Hancock Funds<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> LLC or John Hancock Distributors<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> LLC;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Notify Code of Ethics Administration, in writing, to disclose the new brokerage account before you place any trades<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Code of Ethics Administration will notify the broker-dealer to have duplicate confirmations of any trade, as well as statements or other information concerning the account, sent to <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">John Hancock Financial Services</font> Attention: General Funds Compliance, 197 Clarendon Street, C-03-13, Boston, MA 02116</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Code of Ethics Administration may rely on information submitted by your broker as part of your reporting requirements under the Code.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><u>Investment Professional Disclosure of Personal Securities Conflicts</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">Applies to:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">Access Level I</div>
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<div style="CLEAR: both"><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">As an investment professional, you must promptly disclose your direct or indirect beneficial interest in a security that is under consideration for purchase or sale in a John Hancock Affiliated Fund or account<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> See Appendix D.</div>

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<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Reporting Requirements and Other Disclosures inside the Code of Ethics</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Initial/Annual Brokerage Holdings Report</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">All Access Levels</div>
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<div style="CLEAR: both"><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In accordance with Rule 17j<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1(d) under the 1940 Act and Rule 2<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font>4A<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1(b) under the Advisers Act; you must file an initial holdings report within 10 calendar days after becoming an Access Person. The information must be current as of a date no more than 45 days prior to your becoming an Access Person<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In addition, on an annual basis you must also certify to an annual holdings report within 45 calendar days after the required certification date determined by Code of Ethics Administration<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> The information in the report must be current as of a date no more than 45 days prior to the date the report is submitted. This applies to any personal securities holdings in the categories described in section 3: &#8220;Which Accounts and Securities are Subject to the Code&#8217;s Personal Trading Restrictions&#8221; found on page 3 of the Code. It also includes holdings in John Hancock Affiliated Funds<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> including holdings in the John Hancock 401(k) plan.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">You will receive an annual holdings certification request from Code of Ethics Administration. Your annual holdings certification requirement will ask you to log into the Personal Trading Control Center (PTCC), https://hancock.complysci.com to certify that the system has accurately captured all your reportable security holdings as of the certification date.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Holdings in John Hancock Affiliated Funds &amp; Variable Products must be reported, regardless of where they are held<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Holdings in your Global Share Ownership program of Manulife Financial Corporation<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> Inc. (MFC) stock must be reported.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Even if you have no holdings to report you will be asked to complete this requirement. </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><u>Quarterly Brokerage Account &amp; Transaction Certification</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; MARGIN-RIGHT: 6.5pt">Applies to:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify; MARGIN-RIGHT: 6.5pt">All Access Levels</div>
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<div style="CLEAR: both"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In accordance with Rule 17j<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1(d) under the 1940 Act and Rule 2<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font>4A<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1(b) under the Advisers Act<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> on a quarterly basis<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> all access persons are required to certify to a listing of brokerage accounts and all transactions in these brokerage accounts<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> as well as transactions in John Hancock Affiliated Funds<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> have been effected in accordance with the Code. Within 30 calendar days after the end of each calendar quarter<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> you will be asked to log into the Personal Trading Control Center (PTCC) System to certify that the system has accurately captured all brokerage accounts and the covered security transactions in these accounts for the preceding calendar quarter<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 5pt; MARGIN-RIGHT: 6.5pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">All transactions in John Hancock Affiliated Funds and Variable Products must be reported.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Only voluntary transactions, such as fund exchanges, need to be reported for transactions in your John Hancock 401(k) Savings account<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">20</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Global Share Ownership Plan:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Only sell transactions of MFC stock in your Global Share Ownership plan need to be reported.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Even if you have no accounts or transactions to report you will be asked to complete the certification.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">For each contract or account you must certify that the following information is captured accurately:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z4768b3ca7d6346c490762aed2c4508e5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Account number</div>
</td>
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</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8ca07618ef80460b994076153712f463" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Account registration</div>
</td>
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</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf95ec9f1d4ac464ca89210ed3663b63b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Brokerage Firm</div>
</td>
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</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">For each transaction required to be reported you must certify the following information was captured accurately:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6077a920639a4cfea6b687fad42a9af7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">the date of the transaction<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> the title, and as applicable the exchange ticker symbol or CUSIP number<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> interest rate and maturity date, number of shares<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> and principal amount of each reportable security involved;</div>
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<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze9fd548ec8514b729154fe208d7aebb8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">the nature of the transaction (i.e. purchase, sale or any other type of acquisition or disposition);</div>
</td>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z953f253413f84653a20b7f2655b97c35" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">the price at which the transaction was effected;</div>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2377aff78a3746b3a702eee3d4baff6a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">the name of the broker<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> dealer or bank with or through which the transaction was effected<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Annual Certification of Code of Ethics</u></div>

<div><br>
</div>

<table id="zb1fffe43e35b4d20a0d1fc2eee90e0d5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Applies to:</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">All Access Levels</div>
</td>
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<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">At least annually (or additionally when the Code has been materially changed)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> you must provide a certification at a date designated by Code of Ethics Administration that you:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="z840ffa46cac742a7bd3861ceca6944fc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">have read and understood the Code;</div>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="zd001a732341f4291bb5714e26053a837" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">recognize that you are subject to its policies; and</div>
</td>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="zb87d3da7a4fd4bba8fc335e3a9f54f05" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">have complied with its requirements<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">You are required to make this certification to demonstrate that you understand the importance of these policies and your responsibilities under the Code.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">21</font></div>

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</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><u>Reporting of Gifts, Donations, and Inheritances</u></div>

<div><br>
</div>

<table id="ze6cfc5bc9e104d31a6056a7bf52b88fd" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 60%" cellspacing="0" cellpadding="4" align="left" border="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">Applies to:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">All Access Levels</div>
</td>
</tr>
</table>

<div style="CLEAR: both"><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7dda3716d37642469b456f48c67b41da" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">For Access Level III Persons: If you gift or donate shares of a reportable security it is considered a sale and you must notify Code of Ethics Administration of the gift or donation on the date given. You must also make sure the transaction is properly reported on your next quarterly transaction certification<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
</td>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4b10a1459a684a85ae11ec119eab10ca" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
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<td style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If you receive a gift or inherit a reportable security you must report the new holding to Code of Ethics Administration within 30 days of receipt and you must ensure the holding is properly reported on your next annual holdings certification.</div>
</td>
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</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z64c30f204ae448f3b6bbf1d9c7449c4d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 27pt; align: right">9)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Subadviser Compliance</div>
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<div><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">A subadviser to a John Hancock Affiliated Fund has a number of code of ethics responsibilities:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1451c5655ad14c8a90e13443720c8ccd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The sub-adviser must have adopted their own code of ethics in accordance with Rule 204A<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1(b) under the Advisers Act which has been approved by the Board of Trustees;</div>
</td>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za67f7fb55c5f4027b9e2b943ca632d07" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">On a quarterly basis<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> each sub-adviser certifies compliance with their code of ethics or reports material violations if such have occurred; and</div>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze36839e26774422fa9e0e7bc9b217cd4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Each sub-advisor must report quarterly to the Chief Compliance Officer<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> any material changes to its code of ethics.</div>
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<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><u>Adoption and Approval</u></div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Board of a John Hancock Affiliated Fund, including a majority of the Fund&#8217;s Independent Board Members<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> must approve the code of ethics of the Fund&#8217;s adviser<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> subadviser or principal underwriter (if an affiliate of the underwriter serves as a Board member or officer of the Fund or the adviser) before initially retaining its services<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Any material change to a code of ethics of a subadviser to a fund must be approved by the Board of the John Hancock Affiliated Fund, including a majority of the Fund&#8217;s Independent Board Members<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> no later than six months after adoption of the material change.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Board may only approve the code if they determine that the code:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z627920e8ebad4549b6214bb9e3a27ec6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">contains provisions reasonably necessary to prevent the subadviser&#8217;s Access Persons (as defined in Rule 17j<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1 under the 1940 Act and Rule 204A<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1 under the Advisers Act) from engaging in any conduct prohibited by Rule 17j<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1 and 204A<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1;</div>
</td>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3694fdc0374144429e9ed61d67d6b09e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">requires the subadviser&#8217;s Access Persons to make reports to at least the extent required in Rule 17j<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1(d) and Rule 2<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font>4A<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1(b);</div>
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</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">22</font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">requires the subadviser to institute appropriate procedures for review of these reports by management or compliance personnel (as contemplated by Rule 17j<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1(d)(3) and Rule 204 A- 1(a)(3);</div>
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<div><br>
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<div style="TEXT-ALIGN: justify">
<table id="ze9f94c5ae700499a8f28fcc62d1470cd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">provides for notification of the subadviser&#8217;s Access Persons in accordance with Rule 17j<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1(d)(4) and Rule 204A<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1(a)(5);</div>
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<div style="TEXT-ALIGN: justify">
<table id="z2e164c57bd6c4b1fb75f9f54f246108c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">requires the subadviser&#8217;s Access Persons who are Investment Personnel to obtain the pre- clearances required by Rule 17j<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1(e); and</div>
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<div style="TEXT-ALIGN: justify">
<table id="za4b7f18046854dadb3dccda32f43cfd6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">requires the subadviser&#8217;s Access Persons to obtain the pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearances required by Rule 204A- 1(c)</div>
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<div><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">The Chief Compliance Officer of the John Hancock Affiliated Funds oversees each of the fund&#8217;s sub-adviser&#8217;s to ensure compliance with each of the provisions included in this section<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><u>Subadviser Reporting &amp; Recordkeeping Requirements</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Each subadviser completes an annual Code of Ethics questionnaire and certification as to their compliance under Rule 17j-1 and summary of any violation to the relevant John Hancock Adviser, whom present summaries to the Board of Trustees during their June meeting.</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z94bd071c8a6d49a48f68b3888432b9dc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 27pt; align: right">10)</td>
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Reporting to the Board</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">No less frequently than annually, the Office of the CCO will furnish to the Board of Trustees a written report that:</div>

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<div style="TEXT-ALIGN: justify">
<table id="z72d71ae279f04480a8f34b13a9dd6ce0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">describes issues that arose during the previous year under the code of ethics or the related procedures<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> including, but not limited to, information about material code or procedure violations<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> as well as any sanctions imposed in response to the material violations<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> and</div>
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<div style="TEXT-ALIGN: justify">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">certifies that each entity, including the subadvisers have adopted procedures reasonably necessary to prevent its Access Persons from violating its code of ethics<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font></div>
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<div style="TEXT-ALIGN: justify">
<table id="z8ac1bcc9d7f24511b4b1265fe1f8d8c3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any material changes to the Code are presented to the Trustees within six month for their approval.</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z8ff01751223940f6b864cf2f81ed1404" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 27pt; align: right">11)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Reporting Violations</div>
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<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">If you know of any violation of the Code, you have a responsibility to promptly report it to the Chief Compliance Officer of your company. You should also report any deviations from the controls and procedures that safeguard John Hancock and the assets of our clients<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Since we cannot anticipate every situation that will arise, it is important that we have a way to approach questions and concerns<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> Always ask first<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> act later<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> If you are unsure of what to do in any situation<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> seek guidance before you act<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Speak to your manager<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> a member of the Human Resources Department or Law Department or your divisional compliance officer if you have:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">23</font></div>

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<div style="TEXT-ALIGN: justify">
<table id="zc03dfb0aefca4c58acc305aceb127572" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a doubt about a particular situation;</div>
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<div style="TEXT-ALIGN: justify">
<table id="z808fd63e957846f4ae3cc73beb871850" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a question or concern about a business practice; or</div>
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<div style="TEXT-ALIGN: justify">
<table id="z975eae9d103244f49ac6dca2820b972a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a question about potential conflicts of interest</div>
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<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">You may report suspected or potential illegal or unethical behavior without fear of retaliation. John Hancock does not permit retaliation of any kind for good faith reports of illegal or unethical behavior<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Concerns about potential or suspected illegal or unethical behavior should be referred to a member of the Human Resources or Law Department<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Unethical, unprofessional, illegal, fraudulent or other questionable behavior may also be reported by calling a confidential toll-free Ethics Hotline or at <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">www</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">ManulifeEthics</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">com</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Ethics Hotline can be reached at 1<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>866<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>294<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>9534<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="za012522bd7ff4601ba0a2bc4dd653172" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 27pt; align: right">12)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Interpretation and Enforcement</div>
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<div><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Code cannot anticipate every situation in which personal interests may be in conflict with the interests of our clients and fund investors<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> You should be responsive to the spirit and intent of the Code as well as its specific provisions<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">When any doubt exists regarding any Code provision or whether a conflict of interest with clients or fund investors might exist<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> you should discuss the situation in advance with the Chief Compliance Officer of your company. The Code is designed to detect and prevent fraud against clients and fund investors<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> and to avoid the appearance of impropriety.</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Chief Compliance Officer has general administrative responsibility for the Code as it applies to the covered employees; an appropriate member of Code of Ethics Administration will administer procedures to review personal trading activity. Code of Ethics Administration also regularly reviews the forms and reports it receives<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> If these reviews uncover information that is incomplete, questionable, or potentially in violation of the rules in this document<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> Code of Ethics Administration will investigate the matter and may contact you.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The Board of the John Hancock Affiliated Funds approve material amendments to the Code and authorize sanctions imposed on Access Persons of the Funds<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> Accordingly, Code of Ethics Administration will refer violations to the CCO of the Trust/Adviser for further review and action, including determination if the matter should be presented to the Ethics Oversight Committee and/or the Board of Trustees for recommended action based on the John Hancock Advisers Schedule of Fines and Sanctions. See <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Appendix E</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The following factors will be considered when determining a fine or other disciplinary action:</div>

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<div style="TEXT-ALIGN: justify">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">the person's position and function (senior personnel may be held to a higher standard);</div>
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<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf518ca418b054bbb94114799dab09b1c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">the amount of the trade;</div>
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<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze409f0e533d3461b84406b512c707a9a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">whether the John Hancock Affiliated Funds hold the security and were trading the same day;</div>
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<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z469a8042b6874664aa806813d7af75ec" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">whether the violation was by a family member;</div>
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</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zcc58dc49e7394b6e8b34b03df96ac530" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">whether the person has had a prior violation and which policy was involved; and</div>
</td>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5e72babb8bea4850ae18dac48e7dc20c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">whether the employee self-reported the violation.</div>
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<div style="TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">24</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">John Hancock takes all rule violations seriously and, at least once a year<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> provides the Board of the John Hancock Affiliated Funds with a summary of all material violations and sanctions<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> significant conflicts of interest and other related issues for their review. Sanctions for violations could include (but are not limited to) fines<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> limitations on personal trading activity, suspension or termination of the violator's position with John Hancock and/or a report to the appropriate regulatory authority.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">You should be aware that other securities laws and regulations not addressed by the Code may also apply to you, depending on your role at John Hancock<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The CCO of the Adviser/Trust and the Ethics Oversight Committee retain the discretion to interpret the Code&#8217;s provisions and to decide how they apply to any given situation.</div>

<div>&#160;</div>

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<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exemptions &amp; Appeals</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exemptions </font>to the Code may be granted by the Chief Compliance Officer where supported by applicable facts and circumstances. If you believe that you have a situation that warrants an exemption to any of the rules and restrictions of this Code you need to complete a &#8220;Code of Ethics Exemption Request Form&#8221; to request approval from the Chief Compliance Officer<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Exemption requests which pose a conflict of interest for the Chief Compliance Officer will be escalated to the Ethics Oversight Committee for review and consideration<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Sole discretion Exemption: </font>A transaction does not need to be pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>cleared if it takes place in an account that the CCO of the Adviser/Trust has approved in writing as exempt from the pre-clearance requirement<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> In the sole discretion of Code of Ethics Administration and the Chief Compliance Officer<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> accounts that will be considered for exclusion from the pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance requirement are only those for which an employee&#8217;s securities broker, Trustee or investment advisor has complete discretion whereby the access person has no direct or indirect influence or control over the account, including:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">1)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Not being able to suggest that the trustee or third-party discretionary manager make any particular purchases or sales of securities;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">2)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Not being able to direct the trustee or third-party discretionary manager to make any particular purchases or sales of securities; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">You did not consult with the trustee or third-party discretionary manager as to the particular allocation of investments to be made in your account.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Employees wishing to seek such an exemption must complete a &#8220;Pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>Clearance Waiver Form for Sole Discretion Accounts&#8221; and satisfy all requirements<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">These forms can be obtained by contacting Code of Ethics Administration.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">You will be notified of the outcome of your request by the Code of Ethics Administrator and/or the Chief Compliance Officer<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Appeals: </font>If you believe that your request has been incorrectly denied or that an action is not warranted, you may appeal the decision<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> To make an appeal, you need to give the CCO of the Adviser/Trust a written explanation of your reasons for appeal within 30 days of the date that you&#160; were informed of the decision. Be sure to include any extenuating circumstances or other factors not previously considered. During the review process<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> you may, at your own expense, engage an attorney to represent you. Code of Ethics Administration may arrange for Ethics Oversight Committee or other parties to be part of the review process<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Education of Employees</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">This Code constitutes the code of ethics required by Rule 17j<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1 under the Investment Company Act of 194<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font> and by Rule 204A<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>1 under the Investment Advisers Act of 1940. Code of Ethics Administration will provide a paper copy or electronic version of the Code (and any amendments) to each person subject to the Code. Code of Ethics Administration will also administer training to employees on the principles and procedures of the Code and other related policies<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

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<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Recordkeeping</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Code of Ethics Administration will maintain:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a copy of the current Code for John Hancock and a copy of each code of ethics in effect at any time within the past five years<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a record of any violation of the Code, and of any action taken as a result of the violation, for six years<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a copy of each report made by an Access Person under the Code, for six years (the first two years in a readily accessible place)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a record of all persons<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> currently or within the past five years<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> who are or were, required to make reports under the Code. This record will also indicate who was responsible for reviewing these reports<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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<div style="TEXT-ALIGN: justify">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a record of any decision, and the reasons supporting the decision, to approve the acquisition by an Access Level I Persons of IPOs or private placement securities<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> for six years<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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<div style="TEXT-ALIGN: justify">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#8226;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a record of any decision, and the reasons supporting the decision, to approve the acquisition by an Access Person of the John Hancock Advisers IPOs or private placement securities<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> for six years<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Appendix A &#8212; Access Person Categories</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">You have been notified about which of these categories applies to you, based on Code of Ethics Administration&#8217;s understanding of your current role. If you have a level of investment access beyond that category, or if you are promoted or change duties and as a result should more appropriately be included in a different category, it is your responsibility to immediately notify the Chief Compliance Officer of your company.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">1)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Access Level I </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Investment Access Person: </font>An associate, officer or non-independent board member of a John Hancock Adviser who, in connection with his/her regular functions or duties<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> makes or participates in making recommendations regarding the purchase or sale of securities by the John Hancock Affiliated Funds.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">(Examples: Portfolio managers; analysts; and traders)</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">2)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Access Level II </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Regular Access Person: </font>An associate, senior officer (vice president and higher) or non<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font> independent board member of John Hancock Funds; a John Hancock Adviser; John Hancock Funds<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> LLC; John Hancock Distributors<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> LLC; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">each open-end and closed</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">end fund advised by a John Hancock Adviser</font> or other John Hancock entity who<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> in connection with his/her regular functions or duties<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> has regular access to nonpublic information regarding any clients' purchase or sale of securities<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> or&#160; nonpublic information regarding the portfolio holdings of any John Hancock Affiliated Fund; or who is involved in making securities recommendations to clients<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> or who has regular access to such recommendations that are nonpublic.</div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">(Examples: Legal staff<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> Office of the Chief Compliance Officer<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> Fund Administration<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> Investment Management Services<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> Administrative Personnel supporting Access Level I Persons<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> Technology Resources Personnel with access to investment systems<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> Private Client Group Personnel, and anyone else that Code of Ethics Administration deems to have regular access.)</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">3)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Access Level III &#8211; Periodic Access Person: </font>An associate, officer (assistant vice president and higher) or non-independent board member of John Hancock Funds; a John Hancock Adviser; John Hancock Funds, LLC; John Hancock Distributors, LLC; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">each open-end and closed-end fund advised by a John Hancock Adviser</font> or other John Hancock entity who, in connection with his/her regular functions or duties, has periodic access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any John Hancock Affiliated Fund.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">(Examples: Marketing, Product Development<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> E<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>Commerce, Corporate Publishing, Administrative Personnel supporting Access Level II Persons<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> and anyone else that Code of Ethics Administration deems to have periodic access.)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-RIGHT: 5pt"><font style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Appendix B &#8212; Preferred Brokers List </font>While employed by John Hancock<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> you must maintain your accounts at one of the preferred brokers approved by John Hancock. The following are the preferred brokers for you to maintain your covered accounts:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Ameriprise</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Bank of Oklahoma</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Bank of Texas</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Barclays Wealth Management</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Brave Warrior Advisors</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Charles Schwab</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Chase Investment Services</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Citigroup</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Constellation Wealth Management</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Credit Suisse</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">DB Alex Brown</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Edward Jones</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">E*Trade</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Fidelity</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">First Republic</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Goldman Sachs Wealth Management</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">HSBC Private Bank</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Interactive Brokers</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">JB Were</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">JP Morgan Private Bank</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">JP Morgan Securities</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Lincoln Financial</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Merrill Lynch &amp; Bank of America</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Morgan Stanley Private Wealth</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Morgan Stanley Smith Barney</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Northern Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Northern Trust Institutional</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Oppenheimer &amp; Co.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">OptionsXpress</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Pershing Advisor Solutions</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Piper Jaffray</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Raymond James</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Revolution Capital</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Robert W. Baird &amp; Co.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Sanders Morris Harris</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Scottrade</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Stifel</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">TD Ameritrade</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">T. Rowe Price</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Thompson Davis &amp; Co.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">UBS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">US Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Vanguard</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">28</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Appendix C &#8212; Other Important Policies outside the Code</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="zeccd5204ea3b478b9934c98c18dae989" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 18pt; align: right">1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Policy Regarding Dissemination of Mutual Fund Portfolio Information</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="z43d4fd22c6d8403eb4a29cc6368ffc2b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 18pt; align: right">2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Manulife Financial Corporation Anti-Fraud Policy</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="zb16c0617d3c342a39b8e92006eba8c40" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 18pt; align: right">3)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">John Hancock Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) Program</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z37aabe309a3949d1abafec83bc49cee8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 18pt; align: right">4)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Conflict of Interest Rules for Directors and Officers</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="z789933c06d7b4a26ababffcecec53c17" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 18pt; align: right">5)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">John Hancock Non<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>Cash Compensation Policy</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">29</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Appendix D &#8212; Investment Professional Disclosure of Personal Securities Conflicts</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">As an investment professional, Access Level I Persons<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> you must promptly disclose your direct or indirect beneficial interest in a security that is under consideration for purchase or sale in a John Hancock Affiliated Fund or account<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> You are required to follow the following guidelines<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">If you or a member of your family own:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">a 5% or greater interest in a company, John Hancock Affiliated Funds and its affiliates may not make any investment in that company;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">a 1% or greater interest in a company, you cannot participate in any decision by John Hancock Funds and its affiliates to buy or sell that company&#8217;s securities;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">ANY </font>other interest in a company, you cannot recommend or participate in a decision by John Hancock Affiliated Funds<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> and its affiliates to buy or sell that company&#8217;s securities unless your personal interest is fully disclosed at all stages of the investment decision<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In such instances<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> you must initially disclose that beneficial interest orally to the primary portfolio manager (or other appropriate analyst) of the Affiliated Fund or account or the appropriate Chief Investment Officer<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> Following the oral disclosure, you must send a written acknowledgement to the primary portfolio manager with a copy to the Code of Ethics Administration Department<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">For the purposes of this requirement investment professionals are defined as analysts and portfolio managers.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">30</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Appendix E &#8212; John Hancock Advisers Schedule of Fines and Sanctions</div>

<div><br>
</div>

<table id="z0deaf48a83934d88881b4634c22b66f9" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="4" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Code Violation</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Policy</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Memo</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Violation</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Notice</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Fine</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Liquidate</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Position</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Profit</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Surrender </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">4</sup></font></div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Restrict</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Trading</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Termination</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Comments</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">1st Procedural Pre</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">clearance</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Violation </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup></font></div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subsequent violations may result in fines**</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">1st Failure to Pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clear (would</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">have been approved)</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">**</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subsequent violations may result in fines**</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">1st Failure to Pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clear (would</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">have been denied)</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">**</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subsequent violations may result in fines**</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Trading after Pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Denial</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">**</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup></font>First Violation = $250/$100<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font> Subsequent Violations set by Ethics Oversight Committee at least =</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">$500/$200<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font></div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2nd Procedural Pre</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">clearance</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Violation </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup></font></div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup></font>First Violation = $250/$100<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font> Subsequent Violations set by Ethics Oversight Committee at least =</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">$500/$200<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font></div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">2nd Failure to Pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clear (would</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">have been approved)</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">**</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subsequent violations may result in fines**</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">2nd Failure to Pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clear (would</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">have been denied)</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">**</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subsequent violations may result in fines**</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">3rd Failure to Preclear or</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Procedural Violation</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">**</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup></font>First Violation = $250/$100<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font> Subsequent Violations set by Ethics Oversight Committee at least =</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">$500/$200<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font></div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Special Consideration Security</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">w/out approval (would have</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">been approved)</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">3</sup></font></div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subsequent violations may result in fines**</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Special Consideration Security</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">w/out approval (would have</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">been denied)</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">3</sup></font></div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup></font>First Violation = $250/$100<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font> Subsequent Violations set by Ethics Oversight Committee at least =</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">$500/$200<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font></div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">1st Ban on Short Term Profits</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Rule Violation</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subsequent violations may result in fines**</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">2nd Ban on Short Term Profits</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Rule Violation</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">**</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup></font>First Violation = $250/$100<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font> Subsequent Violations set by Ethics Oversight Committee at least =</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">$500/$200<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font></div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Violation of Blackout Period</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">**</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup></font>First Violation = $250/$100<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font> Subsequent Violations set by Ethics Oversight Committee at least =</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">$500/$200<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font></div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Required Reporting Violation</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">5</sup></font></div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subsequent violations may result in fines**</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Certifying to incorrect data</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">(i.e<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> holdings discrepancies)</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subsequent violations may result in fines**</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 22%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Refusal to Acknowledge Code</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 6.18%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 7.76%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 4.29%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8.1%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 11%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 9%">&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">X</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; WIDTH: 23.72%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Habitual violations of the requirements of the Code of Ethics</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" colspan="9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">**At the discretion of the Ethics Oversight Committee</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Please note: </font>Any of the above violations may result in a meeting with Code of Ethics Administration at the discretion of the Chief Compliance Officer</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup>&#160;&#160;&#160; &#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Procedural Pre<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>clearance = incorrect amount of shares, incorrect trading symbol or cusip, incorrect trade direction or incorrect brokerage account</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup>&#160; &#160; &#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Tiered Fines: lesser amount is for Regular Access persons with a job grade below AVP and higher amount is for Investment Access Persons and anyone with a job grade of AVP or higher.</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">3</sup>&#160;&#160;&#160; &#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Special Consideration Securities are Initial Public Offerings, Private Placements, or Limited Offerings.</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">4</sup>&#160;&#160; &#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Disgorgement only if profit is greater than $10<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">0</font></font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">5</sup>&#160;&#160;&#160; &#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Reporting Violations <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font> Related to Initial<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> Quarterly and Annual Certifications and violations of timely disclosure of new accounts and acquisitions and dispositions of covered securities; i.e<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font> gifts/donations and inheritances.</font></div>
</td>
</tr>
</table>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">31</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Appendix F &#8212; Chief Compliance Officers and Code of Ethics Contacts</div>

<div><br>
</div>

<table id="z8049c2e569af4668aebb1be3bc7f8edf" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="4" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Entity</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Chief Compliance Officer</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">John Hancock Advisers<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> LLC</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Frank Knox &#8211; 617<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>663<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>2430</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 50%">
<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">John </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Hancock </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Investment </font>Management</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Services<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> LLC</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Frank Knox</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Each open-end and closed<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>end fund advised</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">by a John Hancock Adviser</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Frank Knox</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">John Hancock Funds<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> LLC</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Michael Mahoney <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font> 617<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>663<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</font>3021</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">John Hancock Distributors<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">,</font> LLC</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Michael Mahoney</div>
</td>
</tr>
</table>

<div>&#160;</div>

<table id="z8c1d92e8c504498880b049999547dc04" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="4" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Code of Ethics Contact</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Phone number</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Code of Ethics Hotline</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">617-572-9100 ext. 729100</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Code of Ethics Administration</div>
</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">617-572-9100 ext. 729100</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: center">32</div>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(R)(2)
<SEQUENCE>7
<FILENAME>h10050933_ex992r2.htm
<DESCRIPTION>EX-99.(2)(R)(2) CODE OF ETHICS MANULIFE ASSET MANAGEMENT (US), LLC
<TEXT>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">EXHIBIT (2)(r)(2)</div>

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<div style="FONT-SIZE: 24pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Global Code of Ethics</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">Every day we make individual choices which reflect on the collective reputation of the Manulife and John Hancock brands.&#160;&#160; Our global standards for business ethics and our well-regarded reputation for integrity differentiate our brands in the marketplace and have been critical factors in our past as well as our future success.&#160; We are proud of Manulife Asset Management&#8217;s culture of doing business the right way and we want to underscore the need to continue to conduct our business in this manner.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">To this end, Manulife Asset Management has adopted this Global Code of Ethics to promote compliance with applicable law as well as to address certain potential and actual conflicts of interests which can arise between our personal investment decisions and the interests of our clients.&#160; This Global Code of Ethics has been designed to reflect our values as a global organization and demonstrate the importance of the trust our clients have placed in Manulife Asset Management and the duties we owe to our clients.</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Michael Dommermuth</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Code Version: September 1, 2015</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 45pt; align: right">PART 1:</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Code Applicability&#8212;MAM Associates &amp; Access Persons</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Code Certification</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Reporting Violations of the Code as well as Manulife and MAM Policies</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 45pt; align: right">PART 2:</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Other MAM &amp; Manulife Compliance Requirements</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Affiliated Mutual Fund Profit Ban&#8212;30 Day Rule</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">3.11</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Discouraging Excessive Trading</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z2a9b3f805bcb4d9fa95e9c308bf8d3ce" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">3.12</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Additional Restrictions<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8212;</font>Hong Kong-Based Access Persons Only</div>
</td>
</tr>
</table>
</div>
</div>

<div id="EFPFTCR" style="FLOAT: right; WIDTH: 48%">
<div>
<table id="z20eadbb52c9741cb9ebfcfc14666934e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 45pt; align: right">PART 4:</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: auto">Level 1 Access Persons Additional Personal Investing Restrictions</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="ze850208dbeed425fa4a2a91c8b66d212" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">4.1</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Initial Public Offering Ban</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zd1724c159b66476aaebf429406423b1d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">4.2</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Investment Team Hold Until Sold Rule</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zae2a7160ad13459b912f13e3a3dcc751" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">4.3</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Investment Team Enhanced Trade Blackout Rule for Certain Level 1 Access Persons</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z2e52ea5b3aa94f918892ecebfb74d9b3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">4.4</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Preclearance of Significant Personal Securities Positions</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zbd4a51ff82ad4d708a275199743b87d1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">4.5</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Disclosure of Personal Investment Conflicts &amp; Limited Offering Independent Review</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z1003ece0a7a54a4285eb4dab90f1f474" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">4.6</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">1% &amp; 5% Security Ownership Disclosure &amp; Prohibitions</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table id="z060773d5fcee41478dff6dfea5425cf5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 45pt; align: right">PART 5:</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: auto">Initial &amp; Periodic Reporting</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="zb5782ff8d7b54d3bbe20dc5473ce4b38" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">5.1</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Requirement to Report All Securities Accounts</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z9b04b4a7a3ea468b9f3ea67b85562f3e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">5.2</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Duplicate Transaction Confirmations &amp; Statements</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zaff5aeb2f3a84e03a32e630a73a05131" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">5.3</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">USA-Based Access Person Preferred Brokerage Account Requirement</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z6692f1791a364dd889af1a8848a7d3f4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">5.4</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Initial Holdings Report &amp; Certification</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zd97a76585573436ba067c3072c61dfa9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">5.5</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Quarterly Transaction Report &amp; Certification</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z481cfd18d45043409c793f9bfb0e4afb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">5.6</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Reporting of Gifts, Donations &amp; Inheritances</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z49e1231abf134836a9a3092ba6b6880a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">5.7</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Annual Holdings Report &amp; Certification</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z5b40dc767f79494686289dac29d74a54" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">5.8</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Method of Reporting &amp; Certifications</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table id="zcf3638559bd84dd6869aea8c428e9769" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 45pt; align: right">PART 6:</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: auto">Code Administration</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 45pt; TEXT-INDENT: -45pt">&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z77624ecfc6704fe78bcf756e5768b334" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">6.1</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">No Liability for Loses</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z8d8d99f424154d65baaeddc335a09bbf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">6.2</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Penalties for Code Violations</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z80485410f3634043a3bb8e9008c0c419" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">6.3</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Exemptions &amp; Appeals</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zb497ec7fa1e3470fa6dfa6645b07a710" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">6.4</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Code Amendments</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zba6e125c83274d0ab4728ae314bb90b9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">6.5</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Code Interpretation &amp; Administration</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z708ff0c936c04e74bd4dada4865fa078" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">6.6</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Recordkeeping</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table id="z0f9120fbc32a4cfa8aa59049bf7b5215" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 65pt; align: right">Appendix A:</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: auto">Code Definitions</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table id="za04c09eab2de473abae05b2966104e7d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 65pt; align: right">Appendix B:</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: auto">Code Adoption Dates</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table id="z5e3d7830cc344ab8bff35ddf8ab36b83" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 65pt; align: right">Appendix C:</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: auto">Chart: Reportable Securities &amp; Pre-Clearable Securities</td>
</tr>
</table>
</div>
</div>

<div style="CLEAR: both">&#160;</div>
</div>

<div id="DSPFPageHeader" style="WIDTH: 100%">
<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div>
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<tr>
<td style="WIDTH: 90%">
<div>&#160;</div>
</td>
<td style="WIDTH: 2%">
<div>&#160;</div>
</td>
<td style="WIDTH: 8%">
<div style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">3</font></div>
</td>
</tr>
</table>
</div>
</div>

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<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>

<div id="DSPFPageHeader" style="WIDTH: 100%">
<div style="TEXT-ALIGN: right; MARGIN-LEFT: 0.75pt"><img style="HEIGHT: 41px; WIDTH: 317px" src="image2.jpg"></div>
</div>
</div>
</div>
</div>

<div id="EFPFTCL" style="FLOAT: left; WIDTH: 48%">
<div>
<table id="z2254f59b45eb44beb6c7e6b8eea556ed" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="4" border="0">
<tr>
<td style="VERTICAL-ALIGN: middle; WIDTH: 24.3%; BACKGROUND-COLOR: #4e685d">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">PART 1</div>
</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 75.7%; BACKGROUND-COLOR: #4e685d">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">PURPOSE &amp; APPLICABILITY</div>
</td>
</tr>
</table>

<div>&#160;</div>

<div>
<table id="z1f89e7c1cbd146fc948ec8be50be5516" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">1.1</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Purpose</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">Manulife Asset Management<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup> (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM)</font> has adopted this Code of Ethics (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>) to promote compliance with applicable law by <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>and <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates</font> and to prevent those abuses in the investment management business that can arise when certain conflicts of interest exist between personnel of an investment advisor and its clients.&#160; By adopting and enforcing this <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>, we strengthen the trust and confidence entrusted in us by demonstrating that at <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font>, client interests come first.</div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: left">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Code</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> Applicability</font>&#8212;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">MAM Associates &amp; Access Persons</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">This <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> applies to <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates</font>.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates</font> are: (i) any partner, officer, director (or other person occupying a similar status or performing similar functions) of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font>; (ii) an employee of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font>; (iii) any person who provides investment advice on behalf of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> and is subject to the supervision and control of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font>; (iv) any person meeting the definition of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font>; and (v) any other person who the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font> deems a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate</font>.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup></div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">Additionally, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates</font> who have access to certain investment information and the investment decision-making process are further classified by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font> into one of following three <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> levels and as a result are responsible for complying with the personal trading restrictions and obligations of their access designation level<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Access Person Level 1</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate</font>&#160; who, in connection with his/her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font>-advised <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client</font> accounts or provide direct administrative support to a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate</font> who makes or participates in the recommendations.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">Examples: Portfolio Managers, Analysts, Traders and&#160; Certain Administrative Staff</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Access Person Level 2</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate</font> who, in connection with his/her regular functions or duties: (i) has <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">regular access</font> to nonpublic information regarding any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Clients&#8217;</font> purchase or sale of securities or non-public information regarding the portfolio holdings of any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font>-advised <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client</font> account (ii) is involved in making client securities recommendations, or (iii) has regular access to such recommendations that are nonpublic.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">Examples: Certain Compliance, Legal,&#160; Investment Operations, Administration, Client Services &amp; Products, Private Client Group, Sales/Marketing, Technology Resources, and MMF Personnel as well as Administrative Staff Supporting Level 2 Access Persons</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Access Person Level 3</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">A <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate</font> who, in connection with his/her regular functions or duties, has <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">periodic access</font> to non-public information regarding any clients&#8217; purchase or sale of securities, or non-public information regarding the portfolio holdings of any account advised by <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: justify">Examples: Certain Business Financial Analysts, Technical Associates, Technical Resource Associates,&#160; Legal Staff, Client Services and Products Staff as well as&#160; Administrative Staff Supporting Level 3 Access Persons</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup> Refer to APPENDIX B for a list of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> entities who have adopted this Code of Ethics.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup> The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font> or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font> may modify the requirements of this <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> for those <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates</font> whose tenure at <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> is expected not to exceed 90 days (for instance contractors, co-ops and interns) or in instances where a person is subject to another code of ethics or fiduciary duty and where the modification is not otherwise specifically prohibited by law.</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">4</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">1.3</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">Report Changes to Access Person Status</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font> is responsible for classifying <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates</font> as <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> based on the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator&#8217;s</font> understanding of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates</font> current role.&#160; If a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate</font> has a level of investment access different than their assigned category, or the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate</font> is promoted or changes duties and as a result should more appropriately be included in a different category, it is the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates</font> responsibility to immediately notify the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font>.</div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">1.4</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">Code Certification</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Each <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate </font>must provide a written (or electronic) acknowledgement of their initial receipt of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>and any amendments to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>, copies of which are to be provided by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font>, and a certification that they have read and understood the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>and will comply with the applicable provisions of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>(including any amendments to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>).</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">Additionally, annually each <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate</font> is required to certify that he or she has read and understands the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>, acknowledges the applicable <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> provisions, and represents that he or she has complied with (or has disclosed any failure to comply with) the applicable <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> requirements during the past year.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">1.5</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">Reporting Violations of the Code as well as Manulife &amp; MAM Policies</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate </font>who knows or has reason to believe that the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>or a<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Manulife </font>or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>policy<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>has been or may be violated must bring such actual or potential violation to the immediate attention of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">A <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate</font> must speak with their manager, a member of the Human Resources Department, Law Department or the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font> if he or she has:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; COLOR: #000000; TEXT-ALIGN: left">&#183;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">a doubt about a particular compliance situation;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; COLOR: #000000; TEXT-ALIGN: left">&#183;</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">a question or concern about a business practice; or</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; COLOR: #000000; TEXT-ALIGN: left">&#183;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">a question about potential conflicts of interest.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">It is a violation of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>for a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate </font>to deliberately fail to report a violation or deliberately withhold relevant or material information concerning a violation of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>or a<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Manulife</font> or<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> MAM </font>policy.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">No person will be subject to penalty or reprisal for reporting in good faith suspected violations of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>or a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife </font>or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> policy<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>by others.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">Additionally, unethical, unprofessional, illegal, fraudulent or other questionable behavior may also be anonymously reported by calling the confidential toll free <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife</font> Ethics Hotline at 1-866-294-9534 or by visiting the website: www.ManulifeEthics.com.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Supervisory Oversight &amp; Personal Liability</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">All <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates</font> with managerial responsibility are responsible for the reasonable supervision of their staff to prevent and detect violations of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>and applicable rules and regulations. Failure to perform adequate oversight can result in the manager being held personally liable by regulators for violations of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities Laws</font> and the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">***</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #ffffff; TEXT-ALIGN: left">PART 2</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">PRINCIPLES OF BUSINESS CONDUCT</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">General Principles of Business Conduct</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Each </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic">MAM Associate</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"> is expected to adhere to a high standard of professional and ethical conduct and should be sensitive to situations that may give rise to an actual conflict or the appearance of a conflict with our </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic">Clients&#8217;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"> interests, or have the potential to cause damage to </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic">MAM</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"> or a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic">MAM Affiliates&#8217;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"> reputation.&#160; To this end, each </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic">MAM Associate</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"> must act with integrity, honesty and in an ethical manner.&#160; </font>The following General Principles of Business Conduct govern the activities of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> and every <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate</font> as well as the interpretation and administration of this <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">We have a fiduciary duty at all times to place the interests of our <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Clients </font>first.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">All personal securities transactions must be conducted consistent with the provisions of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> that apply and in such a manner as to avoid any actual or potential conflict of interest and any other abuse of trust or responsibility.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">We should not take inappropriate advantage of our position or engage in any fraudulent or manipulative practice (such as front-running or manipulative market timing) with respect to <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client</font> accounts.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">We must treat as confidential any non-public or confidential information concerning the identity of security holdings and financial circumstances of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Clients</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">We must comply with all applicable laws including applicable domestic and foreign <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities Laws</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Adherence to the General Principles of Business Conduct and other provisions of this </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic">Code</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"> is a condition of employment at </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic">MAM</font>.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Additionally, while the </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic">Code</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"> contains specific restrictions and limitations designed to prevent certain defined types of conflicts, </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic">MAM</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"> recognizes that not every potential conflict of interest can be anticipated by the </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic">Code</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">.&#160; Therefore, it is critical that the </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic">Code&#8217;s </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">General Principles of Business Conduct be followed in the absence of a specific </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic">Code </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">requirement or limitation.</font></div></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify">Additionally as described in Section 6.2 &#8220;Penalties for Code Violations&#8221;, failure to comply with the General Principles of Business Conduct (above) or any provision of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>may result in disciplinary action, including termination of employment.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Compliance Tip -&#160; Ask First, Act Second</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 9.35pt">It is critical that any<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> MAM Associate </font>who is in doubt about the applicability of the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Code </font>in a given situation seek a determination from<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Code Administrator </font>or the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Chief Compliance Officer </font>about the propriety of the conduct in advance.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Personal Trading &amp; Conflicts of Interests</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> represents a balancing of important interests. On the one hand, as an investment adviser, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> owes a duty of undivided loyalty to its <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Clients</font>, and must avoid even the appearance of a conflict that might be perceived as abusing the trust <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Clients </font>have placed in<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> MAM</font>. On the other hand, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>does not want to prevent conscientious professionals from investing for their own accounts where conflicts do not exist or are immaterial to investment decisions affecting the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Clients.</font></div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">When conflicting interests cannot be reconciled, the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>makes clear that, first and foremost, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Associates</font> owe a fiduciary duty to <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM&#8217;s</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Clients</font>.&#160; In most cases, this means that the affected <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates</font> will be required to forego conflicting securities transactions. In some cases, personal investments will be permitted, but only in a manner, which, because of the circumstances and applicable controls, cannot reasonably be perceived as adversely affecting <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client </font>portfolios or taking unfair advantage of the client relationship.</div></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Confidential Investment Information</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">Information acquired by a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate</font> in connection with their duties for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font>, including information regarding actual or contemplated investment decisions, non-public portfolio composition, research, research recommendations, firm activities, or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client </font>interests, is confidential and may not be used in any way that might be contrary to, or in conflict with the interests of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Clients</font> or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font>.&#160; Additionally, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates</font> are reminded that certain <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Clients </font>have specifically required their relationship with <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> to be treated confidentially.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">False Rumors</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities Laws</font> prohibit the deliberate or reckless use of manipulative devices or activities with an intention to affect the securities markets, including the intentional creation or spreading of false or unfounded rumors or other information. Accordingly, a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate</font> may not communicate information regarding companies, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities,</font> or markets that he or she knows to be false.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Outside Business Activities</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In addition to other Manulife policies with respect to outside business activities, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates </font>may only serve on outside investment committees or be<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>employed by, serve as an officer of, or serve<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>on boards of trustees and directors of business and non-business entities (including charitable boards) with the approval of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate&#8217;s</font> manager and the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer </font>or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> General Counsel.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">3</sup></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Other MAM &amp; Manulife Compliance Requirements</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In addition to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates </font>must comply with all compliance-oriented requirements applicable to them, including business unit policies as well as the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>and <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife</font> policies listed in the column to the right.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife </font>Code of Business Conduct &amp; Ethics</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">The Code of Business Conduct and Ethics provides standards for ethical behavior when representing <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife</font> and conducting <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife&#8217;s</font> business.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Insider Trading &amp; Market Abuse Policies</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>and <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife </font>insider trading and market abuse policies address important topics, such as: the identification and reporting of material non-public information, the Investment Division&#8217;s information barrier, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM&#8217;s</font> &#8220;restricted list&#8221;, and the various prohibitions on sharing and misusing material-non-public information.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160;</font>The policies specifically prohibit the unlawful use and sharing of material non-public information.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #4e685d">Portfolio Holdings</font> Disclosure &amp; Confidentiality Policies</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">Non-public information about <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> client portfolio holdings as well as other client information cannot be shared or disclosed except in accordance with these policies.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife </font>Anti-Fraud Policy</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">This policy requires the prompt reporting of any suspicion or allegation of fraud, fraudulent activity, or dishonest activity in relation to <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife&#160; </font>Electronic Communications Guidelines</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">This policy contains various limitations and restrictions on the use of email, and other forms of electronic communications.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife </font>Conflict of Interest &amp; MAM Gift Policies</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">These policies address standards and disclosure requirements related to the giving and receiving of gifts and entertainment.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160; </font>For the protection of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font>, the appearance of a possible conflict of interest must be avoided.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">MAM Anti-Bribery and Pay&#8211;to&#8211;Play Policies</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">These policies are designed to prevent bribery, kickbacks and similar unlawful schemes.&#160; Specifically, these policies limit or prohibit certain types of gift, entertainment and political donation practices in order for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> to comply with certain government regulations.&#160; For instance, the Pay-to Play Policy restricts certain types of personal political donations in the U.S. A. and also requires the reporting of certain U.S.A. donations by certain <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; FONT-FAMILY: Arial; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">3</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Unless serving at the direction of </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">, </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> who engage in outside business and charitable activities are not acting in their capacity as a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">and may not use </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM&#8217;s</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> name in connection with those activities.</font></div></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">PART 3</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">PERSONAL INVESTING <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: #4e685d">RESTRICTIONS</font> &amp; LIMITATIONS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">The following personal investing restrictions and limitations are designed to prevent certain defined types of conflict of interests.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>recognizes that not every potential conflict of interest can be anticipated by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code.</font>&#160; Therefore, it is critical that the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code&#8217;s </font>General Principles of Business Conduct be followed in the absence of a specific requirement or limitation.&#160; &#160; It is critical that any<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> MAM Associate </font>who is in doubt about the applicability of the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Code </font>in a given situation seek a determination from the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Code Administrator </font>or the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Chief Compliance Officer </font>about the propriety of the conduct in advance.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">What Securities<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>are Subject to the Code&#8217;s Personal Trading Restrictions &amp; Requirements?</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>in which the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> has a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest</font> are subject to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code&#8217;s</font> personal trading restrictions and requirements.&#160; An<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Person </font>is deemed to have a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest </font>in any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security</font> where the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> controls or has the opportunity to directly or indirectly profit or share in the profit derived from a transaction in the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Securit</font>y.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160; </font>An<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Person </font>is presumed to have a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest</font> in<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>the following<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Securities</font>:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>owned by an<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Person</font> in his or her name.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>owned by<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Household Family Members.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>owned by an<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Person </font>indirectly through an account or investment vehicle for his or her benefit, such as an IRA/RRSP/RESP/ ISA/SIPP, family trust or family partnership.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>in which the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Person </font>has a joint ownership interest, such as <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> owned in a joint brokerage account.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; COLOR: #000000; TEXT-ALIGN: left">&#183;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>over which the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> has discretion or gives advice (other than <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Client</font> accounts).&#160; This includes<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Securities </font>owned by trusts, private foundations or other charitable accounts for which the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Person </font>has investment discretion.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 36pt; align: right">3.2</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Restriction on Securities under Active Consideration</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">All <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates</font> (including all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font>) may not purchase, sell, or otherwise dispose of any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security </font>in which the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate </font>has (or as a result of such transaction will establish) <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest </font>if the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> MAM Associate </font>at the time of the transaction has actual knowledge that (i) the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security </font>(if it is a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Pre-Clearable Security</font>)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>is under <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Active Consideration for Purchase or Sale </font>by or on behalf of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>or any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client </font>or (ii) the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security </font>is on the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> MAM </font>Restricted Trading List.</div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Beneficial Interest &amp; Household Family Member Reminder</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Please note that if a specific <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>provision (including a personal investing restriction or limitation, pre-clearance obligation or reporting obligation) applies to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font>, it also applies to all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>and <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>accounts over which the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> has a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest</font>.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> are presumed to have a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest</font> in the personal <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>holdings and<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>accounts of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members.&#160; </font>The definition of<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Household Family Member </font>includes an<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Person&#8217;s</font> spouse, significant other, minor children or other family members who also share the same household with the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font>.</div></td>
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<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 36pt; align: right">3.3</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Restrictions on Manulife Securities</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Manulife&#8217;s Insider Trading &amp; Reporting Policy prohibits <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife </font>employees from speculating in <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MFC Securities</font>.&#160; Speculation includes the purchase or sale of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife Securities</font> with the intention of reselling or buying back in a relatively short period of time in the expectation of a rise or fall in the market price of such securities, buying or selling options, or short selling. Please refer to the Manulife Insider Trading and Reporting Policy for additional restrictions and requirements on <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife Securities</font> transactions.</div>
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<div style="CLEAR: both">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">8</font></div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 36pt; align: right">3.4</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto"><strong>Pre-Clearance Approval Requirement</strong></td>
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<div>
<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">Level 1 and Level 2<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Persons</font> may not purchase, sell or otherwise acquire or dispose of any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security </font>in which he or she has (or as a result of such transaction will establish) a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest </font>without obtaining advance written (or electronic) pre-clearance approval for such transaction from the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator, Chief Compliance Officer, </font>or the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Personal Trading &amp; Reporting System </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>unless</u></font> the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security </font>transaction is exempt from this <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code&#8217;s </font>pre-clearance requirement.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Refer to </font>APPENDIX C of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>for a list of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>and<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Securities </font>transactions<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>exempt from the pre-clearance requirement.</div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">A preclearance approval is valid only for the day it is granted unless an exception is granted by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font> or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font>.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify">Additionally, successfully obtaining pre-clearance approval for a transaction does not mean an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> cannot be found to be in violation of a specific applicable personal investing restriction or limitation of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> or the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Code&#8217;s </font>General Principles of Business Conduct.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: left">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 36pt; align: right">3.5</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Special Pre-Clearance Approval Requirement for Level 3 Access Persons</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Level 3 </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> are exempt from the pre-clearance requirements of Section 3.4.&#160; However, Level 3 </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> may not acquire a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Ownership</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> in any </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">in an </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Initial Public Offering</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> or a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Limited Offering</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> or acquire or dispose of a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> in a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Closed-End Investment Company </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">advised by a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife Affiliate</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> without obtaining advance written (or electronic) approval from the </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer.</font></div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Pre-Clearance Reminder:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Household Family Members</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> (Level 1 and 2) are required to obtain pre-clearance approval for all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> transaction of persons who qualify as a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Member</font> of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> (unless the transaction is exempt from the pre-clearance requirement. Refer to <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>APPENDIX C for pre-clearance exemptions).</div>
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<div>&#160;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 36pt; align: right">3.6</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">15 Day Blackout Period Rule</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Level 1 and Level 2<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Persons</font> may not purchase, sell or otherwise acquire or dispose of any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Pre-Clearable</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security </font>in which he or she has (or as a result of such transaction will establish) a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest </font>if that <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Same Pre-Clearable Security </font>traded in a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client</font> account 15 calendar days before such transaction (or will trade in a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client</font> account 15 days following such transaction) <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>unless</u></font> (1) the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> has no actual knowledge that the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Same Pre-Clearable Security</font> is under<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Active Consideration for Purchase or Sale </font>by a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client</font> and (2) the transaction can satisfy one of the following exceptions:</div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; COLOR: #000000; TEXT-ALIGN: left">&#183;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">De Minimis Trading Exception:</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>may permit the transaction if all of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s</font> aggregate total same-day pre-clearance requests for the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Same</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Pre-Clearable Security</font> have a transaction market value of less than $25,000 USD <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>and</u></font> (in the case of equities) the same day transactions in the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Pre-Clearable Security</font> total no more than 500 equity shares.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Market Cap Securities Exception:</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>may permit the transaction if the individual preclearance request is in the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> of an issuer whose market capitalization is at least $5 billion USD or more.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Level 1 </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic">Access Persons</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> should refer to Part 4 of the</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; FONT-STYLE: italic"> Code</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> (</font>Level 1 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons Additional Restrictions</font>) to determine if a Level 1 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> may rely on the exceptions (above) to the 15 Day Blackout Period Rule.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">If a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Client </font>account trades in a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Pre-Clearable Security </font>within 15 calendar days before or after an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> obtains pre-clearance approval of a trade, the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> may be required to demonstrate that he or she did not know that the same <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security </font>was under<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Active Consideration for Purchase or Sale </font>for a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client </font>account.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer, </font>in his or her sole discretion, may exempt or exclude an individual or class of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> transactions and/or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client </font>accounts from the 15 Day Blackout Period Rule so long as the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font> documents the rationale for granting the exemption or exclusion.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">9</font></div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 36pt; align: right">3.7</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Affiliated Mutual Fund Profit Ban&#8212;30 Day Rule</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">All<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Persons </font>(including <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members) </font>are prohibited from directly or indirectly profiting from a discretionary purchase and sale of an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Affiliated Mutual Fund</font> actively managed by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s MAM</font> entity within 30 calendar days.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 36pt; align: right">3.8</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Short-Term Profit Ban</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8212;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">60 Day Rule</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">Level 1 and 2 Access Persons (including <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members)</font>, cannot directly or indirectly profit from a discretionary purchase and sale of the same <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Pre-Clearable Security</font> within 60 calendar days.&#160; However, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Pre-Clearable</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>whose issuer&#8217;s market capitalization is $5 Billion USD or more at the time of the transaction are exempt from this 60 Day Rule.&#160; Note:&#160; a voluntary transaction related to a derivative <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security</font> (including options) which results in a profit is permitted so long as the voluntary transaction occurs more than 60 calendar days after the initial related transaction event.</div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 36pt; align: right">3.9</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Limit Orders and Special Orders</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Due to the 1-day pre-clearance trade window outlined in Section 3.4, multi-day special orders, such as &#8220;good until canceled orders&#8221; or &#8220;limit orders,&#8221; are prohibited for Level 1 and 2 </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">4</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160; However, </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (and</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Household Family Members</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">) may place day orders, (</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">., orders that automatically expire at the end of the trading day session). Be sure to check the status of all orders at the end of the trading day and cancel any orders that have not been executed.&#160; Please note that if a trade order is left open beyond the pre-clearance window and it is executed outside of the window, the transaction will constitute a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> violation.</font></div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 36pt; align: right">3.10</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Investment Clubs</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons </font>(including<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Household Family Members</font>)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>are prohibited from participating or holding an interest in any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Investment Club.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Securities Transactions Exempted from the Affiliated Mutual Fund 30-Day Profit Ban and 60-Day Short Term Profit Ban </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The following <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>activities are exempted from both the 60-Day Short Term Profit &amp;&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Affiliated Mutual Fund</font> 30-Day Profit Ban:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 5%; BACKGROUND-COLOR: #f2f2f2"><font face="Symbol">&#183;</font>&#160;</td>
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<div>All money market fund transactions</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 5%; BACKGROUND-COLOR: #f2f2f2"><font face="Symbol">&#183;</font>&#160;</td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 91%; BACKGROUND-COLOR: #f2f2f2"><em>Automatic Investment Plan</em> transactions (including payroll deduction purchases)</td>
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<td style="VERTICAL-ALIGN: top; WIDTH: 5%; BACKGROUND-COLOR: #f2f2f2"><font face="Symbol">&#183;</font></td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 91%; BACKGROUND-COLOR: #f2f2f2">Dividend reinvestment purchase transactions</td>
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<td style="VERTICAL-ALIGN: top; WIDTH: 5%; BACKGROUND-COLOR: #f2f2f2"><font face="Symbol">&#183;</font></td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 91%; BACKGROUND-COLOR: #f2f2f2">Issuer <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Pro Rata Discretionary Transactions</font></td>
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<td style="VERTICAL-ALIGN: top; WIDTH: 5%; BACKGROUND-COLOR: #f2f2f2"><font face="Symbol">&#183;</font></td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 91%; BACKGROUND-COLOR: #f2f2f2">Involuntary issuer transactions (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">e.g</font>., stock dividends, stock splits/ reverse splits or other similar reorganizations or distributions, call of a debt security, and spin-offs of shares to existing holders)</td>
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<td style="VERTICAL-ALIGN: top; WIDTH: 5%; BACKGROUND-COLOR: #f2f2f2"><font face="Symbol">&#183;</font></td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 91%; BACKGROUND-COLOR: #f2f2f2">Automatic purchases into a default investment option by a retirement plan</td>
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<td style="VERTICAL-ALIGN: top; WIDTH: 5%; BACKGROUND-COLOR: #f2f2f2"><font face="Symbol">&#183;</font></td>
<td style="MARGIN-BOTTOM: 4px; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 91%; BACKGROUND-COLOR: #f2f2f2">Other involuntary purchase or sales activity not at the direction of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> or the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s Household Family Member</font></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Gifts and Donations</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify">Please note that giving gifts and donations of<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Securities</font> are considered &#8220;sales&#8221; and are not exempt from 30/60 day profit bans.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Exemptions</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font>, in his or her sole discretion, may grant a hardship exemption from 30/60 day profit ban (such as profitable sales motivated by the need to pay for unexpected medical expenses).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; FONT-FAMILY: Arial; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">4</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> or </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> may provide an </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> with a transaction-specific exemption in special limited circumstances (</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">e.g.,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> subscription offerings with an uncertain trade execution date, special employment transaction with limited exercise trade windows).</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Discouraging Excessive Trading</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">While active personal trading may not in and of itself raise issues under the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Laws</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>believes that a very high volume of personal trading by an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> can be time consuming and can increase the possibility of actual or apparent conflicts with portfolio transactions. Accordingly, an unusually high level of discretionary personal trading activity by an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> is strongly discouraged and may be subjected to enhanced scrutiny by <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM.&#160; </font>The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font> may impose limitations<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>on the number of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Pre-Clearable Securities </font>trades permitted during a given period for certain <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Additional Restrictions&#8212;Hong Kong-Based&#160;&#160; Access Persons Only</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify">Hong Kong-based <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> (and <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members</font>) are prohibited from the following additional activities: (i) short selling any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security</font>, (ii) delay of personal transaction settlement beyond the normal settlement time for the relevant market and (iii) cross trades between <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client</font> accounts.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">***</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">PART 4</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">LEVEL 1 ACCESS PERSONS ADDITIONAL PERSONAL INVESTING RESTRICTIONS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">In addition to the personal investing restrictions and requirements for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> in Part 3 of this <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>, Level 1 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> (including their <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members</font>) are subject to the following additional restrictions and requirements.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">5</sup></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Initial Public Offering Ban</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Level 1<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Persons </font>may not directly or indirectly acquire a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest </font>in a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security</font> through an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Initial Public Offering </font>(IPO).&#160; Consequently, Level 1 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> (including <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members</font>) must wait to purchase newly-issued IPO <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> until the next business (trading) day following the offering date of the IPO.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Investment Team Hold Until Sold Rule</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">A Level 1<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Person </font>associated with an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Investment Team</font> (including<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Household Family Members) </font>is not permitted to sell a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Pre-Clearable Security </font>holding in which they have a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest</font> if (i) the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Same Pre-Clearable Security</font> is held in a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client</font> account managed by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s Investment Team</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>and</u></font> (ii) the Access Person (or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Member</font>) purchased the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Pre-Clearable Security</font> after the date of the Code&#8217;s initial adoption (Refer to APPENDIX B for initial adoption dates) <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>or</u></font> the date the person was named to the relevant <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Investment Team</font> (which ever date is later).</div></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">5</sup> The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font> may grant individual exceptions to Sections 4.1, 4.2, and/or 4.3 under limited hardship circumstances where the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font> concludes that no material conflict of interest is present.&#160; For instance in the case of an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">IPO</font>, a&#160;&#160; Level 1 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> may request and exemption from the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">IPO </font>prohibition for certain investments that do not create a potential conflict of interest, such as: (1) <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> of a mutual bank or mutual insurance company received as compensation in a demutualization and other similar non-voluntary stock acquisitions; (2) fixed rights offerings; or (3) a family member&#8217;s participation as a form of employment compensation in their employer&#8217;s <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">IPO</font>.&#160; The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer </font>may also exclude an individual or class of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client </font>accounts from the application of Sections 4.2 and 4.3 so long as the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font> documents the rationale for the exemption or exclusion.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Investment Team Enhanced Trade Blackout Rule for Certain Level 1 Access Persons</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Level 1<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Persons </font>who are members of an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Investment Team</font> (including <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members</font>) may not purchase, sell or otherwise acquire or dispose of any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Pre-Clearable</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security </font>in which he or she has (or as a result of such transaction will establish) a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest </font>if that <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Same Pre-Clearable Security </font>traded 15 calendar days before such transaction or will trade 15 days following such transaction in a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client</font> account managed by the Level 1 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s Investment Team.&#160; Note: </font>the De Minimis and Market Cap exceptions outlined in Section 3.6 are not available for the types of transactions described above in this Section 4.3.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">All Level 1 </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">who are members of an </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Investment Team</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> must affirmatively assert as part of the pre-clearance trade approval process, that the </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Same</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Pre-Clearable Security</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font>is not under <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Active Consideration</font> for Purchase or Sale for a<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Client </font>account managed by the Level 1<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Person&#8217;s Investment Team.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Pre-Clearance of a Significant Personal Securities Position</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">In addition to the pre-clearance requirements of Section 3.4, a Level 1 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person (including Household Family Members)</font> must obtain advance written trade approval from the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> Chief Investment Officer&#8212;Fixed Income or the Chief Investment Officer&#8212;Equity (or their designee) for any discretionary transaction (or series of transactions) which establishes a Beneficial Interest in <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">a Pre-Clearable Security</font> valued at $100,000 USD or more (&#8220;Significant Positions&#8221;). Additionally, any discretionary transaction which increases or decreases an established Significant Position must be approved in the same manner.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Disclosure of Personal Investment Conflicts &amp; Limited Offering Independent Review</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">A Level 1 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> cannot recommend or participate in the investment decision-making process involving a particular <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security</font> for a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client</font> account if the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> also maintains a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest</font> in the same issuer&#8217;s <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>unless</u></font> the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> has disclosed the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest</font> to the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>primary portfolio manager for the relevant <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client</font> account or relevant <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> Chief Investment Officer.&#160; Following any initial oral disclosure, the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> is required to make the same disclosure in writing to the primary portfolio manager and either (i) the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer </font>or (ii) the relevant <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> Chief Investment Officer.</div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">In addition to the disclosure requirements (above)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">,</font> an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person </font>with a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest </font>in a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Limited Offering</font> (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">a.k.a.,</font> a private placement) is required to ensure that any final investment decision (for a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client</font> account) involving the same issuer as the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Limited Offering</font> is subjected to an independent review by other <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> investment personnel that do not hold a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest </font>in<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>same issuer&#8217;s <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities.</font></div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 36pt; align: right">4.6</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">1% and 5% Security Ownership Disclosure &amp; Prohibitions</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">Any Level 1 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> with a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest </font>of 1% of more of an issuer or a class or series of an issuer&#8217;s <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> must disclose such a fact in writing to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font>.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">If a Level 1 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> holds a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest</font> of 1% or more of an issuer or a class or series of an issuer&#8217;s <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> then the same <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> is prohibited from recommending or participating in the investment decision to purchase or sell the same issuer&#8217;s securities for a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client</font> account.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">If a Level 1 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> serving as a portfolio manager or analyst holds a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest</font> of 5% or more of an issuer or a class or series of the issuer&#8217;s <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>then the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> entity the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> is associated with is prohibited from purchasing the same issuer&#8217;s <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> for a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client</font> account.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">12</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">PART 5</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">INITIAL AND PERIODIC REPORTING</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The following requirements allow <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>to monitor and verify <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> compliance with requirements the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code.</font>&#160; All <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons </font>must initially and periodically thereafter make disclosures and compliance certifications regarding <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>holdings, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>accounts and <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> transactions in which the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> has a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest </font>in<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>(this includes disclosures, holdings and transaction information for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members</font>).</div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 36pt; align: right">5.1</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Requirement to Report Securities<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>Accounts</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">All <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> are required to report the name of broker, dealer, bank, or other entity with which the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> maintains an account in which any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>are or can be held for the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s Beneficial Interest </font>(including accounts of<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Household Family Members</font>).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons </font>are required to report all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> accounts within 10 days of initially being designated an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font>.&#160; After this initial report of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> accounts, any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> accounts opened in the future time must be reported no later than 10 calendar days following the opening of the account or prior to the first discretionary transaction in the account.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#160; </font>To comply with the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> Insider Trading Policy you are also required to inform any broker/dealer when you open a new <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> account that you are employed by a financial institution and also whether you are registered with a broker-dealer.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">6</sup></div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Hong Kong-based <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> (and their <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members</font>) must obtain approval from the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font> prior to opening any brokerage account.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 36pt; align: right">5.2</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Duplicate Transaction Confirmations &amp; Statements</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Each <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person </font>must arrange for the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator </font>to receive duplicate copies of trade confirmations of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Reportable Securities </font>transactions and, if requested<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">7</sup> by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font>, periodic account statements for any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Reportable Securities </font>accounts in which the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person </font>has a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest </font>in<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>if the account holds, or has the ability to hold, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Reportable Securities</font> (this requirement also applies to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>confirmations and statements of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members</font>).</div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Compliance Tip - What Securities Accounts Do I Need to Report?</div>
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<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #e6e6e6">Any account (including a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Member&#8217;s</font> account) that holds or can hold a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security.</font> For instance here is a non-exclusive list of commonly reported <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>accounts:</td>
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<td style="VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 5%; BACKGROUND-COLOR: #e6e6e6">&#160;</td>
<td style="VERTICAL-ALIGN: top; MARGIN-TOP: 4px; WIDTH: 6%; BACKGROUND-COLOR: #e6e6e6"><font face="Symbol">&#183;</font></td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 89%; BACKGROUND-COLOR: #e6e6e6">Brokerage Accounts</td>
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<td style="VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 5%; BACKGROUND-COLOR: #e6e6e6">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 6%; BACKGROUND-COLOR: #e6e6e6"><font face="Symbol">&#183;</font></td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 89%; BACKGROUND-COLOR: #e6e6e6">Mutual Fund Only Accounts</td>
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<td style="VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 5%; BACKGROUND-COLOR: #e6e6e6">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 6%; BACKGROUND-COLOR: #e6e6e6"><font face="Symbol">&#183;</font></td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 89%; BACKGROUND-COLOR: #e6e6e6">Custodial Securities Accounts</td>
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<td style="VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 5%; BACKGROUND-COLOR: #e6e6e6">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 6%; BACKGROUND-COLOR: #e6e6e6"><font face="Symbol">&#183;</font></td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 89%; BACKGROUND-COLOR: #e6e6e6">Manulife GSOP Plan Accounts</td>
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<td style="VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 5%; BACKGROUND-COLOR: #e6e6e6">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 6%; BACKGROUND-COLOR: #e6e6e6"><font face="Symbol">&#183;</font></td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 89%; BACKGROUND-COLOR: #e6e6e6">Certain 529 Plans (plans affiliated with or plans with investment options managed by Manulife or Manulife affiliated entity)</td>
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<td style="VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 5%; BACKGROUND-COLOR: #e6e6e6">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 6%; BACKGROUND-COLOR: #e6e6e6"><font face="Symbol">&#183;</font></td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 89%; BACKGROUND-COLOR: #e6e6e6">IRA Accounts</td>
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<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 89%; BACKGROUND-COLOR: #e6e6e6">Stock Purchase Plans</td>
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<td style="VERTICAL-ALIGN: top; WIDTH: 6%; BACKGROUND-COLOR: #e6e6e6"><font face="Symbol">&#183;</font></td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 89%; BACKGROUND-COLOR: #e6e6e6">Transfer Agent Accounts</td>
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<td style="VERTICAL-ALIGN: top; WIDTH: 6%; BACKGROUND-COLOR: #e6e6e6"><font face="Symbol">&#183;</font></td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 89%; BACKGROUND-COLOR: #e6e6e6">Variable Life or Annuity Insurance Policies with underlying <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Affiliated Mutual Fund</font> investment options</td>
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<td style="VERTICAL-ALIGN: top; WIDTH: 6%; BACKGROUND-COLOR: #e6e6e6"><font face="Symbol">&#183;</font></td>
<td style="BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 89%; BACKGROUND-COLOR: #e6e6e6">Manulife Loan Program Mutual Fund Account</td>
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<td style="VERTICAL-ALIGN: top; WIDTH: 6%; BACKGROUND-COLOR: #e6e6e6"><font face="Symbol">&#183;</font></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">John Hancock Unified 401k Plan/Manulife RPS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Registered Retirement Savings Plan (RRSP)/RESP/TFSA</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 6%; BACKGROUND-COLOR: #e6e6e6"><font face="Symbol">&#183;</font></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Uncertificated Book Entry <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Physical possession of certificated <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font></div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 6%; BACKGROUND-COLOR: #e6e6e6"><font face="Symbol">&#183;</font></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Employee Stock Option Accounts</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 6%; BACKGROUND-COLOR: #e6e6e6"><font face="Symbol">&#183;</font></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">UK Individual Savings Accounts (ISA)</div>
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<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 6%; BACKGROUND-COLOR: #e6e6e6"><font face="Symbol">&#183;</font></td>
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<div style="MARGIN-BOTTOM: 4px; FONT-SIZE: 10pt; FONT-FAMILY: Arial">UK Self Invested Pension Plans (SIPP)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; FONT-FAMILY: Arial; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">6</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Brokers and dealers are subject to certain rules designed to prevent favoritism toward an </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> accounts. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">may not accept negotiated commission rates that you believe may be more favorable than the broker grants to accounts with similar characteristics.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">7</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font>The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font> may<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> rely on the operating groups of </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife/</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">John Hancock for administration of trading activity limitations and monitoring of market timing policies for </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife Affiliated Funds</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">. To the extent the </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> has ready access to </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> transaction and holdings through a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife Affiliate</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">, the </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> is not required to obtain duplicate confirmations or statements for such accounts.</font></div></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">13</font></div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 36pt; align: right">5.3</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">USA-Based Access Person Preferred Brokerage Account Requirement</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">All USA-based <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> who became employees of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>or a<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> MAM Affiliate </font>after March 1, 2008 are required to maintain all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Reportable Securities </font>accounts established after March 1, 2008 (including the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> accounts of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members</font>) at one of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM&#8217;s Preferred Brokers</font> unless the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>account has been qualified by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font> as an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Exempt Securities Account.&#160; </font>A current list of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM&#8217;s</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Preferred Brokers </font>can be found on the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Personal Trading &amp; Reporting System </font>website or by contacting the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator.</font>&#160; Upon designation as an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font>, a person has 45 calendar days to (i) qualify any non-compliant <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>account as an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Exempt Securities Account</font> or (ii) transfer all assets to a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Preferred Broker </font>and close the non-compliant account.</div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 36pt; align: right">5.4</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Initial Holdings Report &amp; Certification</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">After reporting all<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Securities</font> accounts (Refer to Section 5.1), new <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons </font>must file an Initial Holdings Report.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">8</sup>&#160;&#160; This Initial Holdings Report is due within 10 calendar days after the person became an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person </font>and the submitted information must be current as of a date no more than 45 calendar days prior to the date the person became an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">An <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person </font>must submit with his or her Initial Holdings Report a certification that he or she: (i) has read and understands the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code; </font>(ii) recognizes that he or she is subject to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>; (iii) agrees to comply with the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>requirements applicable to their designated access level; and (iv) has disclosed or reported all required <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Reportable Securities </font>holdings and all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>accounts in which they have a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest</font> (including <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Member</font> accounts).</div></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Quarterly Transaction Report &amp; Certification</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">All <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons </font>must file a Quarterly Transaction Report that discloses certain information about each <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Reportable Security </font>transaction in which they have (or as a result of the transaction acquired) a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest</font> (including transactions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members</font>) during the quarter covered by the Quarterly Transaction Report.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">9</sup></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Each <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;</font>s Quarterly Transaction Report is due<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>within 30 calendar days after the end of each calendar quarter. Each <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s </font>Quarterly Transaction Report must also include a certification that the submitted Quarterly Transaction Report includes all information required to be reported. In connection with the Quarterly Transaction Report Certification, all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons </font>are also<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>required to certify to the accuracy of the listing of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> accounts displayed in <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Personal Trading &amp; Reporting System </font>or by alternative method as permitted by<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>Section 5.8 of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code.</font></div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Compliance Reminder: Automatic Pre-Population of Transaction and Holdings Data in the Personal Trading &amp; Reporting System</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">As a convenience to certain <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administration</font> works with certain brokers to obtain <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> transaction and holding data to pre-populate Quarterly Transaction and Annual Holdings Reports in the Personal Trading &amp; Reporting System.&#160; The pre-populated data may contain omissions or inaccuracies.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160; </font>It is each <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s</font> responsibility to contact the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font> to correct any inaccurate transaction or holdings data prior to submitting a report or certification.</div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">8</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font>The Initial Holdings Report will contain: (i) the title and type of each <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Reportable Security </font>in which the Access Person has any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest</font>; (ii) the exchange ticker symbol or CUSIP number and the number of shares or principal amount of each <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Reportable Security </font>(each as applicable); (iii) the name of any broker, dealer, bank, or other entity with which the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> maintains an account in which any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>are or can be held for the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s</font> direct or indirect <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest</font>; and (v) the date the report is submitted by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">9</sup>&#160;The Quarterly Transaction Report will include the following information: (i) the date of the transaction (&#8220;trade date&#8221;); (ii) the title of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Reportable Security</font>; (iii) the exchange ticker symbol or CUSIP number, the interest rate and maturity date, the number of shares or principal amount of each <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Reportable Security,</font> the type of transaction or acquisition, the price at which the transaction was effected (each as applicable); (iv) the name of any broker, dealer, bank, or other entity with or through which the transaction was effected; and (v) the date the report is submitted by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person.</font></div></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Reporting of Gifts, Donations &amp; Inheritances</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">An <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s</font> gift or donation of a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Pre-Clearable Securit</font>y is considered a &#8220;sale&#8221; event for Level 1 and 2 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> (this includes gifts or donations by <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members</font>) and therefore requires pre-clearance approval prior to making the gift or donation.&#160; Additionally, any approved gift or donation event of a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Reportable Security</font> must be accurately reflected in the next Quarterly Transaction Report (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Refer to Section 5.5</font>).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">The receipt of a gift or an inheritance of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Reportable</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>should be promptly reported to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font> to ensure the new holding is accurately accounted for.&#160; Note: the receipt of a gift or inheritance does not require pre-clearance approval from Compliance.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Annual Holdings Report &amp; Certification</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">All <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons </font>must file an Annual Holdings Report.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">10</sup>&#160;&#160; The<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>Annual Holdings Report is due within 45 calendar days of December 31st and must be current as of a date no more than 45 calendar days prior to the date this information is filed. Each <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person </font>must submit each Annual Holdings Report with a certification that he or she: (i) has read and understands the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>; (ii) recognizes that he or she is subject to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>; (iii) has complied with (or has disclosed any failure to comply with) the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code&#8217;s </font>requirements applicable to their designated access level; and (iv) has reported all violations of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>and all required <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Reportable Securities </font>holdings and <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>accounts for which the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> holds a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest </font>(including the applicable holdings and accounts of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members</font>).</div></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Method of Reporting &amp; Certifications</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons </font>are expected to use the intranet-based <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Personal Trading &amp; Reporting System, </font>to make their required <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> account disclosures, Initial and Annual Holdings Reports<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">, </font>Quarterly Transaction reports and related certifications.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">11</sup>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">An </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> that fails to make a required report or certification by the specified deadline will, at a minimum, be prohibited from engaging in discretionary personal trading until the reporting/certification requirement is satisfied and may give rise to other sanctions (this prohibition also applies to any </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">account or </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">of which the </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> has a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest, </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">including the </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> accounts and </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> of</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Household Family Members</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">).</font> The timing of the deadlines for each reporting obligations are set by various regulations adopted under the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities Laws. </font>Compliance may establish earlier deadlines than specified in this Part 5 to ensure compliance with the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Securities Laws.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">10</sup> The Annual Holdings Report will include: (i) the title and type of each <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Reportable Security </font>in which they have <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest</font>; (ii) the exchange ticker symbol or CUSIP number (as applicable) and the number of shares or principal amount of each <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Reportable Security </font>(as applicable); (iii) the name of any broker, dealer, bank, or other entity with which the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person </font>maintains an account in which any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>are or can be held for the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s </font>direct or indirect benefit; and (iv) the date the report is submitted by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; FONT-FAMILY: Arial; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">11</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> without access to the </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Personal Trading &amp; Reporting System</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> will use other methods for reporting and certification as directed by the </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> or </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.</font></div></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">PART 6</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">CODE ADMINISTRATION</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">No Liability for Losses</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> and <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife Affiliates</font> and/or any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Clients</font> will not be liable for any losses incurred or profits avoided by any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Member</font> resulting from the implementation or enforcement of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> must understand that their ability (as well as the ability of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members</font>) to buy and sell <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> may be limited by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> and that trading activity by <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Clients</font>, and/or other <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife Affiliates</font> may affect the timing of when an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> (as well as <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members</font>) can buy or sell a particular <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Penalties for Code Violations</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Penalties for violating the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities Laws </font>can be severe, both for the individuals involved and their employers. A person can be subject to penalties even if he or she does not personally benefit from the violation. Penalties may include civil injunctions, payment of profits made or losses avoided (&#8220;disgorgement&#8221;), jail sentences, fines for the person committing the violation, and fines for the employer or other controlling person.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In addition, any violation of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>is subject to the imposition of sanctions by <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> as may be deemed appropriate under the circumstances by MAM<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">. </font>These sanctions could include,<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>without limitation, bans on personal trading, disgorgement of trading profits, and personnel<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>action, including termination of employment, where appropriate. <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Refer to MAM&#8217;s </font>Fine and Sanction Guidelines for further information.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exemptions &amp; Appeals</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">Exemptions from <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> provisions may be granted by the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Chief Compliance Officer</font> where warranted by applicable facts and circumstances, if permitted by law, and if the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">CCO</font> determines and exemption would be in accord with the spirit of the General Principles of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> and the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities Laws.</font>&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> may direct their request for an exemption to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font> or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer.</font>&#160; The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font> is also authorized to modify the personal trading provisions of this <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> as it applies to a specific <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate</font> where local law would prohibit the application of a specific provision.</div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">If <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> believes that a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>-related request has been incorrectly denied by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font>, or that a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>-related action is not warranted, an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> may make a written appeal of the decision or action within 30-days of the decision or action to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Ethics Oversight Committee</font>.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administration</font> will arrange an appropriate forum or communication for the consideration of appeals.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Code Amendments</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font> is permitted to approve non-material amendments to the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Code</font> and the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Ethics Oversight Committee</font> (or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>Board, if applicable) is responsible for approving any material amendments.&#160; For certain <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Affiliated Mutual Fund </font>clients,<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>the respective Board of Trustees of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Affiliated Mutual Fund</font> must approve any material changes to the code of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> within six (6) months of the adoption of the material change in accordance with the requirements of Rule 17j-1 under the Investment Company Act of 1940.</div></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">Code Interpretation &amp; Administration</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font> has general administrative responsibility for the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> and is responsible for establishing policies and procedures for the administration of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>; monitoring and testing for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> compliance; ensuring <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> training is provided to <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font>; granting exceptions or exemptions to any provision of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code, </font>on an individual or a class basis; appointing one or more <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrators </font>and defining the scope of his or her authority and day-today responsibilities (in addition to those specified in the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>); oversight of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator&#8217;s</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>activities; considering and recommending material amendments to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>to the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Ethics Oversight Committee </font>(or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>Board, if applicable); and reviewing and considering any decisions made by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator </font>at the request of a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate </font>or involving ordinary sanctions imposed related to <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>violations.</div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Ethics Oversight Committee</font> (or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>Board, if applicable) retains the ultimate discretion as to the interpretation the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code&#8217;s</font> provisions in any given situation, rendering material sanctions for violations of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>, and rendering final judgments on any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s</font> appeal of any decision or ordinary sanction imposed by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">Recordkeeping</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer </font>or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator </font>maintains or causes to be maintained, the following records: (1) a copy of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code </font>or any predecessor <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> code of ethics<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>which has been in effect during the most recent 5-year period; (2) a record of any violation of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>, or any predecessor <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> code of ethics, and of any action taken as a result of such violation in the 5-year period following the end of the fiscal year in which the violation took place; (3) a list of all persons currently or within the most recent&#160; 5-year period who were required to make reports pursuant to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> (or any predecessor <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>) and the person(s) who were responsible for reviewing these reports; (4) copies of all acknowledgements of each person&#8217;s receipt of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code, </font>Initial and Annual Holdings Reports, Quarterly Transaction Reports, and duplicate brokerage confirmations and <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>account statements (as applicable) filed during the most recent 5-year period; and (5) a record of the approval of, and rationale supporting, the acquisition of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>by <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Persons </font>in an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Initial Public Offering</font> or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Limited Offering </font>for at least 5 years after the end of the fiscal year in which the approval is granted.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1"> 12</sup></div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Code records will be maintained for the first 2 years in an office of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> (in paper or accessible electronically) and in an easily accessible place for the time period as required by any applicable regulations thereafter.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1"> 13</sup></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 13.5pt; TEXT-INDENT: -13.5pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; FONT-FAMILY: Arial; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">12</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">In reviewing a pre-clearance request for a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Limited Offering </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">or</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> IPO </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">the </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">may consider the following factors: (1) whether the investment opportunity should be or can be reserved for </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">clients; (2) is it being offered because of a relationship to </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">or position within </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">; and (3) any other relevant factors in the sole discretion of the </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.&#160; The </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> or </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> will document the rationale for any approval decision.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Definitions of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Italicized </font>Code of Ethics<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>Terms</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Access Person</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Refer to definition in Section 1.2 of this <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Active</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Consideration for</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Purchase or Sale</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">A <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security</font> is under <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Active Consideration for Purchase or Sale</font> once a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> portfolio manager forms a specific intent to purchase or sell a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security</font> for a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Client</font> account.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Affiliated Mutual</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Fund</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">Any <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Mutual Fund</font> for which <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife </font>serves as an investment adviser (or sub-adviser) or whose investment adviser (or sub-adviser) controls, is controlled by, or is under common control with <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife.&#160; (e.g., Manulife or </font>John Hancock <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Mutual Funds</font>).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Automatic</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Investment Plan</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. Examples include automatic dividend reinvestment plans and payroll deduction purchase plans.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Beneficial Interest</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">An<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Person </font>is deemed to have a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest </font>in any transaction in which the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> controls or has the opportunity to directly or indirectly profit or share in the profit derived from the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> transacted.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160; </font>An<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Person </font>is presumed to have a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest </font>in the following<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Securities</font> and related transaction activities: (1) <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> owned by an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> in his or her name; (ii) <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>(and <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>accounts) owned by<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Household Family Members; (iii) Securities </font>owned by an<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Person </font>indirectly through an account or investment vehicle for his or her benefit, such as an IRA/RRSP/RESP/ISA/SIPP, family trust or family partnership; (iv)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Securities </font>owned in which the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Person </font>has a joint ownership interest, such as <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> owned in a joint brokerage account; and (v) <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>over which the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> has discretion or gives advice (other than <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client </font>accounts) and includes <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>owned by trusts, private foundations or other charitable accounts for which the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Access Person </font>has investment discretion.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160; Beneficial Interest</font> is interpreted in the same manner under the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> as it would be under Rule 16a-1(a)(2) under the U.S. Securities Exchange Act of 1934.</div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Chief Compliance</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Officer</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The term <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Chief Compliance Officer </font>refers each Chief Compliance Officer of the applicable <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> entity adopting this <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Client</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">For purposes of this <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>, the term &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client</font>&#8221; means the specific person or entity that has an investment advisory or investment sub-advisory services agreement (or supervised investment delegation affiliate arrangement) with the specific <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>entity adopting this<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Code.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Closed-End</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Investment</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Company</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">A <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Closed-End Investment Company </font>is a registered investment company that issues a fixed number of shares and is usually traded on a major stock exchange.&#160;&#160; In contrast, an open-end investment company<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>(<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e</font>., mutual fund) continuously offers new shares to the public and repurchases shares at net asset value.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Note</u></font>:&#160; Many REITs are <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Closed-End Investment Companies</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Code</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Administrator</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator </font>refers to the person (or persons) designated by the relevant <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Chief Compliance Officer </font>to be primarily responsible for the day-to-day administration of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Direct Obligations</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">of the Government</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">of the US or UK</div>

<div>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Any security directly issued or guaranteed as to principal or interest by the United States. Examples of direct obligations include Cash Management Bills, Treasury Bills, Notes and Bonds, and STRIPS.&#160; It is important to note that Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac) <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> are not <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Direct Obligations of the Government of the United States.&#160; Directed Obligations of the UK</font> refers to the following list of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>issued and guaranteed by the United Kingdom Treasury: Premium Savings Bonds, Index Linked Savings Certificates, Fixed Interest Savings Certificates, Guaranteed Equity Bonds, Capital Bonds, Children&#8217;s Bonus Bonds, Fixed Rate Savings Bonds, Income Bonds, and Pensioners Guaranteed Income Bonds. <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Refer to M&amp;G Investment Management Ltd.&#160; SEC No-Action Letter (Sept. 10, 2002)</font></div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Appendix A</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Definitions of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Italicized </font>Code of Ethics<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>Terms <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">(Continued)</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Ethics Oversight Committee</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">The<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Ethics Oversight Committee</font> is an ad hoc or standing compliance committee composed of relevant <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Chief Compliance Officer</font> and certain <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>senior management.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Exempt ETF</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">An <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Exempt ETF </font>is an exchange-traded fund that has as its underlying tracking instrument the S&amp;P 100, S&amp;P Midcap 400, S&amp;P 500, Hang Seng Index, Hang Seng China Enterprises Index, TSX 60, EAFE, FTSE 100, and Nikkei 225.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Exempt ETFs</font> also include options and futures contracts on the S&amp;P 100, S&amp;P Midcap 400, S&amp;P 500, TSX 60, EAFE, FTSE 100, and Nikkei 225.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Exempt ETF</font> transactions do not require advance pre-clearance approval.&#160; Refer to APPENDIX C for further information on reporting <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Exempt ETF</font> transactions and holdings.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Exempt Securities Accounts</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">With <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>written approval</u></font> from <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font>, a US-based <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> (and <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Household Family Members</font>) subject to the Preferred Broker Requirement of Section 5.3 are permitted to maintain a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> account with an entity other than with a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Preferred Broker</font>, if the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> account can meet one of the following exemptions: (i) it contains only <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> that can&#8217;t be transferred; (ii) it exists solely for products or services that one of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Preferred Brokers</font> cannot provide; (iii) it exists solely because your spouse&#8217;s or significant other&#8217;s employer prohibits external covered accounts; (iv) it is managed by a third-party registered investment adviser; (v) it is restricted to trading interests in 529 College Savings Plans; (vi) it is associated with an ESOP (employee stock option plan) or an ESPP (employee stock purchase plan); (vii) it is required by a direct purchase plan, a dividend reinvestment plan, or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Automatic Investment Plan</font> with a public company in which regularly scheduled investments are made or planned; (viii) it is a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Mutual Fund</font> only account; (ix) it is required by a trust agreement; (x) it is associated with an estate of which the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> is the executor, but not a beneficiary, and&#160; involvement with the account is temporary; (xi) transferring the account would be inconsistent with other applicable rules; or (xii) other exception approved by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator.</font></div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">High Quality Short Term</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Debt Instrument</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Any instrument that has a maturity <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>at issuance</u></font> of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized rating organization<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">(</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; FONT-STYLE: italic">e.g.,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"> S&amp;P, Moody&#8217;s, Fitch, A.M. Best)</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">An <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s</font> spouse, &#8220;significant other,&#8221; minor children, or other family member who <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>also</u></font> shares the same household with the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person.</font>&#160; An <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s</font> &#8220;significant other&#8221; is defined as a person<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>who (i) shares the same household with the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font>; (ii) shares living expenses with the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font>; and (iii) is in a committed personal relationship with the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> and there is an intention to remain in the relationship indefinitely.</div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left">The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">CCO </font>or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font>, after reviewing all the pertinent facts and circumstances, may determine, if not prohibited by applicable law, that an indirect <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Beneficial Interest </font>over <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>held by members of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person&#8217;s Household Family Members </font>does not exist or is too remote for purposes of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>&#8217;s requirements.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">An offering of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>registered under the U.S. Securities Act of 1933 (or comparable non-U.S. registration statute or regime), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the U.S. Securities Exchange Act of 1934 (or comparable non-U.S. compulsory reporting requirements).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Investment Club</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">A group of people who pool their assets in order to make joint decisions (typically a vote) on which <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>to buy, hold or sell.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">19</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Appendix A</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Definitions of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Italicized </font>Code of Ethics<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>Terms (Continued)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">An individual <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Investment Team</font> describes the grouping of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>analysts and portfolio managers who make or participate in making recommendations regarding the purchase or sale of securities for designated <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font>-advised <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Client</font> accounts.&#160; The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font> or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">CCO</font> may also assign certain traders to specific <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Investment Teams</font> if the trader regularly participates in the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security</font> recommendation process with the analysts or portfolio managers.</div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Limited Offering</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">A <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>offering that is exempt from registration under the U.S. Securities Act of 1933, pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933, or equivalent foreign statute or regulation. Also known as a private placement <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security</font> (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">e.g.,</font> private investment funds, &#8220;hedge funds,&#8221; limited partnerships, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">etc</font>.)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">MAM Associate</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associates</font> are: (i) any partner, officer, director (or other person occupying a similar status or performing similar functions) of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font>; (ii) an employee of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> (including contractors, co-ops and interns); (iii) any person who provides investment advice on behalf of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font> and is subject to the supervision and control of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM</font>; (iv) any person meeting the definition of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font>; and (v) any other person who the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font> deems a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM Associate</font>.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">14</sup></div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Manulife</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Manulife Financial Corporation</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Manulife Affiliate</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">All persons or entities<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>controlled by <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Manulife.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 12.6pt; TEXT-INDENT: -12.6pt">(a) Any U.S. registered open-end investment management company (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.,</font> mutual fund); or</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">(b) a Canadian or foreign regulated mutual fund (UCITs etc.) which meets the following 4 requirements: (i) redemption on demand at the net asset value of fund shares, (ii) forward pricing reflecting the net asset value of fund shares, (iii) daily calculation of the fund&#8217;s net asset value in a manner consistent with principles and rules adopted under the Investment Company Act of 1940, and (iv) absence of a secondary market.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Refer to SEC No-Action Letter, Manufacturers Adviser Corp., Sept. 10, 2002.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">No Direct or Indirect Control</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Over Account</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Purchases, sales or dispositions of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>over which a person has no direct or indirect influence or control (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">e.g.</font>, a &#8220;blind trust&#8221; or certain managed accounts which the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> has obtained from the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font> a written exemption).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Personal Trading &amp;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Reporting System</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The web-based reporting and certification system used by <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM </font>to facilitate compliance with certain periodic reporting and pre-clearance obligations imposed under the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">a.k.a., </font>PTCC).&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Persons</font> not provided with access to the PTCC will make reports, disclosures, and certifications in an alternate method as directed by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">All <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>except</u></font> those <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>listed on APPENDIX C of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font> as exempt from the pre-clearance requirements of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">A current list of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">MAM&#8217;s</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Preferred Brokers </font>can be found on the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Personal Trading &amp; Reporting System </font>website or by contacting the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator.</font>&#160; Refer to Section 5.3 for further information regarding the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Preferred Broker</font> requirements.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Appendix A</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Definitions of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Italicized </font>Code of Ethics<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>Terms (Continued)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Pro Rata Discretionary</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Transactions</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Purchases or other acquisitions or dispositions of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>resulting from the discretionary exercise of rights acquired <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>from an issuer</u></font> as part of a pro rata distribution to all holders of a class of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>of the issuer. (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">e.g</font>., discretionary participation in takeovers, rights &amp; tender/exchange offerings)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Reportable Security</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">All <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>except those <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>listed as exempt from the Initial and Annual Holdings Report <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>and</u></font> Quarterly Transaction Report requirements on APPENDIX C of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Same Pre-Clearable Security</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">For an equity <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security</font>, the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Same Pre-Clearable Security</font> would include all other equity securities of the same issuer or, other instrument whose value is derived from the value of the issuer&#8217;s equity <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font>.&#160; For a debt <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security</font>, the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Same Pre-Clearable Security</font> would include all other debt instruments of the same issuer as well as any instrument whose value is derived from the credit, value or reference to the issuer&#8217;s debt.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">A &#8220;security&#8221; as defined by Section 1(1) of the Ontario Securities Act, the Hong Kong Securities and Futures Ordinance, Section 3(a)(10) or the Investment Advisers Act of 1940.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Examples include but are not limited to</u></font>: any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, mutual funds, closed-end funds, unit investment trusts, REITS, ETFs, commodity funds, broker cds, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, security-based swap, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any &#8220;security&#8221; (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privileged entered into on a national securities exchange related to foreign currency, or, in general, any interest or instrument commonly known as a &#8220;security&#8221;, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing. References to a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security</font> also includes any warrant for, option in, or &#8220;security&#8221; or other instrument immediately convertible into or whose value is derived from that &#8220;security&#8221; and any instrument or right which is equivalent to that &#8220;security.&#8221; The definition of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security </font>applies regardless of the registration status or domicile of registration of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security </font>(<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.,</font> the term <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Security </font>includes both private placements/limited partnership interests and publicly-traded securities as well as domestic and foreign <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font>).&#160; For purposes of this <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>, the definition of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> also includes other instruments and interests labeled as reportable on APPENDIX C of this Code.</div></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Securities Laws</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities Laws</font> include various domestic and foreign securities-related laws, statutes and rules/regulations that govern MAM&#8217;s investment management activities and includes: Ontario Securities Act, UK Financial Services Authority regulations, the Securities and Futures Ordinance of Hong Kong, Securities and Futures Act (Singapore), the Securities Act of 1933 (US), the Securities Exchange Act of 1934 (US), the Sarbanes-Oxley Act of 2002 (US), the Investment Company Act of 1940 (US), the Investment Advisers Act of 1940 (US),<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>Title V of the Gramm-Leach-Bliley Act (US), and the Bank Secrecy Act (US) (as it applies to funds and investment advisers)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Appendix B</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Code of Ethics Initial<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>Adoption and Amendment Dates</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Manulife Asset Management (US) LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Initially Adopted January 12, 2012, Amended Effective Date September 1, 2013</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Initially Adopted February 22, 2012, Amended Effective Date November 1, 2013</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Manulife Asset Management Limited</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Initially Adopted February 22, 2012, Amended Effective Date November 1, 2013</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Manulife Asset Management (Europe) Limited</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Initially Adopted September 1, 2013</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">APPENDIX C</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> Reporting &amp; Pre-Clearance</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Manulife Asset Management Code of Ethics</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Annual Holdings</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Quarterly</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Transaction</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Unless otherwise indicated on this chart, (i) all<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Securities</font> positions must be reported initially and annually thereafter, (ii) all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> transactions must receive advance pre-clearance approval, and (iii) all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>transactions must be reported quarterly.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Does the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person </font>need to report the following types of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>holdings?</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Does the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> need to report transactions in the following types of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font>?</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Does the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> need to obtain pre-clearance approval prior to transacting in the following types of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font>?</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Note:</font> Level 3 Access Persons are only required to obtain pre-clearance approval for transactions involving IPOs, Limited Offerings, and Closed-End Investment Companies advised by a Manulife Affiliate</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">State, Province or Municipal Bonds</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Direct Obligations of the Governments of Canada,&#160; Japan, Germany, France or Italy</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #4e685d">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Money Market Instruments/Commodities/Currency</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #4e685d">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #4e685d">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #4e685d">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Bankers Acceptances</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Bank Certificates of Deposit</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Brokerage Certificates of Deposit</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Commercial Paper</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">High Quality Short-Term Debt Instruments</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Repurchase Agreements</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Money Market Funds (including Money Market <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Affiliated Mutual Funds</font>)</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Physical Commodities and Options and Futures on Commodities (not commodity ETFs or closed-end funds)</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Foreign and Domestic Currency Holdings/ Transactions (including currency options and futures)</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div style="CLEAR: both">
<table id="z10c1d2574edb483abd609ea09e037b09" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 90%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
</td>
<td style="WIDTH: 2%">
<div>&#160;</div>
</td>
<td style="WIDTH: 8%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 90%">
<div>&#160;</div>
</td>
<td style="WIDTH: 2%">
<div>&#160;</div>
</td>
<td style="WIDTH: 8%">
<div style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">23</font></div>
</td>
</tr>
</table>
</div>
</div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div>
<table id="z041c9a6759ce4a68abe0435d00825e9d" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="4" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #4e685d">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">APPENDIX C</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> Reporting &amp; Pre-Clearance <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">(Continued)</font></div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Manulife Asset Management Code of Ethics</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #4e685d">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Reportable</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Security:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Initial and</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Annual</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Holdings</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Reports</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #4e685d">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Reportable</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Security:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Quarterly</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Transaction</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Reports</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #4e685d">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Pre-Clearable Security?</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Unless otherwise indicated on this chart, (i) all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> positions must be reported initially and annually thereafter, (ii) all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> transactions must receive advance pre-clearance approval, and (iii) all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>transactions must be reported quarterly.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">(italicized terms are defined in the Code)</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Does the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> need to report the following types of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>holdings?</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Does the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> need to report transactions in the following types of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font>?</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Does the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> need to obtain pre-clearance approval prior to transacting in the following types of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font>?</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Note:</font> Level 3 Access Persons are only required to obtain pre-clearance approval for transactions involving IPOs, Limited Offerings, and Closed-End Investment Companies advised by a Manulife Affiliate</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #4e685d" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">IPOs / Private Placements / Limited Offerings</div>
</td>
</tr>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">IPOs<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>(Note: Prohibited for Access Person Level 1)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Private Placements/Private Funds/Limited Offerings</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Issuer Event Transactions / Automatic Investment Plans</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Involuntary Issuer Transactions and Holdings</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 8.1pt">(stock dividends, stock splits/reverse splits, or other similar reorganizations or distributions, call of a debt security, and spin-offs of shares to existing holders)</div>
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<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Issuer <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Pro Rata Discretionary Transactions/Elections</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 8.1pt">(purchases or other acquisitions or dispositions&#160; resulting from the discretionary exercise of rights acquired <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>from an issuer</u></font> as part of a pro rata distribution to all holders of a class of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>of such issuer) (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">e.g</font>., discretionary participation in takeovers, rights &amp; tender/exchange offerings)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Yes. Pre-clearance approval for discretionary elections should be sought by <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>manually</u></font> phoning or emailing the<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic"> Code Administrator </font>directly.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Automatic Investment Plans</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 8.1pt">(a program in which regular periodic purchases or withdrawals are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation)</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 17.1pt">(for Mutual Funds AIPs Refer to below)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Yes.&#160; You must add up all of the Plan transactions for the year and reflect the activity on the Annual Holdings Report</div>
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<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">No.&#160; You do not need to report automatic (non-discretionary)&#160; Plan transactions on the Quarterly Transaction Report</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">No, however, transactions that override the automatic preset schedule (discretionary purchases /sales, discretionary changes in individual security selection) must be pre-cleared.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Note</u></font>: You do not need to pre-clear a change to your money contribution level into a Plan.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">24</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">APPENDIX C</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> Reporting &amp; Pre-Clearance <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">(Continued)</font></div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Manulife Asset Management Code of Ethics</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Reportable</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Security:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Initial and</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Annual</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Holdings</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Reports</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Reportable</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Security:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Quarterly</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Transaction</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Reports</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Pre-Clearable Security?</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Unless otherwise indicated on this chart, (i) all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> positions must be reported initially and annually thereafter, (ii) all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> transactions must receive advance pre-clearance approval, and (iii) all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>transactions must be reported quarterly.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">(italicized terms are defined in the Code)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Does the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> need to report the following types of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> holdings?</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Does the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person </font>need to report transactions in the following types of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font>?</div>
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<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Does the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> need to obtain pre-clearance approval prior to transacting in the following types of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font>?</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Note</font>: Level 3 Access Persons are only required to obtain pre-clearance approval for transactions involving IPOs, Limited Offerings, and Closed-End Investment Companies advised by a Manulife Affiliate</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Issuer Event Transactions / Automatic Investment Plans</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.9pt">Dividend Reinvestment Plan Automatic Transactions</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
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<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.9pt">Issuer Direct Stock Plan Automatic Transactions</div>
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<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.9pt">Issuer Direct Stock Plan Non-Automatic Transactions</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 7.9pt">&#160;&#160;&#160;&#160;(discretionary transactions)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f3f3f3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Yes.&#160; A pre-cleared transaction instruction is valid until executed by the Plan.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Investment Company <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">Closed-End Investment Companies</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Exchange Traded Funds (ETFs) and Exchange Traded Notes</div>
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<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
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<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Yes, however, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Exempt ETFs </font>do not need to be pre-cleared (Refer to definition in Code)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Money Market Funds (including Money Market <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Affiliated Mutual Funds</font>)</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Mutual Funds</font>* (non-affiliated)</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
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<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 21.6pt; TEXT-INDENT: -9pt">* Affiliated Mutual Funds</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 22.3pt; TEXT-INDENT: -9.35pt">* <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Affiliated Mutual Funds</font> interests held by or through the Manulife Registered Pension Plan (RPS), Manulife Registered Retirement Savings Plan (RRSP), John Hancock Unified 401k Plan, other employer-sponsored retirement plan, 529/RESP plan, or any other account.</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Yes, however do not report automatic transactions/rebalances (in accordance with a predetermined schedule/ allocation) on the Quarterly Transaction Report</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 21.6pt; TEXT-INDENT: -9pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">* Affiliated Mutual Funds</font> held through a variable (annuity or life) insurance product separate account/unit investment trust</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Yes (report <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Affiliated Mutual Fund</font> unit values)</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Yes, however do not report automatic transactions/rebalances (in accordance with a predetermined schedule/ allocation) on the Quarterly Transaction Report</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

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<div style="CLEAR: both">
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<tr>
<td style="WIDTH: 90%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 18pt">Complete definitions for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">italicized </font>terms may be found in APPENDIX A of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code</font>.</div>
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<td style="WIDTH: 2%">
<div>&#160;</div>
</td>
<td style="WIDTH: 8%">
<div>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 90%">
<div>&#160;</div>
</td>
<td style="WIDTH: 2%">
<div>&#160;</div>
</td>
<td style="WIDTH: 8%">
<div style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">25</font></div>
</td>
</tr>
</table>
</div>
</div>

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<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div>
<table id="zffed588b713e4e60aae30de11605fb57" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="4" border="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">APPENDIX C</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>Reporting &amp; Pre-Clearance <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">(Continued)</font></div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Manulife Asset Management Code of Ethics</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #4e685d">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Reportable</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Security:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Initial and</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Annual</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Holdings</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Reports</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #4e685d">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Reportable</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Security:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Quarterly</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Transaction</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Reports</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #4e685d">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center">Pre-Clearable Security?</div>
</td>
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<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Unless otherwise indicated on this chart, (i) all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> positions must be reported initially and annually thereafter, (ii) all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> transactions must receive advance pre-clearance approval, and (iii) all <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> transactions must be reported quarterly.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left">(italicized terms are defined in the Code)</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Does the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> need to report the following types of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font> holdings?</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Does the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> need to report transactions in the following types of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities</font>?</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Does the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Access Person</font> need to obtain pre-clearance approval prior to transacting in the following types of Securities?</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Note:</font> Level 3 Access Persons are only required to obtain pre-clearance approval for transactions involving IPOs, Limited Offerings, and Closed-End Investment Companies advised by a Manulife Affiliate</div>
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<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #4e685d" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Employee Compensation Instruments</div>
</td>
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<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">MFC Shares in the MFC Global Share Ownership Plan (GSOP)</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Purchases&#8212;No</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Sales&#8212;Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
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<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">MFC Restricted Share Units (RSU), Deferred Share Units (DSU), or Performance Share Units (PSU)</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
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<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Options Acquired from MFC or Other Public Company Employer as Part of Employee Compensation&#160; (MFC Solium Account options)</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Grants - </font>No.&#160; You do not need to pre-clear a MFC option grant but do need to report the grant in your quarterly transaction report.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Exercising Options</font> - Yes.&#160; You do need to pre-clear a sale or exercise of these employment-related options.</div>
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<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 42%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 17.1pt; TEXT-INDENT: -17.1pt">Employer Phantom Stock/Phantom Option Interest (granted as compensation to employee, only employer can redeem interest and interest is non-transferrable)</div>
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<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: left">Gifts / Blind Trusts / Managed Accounts</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Gifts, Inheritances, or Donations of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Reportable Securities&#160; </font>(received or given)</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Yes</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Securities Gifts &amp; Inheritances Received</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">- </font>No</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Securities Given or Donated - </font>Yes</div>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 21.6pt; TEXT-INDENT: -21.6pt">No Direct or Indirect Control Over Account</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 17.1pt">(<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Securities </font>held in, purchased/sold for an account where a person does not have direct or indirect influence or investment/ proxy voting control<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">, e.g.,</font> Blind Trusts, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Certain</u></font> Managed Accounts)</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15.51%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No*</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 15.5%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No*</div>
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<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; WIDTH: 25.59%; BACKGROUND-COLOR: #f2f2f2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">No*</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">*However, you must report initial and annual holdings in (as well as pre-clear and report quarterly transactions for) a <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Managed Account</u></font> unless the Access Person has obtained a specific written pre-clearance or reporting exemption from the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Code Administrator</font>.</div>
</td>
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<div>&#160;</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">26 </font>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(2)(S)
<SEQUENCE>8
<FILENAME>h10050933_ex992s.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">EXHIBIT (2)(s)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Emerging Markets Income Fund</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Financial Opportunities Fund</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Floating Rate High Income Fund</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Hedged Equity &amp; Income Fund</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Income Securities Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Investors Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Preferred Income Fund</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Preferred Income Fund II</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Preferred Income Fund III</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Premium Dividend Fund</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Strategic Diversified Income Fund</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Tax-Advantaged Dividend Income Fund</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">John Hancock Tax-Advantaged Global Shareholder Yield Fund</div>

<div style="FONT-SIZE: 10pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;(each a &#8220;Trust&#8221; and collectively the &#8220;Trusts&#8221;)</div>

<div style="FONT-SIZE: 10pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">POWER OF ATTORNEY</div>

<div style="FONT-SIZE: 10pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The undersigned Trustee or Officer of each Trust, each a Massachusetts business trust, does hereby appoint John J. Danello, Kinga Kapuscinski, Thomas Dee, Ariel Ayanna, Nicholas J. Kolokithas, Christopher Sechler, Betsy Anne Seel, Steven Sunnerberg, Harsha Pulluru, Sarah M. Coutu, Edward Macdonald, Suzanne Lambert and Mara Moldwin, to be my true, sufficient and lawful attorneys-in-fact, with full power to each of them, and each acting singly, to sign for me, in my name and in the capacity indicated below, any registration statements on Form N-2 to be filed by the Trust under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), and under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;), and any and all exhibits and other documents relating thereto, and any and all amendments to said registration statements, and to do generally all such things in my name and on my behalf in the capacity indicated below to enable the Trust to comply with the 1940 Act, the 1933 Act, and all requirements of the Securities and Exchange Commission thereunder.</div>
<div style="FONT-SIZE: 10pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">This Power of Attorney shall be revocable with respect to an undersigned at any time by a writing signed by such undersigned and shall terminate automatically if the undersigned ceases to be a Trustee or Officer of the Trust.</div>

<div style="FONT-SIZE: 10pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Dated: December 14, 2017.</div>

<div style="FONT-SIZE: 10pt"><br>
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; FONT-STYLE: normal; WIDTH: 33%">
<div style="TEXT-ALIGN: left"><u>Name</u></div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; FONT-STYLE: normal; WIDTH: 34%">
<div style="TEXT-ALIGN: left"><u>Signature</u></div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; FONT-STYLE: normal; WIDTH: 33%">
<div style="TEXT-ALIGN: left"><u>Title</u></div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; FONT-STYLE: normal; WIDTH: 33%">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; FONT-STYLE: normal; WIDTH: 34%">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; FONT-STYLE: normal; WIDTH: 33%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Andrew G. Arnott</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; FONT-STYLE: normal; WIDTH: 34%">
<div style="TEXT-ALIGN: left"><u>/s/ Andrew G. Arnott</u></div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">President and Trustee</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Charles A. Rizzo</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>/s/ Charles A. Rizzo</u></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Chief Financial Officer</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">(Principal Financial Officer and Principal Accounting Officer)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Charles L. Bardelis</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: left"><u>/s/ Charles L. Bardelis</u></div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Trustee</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">James R. Boyle</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: left"><u>/s/ James R. Boyle</u></div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Trustee</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Peter S. Burgess</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: left"><u>/s/ Peter S. Burgess</u></div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Trustee</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">William H. Cunningham</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: left"><u>/s/ William H. Cunningham</u></div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Trustee</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Grace K. Fey</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: left"><u>/s/ Grace K. Fey</u></div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Trustee</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Theron S. Hoffman</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: left"><u>/s/ Theron S. Hoffman</u></div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Trustee</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Deborah C. Jackson</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: left"><u>/s/ Deborah C. Jackson</u></div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Trustee</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Hassell H. McClellan</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: left"><u>/s/ Hassell H. McClellan</u></div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Trustee</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">James M. Oates</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: left"><u>/s/ James M. Oates</u></div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Trustee</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Steven R. Pruchansky</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: left"><u>/s/ Steven R. Pruchansky</u></div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Trustee</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Gregory A. Russo</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: left"><u>/s/ Gregory A. Russo</u></div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Trustee</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: justify">Warren A. Thomson</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: left"><u>/s/ Warren A. Thomson</u></div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 33%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Trustee</div>
</td>
</tr>
</table>

<div><br>
</div>

<br>
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<DOCUMENT>
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<SEQUENCE>11
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<DOCUMENT>
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<SEQUENCE>12
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>18
<FILENAME>filename18.htm
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">JOHN HANCOCK INVESTMENT MANAGEMENT</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">601 Congress Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Boston, MA 02210</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 36pt">February 23, 2018</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-RIGHT: 36pt">VIA EDGAR TRANSMISSION</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 36pt">U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 36pt">100 F Street, N.E.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 36pt">Washington, DC 20549</div>

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<table id="z86f4db43ad9e45f090441a55b29ab7ae" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">RE:</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">John Hancock Investors Trust (&#8220;JHI&#8221;)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt">File Nos. 333-222087; 811-04173</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt">John Hancock Tax-Advantaged Global Shareholder Yield Fund (&#8220;HTY&#8221;)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">File Nos.&#160; 333-222088; 811-22056</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Ladies and Gentlemen:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">On behalf of the above-captioned registered, closed-end investment companies (each, a &#8220;Fund&#8221;), and in accordance with the requirements of the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;), and the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), electronically transmitted herewith is Pre-Effective Amendment No. 1 (the &#8220;Amendment&#8221;) to each Fund&#8217;s Registration Statement on Form&#160;N-2 (each, a &#8220;Registration Statement&#8221;) with respect to the proposed offering by the Funds of additional common shares of beneficial interest, no par value per share with respect to JHI and $0.01 par value per share with respect to HTY (the &#8220;Common Shares&#8221;), on a continuous or delayed basis in reliance on Rule&#160;415 under the 1933 Act.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Each Registration Statement has been amended as stated in our correspondence filing made on February 9, 2018 in response to the Staff&#8217;s comments received January 16, 2018. We request that the Staff review each Registration Statement as promptly as possible and contact us at its earliest possible convenience if it has any further comments.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In accordance with Rule&#160;111 under the 1933 Act, the Fund has sent by wire transfer to the Commission&#8217;s account at U.S. Bank the amounts required in payment of the required registration fees, as applicable.&#160; With respect to JHI, no payment is required in connection with this filing.&#160; A registration fee amount of $2,116.50, which represents that portion of the registration fee attributable to the unsold Common Shares under the Fund&#8217;s Registration Statement on Form N-2 (File No. 333-201041) filed February 25, 2015, is being applied to offset against the registration fee currently due pursuant to Rule 415(a)(6) and Rule 457(p) under the 1933 Act.&#160; With respect to HTY, the Fund has sent by wire transfer the amount of $70.32.&#160; A registration fee amount of $1,117.18, which represents that portion of the registration fee attributable to the unsold Common Shares under the Fund&#8217;s Registration Statement on Form N-2 (File No. 333-201040) filed February 25, 2015, is being applied to offset against the registration fee currently due pursuant to Rule 415(a)(6) and Rule 457(p) under the 1933 Act.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Should members of the Staff have any questions or comments concerning the Registration Statement, please call the undersigned at (617) 572-0138.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 36pt">Sincerely,</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 36pt"><u>/s/Ariel Ayanna</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 36pt">Ariel Ayanna</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-RIGHT: 12pt">Assistant Secretary</div>
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