# EDGAR Filing Document

**Accession Number:** 0002094982
**File Stem:** 0001193125-26-048823
**Filing Date:** 2026-2
**Character Count:** 912059
**Document Hash:** 7d9c85e3f1b503a96b99017386c80bb4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-048823.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001193125-26-048823

**CONFORMED SUBMISSION TYPE**: N-2

**PUBLIC DOCUMENT COUNT**: 36

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Manulife GA Trust
- **CENTRAL INDEX KEY:** 0002094982

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24158
- **FILM NUMBER:** 26626670

**BUSINESS ADDRESS:**
- **STREET 1:** 200 BERKELEY STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 6176633000

**MAIL ADDRESS:**
- **STREET 1:** 200 BERKELEY STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Manulife GA Senior Loan Trust
- **DATE OF NAME CHANGE:** 20251103

?xml version='1.0' encoding='ASCII'? Manulife GA Trust

As filed with the Securities and Exchange Commission

on February 12, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Company Act File No. 811-24158

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-2

(Check appropriate box or boxes)

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]

AMENDMENT NO. [ ]

Manulife GA Trust

Exact Name of Registrant as Specified in Declaration of Trust

197 Clarendon Street

Boston, MA 02116

Address of Principal Executive Offices (Number, Street, City, State, Zip Code)

617-663-3000

Registrant's Telephone Number, including Area Code

E. David Pemstein

Manulife GA Trust

c/o John Hancock Life Insurance Company (U.S.A.)

197 Clarendon Street C-03

Boston, MA 02116

Name and Address (Number, Street, City, State, Zip Code) of Agent for Service

Copies of Communications to:

Mark P. Goshko

George J. Zornada

K&L Gates LLP

1 Congress Street, Suite 2900

Boston, Massachusetts 02114

Approximate Date of Commencement of Proposed Public Offering:

As soon as practicable after the effective date of this Registration

Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Check each box that appropriately characterizes the Registrant: | Check each box that appropriately characterizes the Registrant: |
| [X] | Registered Closed-End Fund (closed-end company <br>that is registered under the Investment Company Act <br>of 1940 ("Investment Company Act")).<br>|
| [ ] | Business Development Company (closed-end <br>company that intends or has elected to be regulated <br>as a business development company under the <br>Investment Company Act).<br>|
| [ ] | Interval Fund (Registered Closed-End Fund or a <br>Business Development Company that makes <br>periodic repurchase offers under Rule 23c-3 under <br>the Investment Company Act).<br>|
| [ ] | A.2 Qualified (qualified to register securities <br>pursuant to General Instruction A.2 of this Form).<br>|
| [ ] | Well-Known Seasoned Issuer (as defined by Rule 405 <br>under the Securities Act).<br>|

---

------

[ ] Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act")).

[ ] If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.

[X] New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

This Registration Statement has been filed by Registrant pursuant to Section 8(b) of the Investment Company Act of 1940, as amended. However,

interests in the Registrant are not being registered under the Securities Act of 1933, as amended (the "1933 Act"), since such interests will be issued

solely in private placement transactions which do not involve any "public offering" within the meaning of Section 4(a)(2) of the 1933 Act. Investment in

the Registrant may be made only by individuals or entities that are "accredited investors" within the meaning of Regulation D under the 1933 Act,

non-U.S. persons within the meaning of Regulation S under the 1933 Act, or in other private placement transactions exempt under Section 4(a)(2). This

Registration Statement does not constitute an offer to sell, or the solicitation of an offer to buy, any interest in the Registrant.

------

![](g26855g2jhim_blk.gif)

Private Placement Memorandum

Manulife GA Trust

Managed by:

Manulife Investment Management Private Markets (US) LLC

197 Clarendon Street

Boston, MA 02116

617-663-3000

February 12, 2026

Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John

Hancock, and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

------

Private Placement Memorandum

Manulife GA Trust

A REGISTRATION STATEMENT TO WHICH THIS MEMORANDUM RELATES HAS BEEN FILED BY MANULIFE GA TRUST (THE "FUND" OR "TRUST")

PURSUANT TO SECTION 8(B) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED. HOWEVER, SHARES OF BENEFICIAL INTEREST (THE

"SHARES") OF THE FUND ARE NOT BEING REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), SINCE SUCH SHARES

WILL BE ISSUED SOLELY IN PRIVATE PLACEMENT TRANSACTIONS WHICH DO NOT INVOLVE ANY "PUBLIC OFFERING" WITHIN THE MEANING OF

SECTION 4(a)(2) OF THE 1933 ACT. INVESTMENT IN THE FUND MAY BE MADE ONLY BY INDIVIDUALS OR ENTITIES WHICH ARE "ACCREDITED

INVESTORS" WITHIN THE MEANING OF REGULATION D UNDER THE 1933 ACT, NON U.S. PERSONS WITHIN THE MEANING OF REGULATION S UNDER

THE 1933 ACT, OR IN OTHER PRIVATE PLACEMENT TRANSACTIONS EXEMPT UNDER SECTION 4(a)(2). IN ADDITION, INVESTMENT IN THE FUND MAY

BE MADE ONLY BY INDIVIDUALS OR ENTITIES WHICH ARE "QUALIFIED CLIENTS" WITHIN THE MEANING OF THE INVESTMENT ADVISERS ACT OF 1940,

AS AMENDED ("ADVISERS ACT"). THIS MEMORANDUM DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, ANY

SHARES. SHARES OF THE FUND ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED BY, ANY BANK OR OTHER INSURED

FINANCIAL INSTITUTION, AND ARE NOT FEDERALLY INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD

OR ANY OTHER GOVERNMENT AGENCY. THE FUND IS AN ILLIQUID INVESTMENT. INVESTORS HAVE NO RIGHT TO REQUIRE THE FUND TO REDEEM

THEIR SHARES.

This Memorandum shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares in any

jurisdiction in which such offer, solicitation or sale is not authorized or to any person to whom it is unlawful to make such offer,

solicitation or sale. No person has been authorized to make any representations concerning the fund that are inconsistent with those

contained in this Memorandum. Prospective investors should not rely on any information not contained in this Memorandum or the

appendices hereto.

This Memorandum is intended solely for the use of the person to whom it has been delivered for the purpose of evaluating a possible investment by the

recipient in the shares of the fund described herein, and is not to be reproduced or distributed to any other persons (other than professional advisors of

the prospective investor receiving this document). Notwithstanding the foregoing and any other provision or statement in any offering document of the

fund, but subject to restrictions reasonably necessary to comply with federal or state securities laws, an investor (and each employee, representative or

other agent of the investor) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the fund and the

offering of its shares and all materials of any kind (including opinions or other tax analyses) that are provided to the investor relating to such tax

treatment and tax structure.

Prospective investors should not construe the contents of this Memorandum as legal, tax or financial advice. Each prospective investor should consult

his or her own professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the fund for such

investor.

Shares are speculative and illiquid securities involving substantial risk of loss. The shares are not listed on any securities exchange, and it is not

anticipated that a secondary market for shares will develop. Although the fund may offer to repurchase shares from time to time, shares will not be

redeemable at an investor's sole option nor will they be exchangeable for shares of any other fund. As a result, an investor may not be able to sell or

otherwise liquidate his or her shares.

Shares are appropriate only for those investors who can tolerate a high degree of risk and do not

require a liquid investment and for whom an investment in the fund does not constitute a complete investment program.

These securities are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the

1933 Act and applicable state securities laws, pursuant to registration or exemption therefrom.

In making an investment decision, investors must rely upon their own examination of the fund and the terms of the offering, including the merits and

risks involved. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved the fund's shares or

passed upon the adequacy of the disclosure in this Memorandum. Any representation to the contrary is a criminal offense.

February 12, 2026

------

[Table of contents](#xx_3dd3774a-baf5-402c-8dc9-828a284781bd__0)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Executive summary](#xx_fb70739b-6dda-49cc-9f2f-69443ea0598e_1) | 1<br>|
| [Investment strategy and process](#xx_fb70739b-6dda-49cc-9f2f-69443ea0598e_1) | 1<br>|
| [Summary of principal terms](#xx_fb70739b-6dda-49cc-9f2f-69443ea0598e_4) | 4<br>|
| [Risk factors](#xx_fb70739b-6dda-49cc-9f2f-69443ea0598e_6) | 6<br>|
| [Investment restrictions](#xx_fb70739b-6dda-49cc-9f2f-69443ea0598e_20) | 20<br>|
| [Portfolio turnover](#xx_fb70739b-6dda-49cc-9f2f-69443ea0598e_21) | 21<br>|
| [Shareholders of the fund](#xx_fb70739b-6dda-49cc-9f2f-69443ea0598e_21) | 21<br>|
| [Management of the fund](#xx_fb70739b-6dda-49cc-9f2f-69443ea0598e_21) | 21<br>|
| [Description of the offering](#xx_fb70739b-6dda-49cc-9f2f-69443ea0598e_30) | 30<br>|
| [Potential conflicts of interest](#xx_fb70739b-6dda-49cc-9f2f-69443ea0598e_34) | 34<br>|
| [Certain tax matters](#xx_fb70739b-6dda-49cc-9f2f-69443ea0598e_35) | 35 |

---

------

Executive summary

------

Introduction

Manulife GA Trust (the "fund" or "Trust") is a Delaware statutory trust, organized on September 26, 2025, and registered under the Investment Company

Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified management investment company on February 12, 2026. The fund's

investment advisor is Manulife Investment Management Private Markets (US) LLC (the "Advisor"). The fund intends to qualify and elect to be treated as a

regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The fund is an appropriate investment only for those investors who can tolerate a high degree of risk and do not require a liquid investment. The fund is

only offered to "accredited investors" within the meaning of Regulation D under the Securities Act of 1933, as amended (the "1933 Act"),

non-U.S. investors within the meaning of Regulation S under the 1933 Act, "qualified clients" within the meaning of the Investment Advisers Act of

1940, as amended ("Advisers Act"), and other investors eligible to invest in a private placement (each, an "Investor" or "Eligible Investor"). The fund will

offer a single class of shares of beneficial interest ("shares") to investors eligible to invest in the fund.

The fund is a specialized investment vehicle that may be referred to as a registered private investment fund. The fund is similar to an unregistered

private investment fund in that shares will be sold in private placements solely to institutional investors, and will be subject to restrictions on transfer.

The fund's investment objective is to generate current income. There can be no assurance that the fund will achieve its investment objective. Under

normal market conditions, the fund will invest primarily in senior loans. Senior loans include first and second lien term loans, delayed draw term loans,

and revolving credit facilities. The fund may also make investments and acquire securities in connection with senior loans, including equity

co-investments. Equity co-investments in which the fund may invest are typically small investments in a direct or indirect parent company of the

borrower. Senior loans do not include commercial mortgage loans (including subordinated real estate mezzanine financing). The fund will only invest in

loans and commitments that are determined to be below investment-grade. The fund's investment policies are based on credit quality at the time of

purchase. Credit quality is determined by the Advisor. The fund may invest in loans with a maturity of up to nine years from the closing date of the loan.

The Advisor typically expects to employ a buy-and-hold strategy. The fund may invest in loans either by transacting directly at the initial funding date or

acquiring loans in secondary market transactions. The fund may invest in senior loans indirectly through investments in affiliated and unaffiliated

underlying funds that invest primarily in senior loans, including, but not limited to, closed-end investment companies, business development

companies, private funds (other than affiliated private funds), and exchange-traded funds. Such funds may be used in the Advisor's discretion for

purposes of investing excess cash when attractive senior loan investments are not available at the time of investment in such funds. The fund does not

expect to be able to achieve its target allocations until it has completed a ramp up period, which is anticipated to conclude within approximately

18 months following the fund's commencement of operations. The fund will consider its ramp up period to end after it has acquired a broad portfolio of

senior loan investments consistent with its investment objective and policies. The need for a significant ramp up period reflects the anticipated timing of

deal flow for attractive and appropriate senior loan investments. Prior to the completion of ramp up period, the fund may invest a significant portion, and

potentially up to 100%, of its assets in cash and cash equivalents pending the identification and funding of suitable senior loan investments. As noted

above, the fund may also invest in underlying funds during this period to gain exposure to senior loans. The fund may invest in loans secured by

substantially all of the assets of the borrower and the other loan parties (subject to customary exceptions), including a pledge of the equity of the

borrower and its subsidiaries. While real property is not a primary source of collateral, occasionally mortgages are part of the collateral package if the

borrower owns particularly valuable real property. The fund may also invest in subordinated debt obligations to the extent permitted by the fund's

investment restrictions.

The fund's business and affairs are managed under the direction of its Board of Trustees (the "Board"). The Board currently consists of four members,

three of whom are not "interested persons" as defined in the 1940 Act ("Independent Trustees"). The fund's Board has delegated daily management and

investment authority to the Advisor pursuant to an investment advisory and management agreement (the "Investment Advisory Agreement"). The

Advisor also serves as the fund's administrator pursuant to an administration agreement (the "Service Agreement").

The investment advisor

The Advisor is a Delaware limited liability company that is registered under the Advisers Act and serves as the investment advisor to the fund pursuant to

the Investment Advisory Agreement. Subject to the overall supervision of the fund's Board, the Advisor manages the day-to-day operations of, and

provides investment advisory and management services to the fund . Under the terms of the Investment Advisory Agreement of the fund, the Advisor (i)

determines the composition of the fund's portfolio, the nature and timing of the changes to the fund's portfolio, and the manner of implementing such

changes, (ii) identifies, evaluates, and negotiates the structure of the investments it makes (including performing due diligence on its prospective

portfolio investments), (iii) closes, monitors and administers the investments it makes, including the exercise of any voting or consent rights, (iv) when

and where applicable, restructures investments it makes, and (v) determines the investments and other assets that it purchases, retains or sells.

Investment strategy and process

------

Principal investment strategies

The fund is organized as a Delaware statutory trust. The fund is a non-diversified, closed-end management investment company.

------

Under normal market conditions, and subject to the initial "ramp up" period described below, the fund will invest primarily in senior loans. Senior loans

include first and second lien term loans, delayed draw term loans, and revolving credit facilities. The fund may also make investments and acquire

securities in connection with senior loans, including equity co-investments. Equity co-investments in which the fund may invest are typically small

investments in a direct or indirect parent company of the borrower. Senior loans do not include commercial mortgage loans (including subordinated real

estate mezzanine financing). The fund will only invest in loans and commitments that are determined to be below investment-grade, also called junk

bonds (i.e., fixed-income securities rated Ba or lower by Moody's Investors Service, Inc. or BB or lower by S&P Global Ratings or Fitch Ratings, as

applicable, at the time of investment, or determined by a manager to be of comparable quality to securities so rated). The fund's investment policies are

based on credit quality at the time of purchase. Credit quality is determined by the Advisor. The fund may invest in loans with a maturity of up to nine

years from the closing date of the loan. The Advisor typically expects to employ a buy-and-hold strategy. The fund may invest in loans either by

transacting directly at the initial funding date or acquiring loans in secondary market transactions. The fund may invest in senior loans indirectly

through investments in affiliated and unaffiliated underlying funds that invest primarily in senior loans, including, but not limited to, closed-end

investment companies, business development companies, private funds (other than affiliated private funds), and exchange-traded funds. It is expected

that such funds would mainly be used during the ramp up period discussed below to gain exposure to senior loans. However, such funds may also be

used thereafter in the Advisor's discretion for purposes of investing excess cash when attractive senior loan investments are not available at the time of

investment in such funds.

The fund does not expect to be able to achieve its target allocations until it has completed a ramp up period, which is anticipated to conclude within

approximately 18 months following the fund's commencement of operations. The fund will consider its ramp up period to end after it has acquired a

broad portfolio of senior loan investments consistent with its investment objective and policies. The need for a significant ramp up period reflects the

anticipated timing of deal flow for attractive and appropriate senior loan investments. Prior to the completion of ramp up period, the fund may invest a

significant portion, and potentially up to 100%, of its assets in cash and cash equivalents pending the identification and funding of suitable senior loan

investments. As noted above, the fund may also invest in underlying funds during this period to gain exposure to senior loans.

The fund may invest in loans secured by substantially all of the assets of the borrower and the other loan parties (subject to customary exceptions),

including a pledge of the equity of the borrower and its subsidiaries. While real property is not a primary source of collateral, occasionally mortgages

are part of the collateral package if the borrower owns particularly valuable real property. The fund may also invest in subordinated debt obligations to

the extent permitted by the fund's investment restrictions.

The Advisor undertakes a comprehensive due diligence process, which includes a credit review and internal loan rating process as well as review of loan

terms and collateral. The Advisor does not intend to cause the fund to borrow money or leverage its investments for the purpose of funding investments,

other than in instances of short-term liquidity needs, and paying fund expenses.

The fund's investments may also include original-issue-discount instruments and contractual "payment-in-kind," or PIK, interest arrangements.

Fees and expenses

The fund bears all costs of its organization and operation, including but not limited to, as applicable, expenses of preparing, printing and mailing all

shareholders' reports, notices, prospectuses, proxy statements and reports to regulatory agencies; expenses relating to the issuance of shares;

government fees; interest charges; expenses of furnishing to shareholders their account statements; taxes; brokerage and other expenses connected

with the execution of securities transactions; fees and expenses of custodians including those for keeping books and accounts, maintaining a line of

credit and calculating the net asset value of shares; fees and expenses of transfer agents and dividend disbursing agents; legal, accounting, financial,

management, tax and auditing fees and expenses of the fund (including an allocable portion of the cost of the Advisor's or an affiliate of the Advisor's

employees rendering such services to the fund); expenses of Trustees' and shareholders' meetings; trade association memberships; insurance

premiums; and any extraordinary expenses.

In addition, the fund will be responsible for other expenses, fees, taxes, penalties and costs associated with the fund's investments, including but not

limited to filing fees, fees to third party sub-servicers, taxes payable or required to be withheld by or in respect of the fund or to which the fund may be

subject, any reasonably incurred fees and expenses relating to legal, accounting, bank or other financial intermediaries, third party advisors and

consultants, due diligence, research, litigation and restructuring costs and expenses and all other out of pocket expenses of the Advisor and any

affiliate to whom it has delegated any of its functions, power, responsibilities or duties. Certain fees may be waived or reimbursed by the Advisor.

The Advisor shall be entitled to receive from the fund compensation in an amount equal to 0.55% annually of the average net assets of the fund (the

"Management Fee"). The Management Fee for the fund is based on the applicable annual rate that, for each day, is equal to: (i) the sum of the amounts

determined by applying the annual percentage rates for the fund to prior day net assets divided by; (ii) number of calendar days in the year. The

Management Fee for the fund accrues daily for each calendar day and is paid quarterly to the Advisor in arrears. The fund also pays the Advisor a

performance fee (the "Performance Fee"), on a quarterly basis, at an annual rate of 10% of the fund's net profits, if any, over the high water mark (as

defined below); provided that the Performance Fee shall be due only if (and, to the extent necessary, shall be reduced by an amount so that), after

deducting such Performance Fee, the fund's net profits as of end of the applicable quarter will at least equal the Preferred Return (defined below). For

the purposes of calculating the Performance Fee, net profits will be determined by taking into account net realized gain or loss (including realized gain

that has been distributed to shareholders during a fiscal quarter and net of fund expenses, including the Management Fee) and the net change in

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unrealized appreciation or depreciation of securities positions, as well as dividends, interest and other income. No Performance Fee will be payable for

any fiscal quarter unless losses and depreciation from prior fiscal quarters (the "cumulative loss") have been recovered by the fund, which is referred to

as a "high water mark" calculation. The cumulative loss to be recovered before payment of Performance Fees will be reduced in the event of withdrawals

by shareholders. The Advisor is under no obligation to repay any Performance Fees previously paid by the fund. Thus, the payment of Performance Fee

for a fiscal quarter will not be reversed by the subsequent decline of the fund's net asset value in any subsequent fiscal quarter.

The "Preferred Return" as of the end of the applicable fiscal quarter is an amount equal to (a) 1.25% (the "Preferred Return Rate") multiplied by (b) the

fund's net asset value as of the beginning of the fiscal quarter, adjusted to reflect additions to the fund's net asset value resulting from new Share

purchases during the fiscal quarter and reductions to the fund resulting from withdrawals by, or distributions to, shareholders during the fiscal quarter

(the "Preferred Return Base").

The Performance Fee is accrued monthly and taken into account for the purpose of determining the fund's net asset value. Accordingly, the repurchase

price received by a shareholder whose Shares are repurchased in a repurchase offer will be based on a valuation that will reflect a Performance Fee

accrual if the fund has experienced positive performance through the date of repurchase. No adjustment to a repurchase price will be made after it has

been determined. However, for shareholders whose Shares are not repurchased on an intra-quarter repurchase date, the Performance Fee accrual may

subsequently be reversed prior to payment if the fund's performance declines within the quarter. Performance Fees payable are determined as of, and

are promptly paid after, the last day of each fiscal quarter.

The Performance Fee presents certain risks that are not present in funds without a Performance Fee. The aggregate amount of the Performance Fee and

the Management Fee payable by the fund may be higher than those paid by most other registered investment companies.

The initial operating expenses for a new fund, including start-up costs, which may be significant, may be higher than the expenses of an established

fund. The fund is expected to incur organizational and offering expenses of approximately $225,000 in connection with the initial offering of shares.

The fund will bear certain ongoing offering costs associated with the fund's continuous offering of shares.

Pursuant to the Service Agreement, the Advisor is responsible for providing, at the expense of the fund, certain financial, accounting and administrative

services such as legal services, tax, accounting, valuation, financial reporting and performance, compliance and service oversight. Pursuant to the

Service Agreement, the Advisor shall determine, subject to Board approval, the expenses to be reimbursed by the fund, including an overhead

allocation. The payments under the Service Agreement are not intended to provide a profit to the Advisor. Instead, the Advisor provides the services

under the Service Agreement because it also provides advisory services under the Investment Advisory Agreement. The reimbursement shall be paid

monthly in arrears by the fund.

The following table illustrates the expenses and fees as a percentage of a net assets that the fund expects to incur in a typical twelve month period and

that Investors can expect to bear directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Annual Expenses (%) |  |
| Management Fee | 0.55 |
| Performance Fee<br>1<br>| 0.00 |
| Other Expenses<br>2<br>| 0.65 |
| Total Annual Operating Expenses | 1.20 |

---

The Fund will pay the Advisor a performance fee if certain targets are met. The Fund may have gains that could result in the payment of a performance fee during

certain periods. However, the performance fee is based on the Fund meeting certain targets and will not be paid unless the Fund achieves those targets. The

performance fee is described below under "Management of the fund."

Other expenses have been estimated based on the fund's first year of operations and include an estimated 0.27% for offering and organizational fees.

The purpose of the table above is to assist you in understanding the various costs and expenses you will bear directly or indirectly as an Investor in the

fund. For a more complete description of the various fees and expenses of the fund, see "Management of the fund."

Example

The following example illustrates the expenses that Investors would pay on a $1,000 investment, assuming (i) total annual expenses of 1.20% of net

assets in years 1 through 10; (ii) a 5% annual return; and (iii) any distributions are reinvested at net asset value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Total Expenses | $12 | $38 | $66 | $145 |

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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's

shares.

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The example should not be considered a representation of past or future expenses, and the fund's actual expenses may be greater or less

than those shown. Moreover, the fund's actual rate of return may be greater or less than the hypothetical 5% return shown in the

example.

Summary of principal terms

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The following summary does not purport to be complete and is qualified in its entirety by the more detailed information appearing elsewhere in this

Memorandum. For a discussion of certain risks involved in an investment in the fund, please see the "Risk Factors" of this Memorandum.

The fund

Manulife GA Trust, a Delaware statutory trust.

Investment objective

The fund's investment objective is to generate current income.

There can be no assurance that the fund will achieve its investment objective.

Investment advisor

The fund's investment activities will be managed by the Advisor pursuant to the Investment Advisory Agreement. The Advisor is a registered investment

advisor with the SEC under the Advisers Act.

The Advisor has claimed an exclusion from CPO registration pursuant to U.S. Commodity Futures Trading Commission ("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's ability to pursue

its investment strategy, increase the costs of implementing its strategy, increase its expenses and/or adversely affect its total return.

Board of Trustees

The Board has an oversight role with respect to the fund and will include Independent Trustees who will not be "interested persons" of the fund or of the

Advisor as defined in Section 2(a)(19) of the 1940 Act. The Board will initially consist of four members, three of whom will be Independent Trustees.

Offering

The fund may offer shares to Eligible Investors, from time to time, in one or more offerings. Shares will be issued at their net asset value.

Minimum investment

The fund does not employ a minimum investment amount, although it reserves the right to restrict, reject, or cancel any purchase. Shares may only be

offered to Eligible Investors.

Leverage

The Advisor does not intend to cause the fund to borrow money or leverage its investments for the purpose of funding investments, other than in

instances of short-term liquidity needs, and paying fund expenses. The fund may not borrow if, following such borrowing, the fund does not have a ratio

of assets to all "senior securities" of at least 300%. The fund may obtain a credit facility from a lender on such terms as determined by the Board and the

Advisor. Any such borrowing may be on a secured or unsecured basis. To the extent necessary to repay timely any such borrowing, the fund would

liquidate assets.

Distributions

The fund expects to declare and pay distributions at least semi-annually, subject to the Board's discretion and applicable legal restrictions.

Investment management fee

The Management Fee is paid at an annual rate of 0.55% of average net assets. A Performance Fee of 10% of the fund's net profits, if any, over the high

water mark, as defined above, provided that the Performance Fee shall be due only if after deducting such Performance Fee the fund's net profits as of

the end of the applicable quarter will at least equal the Preferred Return, as defined above.

Transactional fees

Any fees received on a pro rata basis by the fund or the Advisor from investments or prospective investments once the interest rate associated with a

prospective investment has been locked shall be paid to or retained by the fund net of any expense reimbursement payable to the Advisor, an affiliate or

third parties for servicing of such investment.

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Service Agreement

The Advisor will provide administrative services to the fund and furnish the fund with office facilities, equipment, and accounting, bookkeeping, clerical

and record keeping services, including preparing the reports discussed in the "Summary of principal terms – Reports to shareholders" section of this

Memorandum. The Advisor may also perform such other administrative services for the fund that are mutually agreed upon from time to time.

The Advisor is responsible for providing, at the expense of the fund, certain financial, accounting and administrative services such as legal services, tax,

accounting, valuation, financial reporting and performance, compliance and service oversight. Pursuant to the Service Agreement, the Advisor shall

determine, subject to Board approval, the expenses to be reimbursed by the fund, including an overhead allocation. The payments under the Service

Agreement are not intended to provide a profit to the Advisor. Instead, the Advisor provides the services under the Service Agreement because it also

provides advisory services under the Investment Advisory Agreement. The reimbursement shall be paid monthly in arrears.

Fund expenses

The fund bears all costs of its organization and operation, including but not limited to, as applicable, expenses of preparing, printing and mailing all

shareholders' reports, notices, prospectuses, proxy statements and reports to regulatory agencies; expenses relating to the issuance shares;

government fees; interest charges; expenses of furnishing to shareholders their account statements; taxes; brokerage, correspondent subservicing

fees, and other expenses connected with the execution of securities transactions; fees and expenses of custodians including those for keeping books

and accounts, maintaining a line of credit and calculating the net asset value of shares; fees and expenses of transfer agents and dividend disbursing

agents; legal, accounting, financial, management, tax and auditing fees and expenses of the fund (including an allocable portion of the cost of the

Advisor's or an affiliate of the Advisor's employees rendering such services to the fund); the compensation and expenses of officers and Trustees (other

than persons serving as President or Trustee who are otherwise affiliated with the fund, the Advisor or any of their affiliates); expenses of Trustees' and

shareholders' meetings; trade association memberships; insurance premiums; and any extraordinary expenses.

As compensation for its advisory services under the Investment Advisory Agreement, the Advisor receives a fee from the fund. See the "Fees and

expenses" section above for additional information.

Co-investment

The fund relies on an exemptive order from the SEC that permits it to, among other things, co-invest with other funds managed by the Advisor or its

affiliates, subject to certain terms and conditions.

Investor liquidity

Fund shares are not redeemable. However, the Board (subject to applicable legal requirements) may determine to conduct periodic share repurchases

to allow shareholders to tender their shares at a price equal to current net asset value per share in effect as of each date of repurchase.

Redemptions and repurchases of shares by the fund

Shares are not redeemable at the option of the shareholder and a shareholder has no right to require the fund to redeem its shares. The fund may from

time to time offer to repurchase shares pursuant to written tenders by shareholders. Repurchase offers will be made at such times and on such terms as

may be determined by the Board, in its sole discretion. In determining whether the fund should offer to repurchase shares from shareholders, the Board

will consider the recommendation of the Advisor. The Board will also consider the following factors, among others, in making this determination: (i)

whether any shareholders have requested that the fund repurchase their shares; (ii) the liquidity of the fund's assets; (iii) the investment plans and

working capital requirements of the fund; (iv) the relative economies of scale with respect to the size of the fund; (v) the history of the fund in

repurchasing shares; and (vi) the economic condition of the securities markets.

If a repurchase offer is oversubscribed by shareholders who tender their shares for repurchase (in other words, if the amount of shares tendered

exceeds the amount that the fund has offered to repurchase), the fund will repurchase only a pro rata portion of the shares tendered, unless the offer to

repurchase shares in the fund is increased and extended.

Any fund repurchase of shares will be at the net asset value determined as of the valuation date, which is generally expected to be the last day of each

calendar month.

Transfer of shares

A shareholder may not sell, assign, transfer or pledge any interest in the fund except as permitted by the fund's declaration of trust (the "Fund

Agreement") and with the prior written consent of the Board.

Reports to shareholders

The fund will provide to its shareholders unaudited semi-annual and audited annual reports, including a list of investments held. In addition, U.S. federal

income tax information will be provided annually.

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Other U.S. federal income tax considerations

The fund intends to qualify and elect to be treated as a RIC under Subchapter M of the Code, which generally will relieve the fund of any liability for

federal income tax to the extent its income is timely distributed to its shareholders. In order to qualify for favorable tax treatment as a RIC, the fund

must, among other things, satisfy diversification, 90% gross income and distribution requirements. The fund generally expects to satisfy the

requirements to qualify and be eligible to be treated as a RIC. Nonetheless, there can be no assurance that the fund will so qualify and be eligible.

If the fund fails to qualify as a RIC or to satisfy the distribution requirement in any taxable year, it would be subject to tax on its taxable income at

corporate rates, whether or not distributed to its Investors, and all distributions out of earnings and profits would be taxable to its Investors as ordinary

income. In addition, the fund could be required to recognize unrealized gains, pay substantial taxes and interest and make distributions (which could be

subject to interest charges) before requalifying as a RIC that is accorded special tax treatment.

Distributions from the fund generally will be taxable to

shareholders as ordinary income or net capital gains, whether or not such distributions are reinvested in shares. Dividends paid by the fund to

non-U.S. Investors will be subject to U.S. withholding tax, subject to exceptions for properly reported interest-related dividends, short-term capital gain

dividends, and net capital gain distributions. The fund will inform shareholders of the amount and character of its distributions to shareholders.

Because

the fund intends to qualify as a RIC under Subchapter M of the Code, it is expected to provide tax reports to shareholders on Form 1099. See the

"Certain Tax Matters" section of this Memorandum.

Risk factors and potential conflicts of interest

An investment in the fund involves significant risks and potential conflicts of interest, some of which are described in more detail in the "Risk Factors"

and "Potential Conflicts of Interest" sections of this Memorandum.

Indemnification

None of the Advisor respective members, managers, trustees, partners, shareholders, officers, employees or agents (each, an "Indemnified Person")

will be liable to the fund or the Investors for any act or omission of such person taken in good faith except for any such act or omission constituting gross

negligence, fraud or willful misconduct, as finally determined by a court of competent jurisdiction (referred to herein as a "Breach of Standard of

Conduct"). To the extent permitted by Section 17(i) of the 1940 Act, the fund will indemnify, defend and hold harmless each Indemnified Person against

all claims, damages, liabilities, costs and expenses, including legal fees, to which they may be or become subject by reason of their activities on behalf

of the fund, or otherwise relating to the Fund Agreement, except to the extent that such claims, damages, liabilities, costs or expenses are determined

to have resulted from such Indemnified Person's Breach of Standard of Conduct. To the extent permitted by Section 17(i) of the 1940 Act, the fund will

advance expenses incurred by an Indemnified Person under certain conditions.

Legal counsel

K&L Gates LLP

Independent registered public accounting firm

Ernst & Young LLP, who has offices at 200 Clarendon Street, Boston, MA 02116, will serve as the independent registered public accounting firm for the

fund to audit the fund's annual financial statements.

Custodian

State Street Bank and Trust Company, located at One Congress Street, Suite 1, Boston, Massachusetts 02114, as the fund's custodian, will hold the

fund's assets as required by the 1940 Act, calculating the fund's net asset value.

Transfer agent

State Street Bank and Trust Company, located at One Congress Street, Suite 1, Boston, Massachusetts 02114, will serve as transfer agent for the

shares of the fund.

Placement agent

The fund does not have a principal underwriter. The fund has entered into a Placement Agency Agreement with John Hancock Investment Management

Distributors LLC (the "Placement Agent"), an affiliate of the Advisor, to offer to sell shares of the funds. John Hancock Investment Management LLC, an

affiliate of the Advisor, will pay the Placement Agent a fee of $100 as compensation for the services rendered to the fund, plus any expenses of the

Placement Agent related to the maintenance of registered representative licenses.

Risk factors

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Investments in the fund involve a high degree of risk. There can be no assurance that the fund's investment objectives will be achieved, or that a

shareholder will receive a return of its capital. In addition, there will be occasions when the Advisor and its affiliates may encounter potential conflicts of

interest in connection with the fund. The following considerations should be carefully evaluated before making an investment in the fund's shares. If any

of those risks actually occurs, the fund's business, financial condition and results of operations could be materially and adversely affected, and you may

lose all or part of your investment.

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Risks associated with the fund's investments

Senior loans risk

The fund may be subject to greater levels of credit risk, call (or "prepayment") risk, settlement risk and liquidity risk than funds that do not invest in

senior loans. Senior loans typically represent debt obligations of sub-investment grade corporate borrowers, similar to high yield bonds; however, senior

loans are different from traditional high yield bonds in that they are typically senior to other obligations of the borrower and generally secured by the

assets of the borrower. "Senior loans" may include second lien loans. While second lien loans are by nature subordinate to a primary lien, they are

prioritized, and therefore senior, to junior and unsecured debt, such as structured notes and corporate bonds. Senior loans are considered

predominantly speculative with respect to an issuer's continuing ability to make principal and interest payments, and may be more volatile than other

types of securities. An economic downturn or individual corporate developments could adversely affect the market for these instruments and reduce the

fund's ability to sell these instruments at an advantageous time or price. An economic downturn would generally lead to a higher non-payment rate and a

senior loan may lose significant value before a default occurs. In addition, the senior loans in which the fund invests may not be listed on any exchange

and a secondary market for such loans may be comparatively less liquid relative to markets for other more liquid fixed income securities. Consequently,

transactions in senior loans may involve greater costs than transactions in more actively traded securities.

Restrictions on transfers in loan agreements, a lack of publicly-available information, irregular or no trading activity and wide bid/ask spreads among

other factors, may, in certain circumstances, make senior loans difficult to value accurately or sell at an advantageous time or price than other types of

securities or instruments. These factors may result in the fund being unable to realize full value for the senior loans and/or may result in the fund not

receiving the proceeds from a sale of a senior loan for an extended period after such sale, each of which could result in losses to the fund.

Senior loans may have extended trade settlement periods which may result in cash not being immediately available to the fund. If an issuer of a senior

loan prepays or redeems the loan prior to maturity, the fund may have to reinvest the proceeds in other senior loans or similar instruments that may pay

lower interest rates. Senior loans in which the fund invests may or may not be collateralized, although the loans may not be fully collateralized and the

collateral may be unavailable or insufficient to meet the obligations of the borrower. The fund may have limited rights to exercise remedies against such

collateral or a borrower, and loan agreements may impose certain procedures that delay receipt of the proceeds of collateral or require the fund to act

collectively with other creditors to exercise its rights with respect to a senior loan. Because of the risks involved in investing in senior loans, an

investment in the fund should be considered speculative. Junior loans, which are secured, and unsecured subordinated loans, second lien loans and

subordinate bridge loans, involve a higher degree of overall risk than senior loans of the same borrower due to the junior loan's lower place in the

borrower's capital structure and, in some cases, their unsecured status.

Loans and other indebtedness; loan participations and assignments risk

Loan interests may take the form of (i) direct interests acquired during a primary distribution or (ii) assignments of, novations of or participations in all

or a portion of a loan acquired in secondary markets. In addition to credit risk and interest rate risk, the fund's exposure to loan interests may be subject

to additional risks. For example, purchasers of loans and other forms of direct indebtedness depend primarily upon the creditworthiness of the

corporate borrower for payment of principal and interest. Loans are subject to the risk that scheduled interest or principal payments will not be made in

a timely manner or at all, either of which may adversely affect the values of the loan. If the fund does not receive scheduled interest or principal

payments on such indebtedness, the fund's share price and yield could be adversely affected. Loans that are fully secured offer the fund more

protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, the collateral underlying a loan may be

unavailable or insufficient to satisfy a borrower's obligation, and the fund could become part owner of any collateral if a loan is foreclosed, subjecting

the fund to costs associated with owning and disposing of the collateral.

Investments in loans through a purchase of a loan or a direct assignment of a financial institution's interests with respect to a loan may involve additional

risks to the fund. For example, if a loan is foreclosed, the fund could become owner, in whole or in part, of any collateral, which could include, among

other assets, real estate or other real or personal property, and would bear the costs and liabilities associated with owning and holding or disposing of

the collateral. While the purchaser of an assignment typically succeeds to all the rights and obligations of the assigning lender, assignments may be

arranged through private negotiations and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited

than, those held by the assigning lender.

In connection with purchasing loan participations, the fund generally will have no right to enforce compliance by the borrower with the terms of the loan

agreement relating to the loan, nor any rights of set-off against the borrower, and the fund may not directly benefit from any collateral supporting the

loan in which it has purchased the loan participation. As a result, the fund may be subject to the credit risk of both the borrower and the lender that is

selling the participation. In the event of the insolvency of the lender selling a participation, the fund may be treated as a general creditor of the lender

and may not benefit from any set-off between the lender and the borrower. Certain loan participations may be structured in a manner designed to

prevent purchasers of participations from being subject to the credit risk of the lender with respect to the participation, but even under such a structure,

in the event of the lender's insolvency, the lender's servicing of the participation may be delayed and the assignability of the participation impaired.

The fund may have difficulty disposing of loans and loan participations because to do so it will have to assign or sell such securities to a third party.

Because there is no liquid market for many such securities, the fund anticipates that such securities could be sold only to a limited number of

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institutional investors. The lack of a liquid secondary market may have an adverse impact on the value of such securities and the fund's ability to dispose

of particular loans and loan participations when that would be desirable, including in response to a specific economic event such as a deterioration in

the creditworthiness of the borrower. The lack of a liquid secondary market for loans and loan participations also may make it more difficult for the fund

to assign a value to these securities for purposes of valuing the fund's portfolio.

To the extent the fund acquires loans, including bank loans, the fund may be subject to greater levels of credit risk, call (or "prepayment") risk,

settlement risk and liquidity risk than funds that do not invest in such securities. These instruments are considered predominantly speculative with

respect to an issuer's continuing ability to make principal and interest payments and may be more volatile than other types of securities. The fund may

also be subject to greater levels of liquidity risk than funds that do not invest in loans. In addition, the loans in which the fund invests may not be listed on

any exchange and a secondary market for such loans may be comparatively illiquid relative to markets for other more liquid fixed income securities.

Consequently, transactions in loans may involve greater costs than transactions in more actively traded securities. In connection with certain loan

transactions, transaction costs that are borne by the fund may include the expenses of third parties that are retained to assist with reviewing and

conducting diligence, negotiating, structuring and servicing a loan transaction, and/or providing other services in connection therewith. Furthermore,

the fund may incur such costs in connection with loan transactions that are pursued by the fund but not ultimately consummated (so-called "broken deal

costs").

Restrictions on transfers in loan agreements, a lack of publicly-available information, irregular trading activity and wide bid/ask spreads among other

factors, may, in certain circumstances, make loans more difficult to sell at an advantageous time or price than other types of securities or instruments.

These factors may result in the fund being unable to realize full value for the loans and/or may result in the fund not receiving the proceeds from a sale

of a loan for an extended period after such sale, each of which could result in losses to the fund. Some loans may have extended trade settlement

periods, including settlement periods of greater than 7 days, which may result in cash not being immediately available to the fund. If an issuer of a loan

prepays or redeems the loan prior to maturity, the fund may have to reinvest the proceeds in other loans or similar instruments that may pay lower

interest rates. Because of the risks involved in investing in loans, an investment in the fund should be considered speculative.

The fund's investments in subordinated and unsecured loans generally are subject to similar risks as those associated with investments in secured

loans. Subordinated or unsecured loans are lower in priority of payment to secured loans and are subject to the additional risk that the cash flow of the

borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured

obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any

specific collateral.

Loans may not be considered "securities," and purchasers, such as the fund, therefore may not be entitled to rely on the anti-fraud protections of the

federal securities laws. Because there is limited public information available regarding loan investments, the fund is particularly dependent on the

analytical abilities of the fund's portfolio managers. These issues may be particularly pronounced with respect to loans made to individuals.

Economic exposure to loan interests through the use of derivative transactions may involve greater risks than if the fund had invested in the loan

interest directly during a primary distribution, through direct originations, or through assignments of, novations of or participations in a loan acquired in

secondary markets since, in addition to the risks described above, certain derivative transactions may be subject to leverage risk and greater illiquidity

risk, counterparty risk, valuation risk and other risks.

Subordinated liens on collateral risk

Certain debt investments that the fund may make will be secured on a second priority basis by the same collateral securing senior secured debt of such

companies. The first priority liens on the collateral will secure the fund's obligations under any outstanding senior debt and may secure certain other

future debt that may be permitted to be incurred by the fund under the agreements governing the debt. The holders of obligations secured by the first

priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay

their obligations in full before the fund is so entitled. In addition, the value of the collateral in the event of liquidation will depend on market and

economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the

collateral would be sufficient to satisfy the debt obligations secured by the second priority liens after payment in full of all obligations secured by the

first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the debt obligations secured by the second

priority liens, then, to the extent not repaid from the proceeds of the sale of the collateral, the fund will only have an unsecured claim against the

company's remaining assets, if any.

The rights the fund may have with respect to the collateral securing the debt investments it makes with senior debt outstanding may also be limited

pursuant to the terms of one or more inter-creditor agreements that the fund enters into with the holders of senior debt. Under such an inter-creditor

agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in

respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement

of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral

documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. The fund may not have the ability to control or

direct such actions, even if its rights are adversely affected.

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Illiquid and restricted securities risk

Certain securities are considered illiquid or restricted due to a limited trading market, legal or contractual restrictions on resale or transfer, or are

otherwise illiquid because they cannot be sold or disposed of in seven calendar days or less without the sale or disposition significantly changing the

market value of the investment. Securities that have limitations on their resale are referred to as "restricted securities." Certain restricted securities that

are eligible for resale to qualified institutional purchasers may not be regarded as illiquid. Illiquid and restricted securities may be difficult to value and

may involve greater risks than liquid securities. Market quotations for such securities may be volatile and/or subject to large spreads between bid and

ask price. Illiquidity may have an adverse impact on market price and the fund's ability to sell particular securities when necessary to meet the fund's

liquidity needs or in response to a specific economic event. The fund may incur additional expense when disposing of illiquid or restricted securities,

including all or a portion of the cost to register the securities.

Delayed funding loans and revolving credit facilities

The fund may enter into, or acquire participations in, delayed funding loans and revolving credit facilities, in which a bank or other lender agrees to

make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring the

fund to increase its investment in a company at a time when it might not be desirable to do so (including at a time when the company's financial

condition makes it unlikely that such amounts will be repaid). Delayed funding loans and revolving credit facilities are subject to credit, interest rate and

liquidity risk and the risks of being a lender.

Variable and floating rate instruments risk

The fund may invest in floating rate debt instruments, including senior loans. Variable and floating rate instruments are instruments that pay interest at

rates that adjust whenever a specified interest rate changes and/or that reset on predetermined dates (such as the last day of a month or calendar

quarter). In addition to senior loans, variable and floating rate instruments may include, without limitation, instruments such as catastrophe and other

event-linked bonds, bank capital securities, unsecured bank loans, corporate bonds, money market instruments and certain types of mortgage-related

and other asset-backed securities. Due to their variable or floating rate features, these instruments will generally pay higher levels of income in a rising

interest rate environment and lower levels of income as interest rates decline. For the same reason, the market value of a variable or floating rate

instrument is generally expected to have less sensitivity to fluctuations in market interest rates than a fixed-rate instrument, although the value of a

variable or floating rate instrument may nonetheless decline as interest rates rise and due to other factors, such as changes in credit quality.

Changing distribution levels and return of capital risk

There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial tax return of capital. A return of capital is

the return of all or a portion of a shareholder's investment in the fund.

Fixed-income securities risk

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.

Interest-rate risk.

Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income

securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be

expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk. Duration is a

measure of the price sensitivity of a debt security, or a fund that invests in a portfolio of debt securities, to changes in interest rates, whereas the

maturity of a security measures the time until final payment is due. Duration measures sensitivity more accurately than maturity because it takes

into account the time value of cash flows generated over the life of a debt security.

In response to certain economic conditions, including periods of high inflation, governmental authorities and regulators may respond with significant

fiscal and monetary policy changes such as raising interest rates. The fund may be subject to heightened interest rate risk when the Federal Reserve

Board (Fed) raises interest rates. Recent and potential future changes in government monetary policy may affect interest rates. It is difficult to

accurately predict the timing, frequency or magnitude of potential interest rate increases or decreases by the Fed and the evaluation of

macro-economic and other conditions that could cause a change in approach in the future. If the Fed and other central banks increase the federal

funds rate and equivalent rates, such increases generally will cause market interest rates to rise and could cause the value of a fund's investments,

and the fund's net asset value (NAV), to decline, potentially suddenly and significantly. As a result, the fund may experience high redemptions and, as

a result, increased portfolio turnover, which could increase the costs that the fund incurs and may negatively impact the fund's performance.

Additionally, the value of inflation-indexed securities is subject to the effects of changes in market interest rates caused by factors other than

inflation ("real interest rates"). If interest rates rise due to reasons other than inflation, the fund's investment in these securities may not be protected

to the extent that the increase is not reflected in the security's inflation measure. Generally, when real interest rates rise, the value of

inflation-indexed securities will fall and the fund's value may decline as a result of this exposure to these securities.

In certain market conditions, governmental authorities and regulators may considerably lower interest rates, which, in some cases could result in

negative interest rates. These actions, including their reversal or potential ineffectiveness, could further increase volatility in securities and other

financial markets and reduce market liquidity. To the extent the fund has a bank deposit or holds a debt instrument with a negative interest rate to

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maturity, the fund would generate a negative return on that investment. Similarly, negative rates on investments by money market funds and similar

cash management products could lead to losses on investments, including on investments of the fund's uninvested cash.

Credit quality risk.

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 a fund has purchased the security,

the market value of the security may decrease and lead to a decrease in the value of the fund's investments. An issuer'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.

Prepayment of principal risk.

Many types of debt securities, including floating-rate loans, are subject to prepayment risk. Prepayment risk is the

risk that, when interest rates fall, certain types of obligations will be paid off by the borrower more quickly than originally anticipated and the fund

may have to invest the proceeds in securities with lower yields. Securities subject to prepayment risk can offer less potential for gains when the

credit quality of the issuer improves.

Liquidity risk

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.

The capacity of traditional dealers to engage in fixed-income trading has not kept pace with the bond market's growth. As a result, dealer inventories of

corporate bonds, which indicate the ability to "make markets," 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.

Lower-rated and high-yield fixed-income securities risk

Lower-rated fixed-income securities are defined as securities rated below investment grade (such as Ba and below by Moody's Investors Service, Inc.

and BB and below by S&P Global Ratings and Fitch Ratings, as applicable) (also called junk bonds). The general risks of investing in these securities are

as follows:

Risk to principal and income.

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.

Price volatility.

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'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.

Liquidity.

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.

Dependence on manager's own credit analysis.

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's evaluation than the assessment of the credit risk of higher-rated securities.

Credit and counterparty risk

This is the risk that the issuer or guarantor of a fixed-income security or a borrower of a fund'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'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. 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.

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Funds that invest in below-investment-grade securities, also called junk bonds (e.g., fixed-income securities rated Ba or lower by Moody's Investors

Service, Inc. or BB or lower by S&P Global Ratings or Fitch Ratings, as applicable, 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' 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.

Inflation/Deflation risk

Inflation risk is the risk that the value of assets or income from the fund's investments will be worth less in the future as inflation decreases the value of

payments at future dates. As inflation increases, the real value of the fund's portfolio could decline. Deflation risk is the risk that prices throughout the

economy decline over time. Deflation may have an adverse effect on the credit of an investment and may make default more likely, which may result in a

decline in the value of the fund's portfolio.

Senior debt risk

Because it may invest in below-investment grade senior debt, the fund may be subject to greater levels of credit risk than funds that do not invest in such

debt. The fund may also be subject to greater levels of liquidity risk than funds that do not invest in senior debt. Restrictions on transfers in loan

agreements, a lack of publicly available information and other factors may, in certain instances, make senior debt more difficult to sell at an

advantageous time or price than other types of securities or instruments. Additionally, if the issuer of senior debt prepays, the fund will have to consider

reinvesting the proceeds in other senior debt or similar instruments that may pay lower interest rates.

Valuation risk

Investments are valued (at least) at the end of each calendar month. Assets that are not publicly traded or whose market prices are not readily available

are valued at fair value. The Board has designated the Advisor as the valuation designee to perform fair value functions for the fund in accordance with

the Advisor's valuation policies and procedures. In accordance with these policies and procedures, the Advisor values the fund's investments at fair

value as determined in good faith when market quotations are not readily available or are deemed to be unreliable. Fair value pricing may require

subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will reflect actual

market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices,

from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that

security or other asset. In connection with that determination, recommended portfolio valuations will be prepared in accordance with the Advisor's

valuation policy using valuations obtained from independent valuation firms and/or proprietary models depending on the availability of information on

the fund's assets and on the type of asset being valued. The Advisor, as valuation designee, is subject to Board oversight and reports to the Board

information regarding the fair valuation process and related material matters.

Because fair values, and particularly fair values of private securities and private companies, are inherently uncertain, they may fluctuate over short

periods of time and are often based to a large extent on estimates, comparisons and qualitative evaluations of private information. The Advisor's

determinations of fair value may differ materially from the values that would have been determined if a ready market for these securities existed. This

could make it more difficult for Investors to value accurately the fund's portfolio investments and could lead to undervaluation or overvaluation of the

fund's interests. In addition, the valuation of these types of securities may result in substantial write-downs and earnings volatility.

Net asset value as of a particular date may be materially greater than or less than the value that would be realized if assets were to be liquidated as of

such date. For example, if the fund were required to sell a certain asset or all or a substantial portion of its assets on a particular date, the actual price

that the fund would realize upon the disposition of such asset or assets could be materially less than the value of such asset or assets as reflected in the

fund's net asset value. Volatile market conditions could also cause reduced liquidity in the market for certain assets, which could result in liquidation

values that are materially less than the values of such assets as reflected in net asset value.

Equity securities risk

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 a fund investing in equities. The price of equity securities fluctuates based on changes in a company's financial condition

and overall market and economic conditions. The value of equity securities purchased by a 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'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, irregular and/or unexpected trading activity among retail investors, or other factors. Changes in the financial

condition of a single issuer can impact the market as a whole.

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.

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The fund generally does not attempt to time the market. Because of its exposure to equities, the possibility that stock market prices in general will

decline over short or extended periods subjects the fund to unpredictable declines in the value of its investments, as well as periods of poor

performance.

Growth investment style risk.

Certain equity securities (generally referred to as growth securities) are purchased primarily because a manager

believes that these securities will experience relatively rapid earnings growth. Growth securities typically trade at higher multiples of current

earnings than other securities. Growth securities are often more sensitive to market fluctuations than other securities because their market prices

are highly sensitive to future earnings expectations. At times when it appears that these expectations may not be met, growth stock prices typically

fall.

Value investment style risk.

Certain equity securities (generally referred to as value securities) are purchased primarily because they are selling

at prices below what the manager believes to be their fundamental value and not necessarily because the issuing companies are expected to

experience significant earnings growth. The fund bears the risk that the companies that issued these securities may not overcome the adverse

business developments or other factors causing their securities to be perceived by the manager to be underpriced or that the market may never

come to recognize their fundamental value. A value security may not increase in price, as anticipated by the manager investing in such securities, if

other investors fail to recognize the company's value and bid up the price or invest in markets favoring faster growing companies. The fund's strategy

of investing in value securities also carries the risk that in certain markets, value securities will underperform growth securities. In addition,

securities issued by U.S. entities with substantial foreign operations may involve risks relating to economic, political or regulatory conditions in

foreign countries.

Economic and market events risk

Events in certain sectors historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both

domestic and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings, and other similar events; bank

failures; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits; social,

political, and economic instability in Europe; economic stimulus by the Japanese central bank; dramatic changes in energy prices and currency

exchange rates; and China's economic slowdown. Interconnected global economies and financial markets increase the possibility that conditions in one

country or region might adversely impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased

volatility and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected. Financial institutions could

suffer losses as interest rates rise or economic conditions deteriorate.

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.

In response to certain economic conditions, including periods of high inflation, governmental authorities and regulators may respond with significant

fiscal and monetary policy changes such as raising interest rates. The fund may be subject to heightened interest rate risk when the Federal Reserve

Board (Fed) raises interest rates. Recent and potential future changes in government monetary policy may affect interest rates. It is difficult to

accurately predict the timing, frequency or magnitude of potential interest rate increases or decreases by the Fed and the evaluation of

macro-economic and other conditions that could cause a change in approach in the future. If the Fed and other central banks increase the federal funds

rate and equivalent rates, such increases generally will cause market interest rates to rise and could cause the value of a fund's investments, and the

fund's net asset value (NAV), to decline, potentially suddenly and significantly.

In addition, if the Fed increases the target Fed funds rate, any 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. These events and the possible resulting

market volatility may have an adverse effect on the fund.

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'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 imposition by the U.S. of import tariffs on goods from foreign countries and reciprocal

tariffs levied on U.S. goods may lead to price volatility and instability in U.S. and global investment markets. Among other effects, tariffs may increase

the cost of production for certain goods or reduce demand for products, which could affect the performance of the fund's investments. It is not known

whether, or to what extent, any tariff or other trade protections may affect the fund or its investments.

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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, as the United Kingdom (UK) did in January of

2020 (commonly referred to as "Brexit"), or the EU dissolves, the global securities markets likely will be significantly disrupted.

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may

lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance. For example, the

coronavirus (COVID-19) pandemic resulted and may continue to result in significant disruptions to global business activity and market volatility due to

disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among

others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that

cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social and economic risks. Any such

impact could adversely affect the fund's performance, resulting in losses to your investment.

Political and military events, including in Ukraine, North Korea, Russia, Venezuela, Iran, Syria, and other areas of the Middle East, and nationalist unrest

in Europe and South America, also may cause market disruptions.

As a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent

and ultimate result of which are unknown at this time, the United States and the EU, along with the regulatory bodies of a number of countries, have

imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of Russia's economy, which may result in, among

other things, the continued devaluation of Russian currency, a downgrade in the country's credit rating, and/or a decline in the value and liquidity of

Russian securities, property or interests. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in

prohibited assets, impairing the ability of a fund to buy, sell, receive or deliver those securities and/or assets. These sanctions or the threat of additional

sanctions could also result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian

securities. The United States and other nations or international organizations may also impose additional economic sanctions or take other actions that

may adversely affect Russia-exposed issuers and companies in various sectors of the Russian economy. Any or all of these potential results could lead

Russia's economy into a recession. Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the

ongoing conflict may also have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on

companies with operations in the conflict region, the extent to which is unknown at this time. The United States and the EU have also imposed similar

sanctions on Belarus for its support of Russia's invasion of Ukraine. Additional sanctions may be imposed on Belarus and other countries that support

Russia. Any such sanctions could present substantially similar risks as those resulting from the sanctions imposed on Russia, including substantial

negative impacts on the regional and global economies and securities markets.

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's economy

slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse. Further, there is a risk that the present value of

assets or income from investments will be less in the future, known as inflation. Inflation rates may change frequently and drastically as a result of

various factors, including unexpected shifts in the domestic or global economy, and a fund's investments may be affected, which may reduce a fund's

performance. Further, inflation may lead to the rise in interest rates, which may negatively affect the value of debt instruments held by the fund,

resulting in a negative impact on a fund's performance. Generally, securities issued in emerging markets are subject to a greater risk of inflationary or

deflationary forces, and more developed markets are better able to use monetary policy to normalize markets.

Investment Companies

The fund may invest in shares of other investment companies, including both open- and closed-end investment companies (including single country

funds, ETFs, and BDCs). When making such an investment, the fund will be indirectly exposed to all the risks of such investment companies. In general,

the investing funds will bear a pro rata portion of the other investment company's fees and expenses, which will reduce the total return in the investing

funds. Certain types of investment companies, such as closed-end investment companies, issue a fixed number of shares that trade on a stock

exchange and may involve the payment of substantial premiums above the value of such investment companies' portfolio securities when traded OTC or

at discounts to their NAVs. Others are continuously offered at NAV, but also may be traded in the secondary market.

In addition, the fund may invest in private investment funds, vehicles, or structures.

Exchange-Traded Funds.

The fund may invest in ETFs, which are a type of security bought and sold on a securities exchange. The fund could purchase

shares of an ETF to gain exposure to a portion of the U.S. or a foreign market. The risks of owning shares of an ETF include the risks of directly owning

the underlying securities and other instruments the ETF holds. A lack of liquidity in an ETF (e.g., absence of an active trading market) could result in the

ETF being more volatile than its underlying securities. The existence of extreme market volatility or potential lack of an active trading market for an ETF's

shares could result in the ETF's shares trading at a significant premium or discount to its NAV. An ETF has its own fees and expenses, which are indirectly

borne by the fund. The fund may also incur brokerage and other related costs when it purchases and sells ETFs. Also, in the case of passively-managed

ETFs, there is a risk that an ETF may fail to closely track the index or market segment that it is designed to track due to delays in the ETF's

implementation of changes to the composition of the index or other factors.

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Business Development Companies.

A BDC is a less-common type of closed-end investment company that more closely resembles an operating

company than a typical investment company. BDCs typically invest in and lend to small- and medium-sized private and certain public companies that

may not have access to public equity markets to raise capital. BDCs invest in such diverse industries as health care, chemical and manufacturing,

technology and service companies. BDCs generally invest in less mature private companies, which involve greater risk than well-established, publicly

traded companies. BDCs are unique in that at least 70% of their investments must be made in private and certain public U.S. businesses, and BDCs are

required to make available significant managerial assistance to their portfolio companies. Generally, little public information exists for private and thinly

traded companies, and there is a risk that investors may not be able to make a fully informed investment decision. With investments in debt instruments

issued by such portfolio companies, there is a risk that the issuer may default on its payments or declare bankruptcy.

Risks related to the fund's business and structure

Non-diversified risk

Overall risk can be reduced by investing in securities from a diversified pool of issuers, while overall risk is increased by investing in securities of a small

number of issuers. If a fund is not diversified within the meaning of the Investment Company Act of 1940, as amended, that means it is allowed to invest

a large portion of assets in any one issuer or a small number of issuers, which may result in greater susceptibility to associated risks. As a result, credit,

market, and other risks associated with a non-diversified fund's investment strategies or techniques may be more pronounced than for funds that are

diversified.

Price declines in the corporate leveraged loan market

Conditions in the medium- and large-sized U.S. corporate debt market may experience disruption or deterioration in the future, which may cause pricing

levels to decline or be volatile. As a result, the fund's net asset value could decline through an increase in unrealized depreciation and incurrence of

realized losses in connection with the sale of investments, which could have a material adverse impact on the fund's business, financial condition and

results of operations.

Competition for investments

A large number of entities, including private equity funds, commercial financing companies, registered investment companies, business development

companies, and insurance companies, will compete with the fund to make the types of investments that it intends to target as a focus of its business

strategy. Certain of these competitors may be substantially larger, have considerably greater financial, technical and marketing resources than the fund

will have and offer a wider array of financial services. For example, some competitors may have a lower cost of funds or access to funding sources that

are not available to the fund. The fund may lose investment opportunities if it does not match its competitors' pricing, terms and structure. There may be

intense competition for financings or investments of the type the fund intends to make, and such competition may result in less favorable financing or

investment terms than might otherwise exist. Furthermore, many of the fund's competitors are not subject to the regulatory restrictions that the 1940

Act imposes on registered investment companies or the source of income, asset diversification and distribution requirements that funds must satisfy to

maintain RIC status. There can be no assurance that there will be a sufficient number of attractive potential investments available to the fund to achieve

target returns. In addition, some of the fund's competitors may have higher risk tolerances or different risk assessments, which could allow them to

consider a wider variety of investments and establish more relationships. The competitive pressures the fund faces may have a material adverse effect

on business, financial condition, results of operations and cash flows.

Broad authority for board action

The Board has the authority to modify or waive certain operating policies and strategies without prior notice (except as required by the 1940 Act) and

without shareholder approval. The fund cannot predict the effect any changes to current operating policies and strategies would have on business,

operating results and value of shares. Nevertheless, the effects may adversely affect business and impact the ability to make distributions.

Changes in law or regulation

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 and

other securities in which the fund may invest, may negatively affect the fund's returns. 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.

Regulatory limitations on the use of futures and related options, interest rate floors, caps and collars and interest rate and currency

swap contracts

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 ("CEA") ("commodity interests"), or if the registered investment

company markets itself as providing investment exposure to such commodity interests.

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

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its commodity interests trading activities. These limitations may restrict the fund's ability to pursue its investment strategy, increase the costs of

implementing its strategy, increase its expenses and/or adversely affect its total return.

Legislative or other actions relating to taxes could have a negative effect

Legislative or other actions relating to taxes could have a negative effect on the fund. The rules dealing with U.S. federal income taxation are constantly

under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. Recently enacted tax reform legislation

makes many changes to the Internal Revenue Code, including, among other things, significant changes to the taxation of business entities, the

deductibility of interest expense, and the tax treatment of capital investment. The fund cannot predict with certainty how these or any other changes in

the tax laws might affect the fund, investors, or the fund's portfolio investments. Any additional new legislation and any U.S. Treasury regulations,

administrative interpretations or court decisions interpreting the recent tax reform legislation or any other new legislation could significantly and

negatively affect the fund's ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to the fund and its investors of any

such qualification, or could have other adverse consequences. Investors are urged to consult with their tax advisor regarding tax legislative, regulatory,

or administrative developments and proposals and their potential effect on an investment in the fund's securities.

Reliance on personnel

The fund's success depends upon the diligence, skill and network of business contacts of the Advisor investment professionals. They will evaluate,

negotiate, structure, close and monitor the fund's investments in accordance with the terms of the Investment Advisory Agreement. There can be no

assurance that the Advisor personnel will continue to be associated with the Advisor throughout the life of the fund. Advisor personnel, and any

investment professionals that the Advisor may subsequently retain, will identify, evaluate, negotiate, structure, close, monitor and manage the fund's

investments. The fund's future success will depend to a significant extent on the continued service and coordination of Advisor personnel. If the Advisor

does not maintain its existing relationships with sources of investment opportunities and does not develop new relationships with other sources of

investment opportunities, the Advisor may not be able to grow the fund's investment portfolio. In addition, individuals with whom Advisor personnel have

relationships are not obligated to provide the fund with investment opportunities. Therefore, the fund and the Advisor can offer no assurance that such

relationships will generate investment opportunities for the fund.

The fund's ability to achieve its investment objective will also depend on the Advisor's ability to manage the fund and to grow its investments and

earnings. This will depend, in turn, on the Advisor's ability to identify, invest in and monitor portfolio companies that meet the fund's investment criteria.

The achievement of the fund's investment objective will depend upon the Advisor's execution of the fund's investment process, its ability to provide

competent, attentive and efficient services, and, to a lesser extent, the fund's access to financing on acceptable terms. The Advisor's team of investment

professionals will have substantial responsibilities in connection with the management of other investment funds, accounts and investment vehicles.

The personnel of the Advisor may be called upon to provide managerial assistance to portfolio companies. These activities may distract them from

servicing new investment opportunities for the fund, or slow the fund's rate of investment. Any failure to manage the fund's business and future growth

effectively could have a material adverse effect on business, financial condition, results of operations and cash flows.

Resignation of the investment advisor

Generally, the Advisor has the right, under the Investment Advisory Agreement, to resign at any time upon not less than 60 days' written notice,

regardless of whether the fund has found a replacement. If the Advisor resigns, the fund may not be able to find a new investment advisor or hire internal

management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 or 120 days, as applicable, or

at all. If the fund is unable to do so quickly, operations are likely to experience a disruption, and the fund's financial condition, business and results of

operations as well as its ability to pay distributions are likely to be adversely affected, and the value of its shares may decline.

No assurance of cash distributions

Subject to the Board's discretion and applicable legal restrictions, the fund expects to declare and pay distributions at least semi-annually. The fund

expects to pay these distributions out of assets legally available for distribution. However, there are no assurances that the fund will achieve investment

results that will allow it to make a targeted level of cash distributions or year-to-year increases in cash distributions. All distributions that are made will

be at the discretion of the Board and will depend on the fund's earnings, financial condition, maintenance of RIC status and other factors as the Board

may deem to be relevant. The fund's ability to pay distributions might be adversely affected by the impact of the risks described herein. There can be no

assurances that the fund will pay distributions to shareholders in the future.

In certain cases, the fund may recognize income before or without receiving the accompanying cash. Depending on the amount of noncash income, this

could result in difficulty satisfying the annual distribution requirement applicable to RICs. Accordingly, the fund may have to sell some investments at

times the fund would not consider advantageous, raise additional debt or equity capital or reduce new investments to meet these distribution

requirements.

Limited liquidity

There is currently no public market for the fund's shares, and a market for the fund's shares will never develop. The fund's shares are not registered

under the 1933 Act, or any state securities law and are restricted as to transfer by law and the terms of the charter. Shareholders generally may not sell,

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assign or transfer shares without prior written consent of the Advisor, which the Advisor may grant or withhold in its sole discretion. Except in limited

circumstances for legal or regulatory purposes, shareholders are not entitled to redeem their shares. Shareholders must be prepared to bear the

economic risk of an investment in the fund's shares for an indefinite period of time.

Preferred stock could be issued

Under the terms of the Fund Agreement, the Board is authorized, to the fullest extent permitted by the 1940 Act, to authorize the fund to issue shares of

preferred stock in one or more classes or series without shareholder approval. The Board, subject to the terms of any class or series of stock

outstanding at the time, is required to set the preferences, conversion, and other rights, voting powers, restrictions, limitations as to dividends and

other distributions, qualifications and terms and conditions of redemption of each class or series, including preferred stock with terms that might

adversely affect the interest of existing shareholders.

Natural disasters, adverse weather conditions, and climate change

Certain areas of the world may be exposed to adverse weather conditions, such as major natural disasters and other extreme weather events, including

hurricanes, earthquakes, typhoons, floods, tidal waves, tsunamis, volcanic eruptions, wildfires, droughts, windstorms, coastal storm surges, heat

waves, and rising sea levels, among others. Some countries and regions may not have the infrastructure or resources to respond to natural disasters,

making them more economically sensitive to environmental events. Such disasters, and the resulting damage, could have a severe and negative impact

on the fund'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.

Climate change, which is the result of a change in global or regional climate patterns, may increase the frequency and intensity of such adverse weather

conditions, resulting in increased economic impact, and may pose long-term risks to a fund's investments. The future impact of climate change is

difficult to predict but may include changes in demand for certain goods and services, supply chain disruption, changes in production costs, increased

legislation, regulation, international accords and compliance-related costs, changes in property and security values, availability of natural resources

and displacement of peoples.

Legal, technological, political and scientific developments regarding climate change may create new opportunities or risks for issuers in which the fund

invests. These developments may create demand for new products or services, including, but not limited to, increased demand for goods that result in

lower emissions, increased demand for generation and transmission of energy from alternative energy sources and increased competition to develop

innovative new products and technologies. These developments may also decrease demand for existing products or services, including, but not limited

to, decreased demand for goods that produce significant greenhouse gas emissions and decreased demand for services related to carbon based

energy sources, such as drilling services or equipment maintenance services.

Operational and cybersecurity risk

With the increased use of technologies, such as mobile devices and "cloud"-based service offerings and the dependence on the internet and computer

systems to perform necessary business functions, the fund's service providers are susceptible to operational and information or cybersecurity risks that

could result in losses to the fund and its shareholders. Intentional cybersecurity breaches include unauthorized access to systems, networks, or devices

(such as through "hacking" activity or "phishing"); 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. Cyber-attacks can also be carried out in a manner

that does not require gaining unauthorized access, such as causing denial-of-service attacks on the service providers' systems or websites rendering

them unavailable to intended users or via "ransomware" that renders the systems inoperable until appropriate actions are taken. In addition,

unintentional incidents can occur, such as the inadvertent release of confidential information (possibly resulting in the violation of applicable privacy

laws).

A cybersecurity breach could result in the loss or theft of customer data or funds, 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 a fund, the advisor, a manager, or other

service providers to incur regulatory penalties, reputational damage, additional compliance costs, litigation costs or financial loss. In addition, such

incidents could affect issuers in which a fund invests, and thereby cause the fund's investments to lose value.

Cyber-events have the potential to materially affect the fund and the advisor's relationships with accounts, shareholders, clients, customers,

employees, products, and service providers. The fund has established risk management systems reasonably designed to seek to reduce the risks

associated with cyber-events. There is no guarantee that the fund will be able to prevent or mitigate the impact of any or all cyber-events.

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's service providers, counterparties, or other third parties, failed or inadequate processes and technology or system failures.

In addition, other disruptive events, including (but not limited to) natural disasters and public health crises may adversely affect the fund's ability to

conduct business, in particular if the fund's employees or the employees of its service providers are unable or unwilling to perform their responsibilities

as a result of any such event. Even if the fund's employees and the employees of its service providers are able to work remotely, those remote work

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arrangements could result in the fund's business operations being less efficient than under normal circumstances, could lead to delays in its processing

of transactions, and could increase the risk of cyber-events.

Risks related to RICs

The fund will be subject to corporate-level U.S. federal income tax if it is unable to qualify as a RIC

Although the fund intends to qualify and elect to be treated as a RIC as soon as practicable, no assurance can be given that it will be able to qualify for

and maintain qualification as a RIC. To obtain and maintain qualification as a RIC, the fund must meet the following source-of-income, asset

diversification, and distribution requirements.

The income source requirement will be satisfied if the fund obtains at least 90% of gross income for each year from dividends, interest, foreign

currency, payments with respect to loans of certain securities, gains from the sale of stock or other securities, net income from certain "qualified

publicly traded partnerships," or similar sources.

The asset diversification requirement will be satisfied if the fund meets certain asset diversification requirements at the end of each quarter of its

taxable year. Failure to meet those requirements may result in the fund having to dispose of certain investments quickly in order to prevent the loss of its

qualification as a RIC. Because most of its investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could

be made at disadvantageous prices and could result in substantial losses. The fund may have difficulty satisfying the diversification requirement during

its ramp-up phase until it has a portfolio of investments.

The annual distribution requirement will be satisfied if the fund distributes to shareholders on an annual basis at least 90% of net ordinary income and

realized net short-term capital gains in excess of realized net long-term capital losses and 90% of its net exempt interest income, if any. Because the

fund may use debt financing, it is subject to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and

credit agreements that could, under certain circumstances, restrict the fund from making distributions necessary to satisfy the distribution

requirement. If the fund is unable to obtain cash from other sources, it could fail to qualify as a RIC.

If the fund fails to qualify as a RIC for any reason and therefore becomes subject to corporate income tax, the resulting corporate taxes could

substantially reduce its net assets, the amount of income available for distribution and the amount of distributions.

The fund may have difficulty paying its required distributions if it recognizes income before or without receiving cash representing such

income

For U.S. federal income tax purposes, the fund will include in its taxable income certain amounts that it has not yet received in cash, such as original

issue discount, which may arise if it receives warrants in connection with the origination of a loan or possibly in other circumstances, or contractual

"payment-in-kind," or PIK, interest, which represents contractual interest added to the loan balance and due at the end of the loan term. Such original

issue discount or increases in loan balances as a result of contractual PIK arrangements will be included in the fund's taxable income before it receives

any corresponding cash payments. The fund also may be required to include in taxable income certain other amounts that it will not receive in cash.

Since, in certain cases, it may recognize taxable income before or without receiving corresponding cash payments, it may have difficulty meeting the

annual distribution requirement necessary to maintain its qualification as a RIC. Accordingly, to satisfy RIC distribution requirements, it may have to sell

some investments at times or at prices it would not consider advantageous, raise additional debt or equity capital or forgo new investment

opportunities. If the fund is not able to obtain cash from other sources, it may fail to qualify for tax treatment as a RIC and thus become subject to

corporate-level U.S. federal income tax.

The fund's investments may include original-issue-discount instruments and contractual PIK-interest arrangements. To the extent original issue discount

or PIK-interest constitutes a portion of the fund's income, the fund is exposed to typical risks associated with such income being required to be included

in taxable and accounting income prior to receipt of cash, including the following:

● The higher interest rates of original issue discount and PIK instruments reflect the payment deferral and increased credit risk associated with these

instruments, and original issue discount and PIK instruments generally represent a significantly higher credit risk than coupon loans.

● Even if the accounting conditions for income accrual are met, the borrower could still default when actual collection is supposed to occur at the

maturity of the obligation.

● Original issue discount and PIK instruments may have unreliable valuations because their continuing accruals require continuing judgments about

the collectability of the deferred payments and the value of any associated collateral. Original issue discount and PIK income may also create

uncertainty about the source of cash distributions.

● To the extent the fund provides loans with interest-only payments or moderate loan amortization, the majority of the principal payment or

amortization of principal may be deferred until loan maturity. Because this debt generally allows the borrower to make a large lump-sum payment of

principal at the end of the loan term, there is a risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity.

● For accounting purposes, any cash distributions to shareholders representing original issue discount and PIK-income are not treated as coming from

paid-in capital, even though the cash to pay them comes from offering proceeds. As a result, despite the fact that a distribution representing original

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issue discount and PIK-income could be paid out of amounts invested by shareholders, the 1940 Act does not require that shareholders be given

notice of this fact by reporting it as a return of capital.

● An election to defer PIK interest payments by adding them to principal increases the fund's gross assets and, thus, increases future base

management fees to the Advisor and, because interest payments will then be payable on a larger principal amount, the PIK election also increases

the Advisor's future income incentive fees at a compounding rate.

● Market prices of OID instruments are more volatile because they are affected to a greater extent by interest rate changes than instruments that pay

interest periodically in cash.

● The deferral of interest on a PIK loan increases its loan-to-value ratio, which is a measure of the riskiness of a loan.

● OID creates the risk of non-refundable cash payments to the Advisor based on non-cash accruals that may never be realized.

● The required recognition of OID, including PIK, interest for U.S. federal income tax purposes may have a negative impact on liquidity, because it

represents a non-cash component of the fund's taxable income that must, nevertheless, be distributed to investors to avoid it being subject to

corporate level taxation.

● Use of PIK and OID securities may provide certain benefits to the fund's advisor including increasing management fees and incentive compensation.

● The fund may be required under the tax laws to make distributions of OID income to shareholders without receiving any cash. Such required cash

distributions may have to be paid from offering proceeds of the sale of fund assets.

Distribution and asset coverage ratio requirements may impact fund's ability to grow

In order for the fund to obtain and maintain RIC tax treatment, among other things, it is required to distribute at least 90% of the sum of its net ordinary

income and realized net short-term capital gains in excess of realized net long-term capital losses and 90% of its net exempt interest income, if any. As a

result, these earnings will not be available to fund new investments, and the fund will need additional capital to fund growth in its investment portfolio. If

the fund fails to obtain additional capital, it could be forced to curtail or cease new investment activities, which could adversely affect business,

operations and results.

Unrealized depreciation on the fund's loan portfolio may be an indication of future realized losses and reduction in income available for

distribution

As a registered closed-end management investment company, the fund is required to carry investments at market value or, if no market value is

ascertainable, at the fair value as determined in good faith by the Advisor as the Board's valuation designee. Decreases in the market values or fair

values of the fund's investments are recorded as unrealized depreciation. Any unrealized losses in the fund's portfolio could be an indication of an

issuer's inability to meet its repayment obligations with respect to the affected investments. This could result in realized losses in the future and

ultimately in reductions of income available for distribution or to make payments on other obligations in future periods.

If the fund's distributions exceed the fund's taxable income and capital gains realized during a taxable year, all or a portion of the distributions made in

the same taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable to

shareholders. However, a return of capital distribution will reduce a shareholder's cost basis in shares on which the distribution was received, thereby

potentially resulting in a higher reported capital gain or lower reported capital loss when those shares are sold or otherwise disposed of.

Limits on transactions with affiliates

The fund is prohibited under the 1940 Act from participating in certain transactions with certain affiliates without the prior approval of a majority of the

independent members of the Board and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of the fund's outstanding

voting securities will be its affiliate for purposes of the 1940 Act, and the fund will generally be prohibited from buying or selling any securities from or

to such affiliate, absent the prior approval of the Board. The 1940 Act also prohibits certain "joint" transactions with certain affiliates, which could

include investments in the same portfolio company (whether at the same or different times), without prior approval of the Board and, in some cases, the

SEC. If a person acquires more than 25% of the fund's voting securities, the fund will be prohibited from buying or selling any security from or to such

person or certain of that person's affiliates, or entering into prohibited joint transactions with such persons absent the prior approval of the SEC. Similar

restrictions limit the fund's ability to transact business with its officers or trustees or their affiliates. The fund has received an exemptive order from the

SEC that allows it, subject to the satisfaction of certain conditions, to enter into transactions with certain affiliates. These restrictions may limit the

scope of investment opportunities that would otherwise be available.

Payments to financial intermediaries

The Advisor or its affiliates have arrangements with a number of financial intermediaries who present commercial real estate loan investment

opportunities. Typically, these arrangements result in the referring institution being paid an ongoing sub-servicing fee for the duration of the loan. In

these circumstances, the fund and other participating accounts investing in the loan are each obligated to pay (or reimburse to the Advisor or its

affiliates) their pro rata portion of the ongoing fee. These arrangements result in others being compensated for a portion of loan servicing activities for

which the Advisor receives servicing compensation from its clients. However, the Advisor believes these arrangements are beneficial in generating

investment opportunities which would not otherwise be made available to clients or the Advisor's affiliates.

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Risks related to the investment advisor

Conflicts related to obligations the advisor has to other clients

Certain Advisor personnel serve, or may serve, as officers, trustees, members, or principals of entities that operate in the same or a related line of

business as the fund does, or of investment funds, accounts, or investment vehicles managed by the Advisor or affiliates of the Advisor. Similarly, the

Advisor may have other clients with similar, different or competing investment objectives. In serving in these multiple capacities, the Advisor and certain

personnel may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the best interests of the fund or its

shareholders. In addition, in accordance with its obligations under the 1940 Act, the Advisor intends to agree to allow certain shareholders the

opportunity to participate in certain investment opportunities that the fund may decide to participate in. The Advisor intends to allocate any investment

opportunities in a fair and equitable manner; however, there is no assurance that that the fund will be able to participate in all investment opportunities

or that investment opportunities will be allocated in a fair and equitable manner.

The Advisor's officers and board members each serve in a dual capacity as officers and/or board members of the Advisor as well as officers and/or

employees of John Hancock Life Insurance Company (U.S.A.) and/or one or more of its affiliates. These persons are shared with and provide services to

the Advisor under a services agreement with John Hancock (which has a services agreement with one or more affiliated companies), but typically spend

the majority of their time on activities for John Hancock or its affiliates. These persons are subject to the control of John Hancock or its affiliates and

might take actions that are different from the actions that individuals who are not employed by John Hancock or its affiliates would take. The principal

activity of certain of these persons is in each case providing investment advice or investment management-related services to affiliated or non-affiliated

entities. These supervised persons receive a base salary and performance-based bonus which is based on a number of factors, including the

performance of certain accounts of John Hancock that are independent of the investments made by the Advisor on behalf of its clients, which could

present a conflict of interest. For example, certain officers of the Advisor, acting in their capacity as John Hancock employees, might review investments

for John Hancock of the type in which the Advisor's clients do not invest. If that asset class were performing better than asset classes in which the

Advisor's clients do invest, the compensation of such supervised persons from that asset class would be higher and thus would incentivize such

supervised persons to allocate more of their time and attention to that asset class. Additionally, potential material conflicts also include those relating

to the allocation of investment opportunities as well as general preferential treatment for a proprietary account because of the portfolio manager or

relevant investment staff's economic and employment relationship with John Hancock and its affiliated insurance companies. These conflicts are

mitigated by: each such supervised person's responsibility to render services in the client's best interest pursuant to the investment management or

other agreement and the Advisor's code of ethics and the Advisor's Conflict of Interest and Investment Allocation Oversight Committee.

Possession of material non-public information, limiting the advisor's investment discretion

Advisor personnel, including members of the Investment Committee, may serve as trustees of, or in a similar capacity with, portfolio companies in which

the fund invests, the securities of which are purchased or sold on the fund's behalf. In the event that material non-public information is obtained with

respect to such companies, or the fund becomes subject to trading restrictions under the internal trading policies of those companies or as a result of

applicable law or regulations, the fund could be prohibited for a period of time from purchasing or selling the securities of such companies, and this

prohibition may have an adverse effect on the fund.

Management fees

Even in the event the value of a shareholder's investment declines, the Management Fee will still be payable to the Advisor. The Management Fee is

calculated as a percentage of the value of the fund's net assets. In addition, the Management Fee is payable regardless of whether the value of the fund's

net assets has decreased. Because the Management Fee is calculated on net assets, including uninvested cash, the Advisor may continue to collect a

Management Fee even if the fund fails to identify and make investments.

Limitation on Liability of the Advisor

The Investment Advisory Agreement provides that the Advisor, its officers, members and personnel, and any person controlling or controlled by the

Advisor will not be liable to the fund or its shareholders for acts or omissions performed in accordance with and pursuant to the Investment Advisory

Agreement, except those resulting from acts constituting gross negligence, willful misconduct, bad faith or reckless disregard of the duties that Advisor

owes to the fund under the Investment Advisory Agreement. In addition, as part of the Investment Advisory Agreement, the fund has agreed to indemnify

the Advisor and each of its officers, trustees, members, managers and employees from and against any claims or liabilities, including reasonable legal

fees and other expenses reasonably incurred, arising out of or in connection with business and operations or any action taken or omitted on the fund's

behalf pursuant to authority granted by the Investment Advisory Agreement, except where attributable to gross negligence, willful misconduct, bad faith

or reckless disregard of such person's duties under the Investment Advisory Agreement. These protections may lead the Advisor to act in a riskier

manner when acting on the fund's behalf than it would when acting for its own account.

THE FOREGOING IS A SUMMARY OF CERTAIN SIGNIFICANT RISKS RELATING TO AN INVESTMENT IN THE FUND. THIS SUMMARY SHOULD NOT BE

INTERPRETED AS A REPRESENTATION THAT THE MATTERS REFERRED TO HEREIN ARE THE ONLY RISKS INVOLVED IN THIS INVESTMENT OR THAT THE

MAGNITUDE OF SUCH RISKS IS NECESSARILY EQUAL. PROSPECTIVE INVESTORS SHOULD READ THIS ENTIRE MEMORANDUM AND CONSULT WITH

THEIR OWN ADVISERS BEFORE DECIDING TO INVEST IN THE FUND.

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Investment restrictions

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The investment policies and strategies of the fund described herein, except for the investment restrictions designated as fundamental policies under

this caption, are not fundamental and may be changed by the Board without shareholder approval.

Fundamental investment restrictions

As referred to above, the following 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's outstanding voting securities, which as used herein 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.

(1) Concentration.

The fund will not concentrate its investments in any industry, as that term is used in the 1940 Act, as amended, and as

interpreted or modified by regulatory authority having jurisdiction, from time to time.

(2) Borrowing.

The fund may not borrow money, except as permitted under the 1940 Act, as amended, and as interpreted or modified by regulatory

authority having jurisdiction, from time to time. The fund may only borrow for short-term, liquidity purposes.

(3) Underwriting.

The fund may not engage in the business of underwriting securities issued by others, except to the extent that the fund may be

deemed to be an underwriter in connection with the disposition of portfolio securities.

(4) Real Estate.

The fund may not purchase or sell real estate, which term does not include securities of companies which deal in real estate or

mortgages or investments secured by real estate or interests therein, except that the fund reserves freedom of action to hold and to sell real

estate acquired as a result of the fund's ownership of securities.

(5) Commodities.

The fund may not purchase or sell commodities, except as permitted under the 1940 Act, as amended, and as interpreted or

modified by regulatory authority having jurisdiction, from time to time.

(6) Loans.

The fund may make loans to the extent permitted under the 1940 Act, as amended, and as interpreted or modified by regulatory authority

having jurisdiction, from time to time.

(7) Senior Securities.

The fund may not issue senior securities, except as permitted under the 1940 Act, as amended, and as interpreted or

modified by regulatory authority having jurisdiction, from time to time.

The following discussion provides additional information about the Fundamental Restrictions set forth above.

Concentration.

While the 1940 Act does not define what constitutes "concentration" in an industry, the staff of the SEC takes the position that any fund

that invests more than 25% of its total assets in a particular industry (excluding the U.S. government, its agencies or instrumentalities) is deemed to be

"concentrated" in that industry. With respect to the fund's investment in loan participations, if any, the fund treats both the borrower and the financial

intermediary under a loan participation as issuers for purposes of determining whether the fund has concentrated in a particular industry.

Borrowing.

The 1940 Act permits a fund to borrow money in amounts of up to one-third of its total assets, at the time of borrowing, from banks for any

purpose (the fund's total assets include the amounts being borrowed). To limit the risks attendant to borrowing, the 1940 Act requires a fund to

maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings, not including borrowings for temporary purposes in an

amount not exceeding 5% of the value of its total assets. "Asset coverage" means the ratio that the value of the fund's total assets (including amounts

borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.

Commodities.

Under the federal securities and commodities laws, certain financial instruments such as futures contracts and options thereon,

including currency futures, stock index futures or interest rate futures, and certain swaps, including currency swaps, interest rate swaps, swaps on

broad-based securities indices, and certain credit default swaps, may, under certain circumstances, also be considered to be commodities.

Nevertheless, the 1940 Act does not prohibit investments in physical commodities or contracts related to physical commodities. Funds typically invest

in futures contracts and related options on these and other types of commodity contracts for hedging purposes, to implement tax or cash management

strategies, or to enhance returns.

Loans.

Although the 1940 Act does not prohibit a fund from making loans, SEC staff interpretations currently prohibit funds from lending more than

one-third of their total assets, except through the purchase of debt obligations or the use of repurchase agreements. A repurchase agreement is an

agreement to purchase a security, coupled with an agreement to sell that security back to the original seller on an agreed-upon date at a price that

reflects current interest rates. The SEC frequently treats repurchase agreements as loans.

Senior Securities.

"Senior securities" are defined as fund obligations that have a priority over a fund's shares with respect to the payment of dividends or

the distribution of fund assets. The 1940 Act prohibits a fund from issuing any class of senior securities or selling any senior securities of which it is the

issuer, except that the fund is permitted to borrow from a bank so long as, immediately after such borrowings, there is an asset coverage of at least

300% for all borrowings of the fund (not including borrowings for temporary purposes in an amount not exceeding 5% of the value of the fund's total

assets). In the event that such asset coverage falls below this percentage, a fund must reduce the amount of its borrowings within three days (not

including Sundays and holidays) so that the asset coverage is restored to at least 300%. The fundamental investment restriction regarding senior

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securities will be interpreted so as to permit collateral arrangements with respect to swaps, options, forward or futures contracts or other derivatives, or

the posting of initial or variation margin.

Non-fundamental investment restrictions

The following investment restrictions of the fund are designated as non-fundamental policies of the fund and may be changed by the Board without a

shareholder vote.

(1) United States Limitation.

The fund will only invest in United States dollar denominated instruments.

(2) Sourcing.

The fund will only invest in loans that are sourced by the U.S.-based personnel of the Advisor or its affiliates including the Senior Loan

Finance Group of John Hancock Life Insurance Company (U.S.A.).

(3) Mortgage and Mortgage-Related Instruments.

The fund will not invest in mortgage bonds, agricultural mortgages, equity ground leases,

construction loans, mortgage-backed or asset backed securities or pools, public or private investment funds (except funds for cash management

purposes), mortgage loan participations, or preferred equity financing.

(4) Prohibited Industries.

The fund will not lend to borrowers that are determined to be directly involved in the following industries: (i) upstream and

midstream oil and gas; (ii) power and infrastructure; or (iii) project finance.

(5) Rule 144A Transactions.

The fund will not participate in transactions issued pursuant to Rule 144A under the 1933 Act, as amended.

Except with respect to the fundamental investment restriction on borrowing, if a percentage restriction is adhered to at the time of an investment, a

later increase or decrease in the investment's percentage of the value of the fund's total assets resulting from a change in such values or assets will not

constitute a violation of the percentage restriction. Any subsequent change in a rating assigned by any rating service to a security (or, if unrated, any

change in the Advisor's assessment of the security), change in the percentage of fund assets invested in certain securities or other instruments, or

change in the average duration of the fund's investment portfolio, resulting from market fluctuations or other changes in the fund's total assets will not

require the fund to dispose of an investment until the Advisor determines that it is practicable to sell or close out the investment without undue market

or tax consequences to the fund. In the event that rating services assign different ratings to the same security, the Advisor will determine which rating it

believes best reflects the security's quality and risk at that time, which may be the highest of the several assigned ratings.

Portfolio turnover

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Although the fund does not anticipate doing so under normal circumstances, the fund may engage in short-term trading strategies, and securities may

be sold without regard to the length of time held when investment considerations warrant such action. The fund 's annual rate of portfolio turnover may

vary from year to year as well as within a year. 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's securities. (Excluded from the computation are all securities with maturities at the time of

acquisition of one year or less.) Because the fund had not commenced operations as of the date of this prospectus, there is no portfolio turnover to

report.

Shareholders of the fund

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As of February 12, 2026, no Trustee or officer of the Trust owned any shares of the fund.

As of February 12, 2026, no shareholder owned beneficially 5% or more of the outstanding shares of the fund. A shareholder who owns beneficially

more than 25% of any class of a fund is deemed to control that class and determine the outcome of a shareholder meeting with respect to a proposal

directly affecting that share class.

Management of the fund

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The Board has overall responsibility to manage and control the business affairs of the fund, including the complete and exclusive authority to oversee

and to establish policies regarding the management, conduct and operation of the fund's business. The Board exercises the same powers, authority and

responsibilities on behalf of the fund as are customarily exercised by the board of trustees of a registered investment company organized as a

corporation.

Board's oversight role in management

The Board's role in management of the fund is oversight. As is the case with virtually all investment companies (as distinguished from operating

companies), service providers to the fund, primarily the Advisor, have responsibility for the day-to-day management of the fund, which includes

responsibility for risk management (including management of investment performance and investment risk, valuation risk, issuer and counterparty

credit risk, compliance risk and operational risk). As part of its oversight, the Board, acting at its scheduled meetings and between Board meetings,

regularly interacts with and receives reports from senior personnel of service providers, including the Advisor's senior managerial and financial officers,

the fund's and the Advisor's Chief Compliance Officer and portfolio management personnel. The Board's Audit Committee, which consists of all of the

fund's Independent Trustees, meets during its scheduled meetings, and, as appropriate, the chair of the Audit Committee maintains contact with the

independent registered public accounting firm and Principal Accounting Officer of the fund. The Board also receives periodic presentations from senior

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personnel of the Advisor regarding risk management generally, as well as information regarding specific operational, compliance or investment areas,

such as business continuity, valuation and investment research. The Board has adopted policies and procedures designed to address certain risks to

the fund. In addition, the Advisor and other service providers to the fund have adopted a variety of policies, procedures and controls designed to

address particular risks to the fund. Different processes, procedures and controls are employed with respect to different types of risks. However, it is

not possible to eliminate all of the risks applicable to the fund. The Board also receives reports from counsel to the fund or the Board's own independent

legal counsel regarding regulatory compliance and governance matters. The Board's oversight role does not make the Board a guarantor of the fund's

investments or activities.

Board composition and leadership structure

To rely on certain exemptive rules under the 1940 Act, a majority of the fund's Board members must be Independent Trustees, and for certain important

matters, such as the approval of investment advisory agreements or transactions with affiliates, the 1940 Act or the rules thereunder require the

approval of a majority of the Independent Trustees. Currently, three Trustees are Independent Trustees, including the Chairman of the Board.

The fund's Trustees, including the three Independent Trustees, interact directly with senior management of the Advisor at scheduled meetings and

between meetings as appropriate and an Independent Trustee chairs the Audit Committee. The Board has determined that its leadership structure, is

appropriate in light of the specific characteristics and circumstances of the fund, including, but not limited to: (i) the services that the Advisor provides

to the fund and potential conflicts of interest that could arise from this relationship, (ii) the extent to which the day-to-day operations of the fund are

conducted by fund officers, respectively, and employees of the Advisor, (iii) the Board's oversight role in management of the fund, and (iv) the Board's

size and the cooperative working relationship among the Independent Trustees and among all Trustees.

Risk oversight

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's risk management activities that are implemented by the Advisor, the fund's Chief

Compliance Officer ("CCO") and other service providers to the fund. The Advisor has primary responsibility for the fund's risk management on a

day-to-day basis as a part of its overall responsibilities and 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.

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 Audit Committee. The Audit Committee meets at least quarterly and presents reports to the Board, which

may prompt further discussion of issues concerning the oversight of the fund'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.

With respect to valuation, the Advisor provides periodic reports to the Board that enables the Board to oversee the Advisor, as the fund's valuation

designee, in assessing, managing and reviewing material risks associated with fair valuation determinations, including material conflicts of interest. In

addition, the Board reviews the Advisor's performance of an annual valuation risk assessment under which the Advisor seeks to identify and enumerate

material valuation risks which are or may be impactful to the fund including, but not limited to (1) the types of investments held (or intended to be held)

by the fund, giving consideration to those investments' characteristics; (2) potential market or sector shocks or dislocations which may affect the

ongoing valuation operations; (3) the extent to which each fair value methodology uses unobservable inputs; (4) the proportion of the fund's

investments that are fair valued as determined in good faith, as well as their contributions to the fund's returns; (5) the use of fair value methodologies

that rely on inputs from third-party service providers; and (6) the appropriateness and application of the methods for determining and calculating fair

value. The Advisor reports any material changes to the risk assessment, along with appropriate actions designed to manage such risks, to the Board.

Information about each board member's experience, qualifications, attributes or skills

Board members of the fund, together with information as to their positions with the fund, principal occupations and other board memberships for the

past five years, are shown below. Unless otherwise noted, the address for each individual is c/o 197 Clarendon Street, Boston, Massachusetts, 02116.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| Name<br>(Birth Year)<br>| &nbsp;&nbsp;&nbsp;Current Position(s)<br>with the Trust<br>| &nbsp;&nbsp;&nbsp;Principal Occupation(s) and Other<br>Directorships During the Past 5 Years<br>| &nbsp;&nbsp;&nbsp;Number of Funds in John<br>Hancock Fund Complex<br>Overseen by Trustee<br>|
| Independent Trustees | Independent Trustees |  |  |
| Hassell H. McClellan<br>(1945)<br>| &nbsp;&nbsp;&nbsp;Trustee and<br>Chairperson of the <br>Board<br>(since 2025)<br>| &nbsp;&nbsp;&nbsp;Trustee of Berklee College of Music (since 2022); Director/Trustee, <br>Virtus Funds (2008–2020); Director, The Barnes Group <br>(2010–2021); Associate Professor, The Wallace E. Carroll School of <br>Management, Boston College (retired 2013).<br>Trustee (since 2005) and Chairperson of the Board (since 2017) of <br>various trusts within the John Hancock Fund Complex.<br>| 179 |
| Grace K. Fey<br>(1946)<br>| &nbsp;&nbsp;&nbsp;Trustee<br>(since 2025)<br>| &nbsp;&nbsp;&nbsp;Chief Executive Officer, Grace Fey Advisors (since 2007); Director <br>and Executive Vice President, Frontier Capital Management <br>Company (1988–2007); Director, Fiduciary Trust (since 2009).<br>Trustee of various trusts within the John Hancock Fund Complex <br>(since 2008).<br>| 179 |
| Deborah C. Jackson<br>(1952)<br>| &nbsp;&nbsp;&nbsp;Trustee<br>(since 2025)<br>| &nbsp;&nbsp;&nbsp;President, Cambridge College, Cambridge, Massachusetts <br>(2011–2023); Board of Directors, Amwell Corporation (since <br>2020); Board of Directors, Massachusetts Women's Forum <br>(2018–2020); Board of Directors, National Association of <br>Corporate Directors/New England (2015–2020); Chief Executive <br>Officer, American Red Cross of Massachusetts Bay (2002–2011); <br>Board of Directors of Eastern Bank Corporation (since 2001); Board <br>of Directors of Eastern Bank Charitable Foundation (since 2001); <br>Board of Directors of Boston Stock Exchange (2002–2008); Board <br>of Directors of Harvard Pilgrim Healthcare (health benefits <br>company) (2007–2011).<br>Trustee (since 2008) and Vice Chairperson of the Board (since <br>2025) of various trusts within the John Hancock Fund Complex.<br>| 175 |

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| | | | |
|:---|:---|:---|:---|
| Name<br>(Birth Year)<br>| &nbsp;&nbsp;&nbsp;Current Position(s)<br>with the Trust<br>| &nbsp;&nbsp;&nbsp;Principal Occupation(s) and Other<br>Directorships During the Past 5 Years<br>| &nbsp;&nbsp;&nbsp;Number of Funds in John<br>Hancock Fund Complex<br>Overseen by Trustee<br>|
| Non-Independent Trustee | Non-Independent Trustee |  |  |
| Ian Roke<br>(1969)<br>| &nbsp;&nbsp;&nbsp;Non-Independent <br>Trustee and<br>President (Chief <br>Executive Officer <br>and Principal <br>Executive Officer)<br>(since 2025)<br>| &nbsp;&nbsp;&nbsp;Global Head of Asset Liability Management for Manulife (since 2022); Vice <br>President, Product Support & Investment Strategy, Global Asset Liability <br>Management for John Hancock and Manulife (2013–2022).<br>Non-Independent Trustee, John Hancock GA Trusts (since 2022), Manulife <br>Private Credit Fund (since 2023), and Manulife GA Trust (since 2025); <br>President (Chief Executive Officer and Principal Executive Officer), John <br>Hancock GA Trusts (since 2020, including prior positions), Manulife Private <br>Credit Fund (since 2023, including prior positions), and Manulife GA Trust <br>(since 2025).<br>| 4 |

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Additional information about each Trustee follows (supplementing the information provided in the table above) that describes some of the specific

experiences, qualifications, attributes or skills that the Trustee possesses which the Board believes has prepared them to be effective Board members.

Each Trustee believes that the significance of each Trustee's experience, qualifications, attributes or skills is an individual matter (meaning that

experience that is important for one Trustee may not have the same value for another) and that these factors are best evaluated at the board level, with

no single Trustee, or particular factor, being indicative of board effectiveness. Each Board member believes that collectively the Trustees have balanced

and diverse experience, skills, attributes and qualifications that allow the Board to operate effectively in governing the fund and protecting the interests

of Investors. Among the attributes common to all Trustees is their ability to critically review, evaluate, question and discuss information provided to

them, and to interact effectively with management, service providers and counsel, in order to exercise effective business judgment in the performance

of their duties; each Board member believes that each member satisfies this standard. Experience relevant to having this ability may be achieved

through a Trustee's educational background; business, professional training or practice (e.g., accounting or securities), public service or academic

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positions; experience from service as a board member; and/or other life experiences. The Board and any committees have the ability to engage other

experts as appropriate. The Board evaluates its performance on an annual basis.

Independent Trustees

Hassell H. McClellan –

As a former professor of finance and policy in the graduate management department of a major university, a director of a public

company, and as a former director of several privately held companies, Dr. McClellan has experience in corporate and financial matters. He also has

experience as a director of other investment companies not affiliated with the Trust.

Grace K. Fey –

Ms. Fey has significant governance, financial services, and asset management industry expertise based on her extensive non-profit

board experience, as well as her experience as a consultant to non-profit and corporate boards, and as a former director and executive of an investment

management firm.

Deborah C. Jackson –

Ms. Jackson has leadership, governance, management, and operational oversight experience as the lead director of a large

bank, former president of a college, and as the former chief executive officer of a major charitable organization. She also has expertise in financial

services matters and oversight and corporate governance experience as a current and former director of various other corporate organizations,

including an insurance company, a regional stock exchange, a telemedicine company, and non-profit entities.

Non-Independent Trustee

Ian Roke –

Mr. Roke joined John Hancock in 1992. Through his position as Global Head of Asset Liability Management (ALM) for the Manulife/John

Hancock General Account Investment Team, Mr. Roke has experience in managing interest rate and other market risks for Manulife/John Hancock's

global life insurance businesses. Mr. Roke also has significant experience in overseeing strategic asset allocations and hedging strategies as part of the

ALM team, as well as in insurance product development, pricing, and financial/operational risk management. Mr. Roke also serves on the John Hancock

401(k)/Pension Investment Committee. Mr. Roke holds a Bachelor's Degree from Bryant University and has earned the professional designations of

Fellow Society of Actuaries (FSA) and Charted Financial Analyst (CFA).

Principal officers who are not Trustees

The following table presents information regarding the current principal officers of the Trust who are not Trustees, including their principal occupations

which, unless specific dates are shown, are of at least five years' 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| Name (Birth Year) | &nbsp;&nbsp;&nbsp;Current Position(s) <br>with the Trust<br>| Principal Occupation(s) During the Past 5 Years |
| Heidi Knapp<br>(1970)<br>| &nbsp;&nbsp;&nbsp;Treasurer and<br>Chief Financial Officer <br>(Principal Financial <br>Officer and Principal <br>Accounting Officer)<br>(since 2025) <br>| &nbsp;&nbsp;&nbsp;Vice President, John Hancock Life Insurance Company (U.S.A.) (since 2017, including prior <br>positions); Vice President, John Hancock Life Insurance Company of New York (since 2017, <br>including prior positions); Vice President, John Hancock Life & Health Insurance Company (since <br>2017, including prior positions); Vice President, Manulife Investment Management Private <br>Markets (US) LLC (since 2017, including prior positions); Chief Treasurer and Chief Financial <br>Officer (Principal Financial Officer and Principal Accounting Officer), John Hancock GA Trusts <br>(since 2019, including prior positions), Manulife Private Credit Fund (since 2023, including prior <br>positions), and Manulife GA Trust (since 2025).<br>|
| Mercy Bishay<br>(1978)<br>| &nbsp;&nbsp;&nbsp;Chief Compliance Officer<br>(since 2026)<br>| &nbsp;&nbsp;&nbsp;Managing Director and Associate Chief Counsel, Manulife Investment Management Private <br>Markets (since 2021, including prior positions); Vice President and Senior Counsel, Global <br>Markets, State Street Bank and Trust Company (2005-2021, including prior positions); and <br>Chief Compliance Officer, John Hancock GA Trusts, Manulife GA Trust, and Manulife Private <br>Credit Fund (since 2026).<br>|
| E. David Pemstein<br>(1967)<br>| &nbsp;&nbsp;&nbsp;Secretary and<br>Chief Legal Officer<br>(since 2025)<br>| &nbsp;&nbsp;&nbsp;Senior Managing Director and Chief Legal Officer, Global General Account, North American <br>Investments, John Hancock and Manulife (since 2015); Secretary and Chief Legal Officer, John <br>Hancock GA Mortgage Trust (since 2019), John Hancock GA Senior Loan Trust (since 2020), <br>Manulife Private Credit Fund (2023-2024), and Manulife GA Trust (since 2025).<br>|

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Trustee ownership of fund shares

As of February 12, 2026, no Trustee held any beneficial ownership in the fund's shares. For this purpose, beneficial ownership is defined to mean a

direct or indirect pecuniary interest.

Compensation of Trustees

The fund pays fees to its Independent Trustees. Trustees also are reimbursed for travel and other out-of-pocket expenses.

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The following table provides information regarding the compensation estimated to be paid by the fund and the other investment companies in the John

Hancock Fund Complex to the Independent Trustees for their services for the fiscal year ending December 31, 2026.

Compensation table

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| Independent Trustees | Fund | John Hancock Fund Complex |
| Hassell H. McClellan | $26125 | $886724<br>|
| Grace K. Fey | $21875<br>| $672996 |
| Deborah C. Jackson | $21875 | $597996 |

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The Trust does not have a pension or retirement plan for any of its Trustees or officers.

Codes of ethics

Each of the fund and the Advisor has adopted a code of ethics under Rule 17j-1 of the 1940 Act (collectively, the "Ethics Codes"). Rule 17j-1 and the

Ethics Codes are designed to prevent unlawful practices in connection with the purchase or sale of securities by covered personnel ("Access Persons").

The Ethics Codes apply to the fund and permit Access Persons to, subject to certain restrictions, invest in securities, including securities that may be

purchased or held by the fund. Under the Ethics Codes, Access Persons may engage in personal securities transactions, but are required to report their

personal securities transactions for monitoring purposes. In addition, certain Access Persons are required to obtain approval before investing in initial

public offerings, private placements or certain other securities. The Ethics Codes can be reviewed and copied at the SEC's Public Reference Room in

Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-202-551-8090. The Codes are

available on the EDGAR database on the SEC's website at www.sec.gov, and also may be obtained, after paying a duplicating fee, by electronic request at

the following e-mail address: publicinfo@sec.gov, or by writing the SEC's Public Reference Room, 100 F Street, N.E., Washington, D.C. 20549-0102.

Legal proceedings

There are no legal proceedings to which the fund or the Advisor is a party that are likely to have a material adverse effect on the funds or the ability of the

Advisor to perform its contract with the fund.

The investment advisor

Manulife Investment Management Private Markets (US) LLC, is registered as an investment advisor under the Advisers Act. 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's ability to pursue its investment strategy, increase

the costs of implementing its strategy, increase its expenses and/or adversely affect its total return.

The Advisor was formed as a Delaware limited liability company on October 5, 2007 and was registered as an investment advisor under the Advisers Act

on December 5, 2007. The Advisor is an indirect wholly-owned subsidiary of Manulife Financial Corporation, a Canadian-based global financial services

group. John Hancock Life Insurance Company (U.S.A.) ("John Hancock") is also an indirect wholly-owned subsidiary of Manulife Financial Corporation.

Manulife Financial Group's equity real estate, commercial mortgage loans and bonds, subordinated real estate debt, private placement debt,

mezzanine, private equity, leveraged senior loan, oil and gas, timber and farmland investment activities are collectively branded as Manulife Investment

Management Private Markets. U.S. equity real estate, commercial mortgage loan, subordinated real estate debt, private placement and public debt,

mezzanine, private equity, and leveraged senior loan investment advisory services are principally offered to third parties through the Advisor. The

Advisor is an independent investment advisory firm specializing in the management of a variety of types of investment funds. As of June 30, 2025, the

Advisor had approximately $42.12 billion in assets under management.

The Advisor serves as investment advisor to the fund pursuant to the Investment Advisory Agreement entered into between the fund and the Advisor. The

Trustees have engaged the Advisor to provide investment advice to, and manage the day-to-day business and affairs of, the fund, in each case under the

ultimate supervision of, and subject to any policies established by, the Board. The Advisor allocates the fund's assets and monitors regularly each

Investment to determine whether its investment program is consistent with the fund's investment objective and whether the investment performance

and other criteria are satisfactory. The Advisor also provides, or arranges at its expense, for certain management and administrative services for the

fund. Some of those services include providing support services, maintaining and preserving certain records, and preparing and filing various materials

with state and U.S. federal regulators. The officers and directors of the Advisor are primarily comprised of United States-based employees of John

Hancock Life Insurance Company (U.S.A.). The Advisor does not have employees. The Advisor's officers and directors each serve in a dual capacity as

officers and/or board members of the Advisor as well as officers and/or employees of John Hancock and/or one or more of its affiliates. In addition,

employees of John Hancock or its affiliates provide support services to the Advisor under a services agreement with John Hancock (which has a services

agreement with one or more affiliated companies). Investment management-decision makers are all officers of the Advisor. The Advisor bears the cost of

these intercompany service arrangements. A discussion of the basis for the Board's approval of the Investment Advisory Agreement will be set forth in

the fund's first annual or semi-annual report to shareholders.

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The offices of the Advisor are located at 197 Clarendon Street, Boston, MA, 02116 and its telephone number is (800) 225-6020. The Advisor or its

designee maintains the fund's accounts, books and other documents required to be maintained under the 1940 Act at 197 Clarendon Street, Boston,

MA, 02116.

Investment advisory agreement

Pursuant to the Investment Advisory Agreement, the Advisor is responsible, subject to the supervision of the Board, for formulating a continuing

investment program for the fund. The Investment Advisory Agreement was initially approved by the fund's full Board and by the Independent Trustees at

a meeting held on October 22, 2025, and is also approved by the initial shareholder. The Investment Advisory Agreement is terminable without penalty,

on 60 days prior written notice by the Board, by vote of a majority of the outstanding shares of the fund, or by the Advisor. The Investment Advisory

Agreement has an initial term that expires two years after the fund has commenced investment operations. Thereafter, the Investment Advisory

Agreement will continue in effect from year to year if its continuance is approved annually by either the Board or the vote of a majority of the outstanding

shares of the fund, respectively, provided that, in either event, the continuance also is approved by a majority of the Independent Trustees by vote cast

at a meeting called for the purpose of voting on such approval. The Investment Advisory Agreement also provides that it will terminate automatically in

the event of its "assignment" (as defined in the 1940 Act).

In consideration of the management services provided by the Advisor to the fund, the fund will pay out of its assets, an amount equal to 0.55% annually

of the average net assets of the fund. The fund also pays the Advisor a Performance Fee, on a quarterly basis, at an annual rate of 10% of the fund's net

profits, if any, over the high water mark (as defined below); provided that the Performance Fee shall be due only if (and, to the extent necessary, shall be

reduced by an amount so that), after deducting such Performance Fee, the fund's net profits as of end of the applicable quarter will at least equal the

Preferred Return. For the purposes of calculating the Performance Fee, net profits will be determined by taking into account net realized gain or loss

(including realized gain that has been distributed to shareholders during a fiscal quarter and net of fund expenses, including the Management Fee) and

the net change in unrealized appreciation or depreciation of securities positions, as well as dividends, interest and other income. No Performance Fee

will be payable for any fiscal quarter unless losses and depreciation from prior fiscal quarters (the "cumulative loss") have been recovered by the fund,

which is referred to as a "high water mark" calculation. The cumulative loss to be recovered before payment of Performance Fees will be reduced in the

event of withdrawals by shareholders. The Advisor is under no obligation to repay any Performance Fees previously paid by the fund. Thus, the payment

of Performance Fee for a fiscal quarter will not be reversed by the subsequent decline of the fund's net asset value in any subsequent fiscal quarter.

The "Preferred Return" as of the end of the applicable fiscal quarter is an amount equal to (a) 1.25% (the "Preferred Return Rate") multiplied by (b) the

fund's net asset value as of the beginning of the fiscal quarter, adjusted to reflect additions to the fund's net asset value resulting from new Share

purchases during the fiscal quarter and reductions to the fund resulting from withdrawals by, or distributions to, shareholders during the fiscal quarter

(the "Preferred Return Base").

The Performance Fee is accrued monthly and taken into account for the purpose of determining the fund's net asset value. Accordingly, the repurchase

price received by a shareholder whose Shares are repurchased in a repurchase offer will be based on a valuation that will reflect a Performance Fee

accrual if the fund has experienced positive performance through the date of repurchase. No adjustment to a repurchase price will be made after it has

been determined. However, for shareholders whose Shares are not repurchased on an intra-quarter repurchase date, the Performance Fee accrual may

subsequently be reversed prior to payment if the fund's performance declines within the quarter. Performance Fees payable are determined as of, and

are promptly paid after, the last day of each fiscal quarter.

The Performance Fee presents certain risks that are not present in funds without a Performance Fee. The aggregate amount of the Performance Fee and

the Management Fee payable by the fund may be higher than those paid by most other registered investment companies.

The Investment Advisory Agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its

obligations to the fund, the Advisor and any trustee, officer, member or employee thereof, or any of their affiliates, executors, heirs, assigns, successors

or other legal representatives, will not be liable to the fund, for any error of judgment, for any mistake of law or for any act or omission by such person in

connection with the performance of services under the Investment Advisory Agreement. The Investment Advisory Agreement also provides for

indemnification, to the fullest extent permitted by law, by the fund of the Advisor, or any Trustee, member, officer or employee thereof, and any of their

affiliates, executors, heirs, assigns, successors or other legal representatives, against any liability or expense to which such person may be liable which

arises in connection with the performance of services to the fund, as the case may be, provided that the liability or expense is not incurred by reason of

the person's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the fund.

Limitations of liability and indemnification.

None of the Advisor or its Indemnified Persons will be liable to the fund or the Investors for any act or

omission of such person taken in good faith except for any Breach of Standard of Conduct. To the extent permitted by Section 17(i) of the 1940 Act, the

fund will indemnify, defend and hold harmless each Indemnified Person against all claims, damages, liabilities, costs and expenses, including legal fees,

to which they may be or become subject by reason of their activities on behalf of the fund, or otherwise relating to the Fund Agreement, except to the

extent that such claims, damages, liabilities, costs or expenses are determined to have resulted from such Indemnified Person's Breach of Standard of

Conduct. To the extent permitted by Section 17(i) of the 1940 Act, the fund will advance expenses incurred by an Indemnified Person under certain

conditions.

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Board approval of the investment advisory agreement.

The Board held an in-person meeting to consider and approve the Investment Advisory

Agreement and related matters. The Board was provided the information it requires to consider the Investment Advisory Agreement, including, to the

extent applicable and available: (a) the nature, quality and extent of the advisory and other services to be provided to the fund by the Advisor; (b)

comparative data with respect to advisory fees or similar expenses paid by other registered closed-end investment companies with similar investment

objectives; (c) the fund's projected operating expenses and expense ratio compared to registered closed-end investment companies with similar

investment objectives; (d) any existing and potential sources of indirect income to the Advisor from its relationship with the fund and the profitability of

that relationship; (e) information about the services to be performed and the personnel performing such services under the Investment Advisory

Agreement; (f) the organizational capability and financial condition of the Advisor and its affiliates; (g) the Advisor's practices regarding the selection

and compensation of brokers that may execute the fund's portfolio transactions and the brokers' provision of brokerage and research services to the

Advisor; and (h) the possibility of obtaining similar services from other third-party service providers or through an internally managed structure.

The Board, including a majority of Independent Trustees, oversees and monitors the investment performance and, beginning with the second

anniversary of the effective date of the Investment Advisory Agreement, will annually review the compensation the fund pays to the Advisor to determine

that the provisions of the Investment Advisory Agreement are carried out.

Service agreement

The description below of the Service Agreement is only a summary and is not necessarily complete. The description set forth below is qualified in its

entirety by reference to the Service Agreement attached as an exhibit to this Registration Statement.

Pursuant to a Service Agreement, the Advisor is responsible for providing, at the expense of the fund, certain financial, accounting and administrative

services such as legal services, tax, accounting, valuation, financial reporting and performance, compliance and service oversight. Pursuant to the

Service Agreement, the Advisor shall determine, subject to Board approval, the expenses to be reimbursed by the fund, including an overhead

allocation. The payments under the Service Agreement are not intended to provide a profit to the Advisor. Instead, the Advisor provides the services

under the Service Agreement because it also provides advisory services under the Investment Advisory Agreement. The reimbursement shall be

calculated and paid monthly in arrears.

The Advisor is not liable for any error of judgment or mistake of law or for any loss suffered by a fund in connection with the matters to which the Service

Agreement relates, except losses resulting from willful misfeasance, bad faith or negligence by the Advisor in the performance of its duties or from

reckless disregard by the Advisor of its obligations under the Service Agreement.

The Service Agreement has an initial term of two years, and continues thereafter 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 Trust, on behalf of the fund, or the Advisor may terminate the Service

Agreement at any time without penalty on 60 days' written notice to the other party. The Service Agreement may be amended by mutual written

agreement of the parties, without obtaining shareholder approval.

Advisor personnel

The below portfolio managers are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

Long Hoang

● Director

● Managed the fund since 2026

● Joined Advisor in 1998

Daniel A. Walker, CFA

● Director

● Managed the fund since 2026

● Joined the Advisor in 2012

Adam T. Wise

● Senior Managing Director

● Managed the fund since 2026

● Joined Advisor in 2007

● Began business career in 2000

Ying Yi

● Managing Director

● Managed the fund since 2026

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Joined the Advisor in 2019

The following table provides information regarding other accounts for which each portfolio manager listed above has day-to-day management

responsibilities. Accounts are grouped into three categories: (i) other investment companies (and series thereof); (ii) other pooled investment vehicles;

and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance ("performance-based fees"),

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 table is each portfolio manager's investment in the fund and

similarly managed accounts.

The following table provides information as of June 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Other Registered Investment<br>Companies | &nbsp;&nbsp;&nbsp;Other Registered Investment<br>Companies | &nbsp;&nbsp;&nbsp;Other Pooled Investment<br>Vehicles | &nbsp;&nbsp;&nbsp;Other Pooled Investment<br>Vehicles | Other Accounts | Other Accounts |
| Portfolio Manager | &nbsp;&nbsp;&nbsp;Number of<br>Accounts<br>| Assets (in millions) | &nbsp;&nbsp;&nbsp;Number of<br>Accounts<br>| Assets (in millions) | &nbsp;&nbsp;&nbsp;Number of<br>Accounts<br>| Assets (in millions) |
| Long Hoang | 2 | $3213 | 0 | $0 | 0 | $0 |
| Daniel A. Walker | 2 | $3213 | 0 | $0 | 4 | $5892 |
| Adam T. Wise | 2 | $3213 | 0 | $0 | 0 | $0 |
| Ying Yi | 2 | $3213 | 0 | $0 | 2 | $11735 |

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Performance-Based Fees for Other Accounts Managed.

Of the accounts listed in the table above, those for which the Advisor receives a fee based

on investment performance are listed in the table below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Other Registered Investment<br>Companies | &nbsp;&nbsp;&nbsp;Other Registered Investment<br>Companies | &nbsp;&nbsp;&nbsp;Other Pooled Investment<br>Vehicles | &nbsp;&nbsp;&nbsp;Other Pooled Investment<br>Vehicles | Other Accounts | Other Accounts |
| Portfolio Manager | &nbsp;&nbsp;&nbsp;Number of<br>Accounts<br>| Assets (in millions) | &nbsp;&nbsp;&nbsp;Number of<br>Accounts<br>| Assets (in millions) | &nbsp;&nbsp;&nbsp;Number of<br>Accounts<br>| Assets (in millions) |
| Long Hoang | 1 | $872 | 0 | $0 | 0 | $0 |
| Daniel A. Walker | 1 | $872 | 0 | $0 | 0 | $0 |
| Adam T. Wise | 1 | $872 | 0 | $0 | 0 | $0 |
| Ying Yi | 1 | $872 | 0 | $0 | 0 | $0 |

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Ownership of the Funds and Similarly Managed Accounts

The following table shows the dollar range of fund shares and shares of similarly managed accounts beneficially owned by the portfolio managers listed

above as of June 30, 2025. For purposes of this table, "similarly managed accounts" include all accounts that are managed (i) by the same portfolio

managers that are jointly and primarily responsible for the day-to-day management of the fund; and (ii) with an investment style, objective, policies and

strategies substantially similar to those that are used to manage the fund. Each portfolio manager's ownership of fund shares is stated in the footnote(s)

below the table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Portfolio Manager | Dollar Range of Shares Owned<br>1<br>|
| Long Hoang | none |
| Daniel A. Walker | none |
| Adam T. Wise | none |
| Ying Yi | none |

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As of June 30, 2025, Long Hoang, Daniel A. Walker, Adam T. Wise, and Ying Yi beneficially owned none, none, none, and none, respectively, of the fund.

The portfolio managers serve in a dual capacity as officers of the Advisor and employees and officers of one or more John Hancock affiliated companies

(John Hancock). In these roles he provides investment advice and/or investment management-related services to John Hancock as well the Advisor's

advisory client accounts. As such, there may be an incentive to favor one account over another, resulting in conflicts of interest. For instance, the

Advisor or John Hancock may, for example, directly or indirectly, receive fees from an account that are higher than the fee (or other economic benefit) it

receives from the fund. In those instances, the portfolio managers may have an incentive to not favor the fund over another account. The Advisor has or

will adopt, as relevant, trade allocation and other policies and procedures that it believes are reasonably designed to address any potential conflicts of

interest.

At the present time, the portfolio managers are paid by John Hancock a fixed annual salary as well as an employment compensation bonus that is

currently based (in part) on the investment performance of certain accounts of John Hancock and its affiliates. This performance is independent of the

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investments made by the Advisor on behalf of its clients, including the fund. The portfolio manager's dual roles and compensation structure could be

considered a potential conflict of interest.

Any such conflicts are mitigated by the portfolio manager's responsibility to render services advisory client's best interest pursuant to the investment

management agreement as well as the requirements of the Advisor's policies and procedures (including the Advisor's investment allocation policy), the

Advisor's compliance program and the Advisor's Code of Ethics.

Regulation as a closed-end management investment company

As a registered closed-end management investment company, the fund is subject to regulation under the 1940 Act. Under the 1940 Act, unless

authorized by vote of a majority of the fund's outstanding voting securities, the fund may not:

● change its classification to an open-end management investment company;

● alter any fundamental policies that the fund may adopt; or

● change the nature of the fund's business so as to cease to be an investment company.

A majority of outstanding voting securities means the lesser of: (a) 67% of the fund's shares 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 the fund's outstanding shares.

Fidelity bond; indemnification.

As with other companies regulated by the 1940 Act, a registered closed-end management investment company

must adhere to certain substantive regulatory requirements. The fund will be required to provide and maintain a fidelity bond issued by a reputable

fidelity insurance company to protect the closed-end management investment company. Furthermore, as a registered closed-end management

investment company, the fund will be prohibited from protecting any trustee or officer against any liability to the fund or its shareholders arising from

gross negligence, fraud or willful misconduct involved in the conduct of such person's office.

Senior securities.

As a registered closed-end management investment company, the fund may use leverage to the extent permitted by the 1940 Act.

The Advisor does not intend to cause the fund to borrow money or leverage its investments for the purpose of funding investments, other than in

instances of short-term liquidity needs, and paying fund expenses. The fund may obtain a credit facility from a lender on such terms as determined by

the Board and the Advisor. Any such borrowing may be on a secured or unsecured basis. With respect to senior securities representing indebtedness

(i.e., borrowing or deemed borrowing), other than temporary borrowings as defined under the 1940 Act, the fund is required to have an asset coverage

ratio of at least 300%, as measured at the time of borrowing and calculated as the ratio of the fund's total assets (less all liabilities and indebtedness not

represented by senior securities) over the aggregate amount of the fund's outstanding senior securities representing indebtedness. With respect to

senior securities that are stocks (i.e., shares of preferred stock), the fund is required to have an asset coverage ratio of at least 200%, as measured at

the time of the issuance of any such shares of preferred stock and calculated as the ratio of the fund's total assets (less all liabilities and indebtedness

not represented by senior securities) over the aggregate amount the fund's outstanding senior securities representing indebtedness plus the aggregate

liquidation preference of any outstanding shares of preferred stock. If the fund's asset coverage ratio declines below 300% (or 200%, as applicable), the

fund would not be able to incur additional debt or issue additional preferred stock, and could be required by law to sell a portion of the fund's

investments to repay some debt when it is disadvantageous to do so, which could have a material adverse effect on the fund's operations, and the fund

would not be able to make certain distributions or pay dividends. In addition, the fund may borrow for temporary, emergency or other purposes as

permitted under the 1940 Act, which indebtedness would be in addition to the asset coverage ratios described above. To the extent necessary to repay

timely any such borrowing, the fund would liquidate assets.

Proxy voting policies and procedures

On occasion, the fund may receive notices or proposals from Portfolio Companies seeking the consent of or voting by holders ("proxies"). The fund has

delegated any voting of proxies in respect of security portfolio holdings to the Advisor to vote the proxies in accordance with the Advisor's proxy voting

guidelines and procedures. In general, the Advisor believes that voting proxies in accordance with the policies described below will be in the best

interests of the fund.

It is the Advisor's policy that when the Advisor is given authority to vote proxies for any client account, the Advisor must have full discretion and authority

to vote all proxies for that account. The Advisor does not accept partial voting authority nor does the Advisor accept instructions from others on how to

vote on specific issues.

It is the Advisor's policy to vote all proxies received on behalf of the fund except in unusual circumstances. The Advisor may abstain from voting a proxy if

the Advisor concludes that the effect on the fund's economic interests or the value of the portfolio holding is insignificant. The Advisor also may abstain

from voting a proxy for cost reasons (e.g., costs associated with voting proxies of non-U.S. securities). In accordance with any applicable fiduciary

duties, the Advisor would weigh the costs and benefits of voting proxy proposals relating to non-U.S. securities and make an informed decision with

respect to whether voting a given proxy proposal is prudent. The Advisor's decision would consider the expected effect that such vote, either by itself or

together with other votes, would have on the value of the fund's investment and whether this expected effect would outweigh the cost of voting.

The Advisor recognizes that the potential for conflicts of interest could arise in situations where Advisor officers or related persons have material

business relationships or material personal/family relationships with the subject company (or with a potential acquiring or target company in the case

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of a takeover proxy vote). To address these potential conflicts, the Advisor has proxy voting procedures reasonably designed to identify potential

conflicts and a Proxy Voting Committee to address them. If a potential for conflict is identified, it is brought to the attention of the Proxy Voting

Committee which uses reasonable efforts to determine what the conflict is by screening proxies against lists of companies with whom the Advisor may

have a material business relationship and/or reviewing any material business relationships or material personal/family relationships of personnel

involved in the proxy vote. The Proxy Voting Committee will decide how to vote the proxy in the best interests of the fund and document their rationale.

Investors can obtain a copy of the Advisor's Proxy Voting Policy and a record of how the fund voted the proxies for the fund by contacting the Advisor

Compliance Office at (617) 572-0693. Additionally, information regarding how the Advisor voted proxies related to the fund's portfolio holdings during

the 12-month period ending June 30 will be available, without charge, on the SEC's website at www.sec.gov.

Description of the offering

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Description of shares

The fund is a statutory trust organized under the laws of the state of Delaware. The fund is authorized to issue an unlimited number of shares. Each

share has one vote at all meetings of shareholders and, when issued and paid for in accordance with the terms of this offering, will be fully paid and

non-assessable. Each shareholder will have the right to cast a number of votes based on the number of such shareholder's respective shares at any

meeting of shareholders called by the Board or shareholders holding at least one-third of the total number of votes eligible to be cast by all

shareholders. Except for the exercise of their voting privileges, shareholders will not be entitled to participate in the management or control of the fund's

business, and may not act for or bind the fund.

All shares are equal as to dividends, assets and voting privileges and have no conversion, preemptive or other subscription rights. Shareholders are not

liable for further calls or assessments. The fund will provide periodic reports (including financial statements) to all shareholders. The fund does not

intend to hold annual meetings of shareholders. Shareholders are entitled to receive dividends only if and to the extent declared by the Board and only

after the Board has made provision for working capital and reserves as it in its sole discretion deems advisable. Shares are not available in certificated

form. With very limited exceptions, shares are not transferable and liquidity will be provided principally through limited repurchase offers. See "Risk

Factors—Limited Liquidity."

In general, any action requiring a vote of shareholders shall be effective if taken or authorized by the affirmative vote of a majority of the outstanding

shares. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the fund, after payment of all of the liabilities of the fund,

shareholders are entitled to share ratably in all the remaining assets of the fund.

Distribution policy; dividends

The fund expects that dividends will be paid at least semi-annually on the shares in amounts representing substantially all of the net investment income,

if any, earned each year. Payments on the shares may vary in amount depending on investment income received and expenses of operation.

Substantially all of any taxable net capital gain realized on investments will be paid to shareholders at least annually. In addition, depending upon the

performance of the fund's investments, the related growth of the fund's net assets, and the availability of attractive investment opportunities, the fund

may from time to time make a distribution that constitutes a return of capital for federal income tax purposes—that is to say, the fund will effectively be

returning to each shareholder a portion of the shareholder's initial investment in the fund. A return of capital will not be taxable to shareholders at the

time of its payment. It will, however, decrease a shareholder's tax basis in his or her shares. For example, if a shareholder has a basis in his shares of

$100,000 and then receives a return of capital of $5,000, the shareholder will not have to pay taxes on the return of capital when the shareholder

receives it. However, the shareholder's tax basis in his shares will be reduced from $100,000 to $95,000. If the shareholder later tenders his shares for

$105,000, the shareholder will have a taxable gain of $10,000 instead of only $5,000 had there not been any prior return of capital. See "Certain Tax

Matters."

The net asset value of each share that a shareholder owns will be reduced by the amount of the distributions or dividends that the shareholder receives

in respect of shares.

A shareholder's dividends and capital gain distributions will be automatically distributed in cash to the shareholder unless the shareholder instructs the

Advisor otherwise. A shareholder who elects not to receive both dividends and capital gain distributions in cash will have such amounts reinvested. The

fund may limit the extent to which any distributions that are returns of capital may be reinvested in the fund.

Shares will be issued at their net asset value on the ex-dividend date; there is no sales charge or other charge for reinvestment. Investors may elect

initially not to reinvest by indicating that choice on the investor application of each Investor (the "Investor Application"). Shareholders are free to change

their election at any time by contacting the Administrator. Your request must be received by the Advisor before the record date to be effective for that

dividend or capital gain distribution.

The fund reserves the right to suspend at any time the ability of shareholders to reinvest distributions and to require shareholders to receive all

distributions in cash, or to limit the maximum amount that may be reinvested, either as a dollar amount or as a percentage of distributions. The fund

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may determine to do so if, for example, the amount being reinvested by shareholders exceeds the available investment opportunities that the Advisor

considers suitable for the fund.

Application for investment

Eligible Investors

Shares will be offered only to Eligible Investors. This means that to purchase shares of the fund, a prospective Investor will be required to certify that the

shares are being acquired by an investor who is one or more of the following: (i) an "accredited investor" as defined in Rule 501(a) of Regulation D

promulgated under the 1933 Act; (ii) a Non-U.S. Person investor as defined under Regulation S under the 1933 Act; or (iii) an investor eligible to invest

in a private placement under Section 4(a)(2) of the 1933 Act under other applicable exemptions and/or positions of the staff of the SEC. Each existing

Investor must also be a Qualified Client as that term is defined under the Investment Advisers Act. Existing Investors seeking to purchase additional

shares will be required to qualify as Eligible Investors at the time of the additional purchase, except with respect to reinvested distributions. The Advisor

may from time to time impose stricter or less stringent eligibility requirements.

Purchase terms

The fund may accept initial and additional purchases of shares as of the Initial Closing and each subsequent Closing Date. Each prospective Investor will

be required to complete an Investor Application and certify that the shares being purchased are being acquired by an Eligible Investor. The fund may

reject any Investor Application in its sole discretion. The fund will not be obligated to sell to brokers or dealers any shares, including shares that have not

been placed with Eligible Investors. The fund does not issue the shares purchased (and an investor does not become an Investor with respect to such

shares) until the applicable Closing Date, typically the first business day of the relevant calendar month. Consequently, purchase proceeds do not

represent capital of the fund, and do not become assets of the fund, until such date.

Any amounts received in advance of initial or additional purchases of shares are placed in a non-interest-bearing escrow account prior to the amounts'

being invested in the fund, in accordance with Rule 15c2-4 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The purchase

amount will be released from the escrow account once the Investor's order is accepted. If an Investor Application is not delivered in proper form in a

timely manner and accepted by the fund by the Closing Date, the subscription will not be accepted at such Closing Date and any funds will be held in the

escrow account by the fund's escrow agent until the next Closing Date. The fund reserves the right to reject any purchase of shares in certain

circumstances (including, without limitation, when the fund has reason to believe that such purchase would be unlawful). Unless otherwise required by

applicable law, any amount received in advance of a purchase ultimately rejected by the fund will be returned to the prospective Investor.

To help the government fight terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record

information that identifies each Investor. As a result, each Investor will need to identify the name, address, date of birth, and other identifying

information for the Investor. If an Investor's identity cannot be verified, the Investor may be restricted from conducting additional transactions and/or

have their investment liquidated. In addition, any other action required by law will be taken.

Transfer of shares

Shares may be transferred only (i) by operation of law pursuant to the death, bankruptcy, insolvency, adjudicated incompetence or dissolution of an

Investor or (ii) with the written consent of the fund, which may be withheld in its sole and absolute discretion and is expected to be granted, if at all, only

in limited circumstances. Notice to the fund of any proposed transfer must include evidence satisfactory to the fund that the proposed transfer is

exempt from registration under the 1933 Act and that the proposed transferee meets any requirements imposed by the fund with respect to Investor

eligibility and suitability, including the requirement that any Investor at the time of purchase be an Eligible Investor, and must be accompanied by a

properly completed Investor Application.

Each Investor and transferee is required to pay all expenses, including attorneys' and accountants' fees, incurred by the fund in connection with such

transfer. If such a transferee does not meet the Investor eligibility requirements, the fund reserves the right to repurchase the shares transferred.

By purchasing shares of the fund, each Investor has agreed to indemnify and hold harmless the fund, the Trustees, the Advisor, each other Investor and

any affiliate of the foregoing against all losses, claims, damages, liabilities, costs and expenses, including legal or other expenses incurred in

investigating or defending against any such losses, claims, damages, liabilities, costs and expenses or any judgments, fines and amounts paid in

settlement, joint or several, to which such persons may become subject by reason of or arising from any transfer made by such Investor in violation of

these provisions or any misrepresentation made by such Investor in connection with any such transfer.

Redemptions, repurchases of shares and transfers

No right of redemption.

No shareholder or other person holding shares acquired from a shareholder has the right to require the fund to redeem those

shares. There is no public market for shares, and none is expected to develop. Consequently, shareholders may not be able to liquidate their investment

other than as a result of repurchases of shares by the fund, as described below.

Repurchases of shares.

The fund will from time to time offer to repurchase shares pursuant to written tenders by shareholders. Repurchase offers will

be made at such times and on such terms as may be determined by the Board, in its sole discretion. In determining whether the fund should offer to

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repurchase shares from shareholders, the Board will consider the recommendation of the Advisor. The Board will also consider the following factors,

among others, in making this determination:

● whether any shareholders have requested that the fund repurchase their shares;

● the liquidity of the fund's assets;

● the investment plans and working capital requirements of the fund;

● the relative economies of scale with respect to the size of the fund;

● the history of the fund in repurchasing shares; and

● the economic condition of the securities markets.

The fund will repurchase shares from shareholders pursuant to written tenders on terms and conditions that the Board determines to be fair to the fund

and to all shareholders or persons holding shares acquired from shareholders, or to one or more classes of shareholders, as applicable. When the

Board determines that the fund shall repurchase shares, notice will be provided to shareholders describing the terms thereof, containing information

shareholders should consider in deciding whether to participate in the repurchase opportunity and containing information on how to participate.

Shareholders who are deciding whether to tender their shares during the period that a repurchase offer is open may ascertain the current net asset

value of their shares by contacting the Advisor during the period.

Repurchases of shares from shareholders by the fund may be made, in the discretion of the fund, and may be paid in cash or by the distribution of

securities in-kind or partly in cash and partly in-kind. However, the fund does not expect to distribute securities in-kind except in the unlikely event that

making a cash payment would result in a material adverse effect on the fund or on shareholders not tendering shares for repurchase. Repurchases will

be effective after receipt and acceptance by the fund of all eligible written tenders of shares from shareholders. Any in-kind distribution of securities,

although not expected to occur, valued in accordance with the Fund Agreement, will be distributed to all tendering shareholders on a pari passu basis.

The fund does not impose any charges in connection with repurchases of shares or portion of shares.

The fund's assets will be reduced by the amount of the tendered shares that are purchased by the fund. Thus, income relative to assets may be affected

by the repurchase. The purchase of shares pursuant to the offer to repurchase will have the effect of increasing the proportionate interest in the fund of

shareholders who do not tender shares. A reduction in the aggregate assets of the fund may result in shareholders who do not tender shares bearing

higher costs to the extent that certain expenses borne by the fund are relatively fixed and may not decrease if assets decline. These effects may be

reduced or eliminated to the extent that new and existing shareholders make additional purchases of shares from time to time, although there can be no

assurance that such additional purchases will occur. Payment for shares purchased pursuant to an offer to repurchase may also require the fund to

liquidate portfolio holdings earlier than the Advisor would otherwise have caused these holdings to be liquidated, potentially resulting in losses or

increased investment related expenses.

Due to liquidity restraints associated with the fund's investments, the fund presently expects to employ the following repurchase procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. A shareholder choosing to tender shares for repurchase must do so by the date specified in the notice describing the terms of the offer (the

"Expiration Date") which generally will be at least 20 business days before the date as of which shares are to be repurchased. The shares (tendered

and accepted) will be valued as of the date on which shares are to be repurchased (the "Valuation Date"), which is expected to be the last day of

each calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. Although the amounts required to be paid by the fund will generally be paid in cash, the fund may under certain limited circumstances noted

above, pay all or a portion of the amounts due by the in-kind distribution of marketable securities.

Under these procedures, shareholders will have to decide whether to tender their shares for repurchase without the benefit of having current

information regarding the value of shares as of a date proximate to the Valuation Date. In addition, there may be a substantial period of time between

the date as of which shareholders must tender shares and the date they can expect to receive payment for their shares from the fund. Payments for

repurchased shares may be delayed under circumstances where the fund has determined to sell assets to make such payments, but has experienced

delays in receiving payments from any such securities.

Repurchases of shares by the fund are subject to certain regulatory requirements imposed by SEC rules. The fund believes that the repurchase

procedures described above comply with these requirements. However, if modification of the fund's repurchase procedures is deemed necessary to

comply with regulatory requirements, the Board will adopt revised procedures designed to provide shareholders substantially the same liquidity for

shares as would be available under the procedures described above.

If a repurchase offer is oversubscribed by shareholders who tender their shares for repurchase (in other words, if the amount of shares tendered

exceeds the amount that the fund has offered to repurchase), the fund will repurchase only a pro rata portion of the shares tendered, unless the offer to

repurchase shares in the fund is increased and extended. Additionally, the fund will only repurchase securities in accordance with Rule 13e-4 of the

Exchange Act.

The fund may repurchase, by means of redemption, shares of a shareholder or any person acquiring shares from or through a shareholder in the event

that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● the shares have been transferred or the shares have been vested in any person by operation of law as the result of the death, divorce, disability,

dissolution, bankruptcy or incompetency of a shareholder;

● ownership of the shares by a shareholder or other person is likely to cause the fund to be in violation of, or require registration of any shares under, or

subject the fund to additional registration or regulation under, the securities, commodities or other laws of the United States or any other relevant

jurisdiction, or may subject the fund or any shareholder to an undue risk of adverse tax risk or other fiscal or regulatory consequences;

● continued ownership of the shares may be harmful or injurious to the business or reputation of the fund, the Board or the Advisor;

● any of the representations and warranties made by a shareholder in connection with the acquisition of shares was not true when made or has ceased

to be true;

● it would be in the best interests of the fund for the fund to repurchase the shares.

In the event that the Advisor or one of its affiliates holds shares in its capacity as a shareholder, such shares may be tendered for repurchase in

connection with any repurchase offer made by the fund.

Calculation of net asset value

The net asset value per share of the fund's outstanding shares is determined monthly (or more frequently as needed) by dividing the value of total assets

minus liabilities by the total number of shares outstanding at the date as of which the determination is made. A "Business Day" with respect to the fund

is each day the New York Stock Exchange and the Trust are open.

The fund is required to report its investments for which current market values are not readily available at fair value. The Board has designated the fund's

Advisor as the valuation designee to perform fair value functions for the fund in accordance with the Advisor's valuation policies and procedures. As

valuation designee, the Advisor will determine the fair value, in good faith, of securities and other assets held by the fund for which market quotations

are not readily available and, among other things, will assess and manage material risks associated with fair value determinations, select, apply and test

fair value methodologies, and oversee and evaluate pricing services and other valuation agents used in valuing the fund's investments. The Advisor is

subject to Board oversight and reports to the Board information regarding the fair valuation process and related material matters. The Advisor carries

out its responsibilities as valuation designee through its Pricing Committee.

The fund will follow ASC Topic 820 for measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a

liability in an orderly transaction between market participants at the measurement date. Fair values are determined with models or other valuation

techniques, valuation inputs, and assumptions market participants would use in pricing an asset or liability. Valuation inputs are organized in a

hierarchy that gives the highest priority to prices for identical assets or liabilities quoted in active markets (Level 1) and the lowest priority to

unobservable inputs (Level 3). The three levels of inputs in the fair value hierarchy are described below:

● Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

● Level 2: Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability

has a specified term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include: (i) quoted prices

for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, (iii) inputs

other than quoted prices that are observable for the asset or liability, and (iv) inputs that are derived principally from or corroborated by observable

market data.

● Level 3: Unobservable inputs for the asset or liability, and situations where there is little, if any, market activity for the asset or liability at the

measurement date.

The inputs into the determination of fair value will be based upon the best available information under the circumstances at the time the net asset value

is calculated and may require significant management judgment or estimation. The fair valuations upon which the fund calculates its month end net

asset values may be subject to later adjustment based on information reasonably available at that time. Other adjustments may occur from time to time.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within

the fair value hierarchy will be based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a

particular input to the fair value measurement in its entirety will require judgment, and will consider factors specific to the investment.

The fund expects to assess the levels of the investments at each measurement date, and recognize transfers between levels on the measurement dates.

All of the fund's investments, which will be measured at fair value, are expected to be categorized as Level 3 based upon the expected lowest level of

significant input to the valuations.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Advisor. The

Advisor has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has been

designated by the Board as the party responsible for applying the valuation methods. In such circumstances, securities may not be priced on the basis

of quotes from the primary market in which they are traded, but rather may be priced by another method that the Advisor believes accurately reflects

fair value. Fair value pricing may require subjective determinations about the value of a security. Portfolio securities also may be fair valued by the

Advisor's Pricing Committee in certain instances pursuant to procedures established by the Advisor and adopted by the Board.

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Senior loan investments are measured at fair value based on the present value of the expected cash flows of the loans. There are no quoted prices in

active markets. Assumptions and inputs used in the valuation of senior loan investments include prepayment estimates, determination of the discount

rate based on the risk-free interest rate adjusted for credit risk (including estimation of probability of default), liquidity and any other adjustments that

the independent valuation firm believes that a third-party market participant would take into account in pricing a transaction. Senior loan investment

valuations rely primarily on the use of significant unobservable inputs, including credit assumptions, which require significant judgment and,

accordingly, are classified as Level 3.

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 New York

Stock Exchange ("NYSE") is open, any foreign securities will typically be valued using the last price or official closing price obtained from the relevant

exchange on the prior business day adjusted based on information provided by an independent pricing vendor to reflect fair value. Debt obligations are

typically valued based on evaluated prices provided by an independent pricing vendor. The value of securities denominated in foreign currencies is

converted into U.S. dollars at the exchange rate supplied by an independent pricing vendor.

The Pricing Committee engages in oversight activities with respect to pricing vendors, which includes, among other things, back-testing of pricing

vendor prices against actual trades, conducting periodic due diligence meetings and reviews, and periodically reviewing the inputs, assumptions and

methodologies used by these vendors. Nevertheless, market quotations, official closing prices, or information furnished by a pricing vendor could be

inaccurate, which could lead to a security being valued incorrectly.

Application of valuation methodologies will involve a significant degree of judgment by management. Fair values of new investments or investments

where an arm's length transaction occurred in the same security is generally assumed to equal to their cost for up to three months after their initial

purchase.

Due to the inherent uncertainty of determining the fair value of Level 3 investments, the fair value of the investments may differ significantly from the

values that may have been used had a ready market or observable inputs to exist for such investments and may differ materially from the values that

may ultimately be received or settled. Further, such investments will generally be subject to legal and other restrictions, or otherwise will be less liquid

than publicly traded instruments. If the fund is required to liquidate a portfolio investment in a forced or liquidation sale, the fund might realize

significantly less than the value at which such investment will have been previously been recorded. The fund's investments will be subject to market risk.

Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets

in which the investments are traded.

Potential conflicts of interest

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Instances may arise where the interests of the Advisor and their principals and employees may potentially or actually conflict with the interests of the

fund and the shareholders, including activities related to existing portfolio investments or the sponsorship of existing and successor funds with similar

investment focuses and objectives as those of the fund. These and other situations will involve potential conflicts of interest. Although the Advisor has

established procedures to address such conflicts, there can be no assurance that such conflicts will be resolved in a manner that is most favorable to

the fund and its shareholders.

Other business relationships and activities

The Advisor and their principals and employees devote as much of their time and resources to the activities of the fund as the Advisor deem necessary

and appropriate. The Fund Agreement does not restrict the Advisor or their principals or employees from entering into other investment advisory

relationships or engaging in other business activities, even though those activities may be in competition with the fund and/or may involve substantial

amounts of the time and resources of the Advisor, or their personnel. The Advisor serves as an investment manager to other pooled investment funds

and separately managed accounts.

Currently, these funds and accounts have investment objectives that are substantially similar to those of the fund. Those other funds and accounts may

afford investors or accountholders more advantageous information, liquidity or other rights than those afforded to shareholders and may have different

compensation arrangements. Differences in compensation arrangements or interests by the Advisor and their principals in other accounts could be

viewed as creating incentives for the Advisor to favor one or more accounts over other accounts.

Affiliates of the Advisor may provide banking and financial services to companies in which the fund has investments and may receive fees from those

companies for those services. In addition, principals, employees and agents of the Advisor or their affiliates may serve on boards of trustees of portfolio

companies and receive fees for those services. The fund will not share in any of those fees. The 1940 Act also prohibits certain "joint" transactions with

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certain of the fund's affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior

approval of the fund's Independent Trustees.

Co-investment opportunities

The fund relies on an exemptive order from the SEC that permits it to, among other things, co-invest with other funds managed by the Advisor or its

affiliates, subject to certain terms and conditions.

Transaction and investment opportunities

Conflicts of interest could also arise in connection with transactions for the accounts of the fund and the other investment vehicles in which the Advisor

and/or its personnel are involved. In some cases, the fund and other investment accounts that the Advisor manages may seek to buy or sell the same

investment at the same time. In other cases, the Advisor may cause the fund and other accounts to effect transactions that differ in substance, timing

and amount, from transactions for other accounts. This may be due to, among other things, differences in investment objectives or other factors

affecting the appropriateness or suitability of particular investment activities to the fund or other accounts, limitations on the availability of particular

investment or transactional opportunities or differences in withdrawal or redemption rights. Without the consent of a majority of shareholders, the fund

shall not (A) sell all or any portion of any investment to or purchase any potential investment from any affiliate of the Advisor, (B) sell any security in a

transaction in which the Advisor is acting as "broker," as such term is used in Section 206(3) of the Advisers Act, for another person in connection with

the sale or purchase of a security for the account of the fund, (C) consent to the "assignment" (as defined under the Advisers Act) of the investment

management agreement between the Advisor and the fund or (D) other than in connection with an Investment in an SBIC, enter into any other

transaction in which the Advisers Act requires the consent of the fund as the "client."

To the extent that the fund competes with entities managed by the Advisor for a particular investment opportunity, the Advisor will allocate investment

opportunities across the entities for which such opportunities are appropriate, consistent with (1) its internal conflict-resolution and allocation policies

and (2) the requirements of the Advisers Act. The Advisor's allocation policies are intended to ensure that the fund may generally share equitably with

other investment funds managed by the Advisor in investment opportunities, particularly those involving a security with limited supply or involving

differing classes of securities of the same issuer which may be suitable for the fund and such other investment funds.

The Advisor's policies are designed to manage and mitigate the conflicts of interest associated with the allocation of investment opportunities, including

when the fund is able to co-invest with other accounts managed by the Advisor or John Hancock. Due to the integrated manner in which the business is

conducted, the Advisor and John Hancock maintain a combined allocation process for allocating investment opportunities to the accounts for which

they each have responsibility. When the fund engages in investments, it will do so in a manner consistent with the John Hancock and Advisor's joint

investment allocation policy. The Board and the Advisor have approved the applicable allocation policy and procedures.

Certain tax matters

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The following discussion is a general summary of the material U.S. federal income tax considerations applicable to the fund and to an investment in

shares of the fund. This summary does not purport to be a complete description of the income tax considerations applicable to such an investment. For

example, the fund has not described tax consequences that may be relevant to certain types of holders subject to special treatment under U.S. federal

income tax laws, including shareholders subject to the alternative minimum tax, tax-exempt organizations, dealers in securities, a trader in securities

that elects to use a market-to-market method of accounting for its securities holdings, pension plans and trusts, and financial institutions. This

summary assumes that investors hold the fund's shares as capital assets (within the meaning of the Code). The discussion is based upon the Code,

Treasury regulations, and administrative and judicial interpretations, each as of the date of this prospectus and all of which are subject to change,

possibly retroactively, which could affect the continuing validity of this discussion. The fund has not sought and will not seek any ruling from the Internal

Revenue Service, or "IRS" regarding this offering. This summary does not discuss any aspects of U.S. estate or gift tax or foreign, state or local tax. It

does not discuss the special treatment under U.S. federal income tax laws that could result if the fund invested in tax-exempt securities or certain other

investment assets.

A "U.S. shareholder" generally is a beneficial owner of shares who is for U.S. federal income tax purposes:

● A citizen or individual resident of the United States;

● A corporation or other entity treated as a corporation, for U.S. federal income tax purposes, created or organized in or under the laws of the

United States, any state thereof, or the District of Columbia;

● A trust if a court within the United States is asked to exercise primary supervision over the administration of the trust and one or more United States

persons have the authority to control all substantive decisions of the trust (or a trust that has made a valid election to be treated as a U.S. trust); or

● An estate, the income of which is subject to U.S. federal income taxation regardless of its source.

A "Non-U.S. shareholder" generally is a beneficial owner of shares that does not satisfy the definition of U.S. shareholder.

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If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds shares, the tax treatment of a partner in the

partnership will generally depend upon the status of the partner and the activities of the partnership. A prospective shareholder that is a partner of a

partnership holding shares should consult his, her or its tax advisers with respect to the purchase, ownership and disposition of shares.

Tax matters are complicated and the tax consequences to an investor of an investment in shares of the fund will depend on the facts of his, her or its

particular situation. The fund encourages investors to consult their own tax advisers regarding the specific consequences of such an investment,

including tax reporting requirements, the applicability of federal, state, local and foreign tax laws, eligibility for the benefits of any applicable tax treaty

and the effect of any possible changes in the tax laws.

Election to be taxed as a RIC

The fund intends to qualify and elect to be treated as a RIC under Subchapter M of the Code. As a RIC, the fund generally will not have to pay

corporate-level U.S. federal income taxes on any income that it distributes to shareholders as dividends. To qualify as a RIC, the fund must, among other

things, meet certain source-of-income and asset diversification requirements (as described below). In addition, in order to be eligible for pass-through

tax treatment as a RIC, the fund must distribute to the fund's shareholders, for each taxable year, at least 90% of the fund's "investment company

taxable income," which is generally net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital

losses and 90% of its net exempt interest income, if any, or the "Annual Distribution Requirement."

Taxation as a RIC

If the fund:

● qualifies as a RIC; and

● satisfies the Annual Distribution Requirement,

then it will not be subject to U.S. federal income tax on the portion of income it distributes (or is deemed to distribute) to shareholders. The fund will be

subject to U.S. federal income tax at the regular corporate rates on any income or capital gains not distributed (or deemed distributed) to shareholders.

The fund will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income unless it distributes in a timely manner an

amount at least equal to the sum of (1) 98% of net ordinary income for each calendar year, (2) 98.2% of capital gain net income for the one-year period

ending October 31 in that calendar year and (3) any income recognized, but not distributed, in preceding years, or the "Excise Tax Avoidance

Requirement." The fund generally will endeavor in each year to make sufficient distributions to shareholders to avoid any U.S. federal excise tax on the

fund's earnings.

In order to qualify as a RIC for U.S. federal income tax purposes, the fund must, among other things:

● derive in each taxable year at least 90% of gross income from dividends, interest, payments with respect to loans of certain securities, gains from the

sale of stock or securities or foreign currencies or other income (including but not limited to gains from options, futures, or forward contracts)

derived with respect to the business of investing in such stock, securities, or currencies, and net income from interests in qualified publicly traded

partnerships or the "90% Income Test"; and

● diversify holdings so that at the end of each quarter of the taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;● at least 50% of the value of the fund's total assets consists of cash, cash equivalents, U.S. Government securities, securities of other RICs, and

other securities if such other securities of any one issuer do not represent more than 5% of the value of the fund's assets or more than 10% of the

outstanding voting securities of the issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;● no more than 25% of the value of the fund's total assets is invested in the securities, other than U.S. government securities or securities of other

RICs, of one issuer, of two or more issuers that are controlled, as determined under applicable Code rules, by the fund and that are engaged in the

same or similar or related trades or businesses, or of certain "qualified publicly traded partnerships," or the "Diversification Tests."

Certain investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things: (i) disallow,

suspend or otherwise limit the allowance of certain losses or deductions; (ii) convert lower taxed long-term capital gain into higher taxed short-term

capital gain or ordinary income; (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (iv) cause the

fund to recognize income or gain without a corresponding receipt of cash, which may require the fund make a distribution to shareholders in order to

satisfy the Annual Distribution Requirement and the Excise Tax Avoidance Requirement, even though it will not have received any corresponding cash

amount; (v) adversely affect the time as to when a purchase or sale of securities is deemed to occur; (vi) adversely alter the characterization of certain

complex financial transactions; and (vii) produce income that will not be qualifying income for purposes of the 90% Income Test described above. The

fund will monitor transactions and may make certain tax elections in order to mitigate the potential adverse effect of these provisions.

The fund's investment in foreign securities may be subject to non-U.S. withholding taxes. In that case, yield on those securities would be decreased.

Shareholders will generally not be entitled to claim a credit or deduction with respect to non-U.S. taxes paid by the fund.

Although the fund does not presently expect to do so, it is authorized to borrow funds and to sell assets in order to satisfy distribution requirements.

However, under the 1940 Act, the fund is not permitted to make distributions to the fund's shareholders while the fund's debt obligations and other

------

senior securities are outstanding unless certain "asset coverage" tests are met. Moreover, the fund's ability to dispose of assets to meet distribution

requirements may be limited by (1) the illiquid nature of its portfolio and/or (2) other requirements relating to its status as a RIC, including the

Diversification Tests. If the fund disposes of assets in order to meet the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, it

may make such dispositions at times that, from an investment standpoint, are not advantageous.

Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time the fund accrues income, expenses or

other liabilities denominated in a foreign currency and the time the fund actually collects such income or pays such expenses or liabilities are generally

treated as ordinary income or loss. Similarly, gains or losses on foreign currency forward contracts and the disposition of debt obligations denominated

in a foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as

ordinary income or loss.

Gain or loss realized from the sale or exchange of warrants acquired as well as any loss attributable to the lapse of such warrants generally will be

treated as capital gain or loss. The treatment of such gain or loss as long-term or short-term will depend on how long the fund held a particular warrant.

Upon the exercise of a warrant acquired by the fund, the fund's tax basis in the stock purchased under the warrant will equal the sum of the amount paid

for the warrant plus the strike price paid on the exercise of the warrant.

The remainder of this discussion assumes that the fund qualifies as a RIC and has satisfied the Annual Distribution Requirement and quarterly

Diversification Tests.

Taxation of non-U.S. shareholders

Whether an investment in the shares is appropriate for a Non-U.S. shareholder will depend upon that person's particular circumstances. An investment

in the shares by a Non-U.S. shareholder may have adverse tax consequences. Non-U.S. shareholders should consult their tax advisers before investing

in the fund's shares.

Distributions of the fund's "investment company taxable income" to Non-U.S. shareholders (including interest income and realized net short-term

capital gains in excess of realized long-term capital losses, which generally would be free of withholding if paid to Non-U.S. shareholders directly) will be

subject to withholding of federal tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent of the fund's current and accumulated

earnings and profits unless an applicable exception applies. If the distributions are effectively connected with a U.S. trade or business of the

Non-U.S. shareholder, the fund will not be required to withhold federal tax if the Non-U.S. shareholder complies with applicable certification and

disclosure requirements, although the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. persons. (Special

certification requirements apply to a Non-U.S. shareholder that is a foreign partnership or a foreign trust, and such entities are urged to consult their

own tax advisers.)

The fund or the applicable withholding agent generally is not required to withhold any amounts with respect to certain distributions of (i) U.S. source

interest income, and (ii) net short term capital gains in excess of net long term capital losses, in each case to the extent the fund properly reports such

distributions as "interest-related dividends" or "short-term capital gain dividends" and certain other requirements were satisfied. The fund anticipates

that a significant portion of its distributions will be eligible for this exemption from withholding; however, the fund cannot determine what portion of its

distributions (if any) will be eligible for this exception until after the end of the taxable year. No certainty can be provided that any of the fund's

distributions will be reported as eligible for this exception.

Actual or deemed distributions of net capital gains to a shareholder that is a Non-U.S. shareholder, and gains realized by a Non-U.S. shareholder upon

the sale or redemption of shares, will not be subject to U.S. federal income tax unless the distributions or gains, as the case may be, are effectively

connected with a U.S. trade or business of the Non-U.S. shareholder (and, if an income tax treaty applies, are attributable to a permanent establishment

maintained by the Non-U.S. shareholder in the United States,) or, in the case of an individual, the Non-U.S. shareholder was present in the United States

for 183 days or more during the taxable year and certain other conditions are met.

If the fund distributes net capital gains in the form of deemed rather than actual distributions, a shareholder that is a Non-U.S. shareholder will be

entitled to a U.S. federal income tax credit or tax refund equal to the shareholder's allocable share of the corporate-level U.S. federal income tax the

fund pays on the capital gains deemed to have been distributed; however, in order to obtain the refund, the Non-U.S. shareholder must obtain a

U.S. taxpayer identification number and file a U.S. federal income tax return even if the Non-U.S. shareholder would not otherwise be required to obtain

a U.S. taxpayer identification number or file a U.S. federal income tax return.

For a corporate Non-U.S. shareholder, distributions (both actual and deemed), and gains realized upon the sale or redemption of the fund's shares that

are effectively connected to a U.S. trade or business may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or

at a lower rate if provided for by an applicable treaty).

Shareholders will receive their cash distributions automatically unless the shareholder instructs the Administrator to reinvest in additional shares. If the

distribution is a distribution of the fund's investment company taxable income, is not properly reported by the fund as a short-term capital gains

dividend or interest-related dividend, and is not effectively connected with a U.S. trade or business of the Non-U.S. shareholder (and, if a treaty applies,

is not attributable to a permanent establishment), the amount distributed (to the extent of the fund's current and accumulated earnings and profits) will

------

be subject to U.S. federal withholding tax at a 30% rate (or lower rate provided by an applicable treaty) and only the net after-tax amount will be

reinvested in shares. If the distribution is effectively connected with a U.S. trade or business of the Non-U.S. shareholder (and no withholding applies

because applicable certifications are provided by the Non-U.S. shareholder), generally the full amount of the distribution will be reinvested in the plan

and will nevertheless be subject to U.S. federal income tax at the ordinary income rates applicable to U.S. persons. The Non-U.S. shareholder will have

an adjusted basis in the additional shares purchased through the plan equal to the amount reinvested. The additional shares will have a new holding

period commencing on the day following the day on which the shares are credited to the Non-U.S. shareholder's account.

A Non-U.S. shareholder who is a non-resident alien individual, and who is otherwise subject to withholding of federal tax, may be subject to information

reporting and backup withholding of U.S. federal income tax on dividends unless the Non-U.S. shareholder provides the fund or the dividend paying

agent with an IRS Form W-8BEN or IRS Form W-8BEN-E or an acceptable substitute form or otherwise meets documentary evidence requirements for

establishing that it is a Non-U.S. shareholder or otherwise establishes an exemption from backup withholding.

Legislation commonly referred to as the "Foreign Account Tax Compliance Act," or "FATCA," generally imposes a 30% withholding tax on payments of

certain types of income to foreign financial institutions, or "FFIs" unless such FFIs either (i) enter into an agreement with the U.S. Treasury to report

certain required information with respect to accounts held by U.S. persons (or held by foreign entities that have U.S. persons as substantial owners) or

(ii) reside in a jurisdiction that has entered into an intergovernmental agreement, or "IGA" with the United States to collect and share such information

and are in compliance with the terms of such IGA and any enabling legislation or regulations. The types of income subject to the tax include U.S. source

interest and dividends. The gross proceeds from the sale of any property that could produce U.S.- source interest or dividends are currently exempt

from FATCA withholding tax under proposed regulations, which are effective while pending. The information required to be reported includes the identity

and taxpayer identification number of each account holder that is a U.S. person and transaction activity within the holder's account. In addition, subject

to certain exceptions, this legislation also imposes a 30% withholding on payments to foreign entities that are not FFIs unless the foreign entity certifies

that it does not have a greater than 10% U.S. owner or provides the withholding agent with identifying information on each greater than 10% U.S. owner.

Depending on the status of a Non-U.S. shareholder and the status of the intermediaries through which they hold their shares, Non-U.S. shareholders

could be subject to this 30% withholding tax with respect to distributions on their shares. Under certain circumstances, a Non-U.S. shareholder might

be eligible for refunds or credits of such taxes.

Non-U.S. persons should consult their own tax advisers with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax

consequences of an investment in the shares.

Failure to qualify as a RIC

If the fund was unable to qualify for treatment as a RIC, it would be subject to tax on all taxable income at regular corporate rates, regardless of whether

it makes any distributions to shareholders. Distributions would not be required, and any distributions would be taxable to shareholders as ordinary

dividend income, and provided that certain holding periods and other requirements are met, could be eligible for the 20% maximum rate to the extent of

the fund's current and accumulated earnings and profits. Subject to certain limitations under the Code, corporate distributees would be eligible for the

dividends-received deduction. Distributions in excess of current and accumulated earnings and profits would be treated first as a return of capital to the

extent of the shareholder's tax basis, and any remaining distributions would be treated as a capital gain. To requalify as a RIC in a subsequent taxable

year, the fund would be required to satisfy the RIC qualification requirements for that year and dispose of any earnings and profits from any year in which

it failed to qualify as a RIC. Subject to a limited exception applicable to RICs that qualified as such under Subchapter M of the Code for at least one year

prior to disqualification and that requalify as a RIC no later than the second year following the non-qualifying year, the fund could be subject to tax on

any unrealized net built-in gains in the assets held by it during the period in which it failed to qualify as a RIC that are recognized within the subsequent

5 years, unless the fund made a special election to pay corporate-level U.S. federal income tax on such built-in gain at the time of its requalification as a

RIC.

------

PART C. OTHER INFORMATION

#### Item 25. Financial Statements and Exhibits
**(1)** **Financial Statements** 

Not applicable

**(2)** **Exhibits** 

(a)(1) [Certificate of Formation](d26855dex99a1.htm)

(a)(2) [Certificate of Amendment to Certificate of Formation](d26855dex99a2.htm)

(a)(3) [Amended and Restated Agreement and Declaration of Trust](d26855dex99a3.htm)

(b) [Bylaws](d26855dex99b.htm)

(c) Not applicable

(d) See Item 25(2)(a)(2).

(e) Not applicable.

(f) Not applicable

(g) [Investment Advisory Agreement by and between the Fund and Manulife Investment Management Private Markets (US) LLC (the "Adviser")](d26855dex99g.htm)

(h) Not applicable

(i) Not applicable

(j) [Custody Agreement by and between the Fund and State Street Bank and Trust Company](d26855dex99j.htm)

(k)(1) [Service Agreement by and between the Fund and the Adviser](d26855dex99k1.htm)

(k)(2) [Transfer Agency Agreement by and between the Fund and State Street Bank and Trust Company](d26855dex99k2.htm)

(k)(3) [Administration Agreement by and between Fund and State Street Bank and Trust Company](d26855dex99k3.htm)

(l) Not applicable

(m) Not applicable

(n) Not applicable

(o) Not applicable

(p) Not applicable

------

(q) Not applicable

(r)(1) [Joint Code of Ethics of Manulife GA Trust and the Adviser](d26855dex99r1.htm)

(r)(2) [Code of Ethics of Independent Directors of Manulife GA Trust](d26855dex99r2.htm)

#### Item 26. Marketing Arrangements
Not applicable

#### Item 27. Other Expenses of Issuance and Distribution
Not applicable

#### Item 28. Persons Controlled by or Under Common Control with Registrant
After completion of the private offering of Shares, the Registrant expects that no person will be directly or indirectly under common control with the Registrant, except that the Registrant may be deemed to be controlled by the Adviser or an affiliate until the Initial Closing. Information regarding the ownership of the Adviser is set forth in its Form ADV as filed with the Securities and Exchange Commission (the "SEC") (File No. 801-68506), and is incorporated herein by reference.

#### Item 29. Number of Holders of Securities as of February 12, 2026

---

| | |
|:---|:---|
| **Title of Class** | **Number of**<br>**Record Holders** |
|  Shares | 0 |

---

#### Item 30. Indemnification
Reference is made to Article 9, Section 2 of the Registrant's Agreement and Declaration of Trust (the "Agreement and Declaration of Trust"), filed as Exhibit (a)(2) hereto, and to Paragraph 18 of the Registrant's Investment Advisory Agreement (the "Advisory Agreement"), filed as Exhibit (g)(1) hereto. The Registrant hereby undertakes that it will apply the indemnification and limitation of liability provisions of the Agreement and Declaration of Trust and the Advisory Agreement in a manner consistent with Release 40-11330 of the SEC under the 1940 Act, so long as the interpretation therein of Sections 17(h) and 17(i) of the 1940 Act remains in effect.

The Registrant maintains insurance on behalf of any person who is or was an independent trustee, officer, employee or agent of the Registrant against certain liability asserted against and incurred by, or arising out of, his or her position. However, in no event will the Registrant pay that portion of the premium, if any, for insurance to indemnify any such person for any act for which the Registrant itself is not permitted to indemnify.

------

#### Item 31. Business and Other Connections of Investment Advisor
A description of any other business, profession, vocation, or employment of a substantial nature in which the investment Adviser of the Registrant, and each member, trustee, executive officer, or partner of any such investment Adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of member, trustee, officer, employee, partner or trustee, is set forth in the Offering Memorandum in the section entitled "Management of the Fund." Information as to the members and officers of the Adviser is included in its Form ADV as filed with the SEC (File No. 801-68506), and is incorporated herein by reference.

#### Item 32. Location of Accounts and Records
All accounts, books, and other documents required to be maintained by Section 31(a) of the 1940 Act and the rules thereunder are maintained at the offices of:

(1) the Registrant, Manulife GA Trust, c/o John Hancock Life Insurance Company (U.S.A.), 197 Clarendon Street, C-03, Boston, MA 02116;

(2) the Custodian, State Street Bank and Trust Company, State Street Financial Center, One Congress Street, Suite 1, Boston, Massachusetts 02114; and

(3) the Adviser, Manulife Investment Management Private Markets (US) LLC, 197 Clarendon Street, C-03, Boston, MA 02116.

#### Item 33. Management Services
Not applicable

#### Item 34. Undertakings
Not applicable

------

#### SIGNATURE
Pursuant to the requirements of the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement on Form N-2 to be signed on its behalf by the undersigned, duly authorized, in the City of Boston and Commonwealth of Massachusetts, on the 12<sup>th</sup> day of February, 2026.

---

| | |
|:---|:---|
| MANULIFE GA TRUST | MANULIFE GA TRUST |
| By: | /s/ E. David Pemstein |
| Name: | E. David Pemstein |
| Title: | Secretary and Chief Legal Officer |

---

------

<u>Exhibit Index</u> 

---

| | |
|:---|:---|
| (a)(1) | [Certificate of Formation](d26855dex99a1.htm) |
| (a)(2) | [Certificate of Amendment to Certificate of Formation](d26855dex99a2.htm) |
| (a)(3) | [Amended and Restated Agreement and Declaration of Trust](d26855dex99a3.htm) |
| (b) | [Bylaws](d26855dex99b.htm) |
| (g) | [Investment Advisory Agreement by and between the Fund and Manulife Investment Management Private Markets (US) LLC (the "Adviser")](d26855dex99g.htm) |
| (j) | [Custody Agreement by and between the Fund and State Street Bank and Trust Company](d26855dex99j.htm) |
| (k)(1) | [Service Agreement by and between the Fund and the Adviser](d26855dex99k1.htm) |
| (k)(2) | [Transfer Agency Agreement by and between the Fund and State Street Bank and Trust Company](d26855dex99k2.htm) |
| (k)(3) | [Administration Agreement by and between Fund and State Street Bank and Trust Company](d26855dex99k3.htm) |
| (r)(1) | [Joint Code of Ethics of Manulife GA Trust and the Adviser](d26855dex99r1.htm) |
| (r)(2) | [Code of Ethics of Independent Directors of Manulife GA Trust](d26855dex99r2.htm) |

---

## Ex-99.(A)(1)

**Exhibit (a)(1)** 

**<u>Delaware</u>** 

**The First State** 

*I, CHARUNI PATIBANDA-SANCHEZ, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF STATUTORY TRUST REGISTRATION OF "MANULIFE GA SENIOR LOAN TRUST", FILED IN THIS OFFICE ON THE TWENTY-SIXTH DAY OF SEPTEMBER, A.D. 2025, AT 10:01 O`CLOCK A.M.* 

---

| | | |
|:---|:---|:---|
| 10346689 8100<br> SR# 20254095412 | ![LOGO](g26855g0110063107814.jpg)  | ![LOGO](g26855g0110063107426.jpg) <br>Authentication: 204872521 <br> Date: 09-26-25  |

---

You may verify this certificate online at corp.delaware.gov/authver.shtml

------

---

| | |
|:---|:---|
| State of Delaware | **CERTIFICATE OF TRUST**<br> **OF**<br> **MANULIFE GA SENIOR LOAN TRUST** |
| Secretary of State | **CERTIFICATE OF TRUST**<br> **OF**<br> **MANULIFE GA SENIOR LOAN TRUST** |
| Division of Corporations | **CERTIFICATE OF TRUST**<br> **OF**<br> **MANULIFE GA SENIOR LOAN TRUST** |
| Delivered 10:01AM 09/26/2025 | **CERTIFICATE OF TRUST**<br> **OF**<br> **MANULIFE GA SENIOR LOAN TRUST** |
| FILED 10:01 AM 09/26/2025 | **CERTIFICATE OF TRUST**<br> **OF**<br> **MANULIFE GA SENIOR LOAN TRUST** |
| SR 20254095412 - File Number 10346689 | **CERTIFICATE OF TRUST**<br> **OF**<br> **MANULIFE GA SENIOR LOAN TRUST** |

---

THIS Certificate of Trust of Manulife GA Senior Loan Trust (the ***"Trust")*** is being duly executed and filed by the undersigned to form a statutory trust under the Delaware Statutory Trust Act (12 Del.C. sec. 3801 et seq.) (the ***"Act").***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. <u>Name</u>. The name of the statutory trust is Manulife GA Senior Loan Trnst.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Registered Office; Registered Agent</u>. The business address of the Trust's registered office in the State of Delaware is 251 Little Falls Drive, Wilmington, DE 19808. The name of the Trust's registered agent at such address is Corporation Service Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Investment Company</u>. The Trust will be a registered investment company under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Series</u>. Pursuant to Section 3806(b)(2) of the Act, the Trust may issue one or more series of beneficial interests having the rights and preferences set forth in the governing instrument of the Trust, as the same may be amended from time to time (each a "Series").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Notice of Limitation of Liabilities of each Series</u>, Pursuant to Section 3804(a) of the Act, there shall be a limitation on liabilities of each Series such that (a) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Trust generally or the assets of any other Series thereof and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series thereof shall be enforceable against the assets of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Effective Date</u>. This Certificate of Trust shall be effective upon filing.

[SIGNATURE PAGE FOLLOWS]

------

IN WITNESS WHEREOF. the undersigned has duly executed this Certificate of Trust in accordance with Section 38 l l(a)(l) of the Act.

---

| |
|:---|
| /s/ Christopher Sechler |
| Christopher Sechler |
| Trustee |
| Date: September 26, 2025 |

---

## Ex-99.(A)(2)

Exhibit (a)(2)

---

| | |
|:---|:---|
| **<u>Delaware</u>**<br> The First State | Page 1 |

---

***I, CHARUNI PATIBANDA-SANCHEZ, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF AMENDMENT OF "MANULIFE GA SENIOR LOAN TRUST", CHANGING ITS NAME FROM "MANULIFE GA SENIOR LOAN TRUST" TO "MANULIFE GA TRUST", FILED IN THIS OFFICE ON THE TWENTY-THIRD DAY OF JANUARY, A.D. 2026, AT 4:40 O`CLOCK P.M.***

---

| | | |
|:---|:---|:---|
|  | ![LOGO](g26855g0110063107814.jpg) | ![LOGO](g26855g0110063107426.jpg) |
| 10346689 8100 | ![LOGO](g26855g0110063107814.jpg) | Authentication: 202907774 |
| SR# 20260279764 |  | Date: 01-24-26 |

---

You may verify this certificate online at corp.delaware.gov/authver.shtml

------

**STATE OF DELAWARE** 

**CERTIFICATE OF AMENDMENT TO** 

**CERTIFICATE OF TRUST** 

Pursuant to Title 12, Section 3810(b) of the Delaware Statutory Trust Act, the undersigned Trust executed the following Certificate of Amendment:

1. Name of Statutory Trust: <u>Manulife GA Senior Loan Trust</u> 

<u> </u>

2. The Certificate of Amendment to the Certificate of Trust is hereby amended as follows:

  <u>The name of the Trust is changed to: Manulife GA Trust</u>

[set forth amendment(s)]

3. (Please complete with either **upon filing** or it may be a  ***future effective date*** that is
within 90 days of the file date) This Certificate of Amendments shall be effective <u>upon filing</u>.

**IN WITNESS WHEREOF,** the undersigned have executed this Certificate on the 23rd day of January 2026 AD.

---

| | |
|:---|:---|
| By: | /s/ Ian Roke |
|  | Trustee |
| Name: | Ian Roke |
|  | Type or Print |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretary of State<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Division of Corporations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivered 04:40 PM 01/23/2026<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FILED 04:40 PM 01/23/2026 |
| SR 20260279764 - File Number 10346689 |

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## Ex-99.(A)(3)

**Exhibit (a)(3)** 

MANULIFE GA SENIOR LOAN TRUST

(a Delaware Statutory Trust)

AGREEMENT AND DECLARATION OF TRUST

Dated as of October 22, 2025

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**TABLE OF CONTENTS**

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|:---|:---|:---|
|  |  | Page |
|  ARTICLE I NAME AND DEFINITIONS | ARTICLE I NAME AND DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1 | Name | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.2 | Definitions | 1 |
|  ARTICLE II PURPOSE OF THE TRUST | ARTICLE II PURPOSE OF THE TRUST | 3 |
|  ARTICLE III BENEFICIAL INTEREST | ARTICLE III BENEFICIAL INTEREST | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1 | Beneficial Interest | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2 | Establishment of Classes | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3 | Other Securities | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.4 | Rights of Shareholders | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.5 | Trust Only | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.6 | Issuance of Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.7 | Register of Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.8 | Transfer Agent and Registrar | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.9 | Transfer of Shares | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.10 | Notices | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.11 | Status of Shares; Limitation of Personal Liability | 7 |
|  ARTICLE IV TRUSTEES | ARTICLE IV TRUSTEES | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1 | Number and Qualification | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2 | Resignation and Removal | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.3 | Vacancies | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.4 | Meetings | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.5 | Trustee Action by Written Consent | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.6 | Officers | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.7 | Trustee Compensation | 10 |
|  ARTICLE V POWERS OF THE TRUSTEES | ARTICLE V POWERS OF THE TRUSTEES | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1 | General | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2 | Investments | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3 | Legal Title | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.4 | Issuance and Repurchase of Shares | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.5 | Borrow Money or Utilize Leverage | 14 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.6 | Delegation; Committees | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.7 | Collection and Payment | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.8 | Expenses | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.9 | By-laws | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.10 | Miscellaneous Powers | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.11 | Service Contracts | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.12 | Trustees and Officers as Shareholders | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.13 | Certain Transactions | 17 |
|  ARTICLE VI SHAREHOLDER VOTING AND MEETINGS | ARTICLE VI SHAREHOLDER VOTING AND MEETINGS | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1 | Voting Powers | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2 | Meetings of Shareholders | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3 | Quorum and Required Vote | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.4 | Action by Written Consent | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.5 | Insurance | 19 |
|  ARTICLE VII DISTRIBUTIONS, REPURCHASES AND REDEMPTIONS; NET ASSET VALUE | ARTICLE VII DISTRIBUTIONS, REPURCHASES AND REDEMPTIONS; NET ASSET VALUE | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1 | Distributions | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.2 | Redemptions and Repurchases | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.3 | Net Asset Value; Net Income | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.4 | Dividends and Distributions | 22 |
|  ARTICLE VIII CUSTODIAN | ARTICLE VIII CUSTODIAN | 22 |
|  ARTICLE IX LIMITATION OF LIABILITY; INDEMNIFICATION | ARTICLE IX LIMITATION OF LIABILITY; INDEMNIFICATION | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.1 | Limitation of Liability | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.2 | Indemnification | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.3 | Further Indemnification | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.4 | Limitation of Personal Liability and Indemnification of Shareholders | 26 |
|  ARTICLE X DURATION, REORGANIZATION; AMENDMENTS | ARTICLE X DURATION, REORGANIZATION; AMENDMENTS | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.1 | Termination of the Trust or Any Class | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.2 | Reorganization; Master/Feeder Structure | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.3 | Amendments | 29 |
|  ARTICLE XI MISCELLANEOUS | ARTICLE XI MISCELLANEOUS | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.1 | Statutory Trust Only | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.2 | Liability of Third Persons Dealing with Trustees | 29 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.3 | Applicable Law | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.4 | Provisions in Conflict with Laws or Regulations | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.5 | Derivative Actions | 31.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.6 | Jurisdiction and Waiver of Jury Trial | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.7 | Other Actions | 33.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.8 | Inspection of Records and Reports | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.9 | Filing of Copies, References, Headings, Rules of Construction | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.10 | Counterparts; Execution of Documents | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.11 | Fiscal Year | 35.0 |

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MANULIFE GA SENIOR LOAN TRUST<u> </u>

<u>AGREEMENT</u><u> </u><u>AND</u><u> </u><u>DECLARATION</u><u> </u><u>OF</u><u> </u><u>TRUST</u>

This AGREEMENT AND DECLARATION OF TRUST is made and entered into as of October 22, 2025, by the Trustee whose signature is affixed hereto.

WHEREAS, the Trustee formed the Trust as a Delaware statutory trust by the filing of a certificate of trust in the Office of the Secretary of State of the State of Delaware in accordance with the Delaware Act; and

NOW, THEREFORE, the Trustee does hereby declare that all cash, securities and other assets contributed to the Trust, together with the income therefrom and the proceeds thereof, shall be held and managed upon the following terms and conditions; and

FURTHER, the Trustees do hereby establish a Delaware statutory trust for the investment and reinvestment of funds contributed by the holders from time to time of the shares of beneficial interest in the Trust.

ARTICLE I

<u>NAME AND DEFINITIONS</u> 

Section 1.1 <u>Name</u>. The name of the Trust is "Manulife GA Senior Loan Trust" and the Trustees shall conduct the business of the Trust under that name or any other name as they may from time to time determine. The Trustees may, without Shareholder authorization or approval, change the name of the Trust or any Class and adopt such other name as they deem proper. Any name change of any Class shall become effective upon the adoption by the Board of Trustees of a resolution approving such change, whether directly in such resolution or by reference to or approval of another document that sets forth such change (including any Registration Statement), or at a future date or time specified in such resolution or other document. Any name change of the Trust shall become effective upon the filing of a certificate of amendment under the Delaware Act reflecting such change with the Office of the Secretary of State of the State of Delaware or at a future date or time specified in such certificate of amendment. Any such name change of the Trust shall constitute an amendment to this Declaration of Trust.

Section 1.2 <u>Definitions</u>. Whenever used herein, unless otherwise required by the context or specifically provided:

"1940 Act" means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder, as amended from time to time, and interpretations thereunder, and any order or orders thereunder which may from time to time be applicable to the Trust. References herein to specific sections of the 1940 Act shall be deemed to include such rules and regulations as are applicable to such sections as determined by the Trustees or their designees;

"Affiliated Person," "Commission," "Interested Person," "Majority Shareholder Vote" (the 67% or 50% requirement of the third sentence of Section 2(a)(42) of the 1940 Act, whichever may be applicable) and "Principal Underwriter" shall have the meanings given them in the 1940 Act;

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"Board of Trustees" means the individuals, as a group, who from time to time constitute the Trustees in their capacities as Trustees hereunder;

"By-laws" means the by-laws of the Trust, as amended from time to time, which By-laws are incorporated herein by reference as part of the Trust's "governing instrument" within the meaning of the Delaware Act;

"Certificate of Trust" means the certificate of trust, as amended or restated from time to time, filed by the Trustees in the Office of the Secretary of State of the State of Delaware in accordance with the Delaware Act to form the Trust;

"Class" means a class of Shares established by the Trustees in accordance with the provisions of Article III hereof;

"Covered Person" shall have the meaning given it in Section 9.2(a) hereof;

"Declaration of Trust" means this Agreement and Declaration of Trust, as amended or restated from time to time, which constitutes the "governing instrument" of the Trust within the meaning of Section 3801(c) of the Delaware Act;

"Delaware Act" means the Delaware Statutory Trust Act, 12 Del. C. §§ 3801 *et seq.*, as amended from time to time;

"Fundamental Policies" shall mean the investment policies and restrictions as set forth from time to time in any Private Placement Memorandum or contained in the Registration Statement of the Trust filed with the Commission or as otherwise adopted by the Trustees and the Shareholders in accordance with applicable requirements of the 1940 Act and designated as fundamental policies therein as they may be amended from time to time in accordance with applicable requirements of the 1940 Act;

"Investment Adviser" or "Adviser" shall mean a party furnishing services to the Trust pursuant to any contract described in Section 5.11(a) hereof;

"Net Asset Value" means the net asset value of the Trust, including each Class thereof, as determined in the manner provided in Section 7.3 hereof;

"Person" shall mean and include individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures, estates and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof, whether domestic or foreign;

"Preferred Shares" shall refer to those shares that may be issued in one or more classes pursuant to Section 3.3 hereof;

"Registration Statement" means the Trust's registration statement or statements as filed with the Commission under, as applicable, the Securities Act of 1933, as amended, and the 1940 Act, as amended and from time to time in effect, and includes any Private Placement Memorandum forming a part thereof;

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"Shareholder" means a record owner of outstanding Shares;

"Shares" means the equal proportionate transferable units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time, including such Class or Classes of Shares as the Trustees may from time to time create and establish and includes fractions of Shares as well as whole Shares;

"Supermajority" shall mean at least two-thirds (66 2/3%) of those Trustees or Shares, as applicable, entitled to vote; and

"Trust" means the Delaware statutory trust formed under the Delaware Act by the adoption of this Declaration of Trust and the filing of the Certificate of Trust;

"Trustees" means the individuals who have signed this Declaration of Trust and all other individuals who may from time to time be duly elected or appointed to serve as Trustees in accordance with the provisions hereof, in each case so long as such individual shall continue in office in accordance with the terms of this Declaration of Trust. Unless otherwise required by the context or specifically provided, any reference herein to the Trustees shall refer to the Trustee at any time that there is only one Trustee.

"Trust Property" shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for the account of the Trust or the Trustees in such capacity;

ARTICLE II<u> </u>

<u>PURPOSE OF THE TRUST</u>

The purpose of the Trust is to conduct, operate and carry on the business of a management investment company registered under the 1940 Act, and to carry on such other business or businesses as the Trustees may from time to time determine pursuant to their authority under this Declaration of Trust. In furtherance of the foregoing, the Trust may do everything necessary, suitable, convenient, customary or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental to, or may appear conducive or expedient for the accomplishment of the business of, an investment company registered under the 1940 Act, or any such other business or businesses as the Trustees may from time to time determine, and which may be engaged in or carried on by a statutory trust formed under the Delaware Act; and in connection therewith, the Trust shall have and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust.

ARTICLE III<u> </u>

<u>BENEFICIAL INTEREST</u>

Section 3.1 <u>Beneficial Interest</u>. The interest of the beneficiaries hereunder shall be divided into an unlimited number of transferable Shares. The Trust may have no Classes, may consist of one Class or may be divided into two or more Classes. All Shares issued in accordance with the terms hereof, including Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust.

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Subject to the provisions of this Article III and any applicable requirements of the 1940 Act, the Trustees shall have full power and authority, in their sole discretion, and without obtaining any authorization or approval of the Shareholders of any Class: (i) to divide the beneficial interest in each Class into Shares, with or without par value as the Trustees shall determine; (ii) to issue Shares without limitation as to number (including fractional Shares and Shares held in treasury), to such Persons and for such amount and type of consideration, including cash or securities, at such time or times and on such terms as the Trustees may deem appropriate; (iii) to establish and to change in any manner any Class with such preferences, voting powers, terms of conversion, rights, privileges, and business purpose or investment objective as the Trustees may from time to time determine, which preferences, voting powers, terms of conversion, rights, privileges and business purpose or investment objective may be different from any existing Class, may be senior or subordinate to (or in the case of business purpose, different from) any existing Class, and may be limited to specified assets or liabilities of the Trust or profits and losses associated therewith; (iv) to divide or combine the Shares of the Trust or any Class into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares of the Trust or such Class in the assets held with respect to the Trust or such Class; (v) to combine any two or more Classes into a single Class, and in connection therewith to cause the Shareholders of each such Class to become Shareholders of such single Class, or to divide any Class into an additional one or more Classes, and in connection therewith to cause some or all of the Shareholders of such Class to become Shareholders of such additional Classes; and (vi) to take such other action with respect to the Shares of any Class as the Trustees may deem desirable.

The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent. No certificates certifying the ownership of Shares shall be issued except as the Board of Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of Share certificates, the transfer of Shares and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to the identity of the Shareholders and as to the number of Shares of the Trust and of each Class held from time to time by each Shareholder. The Trust shall be entitled to treat the holder of record of any Shares as the owner thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Shares on the part of any other person, whether or not the Trust shall have express or other notice thereof, except as otherwise provided by the laws of the State of Delaware. If issued, the Trustees may at any time discontinue the issuance of Share certificates and may, by written notice to each applicable Shareholder, require the surrender of Share certificates to the Trust for cancellation. Such surrender and cancellation shall not affect the ownership of Shares in the Trust.

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Subject to the distinctions permitted among Classes of the Trust as established by the Trustees consistent with applicable requirements of the 1940 Act (or exemptive orders issued by the Commission), each Share of the Trust or any Class shall represent an equal beneficial interest in the net assets of the Trust, and each Shareholder of the Trust or any Class shall be entitled to receive such Shareholder's pro rata share of distributions of income and capital gains, if any, made with respect to the Trust or such Class. Neither the ownership of Shares nor the Trust's public filings, including its Registration Statement, shall be deemed to establish a contract between the Shareholder and the Trust or any Class and shall not give rise to any contract claims by the Shareholders against the Trust or any Class. A Shareholder of a particular Class shall not be entitled to participate in a derivative or class action on behalf of any other Class or the Shareholders of any other Class of the Trust.

Section 3.2 <u>Establishment of Classes</u>.

The establishment of any Class of the Trust shall be effective upon the adoption by the Board of Trustees of a resolution that sets forth the establishment and designation of or otherwise identifies such Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth the establishment and designation of, or otherwise identifies, such Class (including any Registration Statement). The relative rights and preferences of the Classes shall be as set forth in a resolution adopted by the Board of Trustees or by reference to, or approval of, another document that sets forth the relative rights and preferences of such Class.

Section 3.3 <u>Other Securities</u>*.* The Trustees may, subject to the Fundamental Policies and applicable requirements of the 1940 Act, authorize and issue such other securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, limitations and restrictions as the Trustee see fit, including preferred interests, debt securities or other senior securities. To the extent that the Trustees authorize and issue Preferred Shares of any Class, they are hereby authorized and empowered to amend or supplement this Declaration of Trust as they deem necessary or appropriate, including to comply with applicable requirements of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without Shareholder authorization or approval. Any such supplement or amendment shall be filed as is necessary. Preferred Shares may be issued from time to time in one or more Classes with distinctive serial designations and: (i) may have such voting powers, full or limited; (ii) may be subject to redemption or repurchase at such time or times and at such price or prices; (iii) may be entitled to receive dividends (which may be cumulative or noncumulative) at such rate or rates, on such conditions, and at such times, and payable in preference to, or in such relation to, the dividends payable on any other Class; (iv) may have such rights upon the termination of, or upon any distribution of the assets of, the Trust; (v) may be made convertible into, or exchangeable for, Shares of any other Class of the Trust, at such price or prices or at such rates of exchange and with such adjustments; and (vi) shall have such other relative, participating, optional or other special rights, qualifications, limitations or restrictions thereof, all as shall hereafter be stated and expressed in the resolution(s) providing for the issue of such Preferred Shares from time to time adopted by the Board of Trustees (or a committee thereof). Any of such matters may be made dependent upon facts ascertainable outside this Declaration of Trust, or outside the resolution(s) providing for the issue of such Preferred Shares. The Trustees are also authorized to take such actions and retain such Persons as they see fit to offer and sell such securities.

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Section 3.4 <u>Rights of Shareholders</u>*.* The Shares shall be personal property giving only the rights in this Declaration of Trust specifically set forth. The ownership of the Trust Property of every description and the right to conduct any business herein before described are vested exclusively in the Trustees, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition, division or accounting of any property, profits, rights or interests of the Trust nor can they be called upon to share or assume any losses of the Trust or, subject to the right of the Trustees to charge certain expenses directly to Shareholders, as provided in the last sentence of Section 5.8, suffer an assessment of any kind by virtue of their ownership of Shares. Except as otherwise provided by the Trustees, Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust, or to withdraw or tender for redemption any Shares or other securities issued by the Trust, other than such right, if any, as the Trustees in their sole discretion may determine. The Shares shall not entitle the holder to preference, appraisal, conversion or exchange rights (except as specified in this Section 3.3, in Section 10.2 or as specified by the Trustees when creating the Shares). Shares held in the Trust's treasury shall not confer any voting rights on the Trustees and shall not be entitled to any dividends or other distributions declared with respect to the Shares.

Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms of this Declaration of Trust and the By-laws and to have become a party hereto and thereto. The death, incapacity, dissolution, termination or bankruptcy of a Shareholder during the continuance of the Trust shall not operate to terminate the same or entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but entitles such representative only to the rights of said decedent under this Declaration of Trust.

Section 3.5 <u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship with another trust. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Section 3.6 <u>Issuance of Shares</u>. The Trustees, in their discretion, may from time to time without Shareholder authorization or approval issue Shares, including Preferred Shares that may have been established pursuant to Section 3.3, in addition to the then issued and outstanding Shares and Shares held in the treasury, to such party or parties and for such amount and type of consideration, including cash or property, at such time or times, and on such terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities) and businesses. The Trustees may from time to time divide or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances and redemptions of Shares may be made in whole Shares and/or 1/1,000ths of a Shares or multiples thereof as the Trustees may determine.

Section 3.7 <u>Register of Shares</u>. A register shall be kept at the offices of the Trust or any transfer agent duly appointed by the Trustees under the direction of the Trustees which shall contain the names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Separate registers shall be established and maintained for each Class.

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Each such register shall be conclusive as to who are the holders of the Shares of the applicable Class and who will be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution, or to have notice given to such Shareholder as herein or in the By-laws provided, until he or she has given his or her address to a transfer agent or such other officer or agent of the Trust as shall keep the register for entry thereon. The Trustees, in their discretion, may authorize the issuance of share certificates and promulgate appropriate fees therefor and rules and regulations as to their use.

Section 3.8 <u>Transfer Agent and Registrar</u>*.* The Trustees shall have the power to engage a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of the said Shares. Any such transfer agent and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.

Section 3.9 <u>Transfer of Shares</u>. Except as otherwise provided by the Trustees, Shares shall be transferable on the records of the Trust only by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer or similar agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters as may reasonably be required by the Trustees. Upon such delivery, and subject to any further requirements specified by the Trustees, the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer or similar agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer.

Any Person becoming entitled to any Shares in consequence of the death, bankruptcy, or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law.

Section 3.10 <u>Notices</u>. Any and all notices to which any Shareholder hereunder may be entitled and any and all communications shall be deemed duly served or given if mailed, postage prepaid, addressed to any Shareholder of record at his or her last known address as recorded on the applicable register of the Trust.

Section 3.11 <u>Status of Shares; Limitation of Personal Liability</u>. For the avoidance of doubt, Shareholders shall have no rights, privileges, claims or remedies under any contract or agreement entered into by the Trust with any service provider or other agent to or contractor with the Trust, including any third party beneficiary rights. None of the Trust, the Trustees or any officer, employee or agent of the Trust shall have any power to bind personally any Shareholder, nor to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay. No Shareholder shall be personally liable for the debts, liabilities, obligations and expenses incurred by, contracted for, or otherwise existing with respect to, the Trust or any Class. Shareholders shall be entitled, to the fullest extent permitted by law, to the same limitation of personal liability as is extended under the Delaware General Corporation Law to stockholders of private corporations for profit.

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ARTICLE IV<u> </u>

<u>TRUSTEES</u>

Section 4.1 <u>Number and Qualification</u>. Prior to a public offering of Shares there may be a sole Trustee. Thereafter, the number of Trustees shall be determined by a written instrument signed by a majority of the Trustees then in office, provided that the number of Trustees shall be no less than one. No reduction in the number of Trustees shall have the effect of removing any Trustee from office unless the Trustee is specifically removed pursuant to Section 4.2 at the time of decrease. An individual nominated as a Trustee shall be at least twenty-one years of age at the time of nomination and not under legal disability. Trustees need not own Shares and may succeed themselves in office. The Trustees shall serve during the existence of the Trust until its termination as herein provided, except that any Trustee may resign or be removed as herein provided.

Section 4.2 <u>Resignation and Removal</u>. Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered to any officer of the Trust or to a meeting of the Trustees, and such resignation shall be effective upon receipt, or at a later date according to the terms of the instrument. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following the effective date of his or her resignation or removal (other than compensation received by a retiring Trustee as a Director Emeritus or similar position), or any right to damages on account of such removal. Unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. Any of the Trustees may be removed (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 4.1) for any reason, with or without cause, by action taken by a majority of the remaining Trustees. Any Trustee may be removed only with cause at any meeting of Shareholders by a vote of the holders of two-thirds of the total Shares issued and outstanding. A meeting of Shareholders for the purpose of electing or removing one or more Trustees shall be called as provided in the By-laws. Upon the resignation or removal of a Trustee, or his or her otherwise ceasing to be a Trustee, he or she shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of the resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence.

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the appointment of an individual having the qualifications described in this Article IV, consistent with applicable limitations under the 1940 Act, made by a written instrument signed by a majority of the Trustees then in office. No vacancy shall operate to annul this Declaration of Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust. Whenever a vacancy in the number of Trustees shall occur, until such vacancy is filled as provided herein, the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees and shall discharge all duties imposed upon the Trustees by this Declaration of Trust. Upon the appointment of a successor Trustee and without any further act or conveyance, he or she shall be deemed a Trustee hereunder.

The death, declination to serve, resignation, retirement, removal, or incapacity of one or more Trustees, or all of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust. Whenever there shall be fewer than the designated number of Trustees, until additional Trustees are elected or appointed as provided herein to bring the total number of Trustees equal to the designated number, or the number of Trustees as fixed is reduced, the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this Declaration of Trust, and during the period during which any such vacancy shall occur, only the Trustees then in office shall be counted for the purposes of the existence of a quorum or any action to be taken by such Trustees. As evidence of such vacancy, an instrument certifying the existence of such vacancy may be executed by an officer of the Trust or by a Trustee. In the event of the death, declination, resignation, retirement, removal, or incapacity of all the then Trustees within a short period of time and without the opportunity for at least one Trustee being able to appoint additional Trustees to replace those no longer serving, the Trust's Investment Adviser(s) are empowered to appoint new Trustees subject to applicable provisions of Section 16(a) of the 1940 Act.

Section 4.4 <u>Meetings</u>*.* Meetings of the Trustees shall be held from time to time upon the call of the Chairman, if any, or the President or such other Persons as may be specified in the By-laws. Regular meetings of the Trustees may be held without call or notice at a time and place fixed by the By-laws or by resolution of the Trustees. Notice of any other meeting shall be given to the Trustees before the meeting at the time and in the manner specified in the By-laws, but may be waived in writing by any Trustee either before or after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee indicates for the record at the outset of a meeting that he or she is attending that meeting for the express purpose of objecting to the transaction of any business at that meeting on the ground that the meeting has not been properly called or convened. A quorum for all meetings of the Trustees shall be one-third, but not less than two, of the Trustees or such greater number as may be specified in the By-laws, unless there is only one Trustee, at which point a quorum will consist of that one Trustee. Unless provided otherwise in this Declaration of Trust and except as required under applicable provisions of the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees.

Any committee of the Trustees, including all executive committees, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third, but not less than two, of the members thereof. Unless provided otherwise in this Declaration of Trust, and except as required under applicable provisions of the 1940 Act, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent of a majority of the members.

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With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section 4.4 and shall be entitled to vote to the extent not prohibited by applicable provisions of the 1940 Act.

All of any one or more Trustees may participate in a meeting of Trustees or any committee thereof by means of a conference telephone or similar communications equipment by means of which all Persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in Person at such meeting to vote to the extent not prohibited by applicable provisions of the 1940 Act.

Section 4.5 <u>Trustee Action by Written Consent</u>. Except as otherwise limited by applicable provisions of the 1940 Act, any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee at which all members of the Board of Trustees or such committee are present consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. A consent may be delivered by delivery of a Trustee's original signature or delivery of a Trustee's signature or e-signature electronically via facsimile, .pdf, electronic mail or other electronic means. Any such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

Section 4.6 <u>Officers</u>*.* The Trustees shall elect a President, a Secretary, a Treasurer, one or more Executive Vice Presidents, one or more Senior Vice Presidents and one or more Vice Presidents, and may elect a Chairman or other officer or officers of the Trust as Trustees deem appropriate who shall serve at the pleasure of the Trustees or until their successors are elected or their resignation received and accepted. The Trustees may elect or appoint or may authorize the Chairman, if any, or President to appoint one or more assistant secretaries, assistant treasurers, assistant vice presidents and such other officers or agents with such powers as the Trustees may deem to be advisable. A Chairman shall, and the President, Secretary and Treasurer may, but need not, be a Trustee.

Section 4.7 <u>Trustee Compensation</u>. Any Trustee may be compensated for his or her services as Trustee by fixed periodic payments or by fees for attendance at meetings, by both or otherwise, and in addition may be reimbursed for transportation and other expenses, all in such manner and amounts as the Board of Trustees may from time to time determine. Nothing herein shall in any way prevent the engagement or employment of any Trustee for advisory, management, legal, accounting, investment banking or other services and payment for the same by the Trust.

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ARTICLE V<u> </u>

<u>POWERS OF THE TRUSTEES</u>

Section 5.1 <u>General</u>. The Trustees in all instances shall act as principals for and on behalf of the Trust and their acts shall bind the Trust. The business and affairs of the Trust shall be managed by the Trustees and they shall have full power and authority to do, or refrain from doing, any and all acts and to make and execute all contracts and instruments that they may consider necessary, appropriate or desirable in connection with the management of the Trust. The Trustees shall have the full power and authority to adopt such accounting and tax account practices as they consider appropriate for the Trust and for any Class. The Trustees shall have power to conduct the business of the Trust, maintain offices both within and without the State of Delaware, and carry on its operations in any and all of the United State of America, the District of Columbia, and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies and instrumentalities of the United States of America and of foreign governments, and to do all such other things as they deem necessary, appropriate or desirable in order to promote or implement the interests of the Trust or of any Class although such things are not herein specifically mentioned. The Trustees shall have exclusive and absolute control over the Trust Property and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted in this Declaration of Trust. The Trustees may perform such acts as in their sole discretion are proper for conducting the business of the Trust. The enumeration of any specific power herein shall not be construed as limiting the aforesaid powers. Such powers of the Trustees may be exercised without order of or resort to any court. Any determination as to what is in the interest of the Trust made by the Trustees in good faith shall be conclusive and binding on all Shareholders and all other Persons for all purposes. In construing the provisions of this Declaration of Trust, the presumption shall be in favor of a grant of power to the Trustees or, as applicable their delegates. The Trustees in all instances shall act as principals, free of the control of the Shareholders. Unless otherwise expressly provided herein or required by federal law, including the 1940 Act, the Trustees may take any action or exercise any power without any vote or consent of the Shareholders.

Section 5.2 <u>Investments</u>. The Trustees shall have full power and authority, subject to the Fundamental Policies in effect from time to time with respect to the Trust to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) manage, conduct, operate and carry on the business of an investment company, and exercise all of the powers necessary and appropriate to the conduct of such operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell, assign, transfer, exchange, distribute or otherwise deal in or dispose of any and all sorts of property, tangible or intangible, including securities, investments, instruments and other assets of any type whatsoever, whether equity or non-equity, such as, for example and without limitation, stocks, profit-sharing interests or participations and all other contracts for or evidences of equity interests, bonds, debentures, warrants and rights to purchase securities, loans, interests in loans, church loans and bonds, certificates of beneficial interest, bills, notes and all other contracts for or evidence of indebtedness, money market instruments including bank certificates of deposit, finance paper, commercial paper, bankers' acceptances, and other negotiable and non-negotiable securities, investments, instruments and other assets, however named or described, issued by corporations, trusts, associations or any other Persons, domestic or foreign, or issued or guaranteed by the United States of America or any agency or instrumentality thereof, by the government of any foreign country, by any State, territory or possession of the United States, by any political subdivision or agency or

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instrumentality of any state or foreign country, or by any other government or other governmental or quasi-governmental agency or instrumentality, domestic or foreign; to acquire and dispose of interests in domestic or foreign loans made by banks and other financial institutions; to deposit any assets of the Trust in any bank, trust company or banking institution or retain any such assets in domestic or foreign cash or currency; to purchase and sell gold and silver bullion, precious or strategic metals, and coins and currency of all countries; to engage in "when issued" and delayed delivery transactions; to enter into repurchase agreements, reverse repurchase agreements and firm commitment agreements; to engage in all types and kinds of derivative transactions, including hedging techniques and investment management strategies; and to change the securities, investments, instruments and other assets of the Trust; and the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers and privileges in respect of any of said securities, investments, instruments and other assets. The Trustees shall not be limited by any law limiting the investments which may be made by fiduciaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To acquire (by purchase, subscription or otherwise), to hold, to trade in and deal in, to acquire any rights or options to purchase or sell, to sell or otherwise dispose of, to lend and to pledge any Trust Property or any of the foregoing securities, investments, instruments or other assets; to purchase and sell options on securities, currency, precious metals and other commodities, indices, futures contracts and other derivatives or financial instruments and assets and enter into closing and other transactions in connection therewith; to enter into all types of commodities contracts, including the purchase and sale of futures contracts on securities, currency, precious metals and other commodities, indices and other financial instruments and assets; to enter into forward foreign currency exchange contracts and other foreign exchange and currency transactions of all types and kinds; to enter into interest rate, currency and other swap transactions; and to engage in all types and kinds of hedging, risk management and other derivatives transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To exercise all rights, powers and privileges of ownership or in all securities, investments, instruments and other assets included in the Trust Property, including the right to vote thereon and otherwise act with respect thereto; and to do all acts and things for the preservation, protection, improvement and enhancement in value of all such securities, investments, instruments and assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To acquire (by purchase, lease or otherwise) and to hold, use, maintain, lease, develop and dispose of (by sale or otherwise) any type or kind of property, real or personal, including domestic or foreign currency, and any right or interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To borrow money and in this connection issue notes, commercial paper or other evidence of indebtedness; to secure borrowings by mortgaging, pledging or otherwise subjecting as security all or any part of the Trust Property; to endorse, guarantee, or undertake the performance of any obligation or engagement of any other Person; to pay commitment and other borrowing-related fees; to lend all or part of the Trust Property to other Persons; and to issue general unsecured or other obligations of the Trust, and enter into indentures, lines of credit or other agreements relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To aid, support or assist by further investment or other action any Person, any obligation of or interest which is included in the Trust Property or in the affairs of which the Trust has any direct or indirect interest; to do all acts and things designed to protect, preserve, improve or enhance the value of such obligation or interest; and to guarantee or become surety on any or all of the contracts, securities and other obligations of any such Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To join other security holders in acting through a committee, depositary, voting trustee or otherwise, and in that connection to deposit any security with, or transfer any security to, any such committee, depositary or trustee, and to delegate to them such power and authority with relation to any security (whether or not so deposited or transferred) as the Trustees shall deem proper, and to agree to pay, and to pay, such portion of the expenses and compensation of such committee, depositary or trustee as the Trustees shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To carry on any other business in connection with or incidental to any of the foregoing powers referred to in this Declaration of Trust, to do everything necessary, appropriate or desirable for the accomplishment of any purpose or the attainment of any object or the furtherance of any powers referred to in this Declaration of Trust, either alone or in association with others, and to do every other act or thing incidental or appurtenant to or arising out of or connected with such business or purposes, objects or powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To consent to or participate in any plan for the reorganization, asset sale, consolidation or merger of any corporation or issuer of any security, investment, instrument or other asset which is held in the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer; and to pay calls or subscriptions with respect to any security, investment, instrument or other asset held in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To purchase, and pay or incur premiums or other fees or expenses in connection with, property, political or other insurance on or with respect to any security, investment, instrument or other asset purchased or held by the Trust or any Trust Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To sell securities or other financial instruments short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To sell, exchange or otherwise dispose of, lend, pledge, mortgage, hypothecate, lease, or write options (including options on futures contracts) with respect to or otherwise deal in any property rights relating to any or all of the assets of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To conduct any other lawful business as the Trustees deem appropriate or advisable from time to time.

The foregoing clauses shall be construed both as objects and powers, and shall not be held to limit or restrict in any manner the general and plenary powers of the Trustees.

Notwithstanding any other provision herein, the Trustees shall have full power in their discretion, without Shareholder authorization or approval, to invest part or all of the Trust Property, or to dispose of part or all of the Trust Property and invest the proceeds of such disposition, in securities, investments, instruments or other assets issued by one or more other investment companies registered under the 1940 Act or by one or more other pooled investment vehicles, whether or not registered.

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Section 5.3 <u>Legal Title</u>. Legal title to all of the Trust Property shall at all times be considered to be vested in the Trust, except that the Board of Trustees shall have the power to cause legal title to any Trust Property to be held by or in the name of any Person as nominee, on such terms as the Board of Trustees may determine, in accordance with applicable law. The right, title and interest of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee. Upon the resignation, declination to serve, removal or death of a Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee (if any) in the Trust Property shall vest automatically in the Trust. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Section 5.4 <u>Issuance and Repurchase of Shares</u>. The Trustees shall have the full power and authority to issue, sell, repurchase, redeem, retire, cancel, acquire, combine, hold, resell, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and, subject to the more detailed provisions set forth in Section 7.2, to apply to any such repurchase, redemption, retirement, cancellation, acquisition or combination of Shares any funds or property whether capital or surplus or otherwise. Shares may be sold for cash or property or other consideration whenever and in such amounts and manner as the Trustees deem desirable. The Trustees shall have full power to provide for the issuance and the distribution of Shares by the Trust directly or through one or more Principal Underwriters, or both, or otherwise, including pursuant to one or more distribution plans of any kind.

Section 5.5 <u>Borrow Money or Utilize Leverage</u>. Subject to the Fundamental Policies in effect from time to time with respect to the Trust, the Trustees shall have the power to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation (and to pay commitment and other borrowing-related fees in connection therewith) as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the Trust Property, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other Person, firm, association or corporation.

Section 5.6 <u>Delegation; Committees</u>. The Trustees shall have the power, consistent with their continuing exclusive authority over the management of the Trust and the Trust Property, to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing of such things and the execution of such instruments either in the name of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient, to at least the same extent as such delegation is permitted to directors of corporations formed under the Delaware General Corporation Law and is permitted by applicable provisions of the 1940 Act, as well as any further delegations the Trustees may determine to be desirable, expedient or necessary in order to effect the purpose hereof, provided that such delegations by the Trustees shall not cause any Trustee to cease to be a Trustee of the Trust or cause such officer, employee or agent to be a Trustee of the Trust. The Trustees may designate an executive committee which shall have all authority of the entire Board of Trustees except such committee cannot declare dividends or other distributions except to the extent specifically delegated by the Board of Trustees and cannot authorize removal of a Trustee or any merger, consolidation or sale of substantially all of the assets of the Trust. Any Trustee may, by power of attorney, delegate his or her power for a period not exceeding twelve months at any one time to any other Trustee or Trustees or other designated Persons.

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Section 5.7 <u>Collection</u><u> </u><u>and</u><u> </u><u>Payment</u>. The Trustees shall have full power and authority to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments.

Section 5.8 <u>Expenses</u>. The Trustees shall have full power and authority to incur and pay out of the Trust Property or income of the Trust any expenses which in the opinion of the Trustees are necessary or incidental to carry out any of the purposes of this Declaration of Trust, and the business of the Trust, and to pay reasonable compensation from the Trust Property to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the Trust.

Section 5.9 <u>By-laws</u>. The Trustees shall have the exclusive authority to adopt and from time to time amend or repeal By-laws for the conduct of the business of the Trust not inconsistent with this Declaration of Trust. Unless the By-laws specifically require that Shareholders authorize or approve the amendment or repeal of a particular provision of the By-laws, any provision of the By-laws may be amended or repealed by the Trustees without Shareholder authorization or approval.

Section 5.10 <u>Miscellaneous Powers</u>. The Trustees shall have the power to: (a) engage or contract, on behalf of the Trust, with such Persons as the Trustees may deem desirable for the transaction of the business of the Trust; (b) enter into joint ventures, general or limited partnerships and any other combinations or associations; (c) purchase, and pay for entirely out of Trust Property, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such liability; (d) establish pension, profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive and benefit plans and trusts for any Trustees, officers, employees and agents of the Trust; (e) make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or similar purpose; (f) to the extent permitted by law, indemnify or reimburse any Person with whom the Trust has dealings, including any officer, advisor, administrator, manager, transfer agent, custodian, distributor or selected dealer, or any other Person as the Trustees may see fit to such extent as the Trustees shall determine; (g) guarantee indebtedness or contractual obligations of others; (h) determine and change the fiscal year of the Trust and the method in which its accounts shall be kept; (i) notwithstanding the Fundamental Policies of the Trust, convert the Trust to a master-feeder structure as herein provided, without Shareholder authorization or approval, unless such authorization or approval is required by the 1940 Act; (j) adopt a seal for the Trust but the absence of such seal shall not impair the validity of any contract or other instrument executed on behalf of the Trust; and (k) distribute to Shareholders all or any part of the earnings or profits, surplus (including paid-in surplus), capital (including paid-in capital) or assets of the Trust, the amount of such distributions and the manner of payment thereof to be solely at the discretion of the Trustees.

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Section 5.11 <u>Service</u><u> </u><u>Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Advisory and Management Agreements</u>. Subject to such requirements and restrictions as may be set forth in the By-laws and/or applicable provisions of the 1940 Act, the Board of Trustees may, at any time and from time to time, contract for exclusive or nonexclusive advisory, management and/or administrative services for the Trust with any corporation, trust, association or organization or other Person, including any Affiliated Person; and any such contract may contain such other terms as the Board of Trustees may determine, including authority for the Investment Adviser or administrator to determine from time to time without prior consultation with the Board of Trustees what securities, investments, instruments or other assets or Trust Property shall be purchased or otherwise acquired, owned, held, invested or reinvested, sold, exchanged, transferred, mortgaged, pledged, assigned, negotiated, or otherwise dealt with or disposed of, and what portion, if any, of the Trust Property shall be held uninvested and to make changes in the Trust's investments, or such other activities as may specifically be delegated to such party.

The Trustees may also authorize the Trust to engage, or authorize the Investment Adviser to engage, one or more sub-investment advisers from time to time to perform such of the acts and services of the Investment Adviser and upon such terms and conditions as may be agreed upon between the Investment Adviser and such sub-investment adviser and approved by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Distribution Agreements</u>. Subject to compliance with applicable provisions of the 1940 Act, the Board of Trustees may retain underwriters and/or placement agents to sell Shares. The Board of Trustees may in its discretion from time to time enter into one or more contracts, providing for the sale of the Shares, whereby the Trust may either agree to sell Shares to the other party to the contract or appoint such other party its sales agent for Shares. In either case, the contract shall be on such terms and conditions as the Board of Trustees may in its discretion determine, not inconsistent with the provisions of this Section 5.11 or the By-laws; and such contract may also provide for the repurchase or sale of Shares by such other party as principal or as agent of the Trust and may provide that such other party may enter into selected dealer agreements with registered securities dealers and brokers and servicing and similar agreements with Persons who are not registered securities dealers to further the purposes of the distribution or repurchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Arrangements</u>*.* The Board of Trustees is further empowered, at any time and from time to time, to contract with any Persons to provide such other services to the Trust, as the Board of Trustees determine to be in the best interests of the Trust, including appointing one or more Persons to act as the custodian, transfer agent, dividend disbursing agent, fund accountant, and/or shareholder servicing agent for the Trust or one or more Classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Parties to Contracts</u>*.* The fact that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of the Shareholders, Trustees, employees or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, manager, Adviser, distributor, or Affiliated Person or agent of or for any corporation, trust, association, organization or other Person, or for any parent or Affiliated Person of any Person with which an Adviser's, management or administration contract, or custodian, transfer, dividend disbursing, fund accounting, shareholder servicing or other type of service contract may have been or may hereafter be made, or that any such Person, or any parent or Affiliated Person thereof, is a Shareholder or has an interest in the Trust; or that

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any corporation, trust, association, organization or other Person with which an Adviser's, management or administration contract, or custodian, transfer, dividend disbursing, fund accounting, shareholder servicing or other type of service contract may have been or may hereafter be made also has an Adviser's, management or administration contract, or distributor's contract, or custodian, transfer, dividend disbursing, shareholder servicing or other service contract with one or more other corporations, trusts, associations, organizations, or other Persons, or has other business or interests, shall not affect the validity of any such contract or disqualify any Shareholder, Trustee, employee or officer of the Trust from voting upon or executing the same, or create any liability or accountability to the Trust or its Shareholders, provided that the establishment of and performance under each such contract is permissible under applicable provisions of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Modification, Amendment and Waiver</u>. The authority of the Trustees hereunder to authorize the Trust to enter into contracts or other agreements or arrangements shall include the authority of the Trustees to modify, amend, waive any provision of, supplement, assign all or a portion of, novate, or terminate such contracts, agreements or arrangements. The enumeration of any specific contracts in this Section 5.11 shall in no way be deemed to limit the power and authority of the Trustees as otherwise set forth in this Declaration of Trust to authorize the Trust to engage, contract with, or make payments to such Persons as the Trustees may deem desirable for the transaction of the business of the Trust.

Section 5.12 <u>Trustees and Officers as Shareholders</u>. Any Trustee, officer or agent of the Trust may acquire, own, or dispose of Shares to the same extent as if he or she were not a Trustee, officer or agent; and the Trustees may issue and sell and cause to be issued and sold Shares to, and redeem such Shares from, any such Person or any firm or company in which such Person is interested, subject only to the general limitations contained herein relating to the sale and redemption of such Shares. A Trustee shall not be required to be a Shareholder.

Section 5.13 <u>Certain Transactions</u>. Except as prohibited by the 1940 Act, the Trustees may, on behalf of the Trust, buy any securities from or sell any securities to, or lend any assets of the Trust to, any Trustee or officer of the Trust or any firm of which any such Trustee or officer is a member acting as principal, or have any such dealings with any Investment Adviser, administrator, Principal Underwriter, transfer agent, dividend disbursing agent or custodian for the Trust or with any Interested Person of such person. The Trust may employ any such person or entity of which such person is an Interested Person as broker, legal counsel, Investment Adviser, administrator, Principal Underwriter, transfer agent, dividend disbursing agent, custodian or in any other capacity upon customary terms.

ARTICLE VI<u> </u>

<u>SHAREHOLDER VOTING AND MEETINGS</u>

Section 6.1 <u>Voting Powers</u>. Notwithstanding any other provision of this Declaration of Trust or the By-laws, the Shareholders shall have power to vote only: (i) with respect to such matters relating to the Trust as may be required by applicable provisions of the 1940 Act or other applicable law; and (ii) as the Trustees may otherwise consider necessary or desirable in their sole discretion. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote.

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Notwithstanding any other provision of the Declaration of Trust, on any matters submitted to a vote of the Shareholders, all Shares then entitled to vote shall be voted in the aggregate, except: (i) when required by applicable provisions of the 1940 Act, Shares shall be voted by individual Class; (ii) when the matter involves any action that the Trustees have determined will affect only the interests of one Class, then only the Shareholders of such Class shall be entitled to vote thereon; and (iii) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Classes, then only the Shareholders of such Classes shall be entitled to vote thereon. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy or in any manner provided for in the By-laws, which may provide that a proxy may be given in writing or by electronic, telephonic or other alternative means, or in any other manner deemed acceptable by the Trustees. Until Shares are issued, the Trustees may exercise all rights of Shareholders and may take any action required by law, this Declaration of Trust or the By-laws to be taken by Shareholders.

Section 6.2 <u>Meetings of Shareholders</u>. Meetings of Shareholders may be called from time to time for the purpose of acting on any matter requiring the vote or authority of Shareholders as herein provided, or on any other matter deemed by the Trustees to be necessary or desirable. The Trust shall not be required to hold annual meetings of the Shareholders unless required by law. Meetings of Shareholders shall be called, and notice thereof and the record dates therefor shall be given and set, as provided by the By-laws. Meetings of Shareholders may be held within or outside the State of Delaware. In the event the Trust invests as allowed in Section 10.2(c) in another investment company pursuant to Section 12(d)(1)(E) of the 1940 Act, and such other investment company holds a meeting of its investors, the Trust may seek instructions from its Shareholders, without the necessity of holding a meeting or obtaining a quorum of Shareholders, and vote all of the Trust's interests in such other investment company proportionately to the instructions received from the Shareholders. For the avoidance of doubt, any such seeking of Shareholder instructions by the Trust also may, but need not be, sought through means of a meeting of the Shareholders or use of a proxy, or both.

Section 6.3 <u>Quorum and Required Vote</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) One-quarter of the Shares entitled to vote in person or by proxy shall constitute a quorum for the transaction of business at a Shareholders' meeting, except that where any applicable provision of the 1940 Act or other applicable law or this Declaration of Trust permits or requires the holders of any Class to vote as a Class, then one-quarter of the aggregate number of Shares of that Class entitled to vote shall constitute a quorum for the transaction of business by that Class. Any meeting of Shareholders may, by action of the chairman of the meeting, be adjourned with respect to one or more matters to be considered at such meeting, whether or not a quorum is present with respect to such matter(s). Any adjourned meeting may be held as adjourned without further notice if the date, time and place of the adjourned meeting were announced at the time of the adjournment. At any adjourned meeting, the Trust may transact any business that might have been transacted at the original meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except when a larger vote is required by any provision of this Declaration of Trust or the By-laws or by applicable provisions of the 1940 Act or other applicable law, when a quorum is present at any meeting, the vote required to approve a matter requiring a vote of the Shareholders shall be as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a majority of the Shares voted in person or by proxy shall decide any matters not otherwise provided for in this Declaration of Trust or the By-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a plurality of all the Shares voted at a meeting of the Shareholders at which a quorum is present shall elect a Trustee, except in the case of a contested election, in which case a majority of all the Shares issued and outstanding shall elect a Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) except as provided in Section 11.7, a Supermajority of all the Shares issued and outstanding shall decide any proposal by a Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shares shall be voted in the aggregate, except when required by the 1940 Act or other applicable law, or when this Declaration of Trust or the By-laws requires that Shares be voted by Class. Except when a larger vote is required by the 1940 Act or other applicable law, any provision of this Declaration of Trust or the By-laws, when the holders of any Class vote as a Class, the vote required to approve a matter insofar as that Class is concerned shall be as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a majority of the Shares of that Class voted in person or by proxy shall decide any matters not otherwise provided for in this Declaration of Trust or the By-laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a majority of all the Shares of that Class issued and outstanding shall elect a Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notwithstanding any other provision in this Declaration of Trust, except as provided in Section 11.7, a Supermajority of all the Shares of that Class issued and outstanding shall decide any proposal by a Shareholder.

Section 6.4 <u>Action by Written Consent</u>. Any action that may be taken at any meeting of Shareholders may be taken without a meeting, if written or electronic consent to the action is filed with the records of the meetings of Shareholders by the holders of the number of Shares that would be required to approve the matter as provided in Section 6.3 and such action is submitted to Shareholders by the consent of the Board of Trustees. Such written Shareholder consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

Section 6.5 <u>Insurance</u>. To the fullest extent permitted by applicable provisions of the 1940 Act and other applicable law, the officers and Trustees shall be entitled and have the authority to purchase with Trust Property, insurance for liability and for all expenses reasonably incurred or paid or expected to be paid by a Trustee or officer in connection with any claim, action, suit or proceeding in which such Person becomes involved by virtue of such Person's capacity or former capacity with the Trust, whether or not the Trust would have the power to indemnify such Person against such liability under the provisions of this Declaration of Trust.

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ARTICLE VII

<u>DISTRIBUTIONS, REPURCHASES AND REDEMPTIONS; NET ASSET VALUE</u> 

Section 7.1 <u>Distributions</u>. The Board of Trustees may declare and pay dividends and other distributions on Shares. The amount and payment of such dividends or distributions and their form, whether they are in cash, Shares or other property, shall be determined by the Trustees. Dividends and other distributions may be paid pursuant to a standing resolution adopted once or more often as the Trustees determine. All dividends and other distributions on Shares shall be distributed pro rata to the Shareholders in proportion to the number of Shares they held on the record date established for such payment, except that such dividends and distributions shall appropriately reflect all liabilities, expenses, costs, charges, fees and reserves attributable or allocated to any Class. The Trustees may adopt and offer to Shareholders such dividend reinvestment, cash dividend payout or similar plans as the Trustees deem appropriate.

Section 7.2 <u>Redemptions and Repurchases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Shareholder shall have any right to redeem Shares. Except as otherwise provided in this Declaration of Trust, no Shareholder or other Person holding Shares shall have any ability to withdraw from the Trust or to tender Shares to the Trust for repurchase or otherwise to request repurchase of such Shares. From time to time, the Trust may redeem or repurchase its Shares, all upon such terms and conditions as may be determined by the Board of Trustees, in its sole discretion, and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the Principal Underwriter or to any other person designated by the Trustees upon redemption or repurchase of Shares in such amount as shall be determined from time to time by the Trustees. The Trust may also charge a redemption or repurchase fee, payable to the Trust, in such amount as may be determined from time to time by the Trustees. Payment for said Shares shall be made by the Trust as permitted under the 1940 Act. The provisions set forth in this Section 7.2(a) may be suspended or postponed by the Board of Trustees in the event that the New York Stock Exchange is closed, other than on weekends or holidays, or if permitted by the rules and regulations or an order of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of investments or to determine fairly the value of the net assets held or during any other period permitted by order of the Commission for the protection of investors. The Trustees may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption or repurchase of Shares of the Trust, which may include establishing a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder's Shares, if the Net Asset Value of the Shareholder's Shares, as a result of repurchase or transfer requests by the Shareholder, is less than any minimum amount established by the Trustees from time to time in their sole discretion. In the event that a Shareholder shall submit a request for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension of any repurchases or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an end.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 7.2(a) hereof, the Trust may redeem or repurchase Shares at their Net Asset Value or at such other price as is not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, which may be reduced by any sales charge, withdrawal charge, redemption or repurchase fee, or any other form of charge authorized by the Trustees. Net Asset Value shall be determined as set forth in Section 7.3 hereof as of such time as the Trustees shall have prescribed. Subject to Section 7.2(a) hereof, any Preferred Shares may be redeemed or repurchased on such terms as are stipulated in the document or resolution of the Trustees establishing their terms. Payment for Shares redeemed or repurchased shall be made in cash or in property out of the assets of the Trust to the Shareholder of record at such time and in the manner, not inconsistent with the 1940 Act or other applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to applicable federal law, including the 1940 Act, the redemption or repurchase price may be paid, in any case or cases, wholly or partly in kind if the Trustees determine in their sole discretion that such payment is advisable in the interest of the remaining Shareholders of the Trust, and the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption or repurchase price may be determined by or under authority of the Trustees in their sole discretion. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustees may cause the Trust to repurchase or redeem Shares of a Shareholder or any Person acquiring Shares from or through a Shareholder, on terms the Trustees believe are fair to the Trust and to the Shareholder or any Person acquiring Shares from or through such Shareholder, in the event that the Trustees, in their sole discretion, determine or have reason to believe that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Shares have been transferred in violation of Section 3.9, or the Shares have vested in any Person other than by operation of law as the result of the death, dissolution, bankruptcy, insolvency or adjudicated incompetence of the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ownership of the Shares by a Shareholder or other Person is likely to cause the Trust to be in violation of, or require registration of any Shares under, or subject the Trust to additional registration or regulation under, the securities, commodities or other laws of the United States or any other relevant jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) continued ownership of the Shares may be harmful or injurious to the business or reputation of the Trust, the Trustees or the Investment Adviser or any of their Affiliated Persons, or may subject the Trust or any of the Shareholders to an undue risk of adverse tax or other fiscal or regulatory consequences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any of the representations and warranties made by a Shareholder or other Person in connection with the acquisition of the Shares was not true when made or has ceased to be true; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) it would be in the best interests of the Trust, as determined by the Trustees, for the Trust to repurchase the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If all of a Shareholder's Shares are repurchased or redeemed, that Shareholder will cease to be a Shareholder.

Section 7.3 <u>Net Asset Value; Net Income</u>. The Net Asset Value per Share of each Class of the Trust is the total value of Trust assets attributable to Shares of that Class minus the liabilities attributable to that Class, divided by the total number of Shares outstanding for that Class or, if there are no Classes, the Net Asset Value per share of the Trust is the total value of Trust assets minus the Trust's liabilities, divided by the total number of Shares outstanding, in each case, as determined in accordance with the methods and procedures, including those with respect to rounding, and timing established by the Trustees from time to time in accordance with applicable provisions of the 1940 Act. Subject to applicable provisions of the 1940 Act, the Trustees may delegate any of their powers and duties with respect to the valuation of assets and the determination of Net Asset Value per Share to one or more Trustees or officers of the Trust or to an Investment Adviser, administrator, custodian or other agent appointed for such purpose.

Section 7.4 <u>Dividends and Distributions</u>. The Trustees shall have the sole discretion, to the extent not inconsistent with applicable provisions of the 1940 Act, to determine which items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding upon all Shareholders for all purposes.

ARTICLE VIII<u> </u>

<u>CUSTODIAN</u>

The Trustees shall at all times place and maintain the securities and other investments of the Trust in the custody of one or more custodians meeting the requirements of applicable provisions of the 1940 Act or as otherwise permitted by the Commission or its staff. The Trustees, on behalf of the Trust, may enter into one or more agreements with a custodian on terms and conditions acceptable to the Trustees, providing for the custodian, among other things: (i) to hold the securities and other investments owned by the Trust and deliver the same upon written order or oral order confirmed in writing; (ii) to receive and give a receipt for money paid for any moneys due to the Trust and, on behalf of the Trust, deposit the same in its own banking department or elsewhere; (iii) to disburse such funds upon orders or vouchers; (iv) to engage one or more sub-custodians; (v) if authorized by the Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and (vi) if authorized by the Trustees, to compute the net income or Net Asset Value of the Trust. The Trustees may also authorize each custodian to engage one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in applicable provisions of the 1940 Act. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of the securities of the Trust in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Securities Exchange Act of 1934, as amended, or such other Person as may be permitted by the Commission, or otherwise in accordance

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with applicable provisions of the 1940 Act, pursuant to which system all securities of any particular class or series of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust or its custodians, sub-custodians or other agents.

ARTICLE IX

<u>LIMITATION OF LIABILITY; INDEMNIFICATION</u> 

Section 9.1 <u>Limitation of Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise required by applicable law, the Trustees, officers, employees and agents of the Trust shall only have the duty to perform their respective obligations, including applicable fiduciary duties, in a manner that does not constitute bad faith, willful misfeasance, gross negligence or reckless disregard of their respective duties as a Trustee, officer, employee or agent expressly set forth in this Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that, at law or in equity, a Trustee, officer, employee or agent has duties and liabilities relating thereto to the Trust or any Class, to the Shareholders or to any other Person, a Trustee, officer, employee or agent acting under this Declaration of Trust shall not be liable to the Trust, to the Shareholders or to any other Person for his or her reliance on the provisions of this Declaration of Trust. The provisions of this Declaration of Trust, to the extent that they restrict the duties and limit the liabilities of the Trustees, officers, employees or agents otherwise existing at law or in equity, replace such other duties and liabilities of such Trustees, officers, employees or agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise expressly set forth herein, the Trustees, officers, employees and agents of the Trust shall not have any personal liability to any Person other than the Trust, any Class or any Shareholders for any act, omission or obligation of the Trust or any Trustee, and then only for acts constituting bad faith, willful misfeasance, gross negligence or reckless disregard of duties expressly set forth in this Declaration of Trust. No Trustee, officer, employee or agent of the Trust shall be liable to the Trust or its Shareholders for any act or omission or any conduct whatsoever; provided that nothing contained herein shall protect any officer, employee or agent against any liability to the Trust or its Shareholders to which he or she would otherwise be subject by reason of bad faith, willful misfeasance, gross negligence or reckless disregard of his or her duties as an officer, employee or agent as expressly set forth herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Person who is or has been a Trustee or officer of the Trust shall be liable to the Trust, a Class or a Shareholder for any action or failure to act or for any other reason except solely for his or her own bad faith, willful misfeasance, gross negligence or reckless disregard of his or her duties expressly set forth herein, and for nothing else, and shall not be liable for errors of judgment or mistakes of fact or law. Subject to the foregoing: (i) the Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any other Person, including any officer, agent, employee, independent contractor or consultant, nor shall any Trustee be responsible for the act or omission of any other Trustee; (ii) the Trustees may rely upon advice of legal counsel or other experts with respect to the meaning and operation of this Declaration of Trust and their duties as Trustees hereunder, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice; and (iii) the Trustees shall be fully protected in relying upon the records of the Trust and upon information, opinions, reports or statements presented by another Trustee or any officer, employee or other agent of the Trust, or by any other Person, as to matters reasonably believed to be within such Person's professional or expert competence, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits or losses of the Trust or any Class, or the value and amount of assets or reserves or contracts, agreements or other undertakings that would be sufficient to pay claims and obligations of the Trust or any Class or to make reasonable provision to pay such claims and obligations, or any other facts pertinent to the existence and amount of assets from which distributions to Shareholders or creditors of the Trust might properly be paid. The appointment, designation or identification of a Trustee as chair of the Trustees, a member or chair of a committee of the Trustees, an expert on any topic or in any area (including an audit committee financial expert), or the lead independent Trustee, or any other special appointment, designation or identification of a Trustee, shall not impose on that Person any standard of care or liability that is greater than that imposed on that Person as a Trustee in the absence of the appointment, designation or identification, and no Trustee who has special skills or expertise, or is appointed, designated or identified as aforesaid, shall be held to a higher standard of care by virtue thereof. In addition, no appointment, designation or identification of a Trustee as aforesaid shall affect in any way that Trustee's rights or entitlement to indemnification or advancement of expenses. The Trustees shall not be required to give any bond or other security, nor any surety if a bond is obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Persons extending credit to, contracting with or having any claim against the Trust shall look only to Trust Property and neither the Trustees nor the Shareholders, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Every written obligation, note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever executed or done by or on behalf of the Trust or the Trustees or officers by any of them in connection with the Trust shall conclusively be deemed to have been executed or done only in or with respect to his, her or their capacity as Trustee or Trustees, or officer or officers, as the case may be, and such Trustee or Trustees, or officer or officers shall not be personally liable thereon. At the Trustees' discretion, any written obligation, note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees or by any officer or officers may give notice that this Declaration of Trust is on file in the Office of the Secretary of the State of Delaware and that a limitation on liability exists and such written obligation, note, bond, contract, instrument, certificate or undertaking may, if the Trustees so determine, recite that the same was executed or made on behalf of the Trust by a Trustee or Trustees in such capacity and not individually, or by an officer or officers in such capacity and not individually, and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only on the assets and property of the Trust, and may contain such further recital as such Person or Persons may deem appropriate. The omission of any such notice or recital shall in no way operate to bind any Trustees, officers or Shareholders individually.

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Section 9.2 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the exceptions and limitations contained in paragraph (b) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) every Person who is, or has been, a Trustee or an officer, employee or agent of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise ("Covered Person") shall be indemnified by the Trust to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to the provisions of this Section 9.2, each Covered Person shall, in the performance of his or her duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the records, books and accounts of the Trust, upon an opinion or other advice of legal counsel, or upon reports made or advice given to the Trust by any Trustee or any of its officers, employees, or a service provider selected with reasonable care by the Trustees or officers of the Trust, regardless of whether the person rendering such report or advice may also be a Trustee, officer or employee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as used herein, the words "claim," "action," "suit" or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal, investigative or other, including appeals), actual or threatened, and the words "liability" and "expenses" shall include attorney's fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent required under applicable provisions of the 1940 Act, but only to such extent, no indemnification shall be provided hereunder to a Covered Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) who shall have been finally adjudicated by a court or other body before which the proceeding was brought to be liable to the Trust or its Shareholders by reason of bad faith, willful misfeasance, gross negligence or reckless disregard of the duties expressly set forth herein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event of a settlement or other disposition not involving a final adjudication as provided in paragraph (b)(i) above resulting in a payment by a Trustee or officer, unless there has been a determination that such Covered Person did not engage in bad faith, willful misfeasance, gross negligence or reckless disregard of the duties expressly set forth herein: (A) by the court or other body approving the settlement or other disposition; (B) by at least a majority of those Trustees who are neither Interested Persons of the Trust nor parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or (C) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled and shall inure to the benefit of the heirs, executors and administrators of a Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent that any determination is required to be made as to whether a Covered Person engaged in conduct for which indemnification is not provided as described herein, or as to whether there is reason to believe that a Covered Person ultimately will be found entitled to indemnification, the Person or Persons making the determination shall afford the Covered Person a rebuttable presumption that the Covered Person has not engaged in such conduct and that there is reason to believe that the Covered Person ultimately will be found entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the maximum extent permitted by applicable law, expenses in connection with the preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in subsection (a) of this Section 9.2 shall be paid by the Trust from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such Covered Person that such amount will be paid over by him or her to the Trust if it is ultimately determined that he or she is not entitled to indemnification under this Section; provided, however, that any such advancement will be made in accordance with any conditions required by the Commission. The advancement of any expenses pursuant to this Section 9.2(e) shall under no circumstances be considered a "loan" under the Sarbanes-Oxley Act of 2002, as amended from time to time, or for any other reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any repeal or modification of this Article IX or adoption or modification of any other provision of this Declaration of Trust inconsistent with this Article shall be prospective only to the extent that such repeal or modification would, if applied retrospectively, adversely affect any limitation on the liability of any Covered Person or indemnification or right to advancement of expenses available to any Covered Person with respect to any act or omission that occurred prior to such repeal, modification or adoption.

Section 9.3 <u>Further Indemnification</u>. Nothing contained herein shall affect any rights to indemnification to which any Covered Person or other Person may be entitled by contract or otherwise under law or prevent the Trust from entering into any contract to provide indemnification to any Covered Person or other Person. Without limiting the foregoing, the Trust may, in connection with any transaction permitted by this Declaration of Trust, including the acquisition of assets subject to liabilities or a merger or consolidation pursuant to Section 10.2 hereof, assume the obligation to indemnify any Person including a Covered Person or otherwise contract to provide such indemnification, and such indemnification shall not be subject to the terms of this Article IX unless otherwise required under applicable law.

Section 9.4 <u>Limitation of Personal Liability and Indemnification of Shareholders</u>. No Shareholder shall be subject to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. No Shareholder or former Shareholder shall be liable solely by reason of his or her being or having been a Shareholder for any debt, claim, action, demand, suit, proceeding, judgment, decree, liability or obligation of any kind, against, or with respect to the Trust or any Class arising out of any action taken or omitted for or on behalf of the Trust or such Class, and the Trust shall be solely liable therefor and resort shall be had solely to the Trust Property for the payment or performance thereof.

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If any Shareholder or former Shareholder of any Class is held personally liable solely by reason of his or her being or having been a Shareholder and not because of his or her acts or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors, administrators or other legal representatives or, in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of Trust Property to be held harmless from and indemnified against all claims and liabilities and reimbursed all legal and other expenses reasonably incurred by him or her in connection with such claim or liability. The Trust shall, upon request by such Shareholder or former Shareholder, assume the defense of any claim made against him or her for any act or obligation of the Trust and satisfy any judgment thereon from Trust Property.

ARTICLE X

<u>DURATION, REORGANIZATION; AMENDMENTS</u> 

Section 10.1 <u>Termination of the Trust or Any Class</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless terminated as provided herein, the Trust shall continue in perpetuity. The Trust may be dissolved, and any Class may be terminated, at any time by the Trustees without Shareholder authorization or approval by written notice to the Shareholders or, in the case of the termination of any Class, to the Shareholders of such Class. Any action to dissolve the Trust shall be deemed to be an action to terminate each Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In accordance with Section 3808 of the Delaware Act, upon the requisite action by the Trustees to dissolve the Trust, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated, of the Trust as may be determined by the Trustees, the Trust shall in accordance with such procedures as the Trustees consider appropriate reduce the remaining assets of the Trust or the assets held with respect to the affected Class to distributable form in cash, securities or other assets, or any combination thereof, and distribute the proceeds to the Shareholders, ratably according to the number of Shares held by the several Shareholders on the date of distribution. Thereupon, any affected Class shall terminate and the Trustees and the Trust shall be discharged of any and all further liabilities and duties relating thereto or arising therefrom, and the right title and interest of all parties with respect to such Class shall be canceled and discharged. Upon the requisite action by the Trustees to terminate any Class, the Trustees may, to the extent they deem it appropriate, follow the procedures set forth in this Section 10.1(b) that are specified in connection with the dissolution and winding up of the Trust. Alternatively, in connection with the termination of any Class, the Trustees may treat such termination as a redemption of the Shareholders of such Class effected pursuant to Section 7.2 hereof, provided that the costs relating to the termination of such Class shall be included in the determination of the Net Asset Value of the Shares of such Class for purposes of determining the redemption price to be paid to the Shareholders of such Class (to the extent not otherwise included in such determination). In connection with the dissolution and liquidation of the Trust, or the termination of any Class, the Trustees may provide for the establishment of a liquidating trust or similar vehicle.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon dissolution of the Trust, following completion of winding up of its business and affairs, the Trustees shall cause a certificate of cancellation of the Certificate of Trust to be filed in accordance with the Delaware Act, which certificate of cancellation may be signed by any one Trustee. Upon the filing of such certificate of cancellation, the Trust shall terminate, the Trustees shall be discharged of any and all further liabilities and duties relating thereto or arising therefrom, and the right, title and interest of all parties with respect to the Trust shall be canceled and discharged.

Section 10.2 <u>Reorganization; Master/Feeder Structure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to and in accordance with the provisions of Section 3815(f) of the Delaware Act, and notwithstanding anything to the contrary contained in this Declaration of Trust, an agreement of reorganization, merger or consolidation approved by the Trustees in accordance with this Section 10.2 may effect any amendment to this Declaration of Trust or effect the adoption of a new governing instrument of the Trust if the Trust is the surviving or resulting entity in the merger or consolidation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything else herein, the Trustees may, in their sole discretion and without Shareholder authorization or approval unless such Shareholder authorization and approval is required by applicable provisions of the 1940 Act, invest all or a portion of Trust Property, or dispose of all or a portion of Trust Property and invest the proceeds of such disposition, in interests issued by one or more other investment companies registered under the 1940 Act or series thereof or other pooled investment vehicles or series thereof. Any such other investment company or pooled investment vehicle may (but need not) be a trust (formed under the laws of any state or jurisdiction) which is classified as a partnership for federal income tax purposes. Notwithstanding anything else herein, the Trustees may, without Shareholder approval unless such approval is required by the 1940 Act, cause the Trust if organized in the master/feeder fund structure to withdraw or redeem its Trust Property from the master fund and cause the Trust to invest its Trust Property directly in securities and other financial instruments or in another master fund.

Section 10.3 <u>Amendments</u>. This Declaration of Trust may be amended or otherwise supplemented at any time, without Shareholder authorization or approval (except as specifically provided in this Section 10.3 below), by: (i) an instrument in writing signed by a Supermajority of the Trustees then in office; or (ii) adoption by a Supermajority of the Trustees then in office of a resolution specifying such amendment. Any such amendment to this Declaration of Trust shall be effective immediately upon execution of such instrument or adoption of such resolution (or upon such future date as may be stated therein). No vote or consent of any Shareholder shall be required for any amendment of this Declaration of Trust, except: (i) as required by applicable provisions of the 1940 Act, but only to the extent so required; or (ii) as determined by the Trustees in their sole discretion. The Certificate of Trust may be amended or restated by any Trustee as necessary or desirable to reflect any change in the information set forth therein, and any such amendment or restatement shall be effective immediately upon filing in the office of the Delaware Secretary of State or upon such future date as may be stated therein. Notwithstanding anything else herein, no amendment hereof shall limit the indemnification or other rights provided by Article IX with respect to any actions or omissions of Covered Persons prior to such amendment.

ARTICLE XI

<u>Miscellaneous</u> 

Section 11.1 <u>Statutory Trust Only</u>. It is the intention of the Trustees to form a statutory trust pursuant to the Delaware Act. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a statutory trust pursuant to the Delaware Act. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Section 11.2 <u>Liability of Third Persons Dealing with Trustees</u>. No Person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees, or to see to the application of any payments made or property transferred to the Trust or upon its order.

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Section 11.3 <u>Applicable</u><u> </u><u>Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust is created under, and this Declaration of Trust is to be governed by and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding paragraph (a) of this Section 11.3, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of § 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges; (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust; (v) the allocation of receipts and expenditures to income or principal; (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets; (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust; (viii) the requirement that a trust have an identified beneficiary at the time of formation; or (ix) the requirement that a trust have corpus at the time of formation. The Trust shall be of the type commonly called a Delaware statutory trust, and, without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Trust may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserve the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Section 11.4 <u>Provisions in Conflict with Laws or Regulations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of the Declaration of Trust are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with applicable provisions of the 1940 Act, the regulated investment company provisions of the Internal Revenue Code and the regulations thereunder, as applicable, the Delaware Act, or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of the Declaration of Trust; provided, however, that such determination shall not affect any of the remaining provisions of the Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of the Declaration of Trust shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of the Declaration of Trust in any jurisdiction.

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Section 11.5 <u>Derivative Actions</u>. In addition to the requirements set forth in Section 3816 of the Delaware Act, and to the maximum extent permitted by law, a Shareholder or group of Shareholders shall have the right to bring or maintain any court action, proceeding or claim on behalf of the Trust only if the following conditions, and any others provided herein or in the By-Laws, are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shareholder or Shareholders must make a pre-suit written demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed and irreparable nonmonetary injury to the Trust or Class that the plaintiff could not reasonably have prevented would otherwise result. For purposes of this Section 11.5(a), a demand on the Trustees shall only be deemed not likely to succeed and therefore be excused if a majority of the Trustees, or a majority of any committee established to consider the merits of such action, are Trustees who are not "independent trustees" (as that term is defined in the Delaware Act). Such demand shall be executed by or on behalf of no fewer than three complaining Shareholders, each of which shall be unaffiliated and unrelated (by blood or marriage) to any other complaining Shareholder executing such demand. Such demand shall contain a detailed description of the action or failure to act complained of, the facts upon which such allegation is made and the reasonably estimated damages or other relief sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless a demand is not required under paragraph (a) of this Section 11.5, Shareholders eligible to bring such derivative action under the Delaware Act who collectively hold Shares representing twenty-five percent (25%) or more of all Shares issued and outstanding, or of the Classes to which such action relates if it does not relate to all Classes, shall join in the request for the Trustees to commence such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless a demand is not required under paragraph (a) of this Section 11.5, the Trustees must be afforded a reasonable amount of time, which may be up to three hundred (300) calendar days, to consider such Shareholder request and to investigate the basis of such claim. For purposes of this Section 11.5, the Trustees may designate a committee of one Trustee to consider a Shareholder demand provided that a committee of one Trustee is required to create a committee with a majority of Trustees who are "independent trustees" (as that term is defined in the Delaware Act). The Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the demand has been properly made pursuant to this Section 11.5, and a majority of the Trustees, including a majority of the independent trustees, or, if a committee has been appointed, a majority of the members of such committee, have considered the merits of the claim and have determined that maintaining a suit would not be in the best interests of the Trust, the demand shall be rejected, which decision shall be final and binding upon the Shareholders and judicially unreviewable, and the complaining Shareholders shall not be permitted to maintain a derivative action unless they first sustain the burden of proof to the court that the decision of the Trustees, or committee thereof, not to pursue the requested action was inconsistent with the standard required of the Trustees or committee under applicable law. Reasonable expenses, including reasonable attorney's fees, may be assessed against a Shareholder who brings a derivative action and does not obtain a judgement on the merits that substantially achieves, in substance and amount, the full remedy sought.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Shareholder may bring a direct action claiming injury as a Shareholder of the Trust, or any Class thereof, where the matters alleged (if true) would give rise to a claim by the Trust or by the Trust on behalf of a Class, unless the Shareholder has suffered an injury distinct from that suffered by Shareholders of the Trust, or the Class, generally. A Shareholder bringing a direct claim must be a Shareholder of the Class against which the direct action is brought at the time of the injury complained of, or acquired the Shares afterwards by operation of law from a Person who was a Shareholder at that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Shareholder acknowledges and agrees that any alleged injury to Trust Property, any diminution in the value of the Shareholder's Shares, or any other claim arising out of or relating to an allegation regarding the actions, inaction, or omissions of or by the Trustees, the Trust's officers, or a service provider is a legal claim belonging only to the Trust and not to the Shareholders individually. Accordingly, all Shareholders agree to bring any and all such claims pursuant only to the provisions of this Section 11.5.

Section 11.6 <u>Jurisdiction and Waiver of Jury Trial</u>. In accordance with § 3804(e) of the Delaware Act, any suit, action or proceeding brought by or in the right of any Shareholder or any Person claiming any interest in any Shares against the Trust or any Class, or the Trustees or officers of the Trust, shall be brought exclusively in the Court of Chancery of the State of Delaware to the extent there is subject matter jurisdiction in such court for the claims asserted or, if not, then in the Superior Court of the State of Delaware, and all Shareholders and other such Persons hereby irrevocably consent to the jurisdiction of such courts (and the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waive, to the fullest extent permitted by law, any objection they may make now or hereafter have to the laying of the venue of any such suit, action or proceeding in such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum and further, IN CONNECTION WITH ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN THE SUPERIOR COURT IN THE STATE OF DELAWARE, ALL SHAREHOLDERS AND ALL OTHER SUCH PERSONS HEREBY IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY TO THE FULLEST EXTENT PERMITTED BY LAW. All Shareholders and other such Persons agree that service of summons, complaint or other process in connection with any proceedings may be made by registered or certified mail or by overnight courier addressed to such Person at the address shown on the books and records of the Trust for such Person or at the address of the Person shown on the books and records of the Trust with respect to the Shares that such Person claims an interest in. Service of process in any such suit, action or proceeding against the Trust or any Trustee or officer of the Trust may be made at the address of the Trust's registered agent in the State of Delaware. Any service so made shall be effective as if personally made in the State of Delaware.

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Section 11.7 <u>Other Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provisions of this Declaration of Trust or the By-laws and subject to the exceptions provided in paragraph (d) of this Section 11.7, a favorable vote of the holders of not less than seventy-five percent (75%) of the Shares of the Trust, or each affected Class outstanding, voting as separate Classes, shall be required to approve, adopt or authorize the types of transactions described in paragraph (c) of this Section 11.7 unless such approval, adoption or authorization has been approved by a Supermajority of the Trustees. Such affirmative vote or consent shall be in addition to the vote or consent of the holders of the Shares otherwise required by law, or any agreement between the Trust and any national securities exchange. The Board of Trustees shall have the power to allow, to the extent not otherwise addressed by other provisions of this Declaration of Trust or by applicable law, a lesser vote to approve, adopt or authorize the types of transactions described in paragraph (c) of this Section by vote of a Supermajority of the Trustees, including a Supermajority of the independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term "Principal Shareholder" as used in this Section 11.7 shall mean any corporation, person or other entity which is the beneficial owner, directly or indirectly, of more than five percent (5%) of the outstanding Shares of the Trust or a Class thereof and shall include any affiliate or associate, as such terms are defined in clause (2) below, of a Principal Shareholder. For the purposes of this Section 11.7, in addition to the Shares of the Trust or a Class which a corporation, person or other entity beneficially owns directly: (i) any corporation, person or other entity shall be deemed to be the beneficial owner of any Shares (1) which it has the right to acquire pursuant to any agreement or upon exercise of the conversion rights or warrants, or otherwise (but excluding share options granted by the Trust); or (2) which are beneficially owned, directly or indirectly (including Shares deemed owned through application of clause (1) above), by any other corporation, person or entity with which it or its "affiliate" or "associate" (as defined below) had any agreement, arrangement or understanding for the purpose of acquiring, holding, voting or disposing of Shares, or which it or its "affiliate" or "associate" as those terms are defined in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended, as in effect on the date this Declaration of Trust is executed; and (ii) the outstanding Shares shall include Shares deemed owned through application of clauses (1) and (2) above but shall not include any other Shares which may be issuable pursuant to any agreement, or upon exercise of conversion rights or warrants, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Section 11.7 shall apply to the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The termination, merger, reorganization or consolidation, or liquidation of the Trust or any Class thereof not initially proposed by the Board of Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The sale or conveyance of all or a substantial part of the assets of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The sale, lease or exchange of all or any substantial part of the assets of the Trust to any Principal Shareholder (except assets having an aggregate fair market value of less than $1,000,000, aggregating for the purpose of such computation all assets sold, leased or exchanged in any series of similar transactions within a twelve-month period or assets sold in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The sale, lease or exchange to the Trust in exchange for securities of the Trust, of any assets of any Principal Shareholder (except assets having an aggregate fair market value of less than $1,000,000, aggregating for the purpose of such computation all assets sold, leased or exchanged in any series of similar transactions within a twelve-month period); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) An amendment to this Declaration of Trust that makes the Shares a "redeemable security" and converts the Trust from a "closed-end company" to an "open-end company" as those terms are defined by the 1940 Act, unless such amendment has been approved by a majority of the Trustees then in office, in which case approval by a Majority Shareholder Vote shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of this Section 10.7 shall not be applicable to (i) any of the transactions with a Principal Shareholder described in paragraph (c) of this Section 11.7 if the Board of Trustees of the Trust shall by resolution have approved a memorandum of understanding with such Principal Shareholder with respect to and substantially consistent with such transaction, or (ii) any transaction with any corporation of which a majority of the outstanding shares of all classes of stock normally entitled to vote in elections of directors is owned of record or beneficially by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Board of Trustees shall have the power and duty to determine for the purposes of this Section 11.7 on the basis of information known to the Trust, whether: (i) a corporation, person or entity beneficially owns more than 5% of the outstanding Shares of the Trust or a Class thereof; (ii) a corporation, person or entity is an "affiliate" or "associate" (as defined above) of another; (iii) the assets being acquired or leased to or by the Trust constitute a substantial part of the assets of the Trust and have an aggregate fair market value of less than $1,000,000; and (iv) the memorandum of understanding referred to in paragraph (d) hereof is substantially consistent with the transaction covered thereby. Any such determination shall be conclusive and binding for all purposes of this Section.

Section 11.8 <u>Inspection of Records and Reports</u>. Every Trustee shall have the right at any reasonable time to inspect all books, records and documents of every kind and the physical properties of the Trust. This inspection by a Trustee may be made in person or by an agent or attorney and the right of inspection includes the right to copy and make extracts of documents. No Shareholder shall have any right to inspect any account, book or document of the Trust that is not publicly available, except as conferred by the Trustees. The books and records of the Trust may be kept at such place or places as the Trustees may from time to time determine, except as otherwise required by law.

Section 11.9 <u>Filing of Copies, References, Headings, Rules of Construction</u>. The original or a copy of this Declaration of Trust shall be kept at the office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the Trust may rely on a certificate of an officer of the Trust as to any matters in connection with the Trust hereunder, and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this Declaration of Trust. In this Declaration of Trust, references to this Declaration of Trust, and all expressions such as "herein," "hereof" and "hereunder," shall be deemed to refer to this Declaration of Trust as a whole and not to any particular article or section unless the context requires otherwise. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or affect the meaning, construction or effect of this Declaration of Trust. Whenever the singular number is used herein, the same shall include the plural; and the neuter, masculine and feminine genders shall include each other, as applicable. The terms "include," "includes" and "including" and any comparable terms shall be deemed to mean "including, without limitation." The term "person" whenever used herein shall have the meaning

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given it in Section 1.2. Except as required by applicable law, no other documents, statements or information, such as the Trust's registration statement, as amended from time to time, modify the provisions of this Declaration of Trust and shall not give rise to any rights or duties hereunder. To the maximum extent permitted by law, the Trust's public filings, including its registration statement, as amended from time to time, shall not give rise to any contractual or other types of rights or duties, but such documents may expressly describe any rights or duties.

Section 11.10 <u>Counterparts; Execution of Documents</u>. This Declaration of Trust and any document, consent or instrument referenced in or contemplated by this Declaration of Trust or the By-laws may be executed in any number of counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument: (i) any document, consent, instrument or notice referenced in or contemplated by this Declaration of Trust or the By-laws that is to be executed by one or more Trustees may be executed by means of original, facsimile, .pdf, electronic mail, electronic signature or other electronic means; and (ii) any document, consent, instrument or notice referenced in or contemplated by this Declaration of Trust or the By-laws that is to be delivered by the Trust or one or more Trustees may be delivered by facsimile, .pdf, electronic mail electronic signature or other electronic means, unless, in the case of either clause (i) or (ii), otherwise determined by the Trustees or required by applicable law.

Section 11.11 <u>Fiscal Year</u>. The fiscal year of the Trust shall end on a specified date as determined by the Trustees; provided, however, that the Trustees may, without Shareholder approval, change the fiscal year of the Trust.

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IN WITNESS WHEREOF, the signatory hereto has caused this Declaration of Trust to be duly executed as of the day and year first above written.

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| |
|:---|
| /s/ Christopher Sechler |
| Name: Christopher Sechler<br> Title: Trustee and Grantor |

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## Ex-99.(B)

**Exhibit (b)** 

MANULIFE GA SENIOR LOAN TRUST

(a Delaware Statutory Trust)

BY-LAWS

As Amended and Restated December 17, 2025

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  ARTICLE I INTRODUCTION | ARTICLE I INTRODUCTION | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1. | Declaration of Trust | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2. | Defined Terms | 1 |
|  ARTICLE II OFFICES | ARTICLE II OFFICES | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1. | Principal Office | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2. | Delaware Office | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3. | Other Offices | 1 |
|  ARTICLE III MEETINGS OF SHAREHOLDERS | ARTICLE III MEETINGS OF SHAREHOLDERS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1. | Place of Meetings | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2. | Call of Meetings | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3. | Notice of Shareholders' Meetings | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4. | Manner of Giving Notice; Affidavit of Notice | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5. | Adjourned Meeting; Notice | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6. | Voting | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7. | Waiver of Notice; Consent of Absent Shareholders | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8. | Record Date for Shareholder Notice, Voting and Giving Consents | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9. | Proxies | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10. | Inspectors of Election | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11. | Conduct of Meetings | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12. | Shareholder Action by Written Consent | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13. | Quorum | 7 |
|  ARTICLE IV BOARD OF TRUSTEES | ARTICLE IV BOARD OF TRUSTEES | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1. | Trustees and Vacancies | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2. | Place of Meetings; Meetings by Telephone | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3. | Regular Meetings | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4. | Special Meetings | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5. | Quorum | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6. | Waiver of Notice | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7. | Adjournment | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8. | Action Without a Meeting | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9. | Fees and Compensation of Trustees | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10. | Special Action | 10 |
|  ARTICLE V COMMITTEES | ARTICLE V COMMITTEES | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1. | Committees of the Trustees | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2. | Meetings and Actions of Committees | 10 |
|  ARTICLE VI OFFICERS | ARTICLE VI OFFICERS | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1. | General Provisions | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2. | Election, Term of Office and Qualifications | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3. | Removal | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4. | Powers and Duties of the Chairman | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5. | Powers and Duties of the Vice Chairman | 11 |

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- ii -

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6. | Powers and Duties of the President | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7. | Powers and Duties of Vice Presidents | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8. | Powers and Duties of the Treasurer | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9. | Powers and Duties of the Secretary | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10. | Powers and Duties of Assistant Officers | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11. | Powers and Duties of Assistant Secretaries | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12. | Compensation of Officers and Trustees and Members of the Advisory Board | 12 |
|  ARTICLE VII INSPECTION OF RECORDS AND REPORTS | ARTICLE VII INSPECTION OF RECORDS AND REPORTS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1. | Maintenance and Inspection of Share Register | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2. | Maintenance and Inspection of Declaration of Trust and By-laws | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3. | Maintenance and Inspection of Other Records | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4. | Inspection by Trustees | 13 |
|  ARTICLE VIII DIVIDENDS | ARTICLE VIII DIVIDENDS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1. | Declaration of Dividends | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2. | Delegation of Authority Relating to Dividends | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3. | Reserves | 14 |
|  ARTICLE IX GENERAL MATTERS | ARTICLE IX GENERAL MATTERS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1. | Checks, Drafts, Evidence of Indebtedness | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2. | Contracts and Instruments; How Executed | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3. | Certificates for Shares | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4. | Lost Certificates | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5. | Representation of Shares of Other Entities Held by the Trust | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6. | Bonds and Other Security | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7. | Transfer of Shares | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8. | Holders of Record | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9. | Fiscal Year | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10. | Seal | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11. | Writings | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12. | Severability | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13. | Headings | 16 |
|  ARTICLE X AMENDMENTS | ARTICLE X AMENDMENTS | 16 |

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- iii -

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MANULIFE GA SENIOR LOAN TRUST

BY-LAWS

ARTICLE I<u> </u>

<u>INTRODUCTION</u>

Section 1. <u>Declaration</u><u> </u><u>of</u><u> </u><u>Trust</u>. These By-laws are subject to the Declaration of Trust and, in the event of any inconsistency between the terms hereof and the terms of the Declaration of Trust, the terms of the Declaration of Trust shall control.

Section 2. <u>Defined</u><u> </u><u>Terms</u>. Defined terms used but not defined in these By-laws have the meanings given to them in the Declaration of Trust.

ARTICLE II<u> </u>

<u>OFFICES</u>

Section 1. <u>Principal Office</u>. The Board of Trustees shall fix, and from time to time may change, the location of the principal executive office of the Trust at any place within or outside the State of Delaware.

Section 2. <u>Delaware Office</u>. The Board of Trustees shall establish a registered office in the State of Delaware and shall appoint as the Trust's registered agent for service of process in the State of Delaware an individual who is a resident of the State of Delaware or a Delaware corporation or a corporation authorized to transact business in the State of Delaware, and in each case the business office of such registered agent for service of process shall be identical with the registered Delaware office of the Trust. The Trustees may designate a successor resident agent; provided, however, that such appointment shall not become effective until a certificate of amendment to the Certificate of Trust is filed in the office of the Delaware Secretary of State.

Section 3. <u>Other Offices</u>. The Board of Trustees may at any time establish branch or subordinate offices at any place or places within and outside the State of Delaware as the Trustees may from time to time determine.

ARTICLE III

<u>MEETINGS</u><u> </u><u>OF</u><u> </u><u>SHAREHOLDERS</u>

Section 1. <u>Place of Meetings</u>. Meetings of Shareholders shall be held at any place within or outside the State of Delaware designated by the Board of Trustees. In the absence of any such designation, Shareholders' meetings shall be held at the principal executive office of the Trust. For purposes of these By-Laws, the term "Shareholder" shall mean a record owner of Shares of the Trust.

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Section 2. <u>Call</u><u> </u><u>of</u><u> </u><u>Meetings</u>. There shall be no annual meetings of Shareholders except as required by law. Special meetings of Shareholders of the Trust or of any Class may be called at any time by a majority of the Board of Trustees, or by the President or the Secretary, for the purpose of taking action upon any matter requiring the authorization or approval of the Shareholders of the Trust or of any Class as herein provided or provided in the Declaration of Trust or upon any other matter as to which such authorization or approval is deemed to be necessary or desirable by the Trustees. Meetings of Shareholders of the Trust or of any Class may be called upon the written request of Shareholders holding a majority of the then issued and outstanding Shares of the Trust or Class entitled to vote at such meeting provided that: (i) such request shall include proof of the requesting Shareholders' ownership of Shares at the time of the request and state the purposes of such meeting and the matters proposed to be acted on as discussed in Section 4(d) of Article III below; and (ii) the Shareholders requesting such meeting shall have paid to the Trust the reasonably estimated cost of preparing and mailing the notice thereof, which the Secretary shall determine and specify to such Shareholders; and provided, further, that a meeting shall not be called upon the request of Shareholders to consider any matter that is substantially the same as a matter voted upon at any meeting held during the preceding twelve months, unless requested by the holders of a two-thirds of the outstanding Shares entitled to be voted at such meeting. The President, Secretary or other officer may fix in their discretion a date for the meeting of Shareholders, which need not be the same date as that requested by the Shareholders. If the Secretary fails for more than sixty days to call a meeting requested in accordance with the preceding sentence, the Shareholders requesting such a meeting may, in the name of the Secretary, call the meeting by giving the required notice.

Section 3. <u>Notice</u><u> </u><u>of</u><u> </u><u>Shareholders</u><u>'</u><u> </u><u>Meetings</u>. All notices of meetings of Shareholders shall be sent or otherwise given in accordance with Section 4 of this Article III not less than seven nor more than one hundred and twenty days before the date of the meeting. The notice shall specify: (i) the place, date and hour of the meeting; and (ii) the purpose of such meeting and the matters proposed to be acted on. The notice of any meeting at which Trustees are to be elected also shall include the name of any nominee or nominees who at the time of the notice are intended to be presented for election. Except with respect to adjournments as provided herein, no business shall be transacted at such meeting other than that specified in the notice.

Section 4. <u>Manner</u><u> </u><u>of Giving</u> <u>Notice;</u><u> </u><u>Affidavit</u><u> </u><u>of</u> <u>Notice</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notice of any meeting of Shareholders shall be given: (i) either personally or by first-class mail or other written or electronic communication, charges prepaid; and (ii) addressed to the Shareholder at the address of that Shareholder (or facsimile number or electronic mail address as the case may be) appearing on the books of the Trust or its transfer agent, or given by the Shareholder to the Trust for the purpose of notice. If no such address appears on the Trust's books or such address is not given to the Trust, or to the Trust's transfer or similar agent, notice shall be deemed to be waived and therefore unnecessary, unless and until the Shareholder provides the Trust, or the Trust's transfer or similar agent, with his or her address. Notice shall be deemed to have been given at the time when delivered personally or deposited in the mail or sent by other means of written or electronic communication or, where notice is given by publication, on the date of publication. Without limiting the manner by which notice otherwise may be given effectively to Shareholders, any notice to Shareholders given by the Trust shall be effective if given by a single notice to all Shareholders who share an address if delivered in accordance with applicable regulations promulgated by the Securities Exchange Commission. Notice shall be deemed to have been given at the time when delivered personally, deposited in the mail or with a courier, or sent by facsimile, .pdf, electronic mail or other means of written or electronic communication.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any notice addressed to a Shareholder at the address of that Shareholder appearing on the books of the Trust is returned to the Trust to indicate that the notice to the Shareholder cannot be delivered at that address, all future notices shall be deemed to have been duly given without further mailing, or substantial equivalent thereof, if such future notices shall be kept available to the Shareholder, upon written demand of the Shareholder, at the principal executive office of the Trust for a period of one year from the date of the giving of the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An affidavit of the mailing or other means of giving any notice of any meeting of Shareholders shall be filed and maintained in the records of the Trust. In the absence of fraud, any irregularities in the notice of any meeting or the nonreceipt of any such notice by any of the Shareholders shall not invalidate any action otherwise properly taken at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A notice given by a Shareholder to be proper must set forth (i) as to each person whom the Shareholder proposes to nominate for election or reelection as a Trustee (A) the name, age, business address and residence address of such person, (B) the Class and number of Shares that are beneficially owned or owned of record by such person, (C) the date such Shares were acquired and the investment intent of such acquisition, and (D) all other information relating to such person that is required to be disclosed in solicitations of proxies for election of Trustees in an election contest, or is otherwise required, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended (including such person's written consent to being named in the proxy statement as a nominee and to serving as a Trustee if elected); (ii) as to any other business that the Shareholder proposes to bring before the meeting, a description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any material interest in such business of such Shareholder or any Shareholder affiliate or family member (including any anticipated benefit to the Shareholder or any Shareholder affiliate or family member therefrom) and of each beneficial owner of Shares, if any, on whose behalf the proposal is made; (iii) as to the Shareholder giving the notice and each beneficial owner, if any, on whose behalf the nomination or proposal is made, (1) the name and address of such Shareholder, as they appear on the Trust's stock ledger and current name and address, if different, of such beneficial owner, (2) the Class and number of Shares which are owned beneficially or of record by such Shareholder and/or such beneficial owner, (3) whether and the extent to which any hedging or other transaction or series of transactions has been entered into by or on behalf of, or any other agreement, arrangement or understanding (including any short position or any borrowing or lending of shares) has been made, the effect or intent of which is to mitigate loss to or manage risk of Share price changes for, or to increase the voting power of, such Shareholder or beneficial owner with respect to any Shares (collectively "Hedging Activities"), and (4) the extent to which such Shareholder or such beneficial owner, if any, has engaged in Hedging Activities with respect to shares or other equity interests of any other trust or company; and (iv) to the extent known by the Shareholder giving the notice, the name and address of any other Shareholder supporting the nominee for election or reelection as a Trustee or the proposal of other business on the date of such Shareholder's notice. To be timely, a Shareholder's notice shall be delivered to the Secretary at the principal executive offices of the Trust not earlier than the close of business on the 120th day prior to such meeting and not later than the close of business on the later to occur of (i) the 90th day prior to such meeting or (ii) the 10th day following the day on which public announcement of the date of such meeting is first made by the Trust. In no event shall the public announcement of a postponement or adjournment of a special meeting to a later date or time commence a new time period (or extend any time period) for the giving of a Shareholder's notice as described above.

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Section 5. <u>Adjourned Meeting; Notice</u>. Any Shareholders' meeting, whether or not a quorum is present, may be adjourned with respect to one or more matters to be considered at such meeting by action of the chairman of the meeting without a Shareholder vote. Any adjournment may be with respect to one or more proposals, but not necessarily all proposals, to be voted or acted upon at such meeting and any adjournment will not delay or otherwise affect the effectiveness and validity of a vote or other action taken at a meeting of Shareholders prior to adjournment. Notice of adjournment of a Shareholders' meeting to another time or place need not be given, if the adjourned meeting is held within a reasonable time after the date set for the original meeting, unless a new record date of the adjourned meeting is fixed or unless the adjournment is for more than one hundred eighty days from the date of the original meeting, in which case the Board of Trustees shall set a new record date. If a new record date is fixed for the adjourned meeting, notice of any such adjourned meeting shall be given to each Shareholder of record entitled to vote at the adjourned meeting in accordance with the provisions of Sections 3 and 4 of this Article III. Any business that might have been transacted at the original meeting may be transacted at any adjourned meeting. An adjournment may be made with respect to one or more proposals, but not necessarily all proposals, to be voted or acted upon at such meeting and any such adjournment shall not delay or otherwise affect the effectiveness and validity of a vote or other action taken prior to adjournment.

Section 6. <u>Voting</u>. The Shareholders entitled to vote at any meeting of Shareholders shall be determined in accordance with the provisions of the Declaration of Trust. The Shareholders' vote may be by voice vote or by ballot; provided, however, that any election of Trustees must be by ballot if demanded by any Shareholder before the voting has begun. On any matter other than election of Trustees, any Shareholder may cast part of the votes that such Shareholder is entitled to cast in favor of the proposal and refrain from casting and/or cast the remaining part of such votes against the proposal. If any Shareholder fails to specify the number of votes that such Shareholder is casting in favor of the proposal, it shall be conclusively presumed that such Shareholder is casting all of the votes that such Shareholder is entitled to cast in favor of such proposal. Except when a larger vote is required by any provision of the Declaration of Trust or these By-laws or by applicable law, when a quorum is present at any meeting, a majority of the Shares voted shall decide any questions and a plurality of the Shares voted shall elect a Trustee, provided that where any provision of applicable law, the Declaration of Trust or these By-laws requires the holders of any Class to vote as a Class, then a majority of the Shares of that Class voted on the matter shall decide that matter insofar as that Class is concerned. Shareholders of a particular Class shall not be entitled to vote on any matter that affects only one or more other Classes. There shall be no cumulative voting in the election or removal of Trustees.

Abstentions (including Shares which abstain or do not vote with respect to one or more of any proposals presented for Shareholder approval) and broker non-votes will be included for purposes of determining whether a quorum is present at a meeting of Shareholders. Abstentions and broker non-votes will be treated as votes present at a meeting of Shareholders, but will not be treated as votes cast. Abstentions and broker non-votes, therefore, will have no effect on proposals which require a plurality or majority of votes cast for approval, but will have the same effect as a vote "against" on proposals requiring a majority or other specified percentage of outstanding voting securities for approval.

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Section 7. <u>Waiver</u><u> </u><u>of</u><u> </u><u>Notice;</u> <u>Consent</u><u> </u><u>of</u><u> </u><u>Absent</u><u> </u><u>Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The transaction of business and any actions taken at a meeting of Shareholders, however called and noticed and wherever held, shall be as valid as though taken at a meeting duly held after regular call and notice, provided a quorum is present either in person or by proxy at the meeting and if written or electronic consent to the action is filed with the records of the meetings of Shareholders by the holders of the number of Shares that would be required to approve the matter under these By-Laws and the Declaration of Trust and such action is submitted to Shareholders by the consent of the Board of Trustees. Such written consent shall be treated for all purposes as a vote taken at a meeting of Shareholders. Whenever notice of a meeting is required to be given to a Shareholder under the Declaration of Trust or these By-laws, a written waiver thereof, executed before or after the meeting by such Shareholder or his or her attorney thereunto authorized and filed with the records of the meeting, shall be deemed equivalent to such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Attendance by a Shareholder at a meeting of Shareholders shall also constitute a waiver of notice of that meeting, except if the Shareholder objects for the record at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened and except that attendance at a meeting of Shareholders is not a waiver of any right to object to the consideration of matters not included in the notice of the meeting if that objection is expressly made for the record at the beginning of the meeting.

Section 8. <u>Record</u><u> </u><u>Date</u><u> </u><u>for</u><u> </u><u>Shareholder</u><u> </u><u>Notice,</u> <u>Voting</u><u> </u><u>and</u><u> </u><u>Giving</u><u> </u><u>Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of determining the Shareholders entitled to vote or act at any meeting or adjournment or postponement thereof, the Board of Trustees may fix in advance a record date which shall not be more than ninety days before the date of any such meeting. If the Trustees do not so fix a record date, the record date for determining Shareholders entitled to notice of or to vote at a meeting of Shareholders shall be the close of business on the business day next preceding the day on which notice is given or, if notice is waived, at the close of business on the business day which is five business days before the day on which the meeting is held. The Shareholders of record entitled to vote at a Shareholders' meeting shall be deemed the Shareholders of record at any meeting reconvened after one or more adjournments, unless the Board of Trustees has fixed a new record date. If the Shareholders' meeting is adjourned for more than one hundred eighty days after the original date, the Board of Trustees shall establish a new record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The record date for determining Shareholders entitled to give consent to action in writing without a meeting: (i) when no prior action of the Board of Trustees has been taken, shall be the day on which the first written consent is given; or (ii) when prior action of the Board of Trustees has been taken, shall be the close of business on the day on which the Trustees adopt the resolution taking such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this Section 8 of this Article III shall be construed as precluding the Board of Trustees from setting different record dates for different Classes. Only Shareholders of record on the record date, as herein determined, shall have any right to vote or to act at any meeting or give consent to any action relating to such record date, notwithstanding any transfer of Shares on the books of the Trust after such record date.

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Section 9. <u>Proxies</u>. Every Shareholder entitled to vote for Trustees or on any other matter shall have the right to do so either in person or by one or more agents authorized by a written proxy signed by the Shareholder and filed with the Secretary of the Trust; provided, that an alternative to the execution of a written proxy may be permitted as provided in the second paragraph of this Section 9 of this Article III. A proxy shall be deemed signed if the Shareholder's name is placed on the proxy (whether by manual signature, typewriting, telegraphic transmission or otherwise) by the Shareholder or the Shareholder's attorney-in-fact. A validly executed proxy which does not state that it is irrevocable shall continue in full force and effect unless (i) revoked by the Shareholder executing it by a written notice delivered to the Trust prior to the exercise of the proxy or by the Shareholder's execution of a subsequent proxy or attendance and vote in person at the meeting; or (ii) written notice of the death or incapacity of the Shareholder is received by the Trust before the proxy's vote is counted; provided, however, that no proxy shall be valid after the expiration of eleven months from the date of the proxy unless otherwise provided in the proxy. The revocability of a proxy that states on its face that it is irrevocable shall be governed by the provisions of the General Corporation Law of the State of Delaware.

With respect to any Shareholders' meeting, the Board of Trustees may act to permit the Trust to accept proxies by any electronic, telephonic, computerized, telecommunications or other reasonable alternative to the execution of a written instrument authorizing the proxy to act, provided the Shareholder's authorization is received within eleven months before the meeting. A proxy with respect to Shares held in the name of two or more persons shall be valid if executed by any one of them unless at or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest with the challenger. Unless otherwise specifically limited by their terms, proxies shall entitle the Shareholder to vote at any adjournment of a Shareholders' meeting.

Section 10. <u>Inspectors of Election</u>. Before any meeting of Shareholders, the Board of Trustees may appoint any person other than nominees for office to act as inspector of election at the meeting or its adjournment. If no inspector of election is so appointed, the Chairman of the meeting may, and on the request of any Shareholder or a Shareholder's proxy shall, appoint an inspector of election at the meeting. If any person appointed as inspector fails to appear or fails or refuses to act, the Chairman of the meeting may, and on the request of any Shareholder or a Shareholder's proxy shall, appoint a person to fill the vacancy.

The inspector shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine the number of Shares outstanding and the voting power of each, the Shares represented at the meeting, the existence of a quorum and the authenticity, validity and effect of proxies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) receive votes, ballots or consents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) hear and determine all challenges and questions in any way arising in connection with the right to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) count and tabulate all votes or consents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) determine when the polls shall close with respect to any or all proposals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) determine the result of voting or consents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) do any other acts that may be proper to conduct the election or vote with fairness to all Shareholders.

Section 11. <u>Conduct</u><u> </u><u>of</u><u> </u><u>Meetings</u>. The Chairman of the Board of Trustees shall preside at each meeting of Shareholders. In the absence of the Chairman of the Board of Trustees, the meeting shall be chaired by the President, or if the President is not present, by any Vice President, or if none of them is present, then by the person selected for such purpose at the meeting. In the absence of the Secretary or an Assistant Secretary, the secretary of the meeting shall be such person as the Chairman of the meeting shall appoint. At every meeting of Shareholders, unless the voting is conducted by inspectors, the proxies and ballots shall be received, and all questions concerning the qualification of voters and the validity of proxies, the acceptance or rejection of votes, and procedures for the conduct of business not otherwise specified by these By-laws, the Declaration of Trust or law, shall be decided or determined by the Chairman of the meeting.

Section 12. <u>Shareholder</u><u> </u><u>Action</u><u> </u><u>by</u><u> </u><u>Written</u><u> </u><u>Consent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in the Declaration of Trust, any action that may be taken at any meeting of Shareholders may be taken without a meeting if such action is submitted to Shareholders by consent of the Board of Trustees and written consent to the action is filed with the records of the meetings of Shareholders by the holders of the number of Shares that would be required to approve the matter; provided, however, that the Shareholders receive any necessary information statement or other necessary documentation in conformity with the requirements of the Securities Exchange Act of 1934 or the rules or regulations thereunder. Any such written consent may be executed and given by facsimile, .pdf, electronic mail, electronic signature or other electronic means. All such consents shall be filed with the Secretary of the Trust and shall be maintained in the Trust's records. Any Shareholder giving a written consent, a transferee of the Shares, a personal representative of the Shareholder, or their respective proxy holders may revoke the Shareholder's written consent by a writing received by the Secretary of the Trust before written consents of the number of Shares required to authorize the proposed action have been filed with the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the unanimous written consent of all such Shareholders shall not have been received, the Secretary shall give prompt notice of the action approved by the Shareholders without a meeting. This notice shall be given in the manner specified in Section 4 of this Article III to each Shareholder entitled to vote who did not execute such written consent.

Section 13. <u>Quorum</u>. Except when a larger quorum is required by applicable law, the Declaration of Trust or these By-laws, one-quarter of the Shares present in person or represented by proxy and entitled to vote at a Shareholders' meeting shall constitute a quorum at such meeting.

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When a separate vote by one or more Classes is required, one-quarter of the Shares of each such Class present in person or represented by proxy and entitled to vote shall constitute a quorum at a Shareholders' meeting of such Class.

If a quorum, as above defined, shall not be present for the purpose of any vote that may properly come before any meeting of Shareholders at the time and place of such meeting, the meeting may be adjourned with respect to one or more matters by action of the chairman of the meeting without a Shareholder vote, to another time or place without further notice than by announcement to be given at the meeting until a quorum, as above defined, entitled to vote on such matter, shall be present, whereupon any such matter may be voted upon at the meeting as though held when and where originally convened.

ARTICLE IV<u> </u>

<u>BOARD</u><u> </u><u>OF</u><u> </u><u>TRUSTEES</u>

Section 1. <u>Trustees and Vacancies</u>. The business and affairs of the Trust shall be managed by the Trustees, and they shall have all powers necessary and desirable to carry out that responsibility, so far as such powers are not inconsistent with the laws of the State of Delaware, the Declaration of Trust, or these By-laws.

Vacancies in the Board of Trustees may be filled as set forth in the Declaration of Trust. In the event that all Trustee offices become vacant, an authorized officer of the Investment Adviser shall serve as the sole remaining Trustee effective upon the vacancy in the office of the last Trustee, subject to applicable provisions of the 1940 Act. In such case, the Investment Adviser, as the sole remaining Trustee, shall, as soon as practicable, fill all of the vacancies on the Board of Trustees; provided, however, that the percentage of Trustees who are not Interested Persons of the Trust shall be no less than that permitted by applicable provisions of the 1940 Act. Thereupon, the Investment Adviser shall resign as Trustee and a meeting of the Shareholders shall be called, as required by applicable provisions of the 1940 Act, for the election of Trustees.

Section 2. <u>Place of Meetings; Meetings by Telephone</u>. All meetings of the Board of Trustees may be held at any place within or outside the State of Delaware that has been designated from time to time by the Trustees. In the absence of such a designation, regular meetings shall be held at the principal executive office of the Trust. Subject to any applicable requirements of applicable provisions of the 1940 Act, any meeting may be held by conference telephone or similar communication equipment, so long as all Trustees participating in the meeting can hear one another and all such Trustees shall be deemed to be present in person at the meeting.

Section 3. <u>Regular</u><u> </u><u>Meetings</u>. Regular meetings of the Board of Trustees shall be held at such times as shall be fixed from time to time by the Trustees. Such regular meetings may be held in accordance with the fixed schedule without call or any additional notice.

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Section 4. <u>Special Meetings</u>. Special meetings of the Board of Trustees for any purpose or purposes may be called at any time by Chairman, the President, the Secretary or by a majority of Trustees. Notice of the time, place and purpose of special meetings shall be communicated to each Trustee orally in person or by telephone at least forty-eight hours before the meeting or transmitted to him or her by first-class mail, or by facsimile, .pdf, electronic mail or other electronic means, addressed to each Trustee at that Trustee's address as it is shown on the records of the Trust at least seventy-two hours before the meeting. Oral notice shall be deemed to be given when given directly to the person required to be notified and all other notices shall be deemed to be given when sent. The notice need not specify the place of the meeting if the meeting is to be held at the principal executive office of the Trust.

Section 5. <u>Quorum</u>. One-third, but not less than two, of the authorized number of Trustees shall constitute a quorum for the transaction of business (unless there is only one Trustee, at which point a quorum will consist of that one Trustee), except to adjourn as provided in Section 7 of this Article IV. Every act or decision done or made by a majority of the Trustees present at a meeting duly held at which a quorum is present shall be regarded as the act of the Board of Trustees, provided, that if a provision of the Declaration of Trust requires a different percentage of Trustees to take an action described in such provision, then such action may be taken by the percentage of Trustees specified in such provision. A meeting at which a quorum is initially present may continue to transact business notwithstanding the withdrawal of Trustees if any action taken is approved by at least a majority of the required quorum for that meeting.

Section 6. <u>Waiver</u><u> </u><u>of</u><u> </u><u>Notice</u>. The transactions of a meeting of Trustees, however, called and noticed and wherever held, shall be valid as though transacted at a meeting duly held after regular call and notice if a quorum is present either in person or by proxy. Attendance by a person at a meeting shall also constitute a waiver of notice of that meeting with respect to that person, except when the person objects for the record at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened and except that such attendance is not a waiver of any right to object to the consideration of matters not included in the notice of the meeting if that objection is expressly made for the record at the beginning of the meeting. Whenever notice of a meeting is required to be given to a Trustee under the Declaration of Trust or these By-laws, a written waiver thereof, executed before or after the meeting by such Trustee or his or her attorney thereunto authorized and filed with the records of the meeting, shall be deemed equivalent to such notice. The waiver of notice or consent need not specify the purpose of the meeting.

Section 7. <u>Adjournment</u>. A majority of the Trustees present, whether or not constituting a quorum, may adjourn any meeting to another time and place.

Section 8. <u>Action Without a Meeting</u>. Unless applicable provisions of the 1940 Act require that a particular action be taken only at a meeting at which the Trustees are present in person, any action to be taken by the Trustees may be taken without a meeting by written consent of a majority of the Trustees. Any such written consent may be executed and given by facsimile or other electronic means. Such written consents shall be filed with the minutes of the proceedings of the Board of Trustees.

Section 9. <u>Fees and</u><u> </u><u>Compensation of</u><u> </u><u>Trustees</u>. Trustees and members of committees may receive such compensation, if any, for their services and such reimbursement of expenses as may be fixed or determined by resolution of the Board of Trustees. This Section 9 of this Article IV shall not be construed to preclude any Trustee from serving the Trust in any other capacity as an officer, agent, employee or otherwise and receiving compensation for those services.

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Section 10. <u>Special</u><u> </u><u>Action</u>. When the number of Trustees, or members of a committee, as the case may be, required for approval of an action at a meeting of the Trustees or of such committee are present at such meeting, however called, or whenever held, or shall assent to the holding of the meeting without notice, or shall sign a written assent thereto on the record of such meeting, the acts taken at such meeting shall be valid as if such meeting had been regularly held.

ARTICLE V<u> </u>

<u>COMMITTEES</u>

Section 1. <u>Committees of the Trustees</u>. The Board of Trustees may, by resolution adopted by a majority of the authorized number of Trustees, designate one or more committees as set forth in the Declaration of Trust, to serve at the pleasure of the Board of Trustees. The Board of Trustees may designate one or more Trustees or other persons as alternate members of any committee who may replace any absent member at any meeting of the committee. The Trustees shall determine the number of members of each committee and its powers and shall appoint its members and its chair. Each committee member shall serve at the pleasure of the Trustees. Each committee shall maintain records of its meetings and report its actions to the Trustees. The Trustees may rescind any action of any committee, but such rescission shall not have retroactive effect. The Trustees may delegate to any committee any of its powers, subject to the limitations of applicable law. Any committee, to the extent provided in the resolution of the Board of Trustees, shall have the authority of the Board of Trustees, except with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the approval of any action which under the Declaration of Trust or applicable law also requires Shareholders' authorization or approval or requires authorization or approval by a majority or a greater number of the entire Board of Trustees or certain members of the Board of Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the filling of vacancies on the Board of Trustees or on any committee. However, a committee may nominate trustees and, if required by applicable provisions of the 1940 Act, elect trustees who are not "interested persons" as defined in the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the fixing of compensation of the Trustees for serving on the Board of Trustees or on any committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amendment or repeal of the Declaration of Trust or of these By-laws or the adoption of a new Declaration of Trust or new By-laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the amendment or repeal of any resolution of the Board of Trustees which by its express terms is not so amendable or repealable.

Section 2. <u>Meetings</u><u> </u><u>and</u><u> </u><u>Actions</u><u> </u><u>of</u><u> </u><u>Committees</u>. Meetings and action of any committee shall be governed by and held and taken in accordance with the provisions of the Declaration of Trust and this Article V, with such changes in the context thereof as are necessary to substitute the committee and its members for the Board of Trustees and its members, except that the time of regular meetings of any committee may be determined either by the Board of Trustees or by the committee. Special meetings of any committee may also be called by resolution of the Board of Trustees or by the committee, and notice of special meetings of any committee shall also be given to all alternate members who shall have the right to attend all meetings of the committee. The Board of Trustees may adopt rules for the government of any committee not inconsistent with the provisions of these By-laws.

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ARTICLE VI<u> </u>

<u>OFFICERS</u>

Section 1. <u>General Provisions</u>. The officers of the Trust shall be a Chairman, a President, a Treasurer and a Secretary, who shall be elected by the Trustees. The Trustees may elect or appoint such other officers or agents as the business of the Trust may require, including one or more Vice Presidents, one or more Assistant Secretaries, and one or more Assistant Treasurers. The Trustees may delegate to any officer or committee the power to appoint any subordinate officers or agents.

Section 2. <u>Election, Term of Office and Qualifications</u>. The officers of the Trust (except those appointed pursuant to Section 10 of this Article VI) shall be elected by the Trustees. Except as provided in Sections 3 and 4 of this Article VI, each officer elected by the Trustees shall hold office at the pleasure of the Trustees. Any two or more offices may be held by the same person. The Chairman of the Board shall be selected from among the Trustees and may hold such office only so long as he/she continues to be a Trustee. Any Trustee or officer may be but need not be a Shareholder of the Trust.

Section 3. <u>Removal</u>. The Trustees, at any regular or special meeting of the Trustees, may remove any officer with or without cause, by a vote of a majority of the Trustees then in office. Any officer or agent appointed by an officer or committee may be removed with or without cause by such appointing officer or committee.

Section 4. <u>Powers and Duties of the Chairman</u>. The Chairman shall preside at the meetings of the Shareholders and of the Trustees. He may call meetings of the Trustees and of any committee thereof whenever he deems it necessary. He shall be the Chief Executive Officer of the Trust and shall have, with the President, general supervision over the business and policies of the Trust.

Section 5. <u>Powers</u><u> </u><u>and</u><u> </u><u>Duties</u><u> </u><u>of</u><u> </u><u>the</u><u> </u><u>Vice</u> <u>Chairman</u>. The Trustees may, but need not, appoint one or more Vice Chairman of the Trust. A Vice Chairman shall be an executive officer of the Trust and shall have the powers and duties of a Vice President of the Trust as provided in Section 7 of this Article VI. The Vice Chairman shall perform such duties as may be assigned to him or her from time to time by the Trustees or the Chairman.

Section 6. <u>Powers and Duties of the President</u>. The President shall preside at all meetings of the Shareholders in the absence of the Chairman. Subject to the control of the Trustees and to the control of any Committees of the Trustees, within their respective spheres as provided by the Trustees, he shall at all times exercise general supervision over the business and policies of the Trust. He shall have the power to employ attorneys and counsel for the Trust and to employ such subordinate officers, agents, clerks and employees as he may find necessary to transact the business of the Trust. He shall also have the power to grant, issue, execute or sign such powers of attorney, proxies or other documents as may be deemed advisable or necessary in furtherance of the interests of the Trust. The President shall have such other powers and duties, as from time to time may be conferred upon or assigned to him by the Trustees.

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Section 7. <u>Powers and Duties of Vice Presidents</u>. In the absence or disability of the President, the Vice President or, if there be more than one Vice President, any Vice President designated by the Trustees, shall perform all the duties and may exercise any of the powers of the President, subject to the control of the Trustees. Each Vice President shall perform such other duties as may be assigned to him from time to time by the Trustees and the President.

Section 8. <u>Powers and Duties of the Treasurer</u>. The Treasurer shall be the principal financial and accounting officer of the Trust. He shall deliver all funds of the Trust which may come into his hands to such custodian as the Trustees may employ. He shall render a statement of condition of the finances of the Trust to the Trustees as often as they shall require the same and he shall in general perform all the duties incident to the office of a Treasurer and such other duties as from time to time may be assigned to him by the Trustees. The Treasurer shall give a bond for the faithful discharge of his duties, if required so to do by the Trustees, in such sum and with such surety or sureties as the Trustees shall require.

Section 9. <u>Powers and Duties of the Secretary</u>. The Secretary shall keep the minutes of all meetings of the Trustees and of the Shareholders in proper books provided for that purpose; he shall have custody of the seal of the Trust; he shall have charge of the Share transfer books, lists and records unless the same are in the charge of a transfer agent. He shall attend to the giving and serving of all notices by the Trust in accordance with the provisions of these By-laws and as required by law; and subject to these By-laws, he shall in general perform all duties incident to the office of Secretary and such other duties as from time to time may be assigned to him by the Trustees.

Section 10. <u>Powers</u><u> </u><u>and</u><u> </u><u>Duties</u><u> </u><u>of</u><u> </u><u>Assistant</u><u> </u><u>Officers</u>. In the absence or disability of the Treasurer, any officer designated by the Trustees shall perform all the duties, and may exercise any of the powers, of the Treasurer. Each officer shall perform such other duties as from time to time may be assigned to him by the Trustees. Each officer performing the duties and exercising the powers of the Treasurer, if any, and any Assistant Treasurer, shall give a bond for the faithful discharge of his duties, if required so to do by the Trustees, in such sum and with such surety or sureties as the Trustees shall require.

Section 11. <u>Powers and Duties of Assistant Secretaries</u>. In the absence or disability of the Secretary, any Assistant Secretary designated by the Trustees shall perform all the duties, and may exercise any of the powers, of the Secretary. Each Assistant Secretary shall perform such other duties as from time to time may be assigned to him by the Trustees.

Section 12. <u>Compensation of Officers and Trustees and Members of the Advisory</u> <u>Board</u>. Subject to any applicable provisions of the Declaration of Trust, the compensation of the officers and Trustees and members of an advisory board shall be fixed from time to time by the Trustees or, in the case of officers, by any Committee or officer upon whom such power may be conferred by the Trustees. No officer shall be prevented from receiving such compensation as such officer by reason of the fact that he is also a Trustee.

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ARTICLE VII

<u>INSPECTION OF RECORDS AND REPORTS</u> 

Section 1. <u>Maintenance and Inspection of Share Register</u>. The Trust shall keep at its offices or at the office of its transfer or other duly authorized agent, records of its Shareholders, that provide the names and addresses of all Shareholders and the number and Classes, if any, of Shares held by each Shareholder. Such records may be inspected during the Trust's regular business hours by any Shareholder, or its duly authorized representative, upon reasonable written demand to the Trust (which shall be at least 10 days in advance), for any purpose reasonably related to such Shareholder's interest as a Shareholder.

Section 2. <u>Maintenance</u><u> </u><u>and</u><u> </u><u>Inspection</u><u> </u><u>of</u><u> </u><u>Declaration</u> <u>of</u><u> </u><u>Trust</u><u> </u><u>and</u><u> </u><u>By-laws</u>. The Trust shall keep at its offices the original or a copy of the Declaration of Trust and these By-laws, as amended or restated from time to time, where they may be inspected during the Trust's regular business hours by any Shareholder, or its duly authorized representative, upon reasonable written demand to the Trust (which shall be at least 10 days in advance), for any purpose reasonably related to such Shareholder's interest as a Shareholder.

Section 3. <u>Maintenance and Inspection of Other Records</u>. The accounting books and records and minutes of proceedings of the Shareholders, the Board of Trustees, any committee of the Board of Trustees or any advisory committee shall be kept at such place or places designated by the Board of Trustees or, in the absence of such designation, at the offices of the Trust. The minutes and the accounting books and records shall be kept either in written form or in any other form capable of being converted into written form.

If information is requested by a Shareholder, the Board of Trustees, or, in case the Board of Trustees does not act, the President, any Vice President or the Secretary shall establish reasonable standards governing, without limitation, the information and documents to be furnished and the time and the location, if appropriate, of furnishing such information and documents. Costs of providing such information and documents shall be borne by the requesting Shareholder. The Trust shall be entitled to reimbursement for its direct, out-of-pocket expenses incurred in declining unreasonable requests (in whole or in part) for information or documents.

The Board of Trustees, or, in case the Board of Trustees does not act, the President, any Vice President or the Secretary may keep confidential from Shareholders for such period of time as the Board of Trustees or such officer, as applicable, deems reasonable any information that the Board of Trustees or such officer, as applicable, reasonably believes to be in the nature of trade secrets or other information that the Board of Trustees or such officer, as the case may be, in good faith believes would not be in the best interests of the Trust to disclose or that could damage the Trust or its business or that the Trust is required by law or by agreement with a third party to keep confidential.

Section 4. <u>Inspection</u><u> </u><u>by</u><u> </u><u>Trustees</u>. Every Trustee shall have the absolute right during the Trust's regular business hours to inspect all books, records, and documents of every kind and the physical properties of the Trust. This inspection by a Trustee may be made in person or by an agent or attorney and the right of inspection includes the right to copy and make extracts of documents.

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ARTICLE VIII<u> </u>

<u>DIVIDENDS</u>

Section 1. <u>Declaration</u><u> </u><u>of</u><u> </u><u>Dividends</u>. Dividends upon the Shares of beneficial interest of the Trust may, subject to the provisions of the Declaration of Trust, if any, be declared by the Board of Trustees at any regular or special meeting, pursuant to applicable law. Dividends may be paid in cash, in property, or in Shares of the Trust.

Section 2. <u>Delegation of Authority Relating to Dividends</u>. The Trustees or the Executive Committee may delegate to any Officer or Agent of the Trust the ability to authorize the payment of dividends and the ability to fix the amount and other terms of a dividend regardless of whether or not such dividend has previously been authorized by the Trustees*.*

Section 3. <u>Reserves</u>. Before payment of any dividend, there may be set aside out of any funds of the Trust available for dividends such sum or sums as the Board of Trustees may, from time to time, in its absolute discretion, think proper as a reserve fund to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Trust, or for such other purpose as the Board of Trustees shall deem to be in the best interests of the Trust, and the Board of Trustees may abolish any such reserve in the manner in which it was created.

ARTICLE IX<u> </u>

<u>GENERAL MATTERS</u>

Section 1. <u>Checks,</u><u> </u><u>Drafts,</u><u> </u><u>Evidence</u><u> </u><u>of</u><u> </u><u>Indebtedness</u>. All checks, drafts or other orders for payment of money, notes or other evidences of indebtedness issued in the name of or payable to the Trust shall be signed or endorsed in such manner and by such person or persons as shall be designated from time to time in accordance with these By-laws or the resolution of the Board of Trustees.

Section 2. <u>Contracts and Instruments; How Executed</u>. The Board of Trustees, except as otherwise provided in these By-laws, may authorize any officer or officers, or agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of the Trust and this authority may be general or confined to specific instances, and unless so authorized or ratified by the Trustees or within the agency power of an officer, no officer, agent or employee shall have any power or authority to bind the Trust by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount.

Section 3. <u>Certificates</u><u> </u><u>for</u><u> </u><u>Shares</u>. Should the Board of Trustees authorize the issuance of certificates certifying the ownership of Shares, a certificate or certificates for Shares of beneficial interest in any Class of the Trust may be issued to a Shareholder upon the Shareholder's request when such Shares are fully paid. All certificates shall be signed in the name of the Trust by the Chairman of the Board of Trustees or the President or Vice President and by the Treasurer or an Assistant Treasurer or the Secretary, certifying the number of Shares and the Class of Shares owned by the Shareholders. Any or all of the signatures on the certificate may be facsimile. In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed on a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the Trust with the same effect as if such person were an officer, transfer agent or registrar at the date of issue. Notwithstanding the foregoing, the Trust may adopt and use a system of issuance, recordation and transfer of its Shares by electronic or other means.

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Section 4. <u>Lost Certificates</u>. Except as provided in Section 3 of this Article IX or this Section 4 of this Article IX, no new certificates for Shares shall be issued to replace an old certificate unless the latter is surrendered to the Trust and cancelled at the same time. The Board of Trustees may, in case any Share certificate or certificate for any other security is lost, stolen, or destroyed, authorize the issuance of a replacement certificate on such terms and conditions as the Board of Trustees may require, including a provision for indemnification of the Trust secured by a bond or other adequate security sufficient to protect the Trust against any claim that may be made against it, including any expense or liability on account of the alleged loss, theft, or destruction of the certificate or the issuance of the replacement certificate.

Section 5. <u>Representation</u><u> </u><u>of</u><u> </u><u>Shares</u> <u>of</u><u> </u><u>Other</u><u> </u><u>Entities</u><u> </u><u>Held</u><u> </u><u>by</u><u> </u><u>the</u><u> </u><u>Trust</u>. The President or any Vice President or any other person authorized by resolution of the Board of Trustees or by any of the foregoing designated officers, is authorized to vote or represent on behalf of the Trust any and all shares of any corporation, partnership, trust or other entity, foreign or domestic, standing in the name of the Trust. The authority granted may be exercised in person or by a proxy duly executed by such designated person.

Section 6. <u>Bonds</u><u> </u><u>and</u> <u>Other</u><u> </u><u>Security</u>. If required by the Board of Trustees, any officer, agent or employee of the Trust shall give a bond or other security for the faithful performance of his or her duties, in such amount and with such surety or sureties as the Trustees may require.

Section 7. <u>Transfer of Shares</u>. Shares of the Trust shall be transferable only on the record books of the Trust by the person in whose name such Shares are registered, or by his or her duly authorized attorney or representative. In all cases of transfer by an attorney-in-fact, the original power of attorney, or an official copy thereof duly certified, shall be deposited and remain with the Trust, its transfer agent or other duly authorized agent. In case of transfers by executors, administrators, guardians or other legal representatives, duly authenticated evidence of their authority shall be presented to the Trust, transfer agent or other duly authorized agent, and may be required to be deposited and remain with the Trust, its transfer agent or other duly authorized agent. No transfer shall be made unless and until the certificate issued to the transferor, if any, shall be delivered to the Trust, its transfer agent or other duly authorized agent, properly endorsed.

Section 8. <u>Holders of</u><u> </u><u>Record</u>. The Trust shall be entitled to treat the holder of record of any Share or Shares as the owner thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Share or Shares on the part of any other person, whether or not the Trust shall have express or other notice thereof.

Section 9. <u>Fiscal Year</u>. The fiscal year of the Trust shall be fixed and re-fixed or changed from time to time by the Board of Trustees.

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Section 10. <u>Seal</u>. The Board of Trustees may adopt a seal which shall be in such form and have such inscription as the Trustees may from time to time determine. Any Trustee or officer of the Trust shall have authority to affix the seal to any document, provided that the failure to affix the seal shall not affect the validity or effectiveness of any document.

Section 11. <u>Writings</u>. To the fullest extent permitted by applicable laws and regulations: (i) all requirements in these By-laws that any action be taken by means of any writing, including any written instrument, any written consent or any written agreement, shall be deemed to be satisfied by means of any electronic record in such form that is acceptable to the Trustees; and (ii) all requirements in these By-laws that any writing be signed shall be deemed to be satisfied by any electronic signature or other electronic means in such form that is acceptable to the Trustees.

Section 12. <u>Severability</u>. The provisions of these By-laws are severable. If the Board of Trustees determines, with the advice of counsel, that any provision hereof conflicts with applicable provisions of the 1940 Act or other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of these By-laws; provided, however, that such determination shall not affect any of the remaining provisions of these By-laws or render invalid or improper any action taken or omitted prior to such determination. If any provision hereof shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision only in such jurisdiction and shall not affect any other provision of these By-laws.

Section 13. <u>Headings</u>. Headings are placed in these By-laws for convenience of reference only. In case of any conflict, the text of these By-laws, rather than the headings, shall control. The other principles of construction set forth in Section 11.9 of the Declaration of Trust also shall apply to these By-laws.

ARTICLE X<u> </u>

<u>AMENDMENTS</u>

These By-laws may be restated, amended, supplemented or repealed by at least two-thirds of the Trustees then in office without any authorization or approval of the Shareholders.

Effective: December 17, 2025

## Ex-99.(G)

Exhibit (g)

**INVESTMENT ADVISORY AGREEMENT** 

Investment Advisory Agreement dated January 23, 2026 (the "Agreement"), between Manulife GA Trust, a Delaware statutory trust (the "Trust"), and Manulife Investment Management Private Markets (US) LLC, a Delaware limited liability company (the "Adviser"). In consideration of the mutual covenants contained herein, the parties agree as follows:

1. APPOINTMENT OF ADVISER

The Trust hereby appoints the Adviser, subject to the supervision of the Board of Trustees (the "Trustees") and the terms of this Agreement, as the investment adviser for the Trust, as it shall be amended by the Adviser and the Trust from time to time. The Adviser accepts such appointment and agrees to render the services and to assume the obligations set forth in this Agreement commencing on its effective date. The Adviser will be an independent contractor and will have no authority to act for or represent the Trust in any way or otherwise be deemed an agent unless expressly authorized in this Agreement or another writing by the Trust and the Adviser.

2. DUTIES OF THE ADVISER

a. Subject to the general supervision of the Trustees and the terms of this Agreement, the Adviser may at its own
expense, except as noted below, select and contract with investment subadvisers ("Subadvisers") to manage the investments and determine the composition of the assets of the Trust including any subsidiaries; provided, that any contract
with a Subadviser (a "Subadvisory Agreement") shall be in compliance with and approved as required by the Investment Company Act of 1940, as amended (the "1940 Act"), except for such exemptions therefrom as may be granted to
the Trust or the Adviser. Subject always to the direction and control of the Trustees, the Adviser will monitor compliance of each Subadviser with the investment objectives and related investment policies, as set forth in the Trust's
registration statement with the Securities and Exchange Commission, and review and report to the Trustees on the performance of such Subadviser.

b. The Adviser shall furnish to the Trust the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Office and Other Facilities</u>. - The Adviser shall furnish to the Trust office space in the offices of the
Adviser or in such other place as may be agreed upon by the parties hereto from time to time, and all necessary office facilities and equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Trustees and Officers</u>. - The Adviser agrees to permit individuals who are directors, officers or
employees of the Adviser to serve (if duly elected or appointed) as Trustees or President of the Trust without remuneration from or other cost to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Other Personnel</u>. The Adviser shall furnish to the Trust, at the Trust's expense, any other
personnel necessary for the operations of the Trust. The Adviser shall not, however, furnish to the Trust personnel for the performance of functions (a) related to and to be performed under the Trust contract for custodial, bookkeeping,
transfer and dividend disbursing agency services by the bank or other financial institution selected to perform such services and (b) related to the investment subadvisory services to be provided by any Subadviser pursuant to a Subadvisory
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Reports to Trust</u>. The Adviser shall furnish to, or place at the disposal of, the Trust such information,
reports, valuations, analyses and opinions as the Trust may, at any time or from time to time, reasonably request or as the Adviser may deem helpful to the Trust, provided that the expenses associated with any such materials furnished by the Adviser
at the request of the Trust shall be borne by the Trust.

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c. In addition to having the authority to negotiate and contract with Subadvisers as set forth in section (2) (a)
of this Agreement and providing facilities, personnel and services as set forth in section (2) (b), the Adviser will pay the compensation of the President and Trustees who are also directors, officers or employees of the Adviser or its affiliates.

d. The Adviser, subject always to the direction and control of the Trustees, will manage the investments and
determine the composition of the assets of the Trust and is subsidiaries in accordance with the Trust's registration statement or any other writing setting forth the current investment objective and strategies of the Trust as approved by the
Trustees. In fulfilling its obligations to manage the investment and reinvestment of the assets of the Trust, the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. will obtain and evaluate pertinent economic, statistical, financial and other information affecting the economy
generally and individual companies or industries the securities of which are included in the Trust or are under consideration for inclusion in the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. will formulate and implement a continuous investment program for the Trust consistent with its investment
objectives and related investment policies as described in the Trust's registration statement, as amended,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. will take whatever steps are necessary to implement the investment program by the purchase and sale of
securities, including the placing of orders for such purchases and sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. will regularly report to the Trustees with respect to the implementation of the investment program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. will provide assistance to the Trustees regarding the fair value of securities held by the Trust for which
market quotations are not readily available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. will furnish, at its expense, (i) all necessary investment and management facilities, including salaries
of personnel required for it to execute its duties faithfully, and (ii) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the investment affairs of the Trust (excluding
determination of net asset value and shareholder accounting services);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. will, to the extent necessary or appropriate, select brokers and dealers to effect all transactions subject to
the following conditions: the Adviser will place all necessary orders with brokers, dealers, or issuers, and will negotiate brokerage commissions if applicable; the Adviser is directed at all times to seek to execute brokerage transactions for the
Trust in accordance with such policies or practices as may be established by the Trustees and described in the Trust's registration statement as amended; the Adviser may pay a broker-dealer which provides research and brokerage services a
higher spread or commission for a particular transaction than otherwise might have been charged by another broker-dealer, if the Adviser determines that the higher spread or commission is reasonable in relation to the value of the brokerage and
research services that such broker-dealer provides, viewed in terms of either the particular transaction or the Adviser's overall responsibilities with respect to accounts managed by the Adviser; and the Adviser may use for the benefit of its
other clients, or make available to companies affiliated with the Adviser for the benefit of such companies or their clients, any such brokerage and research services that the Adviser obtains from brokers or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, on
occasions when the Adviser deems the purchase or sale of a security to be in the best interest of the Trust as well as other clients of the Adviser, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or
lower

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brokerage commissions and efficient execution. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Adviser in the manner the Adviser considers to be the most equitable and consistent with its fiduciary obligations to the Trust and to its other clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. will maintain all accounts, books and records with respect to the Trust as are required of an investment
adviser of a registered investment company pursuant to the 1940 Act and the Investment Advisers Act of 1940, as amended (the "Advisers Act") and the rules thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. will vote all proxies received in connection with securities held by the Trust.

3. EXPENSES ASSUMED BY THE TRUST

The Trust will pay all expenses of its organization, operations and business not specifically assumed or agreed to be paid by the Adviser, as provided in this Agreement, or by a Subadviser, as provided in a Subadvisory Agreement. Without limiting the generality of the foregoing, in addition to certain expenses described in section 2 above, the Trust shall pay or arrange for the payment of the following:

a. <u>Edgarization. Printing and Mailing</u>. Costs of edgarization, printing and mailing (i) all
registration statements (including all amendments thereto) and prospectuses/statements of additional information (including all supplements thereto), all annual, semiannual and periodic reports to shareholders of the Trust, regulatory authorities or
others, (ii) all notices and proxy solicitation materials furnished to shareholders of the Trust or regulatory authorities and (iii) all tax returns;

b. <u>Compensation of Officers and Trustees</u>. Compensation of the officers and Trustees of the Trust (other
than persons serving as President or Trustee of the Trust who are also directors, officers or employees of the Adviser or its affiliates);

c. <u>Registration and Filing Fees</u>. Registration, filing, and other fees in connection with requirements of
regulatory authorities, including, without limitation, all fees and expenses of registering and maintaining the registration of the Trust under the 1940 Act, as amended;

d. <u>Custodial Services</u>. The charges and expenses of the custodian appointed by the Trust for custodial
services;

e. <u>Administrative Services</u>. The charges and expenses of the administrative services of the Trust;

f. <u>Accounting Fees</u>. The charges and expenses of the independent accountants retained by the Trust;

g. <u>Transfer, Bookkeeping and Dividend Disbursing Agents</u>. The charges and expenses of any transfer,
bookkeeping and dividend disbursing agents appointed by the Trust;

h. <u>Commissions</u>. Broker's commissions and issue and transfer taxes chargeable to the Trust in
connection with securities transactions to which the Trust is a party;

i. <u>Taxes</u>. Taxes and corporate fees payable by the Trust to federal, state or other governmental agencies
and the expenses incurred in the preparation of all tax returns;

j. <u>Stock Certificates</u>. The cost of stock certificates, if any, representing shares of the Trust;

k. <u>Legal Services</u>. Legal services and expenses in connection with the affairs of the Trust, including
registering and qualifying its shares with regulatory authorities;

l. <u>Membership Dues</u>. Association membership dues;

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m. <u>Insurance Premiums</u>. Insurance premiums for fidelity, errors and omissions, directors and officers and
other coverage;

n. <u>Shareholders and Trustees Meetings</u>. Expenses of shareholders and Trustees meetings;

o. <u>Pricing</u>. Pricing of the Trust Funds and shares, including the cost of any equipment or services used for
obtaining price quotations and valuing Trust portfolio investments;

p. <u>Interest</u>. Interest on borrowings;

q. <u>Communication Equipment</u>. All charges for equipment or services used for communication between the
Adviser or the Trust and the custodian, transfer agent or any other agent selected by the Trust;

r. <u>Loan Servicing</u>. Any services, reimbursed by the Trust on a pro rata basis, provided in connection with
loans held by the Trust, including but not limited to servicing, loan closing, and asset administration; and

s. <u>Nonrecurring and Extraordinary Expense</u>. Such nonrecurring expenses as may arise, including the costs of
actions, suits, or proceedings to which the Trust is, or is threatened to be made, a party and the expenses the Trust may incur as a result of its legal obligation to provide indemnification to its Trustees, officers, agents and shareholders.

4. COMPENSATION OF ADVISER

The Trust will pay the Adviser the compensation specified in Appendix A to this Agreement.

5. NON-EXCLUSIVITY

The services of the Adviser to the Trust are not to be deemed to be exclusive, and the Adviser shall be free to render investment advisory or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that the directors, officers and employees of the Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors, trustees or employees of any other firm or corporation, including other investment companies.

6. SUPPLEMENTAL ARRANGEMENTS

The Adviser may enter into arrangements with other persons affiliated with the Adviser to better enable it to fulfill its obligations under this Agreement for the provision of certain personnel and facilities to the Adviser.

7. CONFLICTS OF INTEREST

It is understood that Trustees, officers, agents and shareholders of the Trust are or may be interested in the Adviser as directors, officers, stockholders, or otherwise; that directors, officers, agents and stockholders of the Adviser are or may be interested in the Trust as Trustees, officers, shareholders or otherwise; that the Adviser may be interested in the Trust; and that the existence of any such dual interest shall not affect the validity hereof or of any transactions hereunder except as otherwise provided in the Agreement and Declaration of Trust of the Trust or the organizational documents of the Adviser or by specific provision of applicable law.

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8. REGULATION

The Adviser shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports or other material which any such body by reason of this Agreement may request or require pursuant to applicable laws and regulations.

9. DURATION AND TERMINATION OF AGREEMENT

This Agreement shall become effective on the later of; (i) its execution and (ii) the date of the meeting of the shareholders of the Trust, at which meeting this Agreement is approved by the vote of a "majority of the outstanding voting securities" (as defined in the 1940 Act) of the Trust. The Agreement will continue in effect for a period more than two years from the date of its execution only so long as such continuance is specifically approved at least annually either by the Trustees or by the vote of a majority of the outstanding voting securities of the Trust provided that in either event such continuance shall also be approved by the vote of a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of any party to this Agreement cast in person at a meeting called for the purpose of voting on such approval. The required shareholder approval of the Agreement or of any continuance of the Agreement shall be effective with respect to the Trust if a majority of the outstanding voting securities of the Trust votes to approve the Agreement or its continuance.

If the shareholders of the Trust fail to approve the Agreement or any continuance of the Agreement, the Adviser will continue to act as investment adviser with respect to the Trust pending the required approval of the Agreement or its continuance or of a new contract with the Adviser or a different adviser or other definitive action; provided, that the compensation received by the Adviser in respect to the Trust during such period will be no more than its actual costs incurred in furnishing investment advisory and management services to the Trust or the amount it would have received under the Agreement in respect to the Trust, whichever is less.

This Agreement may be terminated at any time, without the payment of any penalty, by the Trustees, by the vote of a majority of the outstanding voting securities of the Trust, on sixty days' written notice to the Adviser, or by the Adviser on sixty days' written notice to the Trust. This Agreement will automatically terminate, without payment of any penalty, in the event if its "assignment" (as defined in the 1940 Act).

10. PROVISION OF CERTAIN INFORMATION BY ADVISER

The Adviser will promptly notify the Trust in writing of the occurrence of any of the following events:

a. the Adviser fails to be registered as an investment adviser under the Advisers Act or under the laws of any
jurisdiction in which the Adviser is required to be registered as an investment adviser in order to perform its obligations under this Agreement;

b. the Adviser is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation,
at law or in equity, before or by any court, public board or body, involving the affairs of the Trust; and

c. the chief executive officer or managing member of the Adviser or the portfolio manager of the Trust changes.

11. AMENDMENTS TO THE AGREEMENT

This Agreement may be amended by the parties only if such amendment is specifically approved by the vote of a majority of the outstanding voting securities of the Trust and by the vote of a majority of the Trustees who are not interested persons of any party to this Agreement cast in person at a meeting called for the purpose of voting on such approval. The required shareholder approval shall be effective with respect to the Trust if a majority of the outstanding voting securities of the Trust vote to approve the amendment.

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12. ENTIRE AGREEMENT

This Agreement contains the entire understanding and agreement of the parties.

13. HEADINGS

The headings in the sections of this Agreement are inserted for convenience of reference only and shall not constitute a part hereof.

14. NOTICES

All notices required to be given pursuant to this Agreement shall be delivered or mailed to the last known business address of the Trust or Adviser in person or by registered mail or a private mail or delivery service providing the sender with notice of receipt. Notice shall be deemed given on the date delivered or mailed in accordance with this section.

15. SEVERABILITY

Should any portion of this Agreement for any reason be held to be void in law or in equity, the Agreement shall be construed, insofar as is possible, as if such portion had never been contained herein.

16. GOVERNING LAW

The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the state of Delaware, or any of the applicable provisions of the 1940 Act. To the extent that the laws of the state of Delaware, or any of the provisions in this Agreement, conflict with applicable provisions of the 1940 Act, the latter shall control.

17. NAME OF THE TRUST

The Trust may use the name "John Hancock" or any name or names derived from or similar to the names "John Hancock Advisers, LLC," "John Hancock Life Insurance Company" or "John Hancock Financial Services, Inc." only for so long as this Agreement remains in effect. At such time as this Agreement shall no longer be in effect, the Trust, as the case may be, will (to the extent it lawfully can) cease to use such a name or any other name indicating that the Trust is advised by or otherwise connected with the Adviser. The Trust acknowledges that it has adopted the name John Hancock GA Senior Loan Trust through permission of John Hancock Life Insurance Company, a Massachusetts insurance company, and agrees that John Hancock Life Insurance Company reserves to itself and any successor to its business the right to grant the non -exclusive right to use the name "John Hancock" or any similar name or names to any other corporation or entity, including but not limited to any investment company of which John Hancock Life Insurance Company or any subsidiary or affiliate thereof shall be the investment adviser.

18. LIMITATION OF LIABILITY UNDER THE DECLARATION OF TRUST

The Amended & Restated Agreement & Declaration of Trust establishing the Trust, dated October 22, 2025, a copy of which, a Certificate for which on file in the office of the Secretary of the State of Delaware, provides that no Trustee, shareholder, officer, employee or agent of the Trust shall be subject to any personal liability in connection with Trust property or the affairs of the Trust and that all persons should shall look solely to the Trust's property for satisfaction of claims of any nature arising in connection with the affairs of the Trust.

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19. LIABILITY OF THE ADVISER

In the absence of (a) willful misfeasance, bad faith or gross negligence on the part of the Adviser in performance of its obligations and duties hereunder, (b) reckless disregard by the Adviser of its obligations and duties hereunder, or (c) a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act), the Adviser shall not be subject to any liability whatsoever to the Trust, or to any shareholder for any error of judgment, mistake of law or any other act or omission in the course of, or connected with, rendering services hereunder including, without limitation, for any losses that may be sustained in connection with the purchase, holding, redemption or sale of any security on behalf of the Trust.

I**N WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed under seal by their duly authorized officers as of the date first mentioned above.

---

| | |
|:---|:---|
| **MANULIFE GA TRUST** | **MANULIFE GA TRUST** |
|  By: | /s/ Ian Roke |
|  | Name: Ian Roke |
|  | Title: President |
| **MANULIFE INVESTMENT MANAGEMENT PRIVATE MARKETS (US) LLC** | **MANULIFE INVESTMENT MANAGEMENT PRIVATE MARKETS (US) LLC** |
|  By: | /s/ Heidi Knapp |
|  | Name: Heidi Knapp |
|  | Title: Chief Financial Officer |

---

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**APPENDIX A** 

The Adviser shall be entitled to receive from the Fund compensation in an amount equal to 0.55% annually of the average net assets of the Fund.

The Fund pays the Adviser a performance fee (the "Performance Fee"), on a quarterly basis, at an annual rate of 10% of the Fund's net profits, if any, over the high water mark (as defined below); provided that the Performance Fee shall be due only if (and, to the extent necessary, shall be reduced by an amount so that), after deducting such Performance Fee, the Fund's net profits as of end of the applicable quarter will at least equal the Preferred Return (defined below). For the purposes of calculating the Performance Fee, net profits will be determined by taking into account net realized gain or loss (including realized gain that has been distributed to shareholders during a fiscal quarter and net of Fund expenses, including the Management Fee) and the net change in unrealized appreciation or depreciation of securities positions, as well as dividends, interest and other income. No Performance Fee will be payable for any fiscal quarter unless losses and depreciation from prior fiscal quarters (the "cumulative loss") have been recovered by the Fund, which is referred to as a "high water mark" calculation. The cumulative loss to be recovered before payment of Performance Fees will be reduced in the event of withdrawals by shareholders. The Adviser is under no obligation to repay any Performance Fees previously paid by the Fund. Thus, the payment of Performance Fee for a fiscal quarter will not be reversed by the subsequent decline of the Fund's net asset value in any subsequent fiscal quarter.

The "Preferred Return" as of the end of the applicable fiscal quarter is an amount equal to (a) 1.25% (the "Preferred Return Rate") multiplied by (b) the Fund's net asset value as of the beginning of the fiscal quarter, adjusted to reflect additions to the Fund's net asset value resulting from new Share purchases during the fiscal quarter and reductions to the Fund resulting from withdrawals by, or distributions to, shareholders during the fiscal quarter (the "Preferred Return Base").

The Performance Fee is accrued monthly and taken into account for the purpose of determining the Fund's net asset value. Accordingly, the repurchase price received by a shareholder whose Shares are repurchased in a repurchase offer will be based on a valuation that will reflect a Performance Fee accrual if the Fund has experienced positive performance through the date of repurchase. No adjustment to a repurchase price will be made after it has been determined. However, for shareholders whose Shares are not repurchased on an intra-quarter repurchase date, the Performance Fee accrual may subsequently be reversed prior to payment if the Fund's performance declines within the quarter. Performance Fees payable are determined as of, and are promptly paid after, the last day of each fiscal quarter.

The Performance Fee presents certain risks that are not present in funds without a Performance Fee. The aggregate amount of the Performance Fee and the Management Fee payable by the Fund may be higher than those paid by most other registered investment companies.

## Ex-99.(J)

Exhibit (j)

**<u>MASTER CUSTODIAN AGREEMENT</u>**

This Agreement is made as of December 18, 2018 (this "***Agreement***"), between each management investment company identified on Appendix A and each management investment company which becomes a party to this Agreement in accordance with the terms hereof (in each case, a "***Fund***"), including, if applicable, each series of the Fund identified on Appendix A and each series which becomes a party to this Agreement in accordance with the terms hereof, and STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company (the "***Custodian***").

*W****ITNESSETH:*** 

**WHEREAS,** each Fund desires for the Custodian to provide certain custodial services relating to securities and other assets of the Fund; and

**WHEREAS,** the Custodian is willing to provide the services upon the terms contained in this Agreement;

SECTION 1. <u>DEFINITIONS</u>. In addition to terms defined in Section 4.1 (Rule 17f-5 and Rule 17f-7 related definitions) or elsewhere in this Agreement, (a) terms defined in the UCC have the same meanings herein as therein and (b) the following other terms have the following meanings for purposes of this Agreement:

"***1940 Act***" means the Investment Company Act of 1940, as amended from time to time.

"***Board***" means, in relation to a Fund, the board of directors, trustees or other governing body of the Fund.

"***Client Publications***" means the general client publications of State Street Bank and Trust Company available from time to time to clients and their investment managers.

"***Deposit Account Agreement***" means the Deposit Account Agreement and Disclosure, as may be amended from time to time, issued by the Custodian and available on the Custodian's internet customer portal, "my.statestreet.com".

"***Domestic securities***" means securities held within the United States.

"***Foreign securities***" means securities held primarily outside of the United States.

"***Held outside of the United States***" means not held within the United States.

"***Held within the United States***" means (a) in relation to a security or other financial asset, the security or other financial asset (i) is a certificated security registered in the name of the Custodian or its sub-custodian, agent or nominee or is endorsed to the Custodian or its sub-custodian, agent or nominee or in blank and the security certificate is located within the United States, (ii) is an uncertificated security or other financial asset registered in the name of the Custodian or its sub-custodian, agent or nominee at an office located in the United States, or (iii) has given rise to a security entitlement of which the Custodian or its sub-custodian, agent or nominee is the entitlement holder against a U.S. Securities System or another securities intermediary for which the securities intermediary's jurisdiction is within the United States, and (b) in relation to cash, the cash is maintained in a deposit account denominated in U.S. dollars with the banking department of the Custodian or with another bank or trust company's office located in the United States.

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"***Investment Advisor***" means, in relation to a Portfolio, the investment manager or investment advisor of the Portfolio.

"***On book currency***" means (a) U.S. dollars or (b) a foreign currency that, when credited to a deposit account of a customer maintained in the banking department of the Custodian or an Eligible Foreign Custodian, the Custodian maintains on its books as an amount owing as a liability by the Custodian to the customer.

"***Portfolio***" means (a) in relation to a Fund that is a series organization, a series of the Fund and (b) in relation to a Fund that is not a series organization, the Fund itself.

"***Portfolio Interests***" means beneficial interests in a Portfolio.

"***Proper Instructions***" means instructions in accordance with Section 9 received by the Custodian from a Fund, the Fund's Investment Advisor, or an individual or organization duly authorized by the Fund or the Investment Advisor. The term includes standing instructions.

"***SEC***" means the U.S. Securities and Exchange Commission.

"***Series organization***" means an organization that, pursuant to the statute under which the organization is organized, has the following characteristics: (a) the organic record of the organization provides for creation by the organization of one or more series (however denominated) with respect to specified property of the organization, and provides for records to be maintained for each series that identify the property of or associated with the series, (b) debt incurred or existing with respect to the activities of, or property of or associated with a particular series is enforceable against the property of or associated with the series only, and not against the property of or associated with the organization or of other series of the organization, and (c) debt incurred or existing with respect to the activities or property of the organization is enforceable against the property of the organization only, and not against the property of or associated with any series of the organization.

"***UCC***" means the Uniform Commercial Code of the Commonwealth of Massachusetts as in effect from time to time.

"***Underlying Portfolios***" means a group of investment companies as defined in Section 12(d)(1)(F) of the 1940 Act.

"***Underlying Shares"*** means shares or other securities, issued by a U.S. issuer, of Underlying Portfolios and other registered "investment companies" (as defined in Section 3(a)(1) of the 1940 Act), whether or not in the same "group of investment companies" (as defined in Section 12(d)(1)(G)(ii) of the 1940 Act).

"***Underlying Transfer Agent***" means State Street Bank and Trust Company or such other organization which may from time to time be appointed by the Fund to act as a transfer agent for the Underlying Portfolios and with respect to which the Custodian is provided with Proper Instructions.

"***U.S. Securities System***" means a securities depository or book-entry system authorized by the U.S. Department of the Treasury or a "clearing corporation" as defined in Section 8-102 of the UCC.

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SECTION 2. <u>EMPLOYMENT OF CUSTODIAN</u>.

SECTION 2.1 <u>GENERAL</u>. Each Fund hereby employs the Custodian as a custodian of (a) securities and cash of each of the Portfolios and (b) other assets of each of the Portfolios that the Custodian agrees to treat as financial assets. Each Fund, on behalf of each of its Portfolios, agrees to deliver to the Custodian (i) all securities and cash of the Portfolios, (ii) all other assets of each Portfolio that the Fund desires the Custodian, and the Custodian is willing, to treat as a financial asset and (iii) all cash and other proceeds of the securities and financial assets held in custody under this Agreement. The holding of confirmation statements that identify Underlying Shares as being recorded in the Custodian's name on behalf of the Portfolios will be custody for purposes of this Section 2.1. This Agreement does not require the Custodian to accept an asset for custody hereunder or to treat any asset that is not a security as a financial asset if such acceptance or treatment is inconsistent with applicable law and/or the internal policies and procedures of the Custodian.

SECTION 2.2 <u>SUB-CUSTODIANS</u>. Upon receipt of Proper Instructions, the Custodian shall on behalf of a Fund appoint one or more banks, trust companies or other entities located in the United States and designated in the Proper Instructions to act as a sub-custodian for the purposes of effecting such transactions as may be designated by the Fund in the Proper Instructions. The Custodian may place and maintain each Fund's foreign securities with foreign banking institution sub-custodians employed by the Custodian or foreign securities depositories, all in accordance with the applicable provisions of Sections 4 and 5. An entity acting in the capacity of Underlying Transfer Agent is not an agent or sub-custodian of the Custodian for purposes of this Agreement.

SECTION 2.3 <u>RELATIONSHIP</u>. With respect to securities and other financial assets, the Custodian is a securities intermediary and the Portfolio is the entitlement holder. With respect to cash maintained in a deposit account and denominated in an "on book" currency, the Custodian is a bank and the Portfolio is the bank's customer. If cash is maintained in a deposit account with a bank other than the Custodian and the cash is denominated in an "on book" currency, the Custodian is that bank's customer. The Custodian agrees to treat the claim to the cash as a financial asset for the benefit of the Portfolio**.** The Custodian does not otherwise agree to treat cash as financial asset. The duties of the Custodian as securities intermediary and bank set forth in the UCC are varied by the terms of this Agreement to the extent that the duties may be varied by agreement under the UCC.

SECTION 3. <u>ACTIVITIES OF THE CUSTODIAN WITH RESPECT TO PROPERTY HELD IN THE UNITED</u> <u>STATES</u>.

SECTION 3.1 <u>HOLDING SECURITIES</u>. The Custodian may deposit and maintain securities or other financial assets of a Portfolio in a U.S. Securities System in compliance with the conditions of Rule 17f-4 under the 1940 Act. Upon receipt of Proper Instructions on behalf of a Portfolio, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Portfolio and into which account or accounts may be transferred cash or securities and other financial assets, including securities and financial assets maintained in a U.S. Securities System. The Custodian shall hold and physically segregate for the account of each Portfolio all securities and other financial assets held by the Custodian in the United States, including all domestic securities of the Portfolio, other than (a) securities or other financial assets maintained in a U.S. Securities System and (b) Underlying Shares maintained pursuant to Section 3.6 in an account of an Underlying Transfer Agent. The Custodian may at any time or times in its discretion appoint any other bank or trust company, qualified under the 1940 Act to act as a custodian, as the Custodian's agent to carry out such of the provisions of this Section as the Custodian may from time to time direct, provided, however, that prior to such appointment on behalf of a Portfolio the Custodian must first provide the Fund with written notice of such appointment. The appointment of any agent shall not relieve the Custodian of any of its duties, responsibilities or liabilities, including the standard of care set forth in Section 14.1 hereof. The Custodian may at any time or times in its discretion remove the bank or trust company as the Custodian's agent.

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SECTION 3.2 <u>REGISTRATION OF SECURITIES</u>. Domestic securities or other financial assets held by the Custodian and that are not bearer securities shall be registered in the name of the applicable Portfolio or in the name of any nominee of a Fund on behalf of the Portfolio or of any nominee of the Custodian, which nominee shall be assigned exclusively to the Portfolio, unless the Fund has authorized in writing the appointment of a nominee to be used in common with other registered management investment companies having the same Investment Advisor as the Portfolio, or in the name or nominee name of any agent or any sub-custodian permitted hereby. All securities accepted by the Custodian on behalf of the Portfolio under the terms of this Agreement shall be in "street name" or other good delivery form. However, if a Fund directs the Custodian to maintain securities or other financial assets in "street name," the Custodian shall utilize commercially reasonable best efforts only to timely collect income due the Fund on the securities and other financial assets and to notify the Fund of relevant issuer actions including, without limitation, pendency of calls, maturities, tender or exchange offers.

SECTION 3.3 <u>BANK ACCOUNTS</u>. The Custodian shall open and maintain upon the terms of the Deposit Account Agreement a separate deposit account or accounts in the United States in the name of each Portfolio, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall credit to the deposit account or accounts, subject to the provisions hereof, all cash received by the Custodian from or for the account of the Portfolio, other than cash maintained by the Portfolio in a deposit account established and used in accordance with Rule 17f-3 under the 1940 Act. Funds held by the Custodian for a Portfolio may be deposited by the Custodian to its credit as Custodian in the banking department of the Custodian or in such other banks or trust companies as it may in its discretion deem necessary or desirable; provided, however, that (a) every such bank or trust company shall be qualified to act as a custodian under the 1940 Act and (b) each such bank or trust company and the funds to be deposited with each such bank or trust company shall on behalf of each applicable Portfolio of a Fund be approved by vote of a majority of the Fund's Board. The funds shall be deposited by the Custodian in its capacity as Custodian and shall be withdrawable by the Custodian only in that capacity.

SECTION 3.4 <u>COLLECTION OF INCOME</u>. Subject to the domestic securities or other financial assets held in the United States being registered as provided in Section 3.2, the Custodian shall collect on a timely basis all income and other payments with respect to the securities and other financial assets and to which a Portfolio shall be entitled either by law or pursuant to custom in the securities business. The Custodian shall collect on a timely basis all income and other payments with respect to bearer domestic securities if, on the date of payment by the issuer, the securities are held by the Custodian or its agent. The Custodian shall present for payment all income items requiring presentation as and when they become due and shall collect interest when due on securities and other financial assets held hereunder. The Custodian shall credit income to the Portfolio as such income is received or in accordance with the Custodian's then current payable date income schedule. Any credit to the Portfolio in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course, and the Portfolio may be charged at the Custodian's applicable rate for time credited.

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SECTION 3.5 <u>DELIVERY OUT</u>. The Custodian shall release and deliver out domestic securities and other financial assets of a Portfolio held in a U.S. Securities System, or in an account at the Underlying Transfer Agent, only upon receipt of Proper Instructions on behalf of the applicable Portfolio, specifying the domestic securities or financial assets held in the United States to be delivered out and the person or persons to whom delivery is to be made. The Custodian shall pay out cash of a Portfolio upon receipt of Proper Instructions on behalf of the applicable Portfolio, specifying the amount of the payment and the person or persons to whom the payment is to be made.

SECTION 3.6 <u>DEPOSIT OF FUND ASSETS WITH THE UNDERLYING TRANSFER AGENT</u>. Underlying Shares of a Fund, on behalf of a Portfolio, shall be deposited and held in an account or accounts maintained with an Underlying Transfer Agent. The Custodian's only responsibilities with respect to the Underlying Shares shall be limited to the following:

1) Upon receipt of a confirmation or statement from an Underlying Transfer Agent that the Underlying Transfer Agent is holding or maintaining Underlying Shares in the name of the Custodian (or a nominee of the Custodian) for the benefit of a Portfolio, the Custodian shall identify by book-entry that the Underlying Shares are being held by it as custodian for the benefit of the Portfolio. 

2) Upon receipt of Proper Instructions to purchase Underlying Shares for the account of a Portfolio, the Custodian shall pay out cash of the Portfolio as so directed to purchase the Underlying Shares and record the payment from the account of the Portfolio on the Custodian's books and records. 

3) Upon receipt of Proper Instructions for the sale or redemption of Underlying Shares for the account of a Portfolio, the Custodian shall transfer the Underlying Shares as so directed to sell or redeem the Underlying Shares, record the transfer from the account of the Portfolio on the Custodian's books and records and, upon the Custodian's receipt of the proceeds of the sale or redemption, record the receipt of the proceeds for the account of such Portfolio on the Custodian's books and records. 

The Custodian shall not be liable to any Fund or any Portfolio for any loss or damage to any Fund or any Portfolio resulting from maintenance of Underlying Shares with an Underlying Transfer Agent provided that the Custodian meets the standard of care set forth in Section 14.1.

SECTION 3.7 <u>PROXIES</u>. The Custodian shall cause to be promptly executed by the registered holder of domestic securities or other financial assets held in the United States of a Portfolio, if the securities or other financial assets are registered otherwise than in the name of the Portfolio or a nominee of the Portfolio, all proxies, without indication of the manner in which the proxies are to be voted, and shall promptly deliver to the Fund or the Fund's delegates, as identified to the Custodian in Proper Instructions ("***delegates***"), such proxies, all proxy soliciting materials and all notices relating to the securities or other financial assets.

SECTION 3.8 <u>COMMUNICATIONS</u>. Subject to the domestic securities or other financial assets held in the United States being registered as provided in Section 3.2, the Custodian shall transmit promptly to the applicable Fund or its delegates for each Portfolio all written information received by the Custodian from issuers of the securities and other financial assets being held for the Portfolio. The Custodian shall transmit promptly to the applicable Fund or its delegates all written information (including, without limitation, pendency of calls and maturities of securities and expirations of rights in connection therewith, notices of exercise of call and put options written by the Fund, and the maturity of futures contracts purchased or sold by the Fund) received by the Custodian from issuers of the securities and other financial assets whose tender or exchange is sought and from the party or its agent making the

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tender or exchange offer. The Custodian shall also transmit promptly to the applicable Fund or its delegates for each Portfolio all written information received by the Custodian regarding any class action or other collective litigation relating to Portfolio securities or other financial assets issued in the United States and then held, or previously held, during the relevant class-action period during the term of this Agreement by the Custodian for the account of the Fund for the Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. The Custodian does not support class-action participation by a Fund beyond such forwarding of written information received by the Custodian to the Fund or its delegates.

SECTION 4. <u>PROVISIONS RELATING TO RULES 17F-5 AND 17F-7</u>.

SECTION 4.1. <u>DEFINITIONS</u>. As used in this Agreement, the following terms have the following meanings:

"***Country Risk***" means all factors reasonably related to the systemic risk of holding Foreign Assets in a particular country. The factors include but are not limited to risks arising from the country's political environment, economic and financial infrastructure (including any Eligible Securities Depository operating in the country); prevailing or developing custody, tax and settlement practices; nationalization, expropriation or other government actions; currency restrictions, devaluations or fluctuations; market conditions affecting the orderly execution of securities transactions or the value of assets; the regulation of the banking and securities industries, including changes in market rules; and laws and regulations applicable to the safekeeping and recovery of Foreign Assets held in custody in that country.

"***Covered Foreign Country***" means a country listed on Schedule A, which list of countries may be amended from time to time at the request of any Fund and with the agreement of the Foreign Custody Manager.

"***Eligible Foreign Custodian***" has the meaning set forth in Section (a)(1) of Rule 17f-5.

"***Eligible Securities Depository***" has the meaning set forth in section (b)(1) of Rule 17f-7.

"***Foreign Assets***" means, in relation to a Portfolio, any of the Portfolio's securities or other investments (including foreign currencies) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect transactions of the Portfolio in those investments.

"***Foreign Custody Manager***" has the meaning set forth in section (a)(3) of Rule 17f-5.

"***Foreign Securities System***" means an Eligible Securities Depository listed on Schedule B. "***Rule 17f-5***" means Rule 17f-5 promulgated under the 1940 Act.

"***Rule 17f-7***" means Rule 17f-7 promulgated under the 1940 Act.

SECTION 4.2. <u>THE CUSTODIAN AS FOREIGN CUSTODY MANAGER</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 <u>DELEGATION</u>. Each Fund, by resolution adopted by its Board, hereby delegates to the Custodian, subject to Section (b) of Rule 17f-5, the responsibilities set forth in this Section 4.2 with respect to Foreign Assets of the Portfolios held outside the United States. The Custodian hereby accepts such delegation. By giving at least 45 days' (or such shorter or longer period to which the parties may agree in writing) prior written notice to the Fund, the Foreign Custody Manager may withdraw its acceptance of the delegated responsibilities generally or with respect to a Covered Foreign Country designated in the notice. Following the withdrawal, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Fund generally or, as the case may be, with respect to the Covered Foreign Country so designated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 <u>EXERCISE OF CARE AS FOREIGN CUSTODY MANAGER</u>. The Foreign Custody Manager shall exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of the Foreign Assets would exercise in performing the delegated responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 <u>FOREIGN CUSTODY ARRANGEMENTS</u>. The Foreign Custody Manager shall be responsible for performing the delegated responsibilities only with respect to Covered Foreign Countries. The Foreign Custody Manager shall list on Schedule A for a Covered Foreign Country each Eligible Foreign Custodian selected by the Foreign Custody Manager to maintain the Foreign Assets of the Portfolios with respect to the Covered Foreign Country. The list of Eligible Foreign Custodians may be amended from time to time upon notice in the sole discretion of the Foreign Custody Manager. This Agreement constitutes a Proper Instruction by a Fund, on behalf of each applicable Portfolio, to open an account, and to place and maintain Foreign Assets, for the Portfolio in each applicable Covered Foreign Country. The Fund, on behalf of the Portfolios, shall satisfy the account opening requirements for the Covered Foreign Country, and the delegation with respect to the Portfolio for the Covered Foreign Country will not be considered to have been accepted by the Custodian until that satisfaction. If the Foreign Custody Manager receives from the Fund Proper Instructions directing the Foreign Custody Manager to close the account, the delegation shall be considered withdrawn, and the Custodian shall immediately cease to be the Foreign Custody Manager with respect to the Portfolio for the Covered Foreign Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4 <u>SCOPE OF DELEGATED RESPONSIBILITIES</u>: Subject to the provisions of this Section 4.2, the Foreign Custody Manager may place and maintain Foreign Assets in the care of an Eligible Foreign Custodian selected by the Foreign Custody Manager in each applicable Covered Foreign Country. The Foreign Custody Manager shall determine that (a) the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by the Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1) and (b) the contract between the Foreign Custody Manager and the Eligible Foreign Custodian governing the foreign custody arrangements will satisfy the requirements of Rule 17f-5(c)(2). The Foreign Custody Manager shall establish a system to monitor (i) the appropriateness of maintaining the Foreign Assets with the Eligible Foreign Custodian and (ii) the performance of the contract governing the custody arrangements. If the Foreign Custody Manager determines that the custody arrangements with an Eligible Foreign Custodian are no longer appropriate, the Foreign Custody Manager shall so notify the Board in accordance with Section 4.2.5 hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5 <u>REPORTING REQUIREMENTS</u>. The Foreign Custody Manager shall (a) report the withdrawal of Foreign Assets from an Eligible Foreign Custodian and the placement of Foreign Assets with another Eligible Foreign Custodian by providing to the Fund's Board an amended Schedule A at the end of the calendar quarter in which the action has occurred, and (b) after the occurrence of any other material change in the foreign custody arrangements of the Portfolios described in this Section 4.2, make a written report to the Board containing a notification of the change.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.6 <u>REPRESENTATIONS</u>. The Foreign Custody Manager represents to each Fund that it is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5. Each Fund represents to the Custodian that its Board has (a) determined that it is reasonable for the Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Portfolios and (b) considered and determined to accept such Country Risk as is incurred by placing and maintaining the Foreign Assets of each Portfolio in each Covered Foreign Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.7 <u>TERMINATION BY A PORTFOLIO OF THE CUSTODIAN AS FOREIGN CUSTODY</u> <u>MANAGER</u>. By giving at least 30 days' prior written notice to the Custodian, a Fund, on behalf of a Portfolio, may terminate the delegation to the Custodian as the Foreign Custody Manager for the Portfolio. Following the termination, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Portfolio.

SECTION 4.3 <u>MONITORING OF ELIGIBLE SECURITIES DEPOSITORIES</u>. The Custodian shall (a) provide the Fund or its Investment Advisor with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set forth on Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7 and (b) monitor such risks on a continuing basis and promptly notify the Fund or its Investment Advisor of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7.

SECTION 5. <u>ACTIVITIES OF THE CUSTODIAN WITH RESPECT TO PROPERTY HELD OUTSIDE THE</u> <u>UNITED STATES</u>.

SECTION 5.1. <u>HOLDING SECURITIES</u>. Foreign securities and other financial assets held outside of the United States shall be maintained in a Foreign Securities System in a Covered Foreign Country through arrangements implemented by the Custodian or an Eligible Foreign Custodian, as applicable, in the Covered Foreign Country. The Custodian shall identify on its books as belonging to the Portfolios the foreign securities and other financial assets held by each Eligible Foreign Custodian or Foreign Securities System. The Custodian may hold foreign securities and other financial assets for all of its customers, including the Portfolios, with any Eligible Foreign Custodian in an account that is identified as the Custodian's account for the benefit of its customers; provided however, that (a) the records of the Custodian with respect to foreign securities or other financial assets of a Portfolio maintained in the account shall identify those securities and other financial assets as belonging to the Portfolio and (b) to the extent permitted and customary in the market in which the account is maintained, the Custodian shall require that securities and other financial assets so held by the Eligible Foreign Custodian be held separately from any assets of the Eligible Foreign Custodian or of other customers of the Eligible Foreign Custodian.

SECTION 5.2. <u>REGISTRATION OF FOREIGN SECURITIES</u>. Foreign securities and other financial assets held outside of the United States maintained in the custody of an Eligible Foreign Custodian and that are not bearer securities shall be registered in the name of the applicable Portfolio or in the name of the Custodian or in the name of any Eligible Foreign Custodian or in the name of any nominee of any of the foregoing. To the extent applicable, the Custodian and each Eligible Foreign Custodian shall establish and maintain current powers-of-attorney with respect to such foreign securities and other financial assets held outside of the United States to facilitate the voting of all proxies, without indication of the manner in which the proxies are to be voted, and shall promptly deliver to the Fund or its delegates such proxies, all proxy soliciting materials and all notices relating to the securities or other financial assets. The Fund on behalf of the Portfolio agrees to hold any such nominee harmless from any liability as a holder of record of the foreign securities or other financial assets. The Custodian or an Eligible Foreign Custodian reserves the right not to accept securities or other financial assets on behalf of a Portfolio under the terms of this Agreement unless the form of the securities or other financial assets and the manner in which they are delivered are in accordance with local market practice.

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SECTION 5.3. <u>INDEMNIFICATION BY ELIGIBLE FOREIGN CUSTODIANS</u>. Each contract pursuant to which the Custodian employs an Eligible Foreign Custodian shall, to the extent possible, require the Eligible Foreign Custodian to exercise reasonable care in the performance of its duties and to indemnify and hold harmless the Custodian from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with the Eligible Foreign Custodian's performance of its obligations. At a Fund's election, a Portfolio shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against an Eligible Foreign Custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Portfolio has not been made whole for the loss, damage, cost, expense, liability or claim. In no event shall the Custodian be obligated to bring suit in its own name or to allow suit to be brought in its name.

SECTION 5.4 <u>BANK ACCOUNTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 <u>GENERAL</u>. The Custodian shall identify on its books as for the account of the applicable Portfolio the amount of cash (including cash denominated in foreign currencies) deposited with the Custodian. The Custodian shall maintain cash deposits in on book currencies on its balance sheet. The Custodian shall be liable for such balances. If the Custodian is unable to maintain, or market practice does not facilitate the maintenance for the Portfolio of a cash balance in a currency as an on book currency, a deposit account shall be opened and maintained by the Custodian outside the United States on behalf of the Portfolio with an Eligible Foreign Custodian. The Custodian shall not maintain the cash deposit on its balance sheet. The Eligible Foreign Custodian, not the Custodian, will be liable for such balance directly to the Portfolio. All deposit accounts referred to in this Section shall be subject only to draft or order by the Custodian or, if applicable, the Eligible Foreign Custodian, in each case acting pursuant to the terms of this Agreement. Cash maintained in a deposit account and denominated in an "on book" currency will be maintained under and subject to the laws of the Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2 <u>NON-U.S. BRANCH AND NON-U.S. DOLLAR DEPOSITS</u>. In accordance with the laws of the Commonwealth of Massachusetts, the Custodian shall not be required to repay any deposit made at a non-U.S. branch of the Custodian or any deposit made with the Custodian and denominated in a non-U.S. dollar currency, if repayment of the deposit or the use of assets denominated in the non-U.S. dollar currency is prevented, prohibited or otherwise blocked due to (a) an act of war, insurrection or civil strife; (b) any action by a non-U.S. government or instrumentality or authority asserting governmental, military or police power of any kind, whether such authority be recognized as a de facto or a de jure government, or by any entity, political or revolutionary movement or otherwise that usurps, supervenes or otherwise materially impairs the normal operation of civil authority; or (c) the closure of a non-U.S. branch in order to prevent, in the reasonable judgment of the Custodian, harm to the employees or property of the Custodian.

SECTION 5.5. <u>COLLECTION OF INCOME</u>. The Custodian shall use reasonable commercial efforts to collect all income and other payments with respect to the Foreign Assets held hereunder to which a Portfolio shall be entitled. If extraordinary measures are required to collect the income or payment, the Fund and the Custodian shall consult as to such measures and as to the compensation and expenses of the Custodian relating to such measures. The Custodian shall credit income to the applicable Portfolio as such income is received or in accordance with the Custodian's then current payable date income schedule.

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Any credit to the Portfolio in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course, and the Portfolio may be charged at the Custodian's applicable rate for time credited. Income on securities or other financial assets loaned other than from the Custodian's securities lending program shall be credited as received.

SECTION 5.6. <u>TRANSACTIONS IN FOREIGN CUSTODY ACCOUNT</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1 <u>DELIVERY OUT</u>. The Custodian or an Eligible Foreign Custodian shall release and deliver foreign securities or other financial assets held outside of the United States owned by a Portfolio and held by the Custodian or such Eligible Foreign Custodian, or in a Foreign Securities System account, only upon receipt of Proper Instructions, specifying the foreign securities to be delivered and the person or persons to whom delivery is to be made. The Custodian shall pay out, or direct the respective Eligible Foreign Custodian or the respective Foreign Securities System to pay out, cash of a Portfolio only upon receipt of Proper Instructions specifying the amount of the payment and the person or persons to whom payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2 <u>MARKET CONDITIONS</u>. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Foreign Assets received for the account of the Portfolios and delivery of Foreign Assets maintained for the account of the Portfolios may be effected in accordance with the customary established securities trading or processing practices and procedures in the country or market in which the transaction occurs, including, without limitation, delivering Foreign Assets to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) with the expectation of receiving later payment for the Foreign Assets from such purchaser or dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.3 <u>SETTLEMENT PRACTICES</u>. The Custodian shall provide to each Board and Fund the information with respect to custody and settlement practices in countries in which the Custodian employs an Eligible Foreign Custodian described on Schedule C at the time or times set forth on the Schedule. The Custodian may revise Schedule C from time to time, but no revision shall result in a Board or Fund being provided with substantively less information than had been previously provided on Schedule C.

SECTION 5.7 <u>SHAREHOLDER OR BONDHOLDER RIGHTS</u>. The Custodian shall use reasonable commercial efforts to facilitate the exercise of voting and other shareholder and bondholder rights with respect to foreign securities and other financial assets held outside the United States, subject always to the laws, regulations and practical constraints that may exist in the country where the securities or other financial assets are issued. The Custodian may utilize Broadridge Financial Solutions, Inc. or another proxy service firm of recognized standing as its delegate to provide proxy services for the exercise of shareholder and bondholder rights. Local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of a Fund to exercise shareholder and bondholder rights.

SECTION 5.8. <u>COMMUNICATIONS</u>. The Custodian shall transmit promptly to the applicable Fund written information with respect to materials received by the Custodian through Eligible Foreign Custodians from issuers of the foreign securities and other financial assets being held outside the United States for the account of a Portfolio (including, without limitation, pendency of calls and maturities or foreign securities and expirations of rights in connection therewith). The Custodian shall transmit promptly to the applicable Fund written information with respect to materials so received by the Custodian from issuers of foreign securities whose tender or exchange is sought or from the party or its agent making the tender or exchange offer. The Custodian shall also transmit promptly to the Fund all

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written information received by the Custodian through Eligible Foreign Custodians from issuers of the foreign securities or other financial assets issued outside of the United States and being held for the account of the Portfolio regarding any class action or other collective litigation relating to the Portfolio's foreign securities or other financial assets issued outside the United States and then held, or previously held, during the relevant class-action period during the term of this Agreement by the Custodian via an Eligible Foreign Custodian for the account of the Fund for the Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. The Custodian does not support class-action participation by a Fund beyond such forwarding of written information received by the Custodian.

SECTION 6. <u>FOREIGN EXCHANGE.</u>

SECTION 6.1. <u>GENERALLY</u>. Upon receipt of Proper Instructions, which for purposes of this section may also include security trade advices, the Custodian shall facilitate the processing and settlement of foreign exchange transactions. Such foreign exchange transactions do not constitute part of the services provided by the Custodian under this Agreement.

SECTION 6.2. <u>FUND ELECTIONS</u>. Each Fund (or its Investment Advisor acting on its behalf) may elect to enter into and execute foreign exchange transactions with third parties that are not affiliated with the Custodian, with State Street Global Markets, which is the foreign exchange division of State Street Bank and Trust Company and its affiliated companies ("***SSGM***"), or with a sub-custodian. Where the Fund or its Investment Advisor gives Proper Instructions for the execution of a foreign exchange transaction using an indirect foreign exchange service described in the Client Publications, the Fund (or its Investment Advisor) instructs the Custodian, on behalf of the Fund, to direct the execution of such foreign exchange transaction to SSGM or, when the relevant currency is not traded by SSGM, to the applicable sub-custodian. The Custodian shall not have any agency (except as contemplated in preceding sentence), trust or fiduciary obligation to the Fund, its Investment Advisor or any other person in connection with the execution of any foreign exchange transaction. The Custodian shall have no responsibility under this Agreement for the selection of the counterparty to, or the method of execution of, any foreign exchange transaction entered into by the Fund (or its Investment Advisor acting on its behalf) or the reasonableness of the execution rate on any such transaction.

SECTION 6.3. <u>FUND ACKNOWLEDGEMENT</u> Each Fund acknowledges that in connection with all foreign exchange transactions entered into by the Fund (or its Investment Advisor acting on its behalf) with SSGM or any sub-custodian, SSGM and each such sub-custodian:

(i) shall be acting in a principal capacity and not as broker, agent or fiduciary to the Fund or its Investment
Advisor;

(ii) shall seek to profit from such foreign exchange transactions, and are entitled to retain and not disclose any
such profit to the Fund or its Investment Advisor; and

(iii) shall enter into such foreign exchange transactions pursuant to the terms and conditions, including pricing or
pricing methodology, (a) agreed with the Fund or its Investment Advisor from time to time or (b) in the case of an indirect foreign exchange service, (i) as established by SSGM and set forth in the Client Publications with respect to
the particular foreign exchange execution services selected by the Fund or the Investment Advisor or (ii) as established by the sub-custodian from time to time.

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SECTION 6.4. <u>TRANSACTIONS BY STATE STREET</u>. The Custodian or its affiliates, including SSGM, may trade based upon information that is not available to the Fund (or its Investment Advisor acting on its behalf), and may enter into transactions for its own account or the account of clients in the same or opposite direction to the transactions entered into with the Fund (or its Investment Manager), and shall have no obligation, under this Agreement, to share such information with or consider the interests of their respective counterparties, including, where applicable, the Fund or the Investment Advisor.

SECTION 6A. <u>CONTRACTUAL SETTLEMENT SERVICES (PURCHASE/SALES)</u>.

SECTION 6A.1 <u>GENERAL</u>. The Custodian shall, in accordance with the terms set out in this Section 6A, debit or credit the appropriate deposit account of each Portfolio on a contractual settlement basis in connection with the purchase of securities or other financial assets for the Portfolio or the receipt of the proceeds of the sale or redemption of securities or other financial assets.

SECTION 6A.2 <u>PROVISION OF SERVICES</u>. The services described in Section 6A.1 (the "***Contractual Settlement Services***") shall be provided for the securities and other financial assets and in such markets as the Custodian may advise from time to time. The Custodian may terminate or suspend any part of the provision of the Contractual Settlement Services at its sole discretion immediately upon notice to the applicable Fund on behalf of each Portfolio, including, without limitation, in the event of force majeure events affecting settlement, any disorder in markets, or other changed external business circumstances affecting the markets or the Fund.

SECTION 6A.3 <u>PURCHASE CONSIDERATION</u>. The consideration payable in connection with a purchase transaction shall be debited from the appropriate deposit account of the Portfolio as of the time and date that funds would ordinarily be required to settle the transaction in the applicable market. The Custodian shall promptly recredit the amount at the time that the Portfolio or the Fund notifies the Custodian by Proper Instruction that the transaction has been canceled.

SECTION 6A.4 <u>SALES AND REDEMPTIONS</u>. A provisional credit of an amount equal to the net sale price for a sale or redemption of securities or other financial assets shall be made to the account of the Portfolio as if the amount had been received as of the close of business on the date on which good funds would ordinarily be immediately available in the applicable market. The provisional credit will be made conditional upon the Custodian having received Proper Instructions with respect to, or reasonable notice of, the transaction, as applicable; and the Custodian or its agent having possession of the securities of other financial assets (excluding financial assets subject to any third party lending arrangement entered into by a Portfolio) associated with the transaction in good deliverable form and not being aware of any facts which would lead the Custodian or its agent to believe that the transaction will not settle in the time period ordinarily applicable to such transactions in the applicable market.

SECTION 6A.5. <u>REVERSALS OF PROVISIONAL CREDITS OR DEBITS</u>. The Custodian shall have the right to reverse any provisional credit or debit given in connection with the Contractual Settlement Services at any time when the Custodian believes, in its reasonable judgment, that such transaction will not settle in accordance with its terms or amounts due pursuant thereto, will not be collectable or where the Custodian has not been provided Proper Instructions with respect thereto, as applicable. The Portfolio shall be responsible for any costs or liabilities resulting from such reversal. Upon such reversal, a sum equal to the credited or debited amount shall become immediately payable by the Portfolio to the Custodian and may be debited from any deposit or other account held for benefit of the Portfolio.

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SECTION 7. <u>TAX SERVICES.</u>

SECTION 7.1 <u>FUND INFORMATION</u>. Each Fund will provide documentary evidence of its tax domicile, organizational specifics and other documentation and information as may be required by the Custodian from time to time for tax purposes, including, without limitation, information relating to any special ruling or treatment to which the Fund may be entitled that is not applicable to the general nationality and category of person to which the Fund belongs under general laws and treaty obligations and documentation and information required in relation to countries where the Fund engages or proposes to engage in investment activity or where Portfolio assets are or will be held. The provision of such documentation and information shall be deemed to be a Proper Instruction, upon which the Custodian shall be entitled to rely and act. In giving such documentation and information, the Fund represents and warrants that it is true and correct in all material respects and that it will promptly provide the Custodian with all necessary corrections or updates upon becoming aware of any changes or inaccuracies in the documentation or information supplied.

SECTION 7.2 <u>TAX RESPONSIBILITY</u>. The Fund shall be liable for all taxes (including Taxes, as defined below) relating to its investment activity, including with respect to any cash or securities held by the Custodian on behalf of the Fund or any transactions related thereto. Subject to compliance by the Fund with its obligations under Section 7.1, the Custodian shall withhold (or cause to be withheld) the amount of any Tax which is required to be withheld under applicable law in connection with the collection on behalf of the Fund pursuant to this Agreement of any dividend, interest income or other distribution with respect to any security and the proceeds or income from the sale or other transfer of any security held by the Custodian. If any Taxes become payable with respect to any prior payment made to the Fund by the Custodian or otherwise, the Custodian may apply any credit balance in the Fund's deposit account to the extent necessary to satisfy such Tax obligation. The Fund shall remain liable for any tax deficiency. The Custodian is not liable for any tax obligations relating to the Portfolio or the Fund, other than those Tax services as set out specifically in this Section 7. The Fund agrees that the Custodian is not, and shall not be deemed to be, providing tax advice or tax counsel. The capitalized terms "Tax" or "Taxes" means any withholding or capital gains tax, stamp duty, levy, impost, charge, assessment, deduction or related liability, including any addition to tax, penalty or interest imposed on or in respect of (i) cash or securities, (ii) the transactions effected under this Agreement, or (iii) the Fund.

SECTION 7.3 <u>TAX RELIEF</u>. The Custodian will provide tax relief services in relation to designated markets as may be specified from time to time in the Client Publications. Subject to the preceding sentence and compliance by the Fund with its obligations under Section 7.1, the Custodian will apply for a reduction of withholding tax and refund of any tax paid or tax credits which apply in each applicable market in respect of income payments on securities for the benefit of the Fund. Unless otherwise informed by the Fund, the Custodian shall be entitled to apply categorical treatment of the Fund according to its nationality, particulars of its organization and other relevant details supplied by the Fund.

SECTION 8. <u>PAYMENTS FOR SALES OR REDEMPTIONS OF PORTFOLIO INTERESTS</u>.

SECTION 8.1 <u>PAYMENT FOR PORTFOLIO INTERESTS ISSUED</u>. The Custodian shall receive from the distributor of Portfolio Interests of a Fund or from the Fund's transfer agent (the "***Transfer Agent***") and deposit into the account of the Portfolio such payments as are received for Portfolio Interests issued or sold from time to time by the Fund. The Custodian will provide timely notification to the Fund on behalf of the Portfolio and the Transfer Agent of any receipt of the payments by the Custodian.

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SECTION 8.2 <u>PAYMENT FOR PORTFOLIO INTERESTS REDEEMED</u>. Upon receipt of instructions from the Transfer Agent, the Custodian shall set aside funds of a Portfolio to the extent available for payment to holders of Portfolio Interests who have delivered to the Transfer Agent a request for redemption of their Portfolio Interests. The Custodian is authorized upon receipt of instructions from the Transfer Agent, if any, or from the Portfolio, to wire funds to or through a commercial bank designated by the redeeming interest holders. If the Custodian furnishes a check to a holder in payment for the redemption of the holder's Portfolio Interests and the check is drawn on the Custodian, the Custodian shall honor the check so long as the check is presented to the Custodian in accordance with the Deposit Account Agreement and such procedures and controls as are mutually agreed upon from time to time between the Fund and the Custodian.

SECTION 9. <u>PROPER INSTRUCTIONS</u>.

SECTION 9. 1 <u>FORM AND SECURITY PROCEDURES</u>. Proper Instructions may be in writing signed by the authorized individual or individuals or may be in a tested communication or in a communication utilizing access codes effected between electro-mechanical or electronic devices or may be by such other means and utilizing such intermediary systems and utilities as may be agreed to from time to time by the Custodian and the individual or organization giving the instruction, provided that the Fund has followed any security procedures agreed to from time to time by the applicable Fund and the Custodian, including but not limited to the security procedures selected by the Fund. The Custodian may agree to accept oral instructions, and in such case oral instructions will be considered Proper Instructions. Oral instructions will be considered Proper Instructions if the Custodian reasonably believes them to have been given by a person authorized to provide such instructions with respect to the transaction involved. The Fund shall cause all oral instructions to be confirmed in writing, but the Fund's failure to do so shall not affect the Custodian's authority to rely on the oral instructions.

Section 9.2 <u>RELIANCE ON OFFICER'S CERTIFICATE</u>. Concurrently with the execution of this Agreement, and from time to time thereafter, as appropriate, each Fund shall deliver to the Custodian an officer's certificate setting forth the names, titles, signatures and scope of authority of all individuals authorized to give Proper Instructions or any other notice, request, direction, instruction, certificate or instrument on behalf of the Fund. The certificate may be accepted and conclusively relied upon by the Custodian and shall be considered to be in full force and effect until receipt by the Custodian of a similar certificate to the contrary and the Custodian has had a reasonable time to act thereon.

Section 9.3 <u>UNTIMELY PROPER INSTRUCTIONS</u>. If the Custodian is not provided with reasonable time to execute a Proper Instruction (including any Proper Instruction not to execute, or any other modification to, a prior Proper Instruction), the Custodian will use good faith efforts to execute the Proper Instruction but will not be responsible or liable if the Custodian's efforts are not successful (including any inability to change any actions that the Custodian had taken pursuant to the prior Proper Instruction) (and provided that, for the avoidance of doubt, the standard of care set forth in Section 14.1 shall apply to any action or omission by the Custodian in carrying out such Proper Instructions). The inclusion of a statement of purpose or intent (or any similar notation) in a Proper Instruction shall not impose any additional obligations on the Custodian or condition or qualify its authority to effect the Proper Instruction. The Custodian will not assume a duty to ensure that the stated purpose or intent is fulfilled and will have no responsibility or liability when it follows the Proper Instruction without regard to such purpose or intent.

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SECTION 10. <u>ACTIONS PERMITTED WITHOUT EXPRESS AUTHORITY</u>.

The Custodian may in its discretion, without express authority from the applicable Fund on behalf of each Portfolio:

1) Make payments to itself or others for minor expenses of handling securities or other financial assets relating to its duties under this Agreement; provided that all such payments shall be accounted for to the Fund on behalf of the Portfolio (and provided that the parties shall use good faith efforts to resolve any dispute with respect to such payments); 

2) Surrender securities or other financial assets in temporary form for securities or other financial assets in definitive form;

3) Endorse for collection, in the name of the Portfolio, checks, drafts and other negotiable instruments; and

4) In general, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with the securities and other financial assets of the Portfolio except as otherwise directed by the applicable Board.

SECTION 11. <u>DUTIES OF CUSTODIAN WITH RESPECT TO THE BOOKS OF ACCOUNT AND CALCULATION</u> <u>OF NET ASSET VALUE AND NET INCOME</u>.

The Custodian shall cooperate with and supply necessary information to any organization appointed by the Board of a Portfolio of a Fund to keep the books of account of the Portfolio and compute the net asset value per Portfolio Interest of the outstanding Portfolio Interests or, if directed in writing to do so by the Fund on behalf of the Portfolio, shall itself keep such books of account and compute such net asset value per Portfolio Interest. If and as so directed, the Custodian shall also calculate daily the net income of the Portfolio as described in the Fund's currently effective prospectus ("***Prospectus***") and shall advise the Fund and the Transfer Agent daily of the total amounts of such net income and, if instructed in writing by an officer of the Fund to do so, shall advise the Transfer Agent periodically of the division of such net income among its various components. Each Fund acknowledges and agrees that, with respect to investments maintained with the Underlying Transfer Agent, the Underlying Transfer Agent is the sole source of information on the number of Portfolio Interests held by it on behalf of a Portfolio and that the Custodian has the right to rely on holdings information furnished by the Underlying Transfer Agent to the Custodian in performing its duties under this Agreement, including without limitation, the duties set forth in this Section 11 and in Section 12; provided, however, that the Custodian shall be obligated to reconcile information as to purchases and sales of Underlying Shares contained in trade instructions and confirmations received by the Custodian and to report promptly any discrepancies to the Underlying Transfer Agent. If and as so directed, the calculations of the net asset value per Portfolio Interest and the daily income of each Portfolio shall be made at the time or times described from time to time in the Prospectus.

SECTION 12. <u>RECORDS.</u>

The Custodian shall with respect to each Portfolio create and maintain all records relating to its activities and obligations under this Agreement in such manner as will meet the obligations of each Fund under the 1940 Act, with particular attention to Section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All such records shall be the property of the Fund and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Fund and

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employees and agents of the SEC or other regulators with jurisdiction over the Funds with respect to the Portfolios. The Custodian shall, at the Fund's request, supply the Fund with a tabulation of securities owned by each Portfolio and held by the Custodian and shall, when requested to do so by the Fund and for such compensation as shall be agreed upon between the Fund and the Custodian, include certificate numbers in such tabulations. In the event that the Custodian is requested or authorized by a Fund, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Fund by state or federal regulatory agencies, to produce the records of the Fund or the Custodian's personnel as witnesses (a "**records request**"), the Fund agrees to pay the Custodian for the Custodian's time and expenses, as well as the fees and expenses of the Custodian's counsel, incurred in responding to such request, order or requirement; the foregoing shall not apply to a records request incurred in the ordinary course of business, including, but not limited to, routine regulatory examinations of any Fund or its investment adviser.

SECTION 13. <u>FUND'S INDEPENDENT ACCOUNTANTS; REPORTS</u>.

SECTION 13.1 <u>OPINIONS</u>. The Custodian shall take all reasonable action, as a Fund with respect to a Portfolio may from time to time request, to obtain from year to year favorable opinions from the Fund's independent accountants with respect to its activities hereunder in connection with the preparation of the Fund's Form N-1A or Form N-2, as applicable, and Form N-CEN or other periodic reports to the SEC and with respect to any other requirements thereof.

SECTION 13.2 <u>REPORTS</u>. Upon reasonable request of a Fund, the Custodian shall provide the Fund with a copy of the Custodian's Service Organizational Control (SOC) 1 reports prepared in accordance with the requirements of AT section 801, *Reporting on Controls at a Service Organization* (formerly Statement on Standards for Attestation Engagements (SSAE) No. 16). The Custodian shall use commercially reasonable efforts to provide the Fund with such reports as the Fund may reasonably request or otherwise reasonably require to fulfill its duties under Rule 38a-1 of the 1940 Act or similar legal and regulatory requirements.

SECTION 14. <u>CUSTODIAN'S STANDARD OF CARE; EXCULPATION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 <u>STANDARD OF CARE.</u> In carrying out the provisions of this Agreement, the Custodian shall act in good faith and without negligence, misfeasance or willful misdonduct, and shall be held to the exercise of reasonable care, provided, however, that the Custodian shall be held to any higher standard of care which is imposed upon the Custodian by any law or regulation applicable to the Custodian, as if such above-stated higher standard of care were part of this Agreement, unless the Custodian notifies the Funds that it is unwilling to accept such higher standard of care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 <u>RELIANCE ON PROPER INSTRUCTIONS</u>. The Custodian shall be entitled conclusively to rely and act upon Proper Instructions until the Custodian has received notice of any change from the Fund and has had a reasonable time to act thereon. The Custodian may act on a Proper Instruction if it reasonably believes that it contains sufficient information and may refrain from acting on any Proper Instructions until such time that it has reasonably determined, in its sole discretion, that is has received any required clarification or authentication of Proper Instructions. The Custodian may rely upon and shall be protected in acting upon any Proper Instruction or any other instruction, notice, request, consent, certificate or other instrument or paper believed by it in good faith to be genuine and to have been properly executed by or on behalf of the applicable Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 <u>OTHER RELIANCE</u>. The Custodian is authorized and instructed to rely upon the information that the Custodian receives from the Fund or any third party authorized by Proper Instructions. The Custodian shall have no responsibility to review, confirm or otherwise assume any duty with respect to the accuracy or completeness of any information supplied to it by or on behalf of any Fund. The Custodian shall have no liability in respect of any loss, cost or expense incurred or sustained by the Fund arising from the performance of the Custodian's duties hereunder in reliance upon records that were maintained for the Fund by any individual or organization, other than the Custodian, prior to the Custodian's appointment as custodian hereunder. The Custodian shall be entitled to reasonably rely on and may act upon advice of counsel (who may be counsel for the Fund) on all matters and shall be without liability for any action reasonably taken or omitted in accordance with the standard of care set forth in Section 14.1 pursuant to the advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 <u>LIABILITY FOR FOREIGN CUSTODIANS</u>. The Custodian shall be liable for the acts or omissions of an Eligible Foreign Custodian to the same extent as if the action or omission were performed by the Custodian itself, taking into account the facts and circumstances and the established local market practices and laws prevailing in the particular jurisdiction in which the Fund or Portfolio elects to invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 <u>INSOLVENCY AND COUNTRY RISK</u>. The Custodian shall in no event be liable for (a) the insolvency of any Eligible Foreign Custodian that is not an affiliate of the Custodian; provided, however, that the foregoing exculpation of the Custodian with respect to the insolvency of a particular Eligible Foreign Custodian shall not be applicable if the Custodian fails to comply with its obligations under this Agreement or as a Foreign Custody Manager pursuant to Rule 17f-5 with respect to such Eligible Foreign Custodian, (b) the insolvency of any depositary bank maintaining in a deposit account cash denominated in any currency other than an "on book" currency, or (c) any loss, cost or expense incurred or sustained by a Fund or Portfolio resulting from or caused by Country Risk. For the avoidance of doubt, if the Custodian has met its standard of care hereunder and has fulfilled its obligations as a Foreign Custody Manager pursuant to Rule 17f-5 with respect to an Eligible Foreign Custodian, then the Custodian shall be without liability for any loss, damage or expense caused by or resulting from the insolvency of such Eligible Foreign Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 <u>FORCE MAJEURE AND THIRD PARTY ACTIONS</u>. The Custodian shall shall have no liability in respect of any loss, cost or expense incurred or sustained by any Fund or Portfolio arising from: (a) events or circumstances beyond the reasonable control of the Custodian, including, without limitation, the interruption, suspension or restriction of trading on or the closure of any currency or securities market or system, power or other mechanical or technological failures or interruptions, computer viruses or communications disruptions, work stoppages, natural disasters, acts of war, revolution, riots or terrorism or other similar force majeure events or acts; (b) errors by any Fund, its Investment Advisor or any other duly authorized person in their instructions to the Custodian provided such instructions have been provided in accordance with this Agreement; (c) the insolvency of or acts or omissions by a U.S. Securities System, Foreign Securities System, Underlying Transfer Agent or domestic sub-custodian designated pursuant to Section 2.2; (d) the failure of any Fund, its Investment Advisor, Portfolio or any duly authorized individual or organization to adhere to the Custodian's operational policies and procedures; (e) any delay or failure of any broker, agent, securities intermediary or other intermediary, central bank or other commercially prevalent payment or clearing system to deliver to the Custodian's sub-custodian or agent securities or other financial assets purchased or in the remittance or payment made in connection with securities or other financial assets sold; (f) any delay or failure of any organization in charge of registering or transferring securities or other financial assets in the name of the Custodian, any Fund, any Portfolio, the Custodian's sub-custodians, nominees or agents including non-receipt of bonus, dividends and rights and other accretions or benefits; (g) delays or inability to perform its duties due to

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any disorder in market infrastructure with respect to any particular security, other financial asset, U.S. Securities System or Foreign Securities System; and (h) the effect of any provision of any law or regulation or order of the United States of America, or any state thereof, or any other country, or political subdivision thereof or of any court of competent jurisdiction (together, "**Force Majeure Events**"). For the avoidance of doubt, the standard of care set forth in Section 14.1 shall apply to any action or omission by the Custodian taken in response to or in connection with a Force Majeure Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 <u>INDIRECT/SPECIAL/CONSEQUENTIAL DAMAGES</u>. Notwithstanding any other provision set forth herein, in no event shall either party be liable for any special, indirect, incidental, punitive or consequential damages of any kind whatsoever (including, without limitation, lost profits) with respect to the services provided pursuant to this Agreement, regardless of whether either party has been advised of the possibility of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 <u>DELIVERY OF PROPERTY</u>. The Custodian shall not be responsible for any securities or other assets of a Portfolio which are not received by the Custodian or which are delivered out in accordance with Proper Instructions. The Custodian shall not be responsible for the title, validity or genuineness of any securities or other assets or evidence of title thereto received by it or delivered by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 <u>NO INVESTMENT ADVICE</u>. The Custodian has no responsibility to monitor or oversee the investment activity undertaken by a Fund or its Investment Advisor or by a Portfolio. The Custodian has no duty to ensure or to inquire whether an Investment Advisor complies with any investment objectives or restrictions agreed upon between a Fund and the Investment Advisor or whether the Investment Advisor complies with its legal obligations under applicable securities laws or other laws, including laws intended to protect the interests of investors. The Custodian shall neither assess nor take any responsibility or liability for the suitability or appropriateness of the investments made by a Fund or a Portfolio or on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 <u>COMMUNICATIONS</u>. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with securities or other financial assets of a Portfolio at any time held by the Custodian unless (a) the Custodian or the Eligible Foreign Custodian is in actual possession of such securities or other financial assets, (b) the Custodian receives Proper Instructions with regard to the exercise of the right or power, and (c) both of the conditions referred to in the foregoing clauses (a) and (b) have been satisfied at least three business days prior to the date on which the Custodian is to take action to exercise the right or power. If the Fund provides the Custodian with such notification after such deadline, the Custodian shall use commercially reasonable best efforts to take such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 <u>LOANED SECURITIES</u>. Income due to each Portfolio on securities or other financial assets loaned shall be the responsibility of the applicable Fund. The Custodian will have no duty or responsibility in connection with loaned securities or other financial assets, other than to provide the Fund with such information or data as may be necessary to assist the Fund in arranging for the timely delivery to the Custodian of the income to which the Portfolio is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 <u>TRADE COUNTERPARTIES</u>. A Fund's receipt of securities or other financial assets from a counterparty in connection with any of its purchase transactions and its receipt of cash from a counterparty in connection with any sale or redemption of securities or other financial assets will be at the Fund's sole risk, and the Custodian shall not be obligated to make demands on the Fund's behalf if the Fund's counterparty defaults. If a Fund's counterparty fails to deliver securities, other financial assets or cash, the Custodian will notify the Fund's Investment Advisor of the failure within a reasonable time after the Custodian became aware of the failure.

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SECTION 15. <u>COMPENSATION AND INDEMNIFICATION OF CUSTODIAN; SECURITY INTEREST</u>.

SECTION. 15.1 <u>COMPENSATION</u>. The Custodian shall be entitled to reasonable compensation for its services and expenses as agreed upon from time to time between each Fund on behalf of each applicable Portfolio and the Custodian.

SECTION 15.2 <u>INDEMNIFICATION</u>. Each Portfolio agrees to indemnify the Custodian and to hold the Custodian harmless from and against any loss, cost or expense sustained or incurred by the Custodian in acting or omitting to act under or in respect of this Agreement in good faith, without negligence, and with reasonable care, including, without limitation, (a) the Custodian's compliance with Proper Instructions and (b) in connection with the provision of services to a Fund pursuant to Section 7, any obligations, including taxes, withholding and reporting requirements, claims for exemption and refund, additions for late payment, interest, penalties and other expenses, that may be assessed against the Fund, the Portfolio or the Custodian as custodian of the assets of the Fund or the Portfolio. If a Fund on behalf of a Portfolio instructs the Custodian to take any action with respect to securities or other financial assets, and the action involves the payment of money or may, in the opinion of the Custodian, result in the Custodian or its nominee assigned to the Fund or the Portfolio being liable therefor, the Fund on behalf of the Portfolio, as a prerequisite to the Custodian taking the action, shall provide to the Custodian at the Custodian's request such further indemnification in an amount and form satisfactory to the Custodian. The obligations and liabilities any Portfolio assumes shall be limited in any case to the relevant Portfolio and its assets and the Custodian shall not seek satisfaction of any obligation from the shareholders of the relevant Portfolio, any other Portfolio or its shareholders or the Trustees, officers, employees or agents of the Fund.

SECTION 15.3 <u>SECURITY INTEREST</u>. Each Fund hereby grants to the Custodian, to secure the payment and performance of the Fund's obligations under this Agreement, whether contingent or otherwise, a security interest in and right of recoupment and setoff against all cash and all securities and other financial assets at any time held for the account of a Portfolio by or through the Custodian. The obligations include, without limitation, the Fund's obligations to reimburse the Custodian if the Custodian or any of its affiliates, subsidiaries or agents advances cash or securities or other financial assets to the Fund for any purpose (including but not limited to settlements of securities or other financial assets, foreign exchange contracts and assumed settlement), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee's own negligence or willful misconduct, as well as the Fund's obligation to compensate the Custodian pursuant to Section 15.1 or indemnify the Custodian pursuant to Section 15.2. Should the Fund fail to reimburse or otherwise pay the Custodian any obligation under this Agreement promptly, the Custodian shall have the rights and remedies of a secured party under this Agreement, the UCC and other applicable law, including the right to utilize available cash and to sell or otherwise dispose of the Portfolio's assets to the extent necessary to obtain payment or reimbursement. The Custodian may at any time decline to follow Proper Instructions to deliver out cash, securities or other financial assets if the Custodian determines in its reasonable discretion that, after giving effect to the Proper Instructions, the cash, securities or other financial assets remaining will not have sufficient value fully to secure the Fund's payment or reimbursement obligations, whether contingent or otherwise.

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SECTION 16. <u>EFFECTIVE PERIOD AND TERMINATION</u>.

SECTION 16.1 <u>TERM</u>. This Agreement shall remain in full force and effect for an initial term ending three years from the date hereof (the "Initial Term"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the initial term or any renewal term, as the case may be. A written notice of non-renewal may be given as to a Fund or a Portfolio.

SECTION 16.2 <u>TERMINATION</u>. Either party may terminate this Agreement as to a Fund or a Portfolio: (a) in the event of the other party's material breach of a material provision of this Agreement that the other party has either failed to cure, or failed to establish a remedial plan to cure that is reasonably acceptable to the non-breaching party, within 60 days' written notice being given by the non-breaching party of the breach, or (b) in the event of the appointment of a conservator or receiver for the other party, the commencement by or against the other party of a bankruptcy or insolvency case or proceeding, or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction.

SECTION 16.3 <u>PAYMENTS OWING TO THE CUSTODIAN</u>. Upon termination of this Agreement pursuant to Section 16.1 or 16.2 with respect to any Fund or Portfolio, the applicable Fund shall pay to the Custodian any compensation then due and shall reimburse the Custodian for its other fees, expenses and charges then due as agreed upon from time to time in writing by the Fund and the Custodian. Upon receipt of such payment and reimbursement, the Custodian will deliver the Fund's or Portfolio's cash and its securities and other financial assets as set forth in Section 17.

SECTION 16.4 <u>RESERVED</u>.

SECTION 16.5 <u>EFFECT OF TERMINATION</u>. Termination of this Agreement with respect to any one particular Fund or Portfolio shall in no way affect the rights and duties under this Agreement with respect to any other Fund or Portfolio. Following termination with respect to a Fund or Portfolio, the Custodian shall have no further responsibility to forward information under Section 3.8 or 5.8. The provisions of Sections 7, 14, 15 and 17 of this Agreement shall survive termination of this Agreement. To the extent the Custodian continues to possess confidential information or records of the Fund or its agents or service providers after the termination of this Agreement, the obligations contained in Sections 12, 20.11, 20.12, and 20.13 of this Agreement shall continue until the five (5) year anniversary of the termination date of this Agreement.

SECTION 17. <u>SUCCESSOR CUSTODIAN</u>.

SECTION 17.1 <u>SUCCESSOR APPOINTED</u>. If a successor custodian shall be appointed for a Portfolio by its Board, the Custodian shall, upon termination of this Agreement and receipt of Proper Instructions, deliver to the successor custodian at the office of the Custodian, duly endorsed and in the form for transfer, all cash and all securities and other financial assets of the Portfolio then held by the Custodian hereunder and shall transfer to an account of the successor custodian all of the securities and other financial assets of the Portfolio held in a U.S. Securities System or Foreign Securities System or at the Underlying Transfer Agent. The Custodian shall also provide to the successor custodian a Fund's records (as described in Section 12 of this Agreement) as reasonably requested by the Fund.

SECTION 17.2 <u>NO SUCCESSOR APPOINTED</u>. If no such successor custodian shall be appointed, the Custodian shall, in like manner, upon receipt of Proper Instructions, deliver at the office of the Custodian and transfer the cash and the securities and other financial assets of the Portfolio in accordance with the Proper Instructions.

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SECTION 17.3 <u>NO SUCCESSOR APPOINTED AND NO PROPER INSTRUCTIONS</u>. If no successor custodian has been appointed and no Proper Instructions have been delivered to the Custodian on or before the termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company, which is a "bank" as defined in the 1940 Act, doing business in Boston, Massachusetts, or New York, New York, of its own selection, having an aggregate capital, surplus and undivided profits, as shown by its last published report, of not less than $25,000,000, all cash and all securities and other financial assets of the Portfolio then held by the Custodian hereunder, and to transfer to an account of the bank or trust company all of the securities and other financial assets of the Portfolio held in any U.S. Securities System or Foreign Securities System or at the Underlying Transfer Agent. The transfer will be on such terms as are contained in this Agreement or as the Custodian may otherwise reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company, and any cost or expense incurred by the Custodian, in connection with the transfer shall be for the account of the Portfolio.

SECTION 17.4 <u>REMAINING PROPERTY</u>. If any cash or any securities or other financial assets of the Portfolio held by the Custodian hereunder remain held by the Custodian after the termination of this Agreement owing to the failure of the applicable Fund to provide Proper Instructions, the Custodian shall be entitled to fair compensation for its services during such period as the Custodian holds the cash or the securities or other financial assets (the existing agreed-to compensation at the time of termination shall be one indicator of what is considered fair compensation). The provisions of this Agreement relating to the duties, exculpation and indemnification of the Custodian shall apply in favor of the Custodian during such period.

SECTION 17.5 <u>RESERVES</u>. Notwithstanding the foregoing provisions of this Section 17, the Custodian may retain cash or securities or other financial assets of the Fund or Portfolio as a reserve reasonably established by the Custodian to secure the payment or performance of any obligations of the Fund or Portfolio secured by a security interest or right of recoupment or setoff in favor of the Custodian.

SECTION 18. <u>REMOTE ACCESS SERVICES ADDENDUM</u>. The Custodian and each Fund agree to be bound by the terms of the Remote Access Services Addendum hereto.

SECTION 19. <u>LOAN SERVICES ADDENDUM</u>. If a Fund directs the Custodian in writing to perform loan services, the Custodian and the Fund will be bound by the terms of the Loan Services Addendum attached hereto. The Fund shall reimburse Custodian for its fees and expenses related thereto as agreed upon from time to time in writing by the Fund and the Custodian.

SECTION 20. <u>GENERAL</u>.

SECTION 20.1 <u>GOVERNING LAW</u>. Any and all matters in dispute between the parties hereto, whether arising from or relating to this Agreement, shall be governed by and construed in accordance with laws of the Commonwealth of Massachusetts, without giving effect to any conflict of laws rules. Likewise, the law applicable to all issues in Article 2(1) of the Hague Convention on the Law Applicable to Certain Rights in respect of Securities Held with an Intermediary is the law in force in the Commonwealth of Massachusetts.

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SECTION 20.2 [RESERVED]

SECTION 20.3 <u>PRIOR AGREEMENTS; AMENDMENTS</u>. This Agreement supersedes all prior agreements between each Fund on behalf of each of the Fund's Portfolios and the Custodian relating to the custody of the Fund's assets. This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.

SECTION 20.4 <u>ASSIGNMENT; DELEGATION</u>. This Agreement may not be assigned by (a) any Fund without the written consent of the Custodian or (b) the Custodian without the written consent of each applicable Fund. The Custodian shall retain the right to employ agents, subcontractors, consultants or other third parties, including, without limitation, affiliates (each, a "***Delegate***" and collectively, the "***Delegates***") to provide or assist it in the provision of any part of the non-custodial services described herein or the discharge of any other non-custodial obligations or duties under this Agreement without the consent or approval of any Fund. Except as otherwise provided below, the Custodian shall be responsible for the acts and omissions of any such Delegate so employed as if the Custodian had committed such acts and omissions itself. The Custodian shall be responsible for the compensation of its Delegates. Notwithstanding the foregoing, in no event shall the term Delegate include sub-custodians, Eligible Foreign Custodians, U.S. Securities Systems and Foreign Securities Systems, and the Custodian shall have no liability for their acts or omissions except as otherwise expressly provided elsewhere in this Agreement. The liability of the Custodian for the acts and omissions of sub-custodians, Eligible Foreign Custodians, U.S. Securities Systems and Foreign Securities Systems shall be as set forth in Section 14 above.

SECTION 20.5 <u>INTERPRETIVE AND ADDITIONAL PROVISIONS.</u> In connection with the operation of this Agreement, the Custodian and each Fund on behalf of each of the Portfolios, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of a Fund's organic record and Prospectus. No interpretive or additional provisions made as provided in the preceding sentence shall be an amendment of this Agreement.

SECTION 20.6 <u>ADDITIONAL FUNDS AND PORTFOLIOS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.1 <u>ADDITIONAL FUND</u>. If any management investment company in addition to those listed on Appendix A desires the Custodian to render services as custodian under the terms of this Agreement, the management investment company shall so notify the Custodian in writing. If the Custodian agrees in writing to provide the services, the management investment company shall become a Fund hereunder and be bound by all terms and conditions and provisions hereof including, without limitation, the representations and warranties set forth in Section 20.7 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.2 <u>ADDITIONAL PORTFOLIO</u>. If any Fund establishes a series in addition to the Portfolios set forth on Appendix A with respect to which the Fund desires the Custodian to render services as custodian under the terms of this Agreement, the Fund shall so notify the Custodian in writing. If the Custodian agrees in writing to provide the services, the series shall become a Portfolio hereunder.

SECTION 20.7 <u>THE PARTIES; REPRESENTATIONS AND WARRANTIES</u>. All references in this Agreement to the "Fund" are to each of the management investment companies listed on Appendix A, and each management investment company made subject to this Agreement in accordance with Section 20.6 above, individually, as if this Agreement were between the individual Fund and the Custodian. In the case of a series organization, all references in this Agreement to the "Portfolio" are to the individual series of the series organization on behalf of the individual series. Any reference in this Agreement to "the parties" shall mean the Custodian and such other individual Fund as to which the matter pertains.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.7.1 <u>FUND REPRESENTATIONS AND WARRANTIES</u>. Each Fund hereby represents and warrants that (a) it is duly organized and validly existing in good standing in its jurisdiction of organization; (b) it has the requisite power and authority under applicable law and its organic record to enter into and perform this Agreement; (c) all proceedings required by the Trust's governing documents have been taken to authorize it to enter into and perform this Agreement; (d) no legal or administrative proceedings have been instituted or threatened which would materially impair the Fund's ability to perform its duties and obligations under this Agreement; and (e) its entering into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Fund or any law or regulation applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.7.2 <u>CUSTODIAN REPRESENTATIONS AND WARRANTIES</u>. The Custodian hereby represents and warrants that (a) it is a trust company, duly organized and validly existing under the laws of the Commonwealth of Massachusetts; (b) it has the requisite power and authority to carry on its business in the Commonwealth of Massachusetts; (c) all requisite proceedings have been taken to authorize it to enter into and perform this Agreement; (d) no legal or administrative proceedings have been instituted or threatened which would materially impair the Custodian's ability to perform its duties and obligations under this Agreement; and (e) its entering into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Custodian or any law or regulation applicable to it.

SECTION 20.8 <u>NOTICES</u>. Any notice, instruction or other communication required to be given hereunder will, unless otherwise provided in this Agreement, be in writing and may be sent by hand, or overnight delivery by any recognized delivery service, to the parties at the following addresses or such other addresses as may be notified by any party from time to time.

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| | |
|:---|:---|
| To any Fund: | c/o John Hancock Life Insurance Company (U.S.A.) |
|  | 197 Clarendon Street C-05 |
|  | Boston, MA 02116 |
|  | Attention: Heidi Knapp, Managing Director, Private Markets Operations |
|  | Telephone: (617) 572-6231 |
|  | With a copy to: |
|  | c/o John Hancock Life Insurance Company (U.S.A.) |
|  | 197 Clarendon Street C-03 |
|  | Boston, MA 02116 |
|  | Attention: David Pemstein, Senior Managing Director & Chief Counsel, |
|  | North American Investment Law |
|  | Telephone: (617) 572-1234 |
| To the Custodian: | STATE STREET BANK AND TRUST COMPANY |
|  | Channel Center |
|  | One Iron Street |
|  | Attention: Mark Branigan, Vice President |
|  | Telephone: 617-662-0725 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with a copy to: |  |
|  | STATE STREET BANK AND TRUST COMPANY |
|  | Legal Division – Global Services Americas |
|  | One Lincoln Street |
|  | Boston, MA 02111 |
|  | Attention: Senior Vice President and Senior Managing Counsel |

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SECTION 20.9 <u>COUNTERPARTS</u>. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement*.* Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received in electronically transmitted form.

SECTION 20.10 <u>SEVERABILITY; NO WAIVER</u>. If any provision of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. The failure of a party hereto to insist upon strict adherence to any term of this Agreement on any occasion or the failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any term, right or remedy or a waiver of any other rights or remedies, and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy.

SECTION 20.11 <u>CONFIDENTIALITY</u>. All information provided under this Agreement by or on behalf of a party (the "Disclosing Party") to the other party (the "Receiving Party") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to Section 20.12 below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 20.12 below), including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Custodian or its affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld. A Receiving Party shall protect confidential information of a Disclosing Party at least to the same degree as the Receiving Party protects its own confidential information. All confidential information provided by a Disclosing Party shall remain the property of such Disclosing Party. All confidential information, together with any copies thereof, in whatever form, shall, upon the Disclosing Party's written request, be returned to the Disclosing Party or destroyed, at the Receiving Party's election; provided, that the Receiving Party shall be permitted to retain all or any portion of the confidential information, in accordance with the confidentiality obligations specified in this Agreement, to the extent required by applicable law or regulatory authority or to the extent required by the Receiving Party's internal policies and in accordance with its customary practices for backup and storage.

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SECTION 20.12 <u>USE OF DATA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Custodian (which term for purposes of this Section 20.12 includes each of its parent company, branches and affiliates ("***Affiliates***")) may collect and store information regarding a Fund and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Fund and the Custodian or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (c) below, the Custodian and/or its Affiliates (except those Affiliates or business divisions principally engaged in the business of asset management) may use any data or other information ("***Data***") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Fund and the Custodian or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Fund, and publish, sell, distribute or otherwise commercialize the Data; provided that, unless the Fund otherwise consents, Data is combined or aggregated with information relating to (i) other customers of the Custodian and/or its Affiliates or (ii) information derived from other sources, in each case such that any published information will be displayed in a manner designed to prevent attribution to or identification of such Data with the Fund. The Fund agrees that Custodian and/or its Affiliates may seek to profit and realize economic benefit from the commercialization and use of the Data, that such benefit will constitute part of the Custodian's compensation for services under this Agreement or such other agreement, and the Custodian and/or its Affiliates shall be entitled to retain and not be required to disclose the amount of such economic benefit and profit to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as expressly contemplated by this Agreement, nothing in this Section 20.12 shall limit the confidentiality and data-protection obligations of the Custodian and its Affiliates under this Agreement and applicable law. The Custodian shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 20.12 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

SECTION 20.13 <u>DATA PRIVACY.</u> The Custodian will implement and maintain a written information security program that contains appropriate security measures generally consistent with industry standard practices aligned with a security framework appropriate for a large financial services company to safeguard the personal information of the Funds' shareholders, employees, directors and officers that the Custodian receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. The term, "***personal information***", as used in this Section, means (a) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (i) Social Security or other tax identification number, (ii) driver's license number, (iii) state identification card number, (iv) debit or credit card number, (v) financial account number or (vi) personal identification number or password that would permit access to a person's account, (b) any combination of any of the foregoing that would allow a person to log onto or access an individual's account, or (c) any other non-public personal information within the meaning of applicable law or regulation. "Personal information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public (except to the extent applicable law in a particular jurisdiction does not exclude such publicly available information from protection as personal information.

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SECTION 20.14 <u>REPRODUCTION OF DOCUMENTS</u>. This Agreement and all schedules, addenda, exhibits, appendices, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. Any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

SECTION 20.15 <u>REGULATION GG</u>. Each Fund represents and warrants that it does not engage in an "Internet gambling business," as such term is defined in Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) and covenants that it shall not engage in an Internet gambling business. In accordance with Regulation GG, each Fund is hereby notified that "restricted transactions," as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any dealings with the Custodian pursuant to this Agreement or otherwise between or among any party hereto.

SECTION 20.17 <u>BUSINESS CONTINUITY/DISASTER RECOVERY</u>. In the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond the Custodian's control, the Custodian shall take reasonable steps to minimize service interruptions. Specifically, Custodian shall implement reasonable procedures to prevent the loss of data and to recover from service interruptions caused by equipment failure or other circumstances with resumption of all substantial elements of services in a timeframe sufficient to meet business requirements. The Custodian shall enter into and shall maintain in effect at all times during the term of this Agreement with appropriate parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files and data with respect to the Fund; and (ii) emergency use of electronic data processing equipment to provide services under this Agreement. Upon reasonable request, the Custodian also shall discuss with senior management of the Fund any business continuity/disaster recovery plan of the Custodian and/or provide a high-level presentation summarizing such plan.

SECTION 20.16 <u>SHAREHOLDER COMMUNICATIONS ELECTION</u>. SEC Rule 14b-2 requires banks that hold securities, as that term is used in federal securities laws, for the account of customers to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with the rule, as may be applicable, the Custodian needs each Fund to indicate whether it authorizes the Custodian to provide such Fund's name, address, and share position to requesting companies whose securities the Fund owns. If a Fund tells the Custodian "no," the Custodian will not provide this information to requesting companies. If a Fund tells the Custodian "yes" or does not check either "yes" or "no" below, the Custodian is required by the rule, as applicable, to treat the Fund as consenting to disclosure of this information for all securities owned by the Fund or any funds or accounts established by the Fund. For a Fund's protection, the Rule, as applicable, prohibits the requesting company from using the Fund's name and address for any purpose other than corporate communications. Please indicate below whether the Fund consents or objects by checking one of the alternatives below.

YES ☐ The Custodian is authorized to release the Fund's name, address, and share positions.

NO ☒ The Custodian is not authorized to release the Fund's name, address, and share positions.

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**<u>SIGNATURE PAGE</u>**

**IN WITNESS WHEREOF**, each of the parties has caused this Agreement to be executed in its name and behalf by its duly authorized representative under seal as of the date first above-written.

**EACH OF THE MANAGEMENT INVESTMENT COMPANIES AND SERIES SET FORTH ON APPENDIX A HERETO** 

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| | |
|:---|:---|
| By: | /s/ E. David Pemstein |

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| | |
|:---|:---|
| Name: E. David Pemstein | Name: E. David Pemstein |
| Title: Sole Trustee | Title: Sole Trustee |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Andrew Erikson |

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Name: Andrew Erickson <br> Title: Executive Vice President

**Master Custodian Agreement** 

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**APPENDIX A** 

**TO** 

**<u>MASTER CUSTODIAN AGREEMENT</u>**

<u>MANAGEMENT INVESTMENT COMPANIES REGISTERED WITH THE SEC AND PORTFOLIOS THEREOF, IF</u> <u>ANY</u>

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| | |
|:---|:---|
| **TRUST NAME** | **FUND TYPE (SENIOR LOAN FUND, COMMERCIAL MORTGAGE FUND, OR PRIVATE<br>DEBT FUND)** |
| JOHN HANCOCK GA MORTGAGE TRUST | COMMERCIAL MORTGAGE FUND |
| JOHN HANCOCK GA SENIOR LOAN TRUST | SENIOR LOAN FUND |
| JOHN HANCOCK GA PRIVATE PLACEMENT<br> TRUST | PRIVATE DEBT FUND |
| MANULIFE GA TRUST | SENIOR LOAN FUND |

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![LOGO](g26855g0115051815914.jpg)

Global Custody Network Schedule A

**SEPTEMBER 30, 2018** 

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| | | |
|:---|:---|:---|
| **MARKET** | **SUBCUSTODIAN** | **ADDRESS** |
| **Albania** | Raiffeisen Bank sh.a. | Blv. "Bajram Curri" ETC – Kati 14<br> Tirana, Albania |
| **Argentina** | Citibank, N.A. | Bartolome Mitre 530<br> **1036** Buenos Aires, Argentina |
| **Australia** | The Hongkong and Shanghai Banking Corporation Limited | HSBC Securities Services<br> Level 3, 10 Smith St.,<br> Parramatta, NSW **2150**, Australia |
| **Austria** | Deutsche Bank AG (operating through its Frankfurt branch with support from its Vienna branch) | Fleischmarkt 1<br> **A-1010** Vienna, Austria |
| **Austria** | <br> UniCredit Bank Austria AG | <br> Global Securities Services Austria<br> Rothschildplatz 1<br> **A-1020** Vienna, Austria |
| **Bahrain** | HSBC Bank Middle East Limited<br> (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | 1<sup>st</sup> Floor, Bldg. #2505<br> Road # 2832, Al Seef **428**<br> Kingdom of Bahrain |
| **Bangladesh** | Standard Chartered Bank | Silver Tower, Level 7<br> 52 South Gulshan Commercial Area<br> Gulshan 1, Dhaka **1212**, Bangladesh |
| **Belgium** | Deutsche Bank AG, Netherlands (operating through its Amsterdam branch with support from its Brussels branch) | De Entree 195<br> **1101 HE** Amsterdam, Netherlands |
| **Benin** | via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | 23, Bld de la République<br> 17 BP 1141 Abidjan **17** Côte d'Ivoire |
| **Bermuda** | HSBC Bank Bermuda Limited | 6 Front Street<br> Hamilton, **HM06**, Bermuda |

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STATE STREET CORPORATION **1**

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![LOGO](g26855nndsp30a.jpg)

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| | | |
|:---|:---|:---|
| **Federation of Bosnia and Herzegovina** | UniCredit Bank d.d. | Zelenih beretki 24<br> **71 000** Sarajevo<br> Federation of Bosnia and Herzegovina |
| **Botswana** | Standard Chartered Bank Botswana Limited | 4th Floor, Standard Chartered House<br> Queens Road<br> The Mall<br> Gaborone, Botswana |
| **Brazil** | Citibank, N.A. | AV Paulista 1111<br> São Paulo, **SP 01311-920** Brazil |
| **Bulgaria** | Citibank Europe plc, Bulgaria Branch | Serdika Offices, 10th floor<br> 48 Sitnyakovo Blvd.<br> **1505** Sofia, Bulgaria |
| **Bulgaria** | <br> UniCredit Bulbank AD | <br> 7 Sveta Nedelya Square<br> **1000** Sofia, Bulgaria |
| **Burkina Faso** | via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | 23, Bld de la République<br> 17 BP 1141 Abidjan **17** Côte d'Ivoire |
| **Canada** | State Street Trust Company Canada | 30 Adelaide Street East, Suite 800<br> Toronto, ON Canada **M5C 3G6** |
| **Chile** | Itaú CorpBanca S.A. | Presidente Riesco Street # 5537<br> Floor 18<br> Las Condes, Santiago de Chile |
| **People's Republic of China** | HSBC Bank (China) Company Limited<br> (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | 33<sup>rd</sup> Floor, HSBC Building, Shanghai IFC<br> 8 Century Avenue<br> Pudong, Shanghai, China (**200120**) |
| **People's Republic of China** | <br> China Construction Bank Corporation | <br> No.1 Naoshikou Street<br> Chang An Xing Rong Plaza<br> Beijing **100032-33**, China |
| **China Connect** | Citibank N.A. | 39/F., Champion Tower<br> 3 Garden Road<br> Central, Hong Kong |
| **China Connect** | <br> The Hongkong and Shanghai Banking Corporation Limited | <br> Level 30,<br> HSBC Main Building<br> 1 Queen's Road<br> Central, Hong Kong |
| **China Connect** | <br> Standard Chartered Bank (Hong Kong) Limited | <br> 15<sup>th</sup> Floor Standard Chartered Tower<br> 388 Kwun Tong Road<br> Kwun Tong, Hong Kong |
| **Colombia** | Cititrust Colombia S.A. Sociedad Fiduciaria | Carrera 9A, No. 99-02<br> Bogotá DC, Colombia |

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Information Classification: Limited Access

STATE STREET CORPORATION **2**

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![LOGO](g26855nndsp30a.jpg)

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| | | |
|:---|:---|:---|
| **Costa Rica** | Banco BCT S.A. | 160 Calle Central<br> Edificio BCT<br> San José, Costa Rica |
| **Croatia** | Privredna Banka Zagreb d.d. | Custody Department<br> Radnička cesta 50<br> **10000** Zagreb, Croatia |
|  | Zagrebacka Banka d.d. | Savska 60<br> **10000** Zagreb, Croatia |
| **Cyprus** | BNP Paribas Securities Services, S.C.A., Greece (operating through its Athens branch) | 2 Lampsakou Str.<br> **115 28** Athens, Greece |
| **Czech Republic** | Československá obchodní banka, a.s. | Radlická 333/150<br> **150 57** Prague 5, Czech Republic |
|  | UniCredit Bank Czech Republic and Slovakia, a.s. | BB Centrum – FILADELFIE<br> Želetavská 1525/1<br> **140 92** Praha 4 - Michle, Czech Republic |
| **Denmark** | Nordea Bank AB (publ), Sweden (operating through its branch, Nordea Danmark, Filial af Nordea Bank AB (publ), Sverige) | Strandgade 3<br> **0900** Copenhagen C, Denmark |
|  | Skandinaviska Enskilda Banken AB (publ), Sweden (operating through its Copenhagen branch) | Bernstorffsgade 50<br> **1577** Copenhagen, Denmark |
| **Egypt** | HSBC Bank Egypt S.A.E.<br> (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | 6<sup>th</sup> Floor<br> 306 Corniche El Nil<br> Maadi, Cairo, Egypt |
| **Estonia** | AS SEB Pank | Tornimäe 2<br> **15010** Tallinn, Estonia |
| **Eswatini**<br> (previously known as Swaziland) | Standard Bank Swaziland Limited | Standard House, Swazi Plaza<br> Mbabane, Eswatini **H101** |
| **Finland** | Nordea Bank AB (publ), Sweden (operating through its branch, Nordea Bank AB (publ), Finnish branch) | Satamaradankatu 5<br> **00500** Helsinki, Finland |
|  | Skandinaviska Enskilda Banken AB (publ), Sweden (operating through its Helsinki branch) | Securities Services<br> Box 630<br> **SF-00101** Helsinki, Finland |
| **France** | Deutsche Bank AG, Netherlands (operating through its Amsterdam branch with support from its Paris branch) | De Entree 195<br> **1101 HE** Amsterdam, Netherlands |
| **Republic of Georgia** | JSC Bank of Georgia | 29a Gagarini Str.<br> Tbilisi **0160**, Georgia |

---

STATE STREET CORPORATION **3**

------

![LOGO](g26855nndsp30a.jpg)

---

| | | |
|:---|:---|:---|
| **Germany** | State Street Bank International GmbH | Brienner Strasse 59<br> **80333** Munich, Germany |
|  | Deutsche Bank AG | Alfred-Herrhausen-Allee 16-24<br> **D-65760** Eschborn, Germany |
| **Ghana** | Standard Chartered Bank Ghana Limited | P. O. Box 768<br> 1st Floor<br> High Street Building<br> Accra, Ghana |
| **Greece** | BNP Paribas Securities Services, S.C.A. | 2 Lampsakou Str.<br> **115 28** Athens, Greece |
| **Guinea-Bissau** | via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | 23, Bld de la République<br> 17 BP 1141 Abidjan **17** Côte d'Ivoire |
| **Hong Kong** | Standard Chartered Bank (Hong Kong) Limited | 15<sup>th</sup> Floor Standard Chartered Tower<br> 388 Kwun Tong Road<br> Kwun Tong, Hong Kong |
| **Hungary** | Citibank Europe plc Magyarországi Fióktelepe | 7 Szabadság tér, Bank Center<br> Budapest, **H-1051** Hungary |
|  | UniCredit Bank Hungary Zrt. | 6th Floor<br> Szabadság tér 5-6<br> **H-1054** Budapest, Hungary |
| **Iceland** | Landsbankinn hf. | Austurstræti 11<br> **155** Reykjavik, Iceland |
| **India** | Deutsche Bank AG | Block B1, 4th Floor, Nirlon Knowledge Park<br> Off Western Express Highway<br> Goregaon (E)<br> Mumbai **400 063**, India |
|  | The Hongkong and Shanghai Banking Corporation Limited | 11F, Building 3, NESCO - IT Park,<br> NESCO Complex,<br> Western Express Highway<br> Goregaon (East),<br> Mumbai **400 063**, India |
| **Indonesia** | Deutsche Bank AG | Deutsche Bank Building, 4<sup>th</sup> floor<br> Jl. Imam Bonjol, No. 80<br> Jakarta **10310**, Indonesia |
| **Ireland** | State Street Bank and Trust Company, United Kingdom branch | Quartermile 3<br> 10 Nightingale Way<br> Edinburgh **EH3 9EG**, Scotland |
| **Israel** | Bank Hapoalim B.M. | 50 Rothschild Boulevard<br> Tel Aviv, Israel **61000** |

---

STATE STREET CORPORATION **4**

------

![LOGO](g26855nndsp30a.jpg)

---

| | | |
|:---|:---|:---|
| **Italy** | Deutsche Bank S.p.A. | Investor Services<br> Via Turati 27 – 3rd Floor<br> **20121** Milan, Italy |
| **Ivory Coast** | Standard Chartered Bank Côte d'Ivoire S.A. | 23, Bld de la République<br> 17 BP 1141 Abidjan **17** Côte d'Ivoire |
| **Japan** | Mizuho Bank, Limited | Shinagawa Intercity Tower A<br> 2-15-1, Konan, Minato-ku<br> Tokyo **108-6009**, Japan |
|  | The Hongkong and Shanghai Banking Corporation Limited | HSBC Building<br> 11-1 Nihonbashi 3-chome, Chuo-ku<br> Tokyo **1030027**, Japan |
| **Jordan** | Standard Chartered Bank | Shmeissani Branch<br> Al-Thaqafa Street, Building # 2<br> P.O. Box 926190<br> Amman **11110**, Jordan |
| **Kazakhstan** | JSC Citibank Kazakhstan | Park Palace, Building A,<br> 41 Kazibek Bi street,<br> Almaty **A25T0A1**, Kazakhstan |
| **Kenya** | Standard Chartered Bank Kenya Limited | Custody Services<br> Standard Chartered @ Chiromo, Level 5<br> 48 Westlands Road<br> P.O. Box 40984 – 00100 GPO<br> Nairobi, Kenya |
| **Republic of Korea** | Deutsche Bank AG | 18th Fl., Young-Poong Building<br> 41 Cheonggyecheon-ro<br> Jongro-ku-, Seoul **03188**, Korea |
|  | The Hongkong and Shanghai Banking Corporation Limited | 5F<br> HSBC Building #37<br> Chilpae-ro<br> Jung-gu, Seoul **04511**, Korea |
| **Kuwait** | HSBC Bank Middle East Limited<br> (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | Kuwait City, Sharq Area<br> Abdulaziz Al Sager Street<br> Al Hamra Tower, 37F<br> P. O. Box 1683, Safat **13017**, Kuwait |
| **Latvia** | AS SEB banka | Unicentrs, Valdlauči<br> **LV-1076** Kekavas pag., Rigas raj., Latvia |
| **Lithuania** | AB SEB bankas | Gedimino av. 12<br> **LT 2600** Vilnius, Lithuania |
| **Malawi** | Standard Bank PLC | Kaomba Centre<br> Cnr. Victoria Avenue & Sir Glyn Jones Road<br> Blantyre, Malawi |

---

STATE STREET CORPORATION **5**

------

![LOGO](g26855nndsp30a.jpg)

---

| | | |
|:---|:---|:---|
| **Malaysia** | Deutsche Bank (Malaysia) Berhad | Domestic Custody Services<br> Level 20, Menara IMC<br> 8 Jalan Sultan Ismail<br> **50250** Kuala Lumpur, Malaysia |
|  | Standard Chartered Bank Malaysia Berhad | Menara Standard Chartered<br> 30 Jalan Sultan Ismail<br> **50250** Kuala Lumpur, Malaysia |
| **Mali** | via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | 23, Bld de la République<br> 17 BP 1141 Abidjan **17** Côte d'Ivoire |
| **Mauritius** | The Hongkong and Shanghai Banking Corporation Limited | 6F HSBC Centre<br> 18 CyberCity<br> Ebene, Mauritius |
| **Mexico** | Banco Nacional de México, S.A. | 3er piso, Torre Norte<br> Act. Roberto Medellín No. 800<br> Col. Santa Fe<br> Mexico, DF **01219** |
| **Morocco** | Citibank Maghreb S.A. | Zénith Millénium Immeuble1<br> Sidi Maârouf – B.P. 40<br> Casablanca **20190**, Morocco |
| **Namibia** | Standard Bank Namibia Limited | Standard Bank Center<br> Cnr. Werner List St. and Post St. Mall<br> 2nd Floor<br> Windhoek, Namibia |
| **Netherlands** | Deutsche Bank AG | De Entree 195<br> **1101 HE** Amsterdam, Netherlands |
| **New Zealand** | The Hongkong and Shanghai Banking Corporation Limited | HSBC House<br> Level 7, 1 Queen St.<br> Auckland **1010**, New Zealand |
| **Niger** | via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | 23, Bld de la République<br> 17 BP 1141 Abidjan **17** Côte d'Ivoire |
| **Nigeria** | Stanbic IBTC Bank Plc. | Plot 1712<br> Idejo St<br> Victoria Island,<br> Lagos **101007**, Nigeria |
| **Norway** | Nordea Bank AB (publ), Sweden (operating through its branch, Nordea Bank AB (publ), filial i Norge) | Essendropsgate 7<br> **0368** Oslo, Norway |
|  | Skandinaviska Enskilda Banken AB (publ), Sweden (operating through its Oslo branch) | P.O. Box 1843 Vika<br> Filipstad Brygge 1<br> **N-0123** Oslo, Norway |

---

STATE STREET CORPORATION **6**

------

![LOGO](g26855nndsp30a.jpg)

---

| | | |
|:---|:---|:---|
| **Oman** | HSBC Bank Oman S.A.O.G.<br> (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | 2<sup>nd</sup> Floor Al Khuwair<br> P.O. Box 1727 **PC 111**<br> Seeb, Oman |
| **Pakistan** | Deutsche Bank AG | Unicentre – Unitowers<br> I.I. Chundrigar Road<br> P.O. Box 4925<br> Karachi - **74000**, Pakistan |
| **Panama** | Citibank, N.A. | Boulevard Punta Pacifica<br> Torre de las Americas<br> Apartado<br> Panama City, Panama **0834-00555** |
| **Peru** | Citibank del Perú, S.A. | Canaval y Moreyra 480<br> 3<sup>rd</sup> Floor, San Isidro<br> Lima **27**, Perú |
| **Philippines** | Deutsche Bank AG | Global Transaction Banking<br> Tower One, Ayala Triangle<br> **1226** Makati City, Philippines |
| **Poland** | Bank Handlowy w Warszawie S.A. | ul. Senatorska 16<br> **00-293** Warsaw, Poland |
|  | Bank Polska Kasa Opieki S.A. | 31 Zwirki I Wigury Street<br> **02-091**, Warsaw, Poland |
| **Portugal** | Deutsche Bank AG, Netherlands (operating through its Amsterdam branch with support from its Lisbon branch) | De Entree 195<br> **1101 HE** Amsterdam, Netherlands |
| **Puerto Rico** | Citibank N.A. | 235 Federico Costa Street, Suite 315<br> San Juan, Puerto Rico **00918** |
| **Qatar** | HSBC Bank Middle East Limited<br> (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | 2 Fl Ali Bin Ali Tower<br> Building no.: 150<br> Airport Road<br> Doha, Qatar |
| **Romania** | Citibank Europe plc, Dublin – Romania Branch | 8, Iancu de Hunedoara Boulevard<br> **712042**, Bucharest Sector 1, Romania |
| **Russia** | AO Citibank | 8-10 Gasheka Street, Building 1<br> **125047** Moscow, Russia |

---

STATE STREET CORPORATION **7**

------

![LOGO](g26855nndsp30a.jpg)

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| | | |
|:---|:---|:---|
| **Saudi Arabia** | HSBC Saudi Arabia<br> (as delegate of The Hongkong and Shanghai Banking Corporation Limited)<br>Saudi British Bank<br> (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | HSBC Head Office<br> 7267 Olaya - Al Murooj<br> Riyadh **12283-2255**<br> Kingdom of Saudi Arabia<br>Prince Abdulaziz Bin Mossaad Bin<br> Jalawi Street<br> (Dabaab)<br> Riyadh **11413**<br> Kingdom of Saudi Arabia |
| **Senegal** | via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | 23, Bld de la République<br> 17 BP 1141 Abidjan **17** Côte d'Ivoire |
| **Serbia** | UniCredit Bank Serbia JSC | Jurija Gagarina 12<br> **11070** Belgrade, Serbia |
| **Singapore** | Citibank N.A. | 3 Changi Business Park Crescent<br> #07-00, Singapore **486026** |
| **Slovak Republic** | UniCredit Bank Czech Republic and Slovakia, a.s. | Ŝancová 1/A<br> **813 33** Bratislava, Slovak Republic |
| **Slovenia** | UniCredit Banka Slovenija d.d. | Šmartinska 140<br> **SI-1000** Ljubljana, Slovenia |
| **South Africa** | FirstRand Bank Limited | Mezzanine Floor<br> 3 First Place Bank City<br> Corner Simmonds & Jeppe Sts.<br> Johannesburg **2001**<br> Republic of South Africa |
|  | Standard Bank of South Africa Limited | 3<sup>rd</sup> Floor, 25 Pixley Ka Isaka Seme St. Johannesburg **2001**<br> Republic of South Africa |
| **Spain** | Deutsche Bank S.A.E. | Calle de Rosario Pino 14-16,<br> Planta 1<br> **28020** Madrid, Spain |
| **Sri Lanka** | The Hongkong and Shanghai Banking Corporation Limited | 24, Sir Baron Jayatilake Mawatha<br> Colombo **01**, Sri Lanka |
| **Republic of Srpska** | UniCredit Bank d.d. | Zelenih beretki 24<br> **71 000** Sarajevo<br> Federation of Bosnia and Herzegovina |
| **Swaziland**<br> (see Eswatini) | Swaziland is now known by the name Eswatini. |  |
| **Sweden** | Nordea Bank AB (publ) | Smålandsgatan 17<br> **105 71** Stockholm, Sweden |
|  | Skandinaviska Enskilda Banken AB (publ) | Sergels Torg 2<br> **SE-106 40** Stockholm, Sweden |

---

STATE STREET CORPORATION **8**

------

![LOGO](g26855nndsp30a.jpg)

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| | | |
|:---|:---|:---|
| **Switzerland** | Credit Suisse (Switzerland) Ltd. | Uetlibergstrasse 231<br> **8070** Zurich, Switzerland |
|  | UBS Switzerland AG | Max-Högger-Strasse 80-82<br> **CH-8048** Zurich-Alstetten, Switzerland |
| **Taiwan - R.O.C.** | Deutsche Bank AG | 296 Ren-Ai Road<br> Taipei **106** Taiwan, Republic of China |
|  | Standard Chartered Bank (Taiwan) Limited | 168 Tun Hwa North Road<br> Taipei **105**, Taiwan, Republic of China |
| **Tanzania** | Standard Chartered Bank (Tanzania) Limited | 1 Floor, International House<br> Corner Shaaban Robert St and Garden Ave<br> PO Box 9011<br> Dar es Salaam, Tanzania |
| **Thailand** | Standard Chartered Bank (Thai) Public Company Limited | Sathorn Nakorn Tower<br> 14<sup>th</sup> Floor, Zone B<br> 90 North Sathorn Road<br> Silom, Bangkok **10500**, Thailand |
| **Togo** | via Standard Chartered Bank Côte d'Ivoire S.A., Abidjan, Ivory Coast | 23, Bld de la République<br> 17 BP 1141 Abidjan **17** Côte d'Ivoire |
| **Tunisia** | Union Internationale de Banques | 65 Avenue Bourguiba<br> **1000** Tunis, Tunisia |
| **Turkey** | Citibank, A.Ş. | Tekfen Tower<br> Eski Buyukdere Caddesi 209<br> Kat 3<br> Levent **34394** Istanbul, Turkey |
|  | Deutsche Bank A.Ş. | Eski Buyukdere Caddesi<br> Tekfen Tower No. 209<br> Kat: 17 4<br> Levent **34394** Istanbul, Turkey |
| **Uganda** | Standard Chartered Bank Uganda Limited | 5 Speke Road<br> P.O. Box 7111<br> Kampala, Uganda |
| **Ukraine** | JSC Citibank | 16-g Dilova St.<br> Kyiv **03150**, Ukraine |
| **United Arab Emirates**<br> **Dubai Financial Market** | HSBC Bank Middle East Limited<br> (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | HSBC Securities Services<br> HSBC Tower<br> Downtown Dubai, Level 16<br> P O Box 66<br> Dubai, United Arab Emirates |

---

STATE STREET CORPORATION **9**

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![LOGO](g26855nndsp30a.jpg)

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| | | |
|:---|:---|:---|
| **United Arab Emirates Dubai International Financial Center** | HSBC Bank Middle East Limited<br> (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | HSBC Securities Services<br> HSBC Tower<br> Downtown Dubai, Level 16<br> P O Box 66<br> Dubai, United Arab Emirates |
| **United Arab Emirates Abu Dhabi** | HSBC Bank Middle East Limited<br> (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | HSBC Securities Services<br> HSBC Tower<br> Downtown Dubai, Level 16<br> P O Box 66<br> Dubai, United Arab Emirates |
| **United Kingdom** | State Street Bank and Trust Company, United Kingdom branch | Quartermile 3<br> 10 Nightingale Way<br> Edinburgh **EH3 9EG**, Scotland |
| **Uruguay** | Banco Itaú Uruguay S.A. | Zabala 1463<br> **11000** Montevideo, Uruguay |
| **Vietnam** | HSBC Bank (Vietnam) Limited<br> (as delegate of The Hongkong and Shanghai Banking Corporation Limited) | Centre Point<br> 106 Nguyen Van Troi Street<br> Phu Nhuan District<br> Ho Chi Minh City, Vietnam |
| **Zambia** | Standard Chartered Bank Zambia Plc. | Standard Chartered House<br> Cairo Road<br> P.O. Box 32238<br> **10101**, Lusaka, Zambia |
| **Zimbabwe** | Stanbic Bank Zimbabwe Limited<br> (as delegate of Standard Bank of South Africa Limited) | 3rd Floor<br> Stanbic Centre<br> 59 Samora Machel Avenue<br> Harare, Zimbabwe |

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STATE STREET CORPORATION **10**

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![LOGO](g26855g0115051815914.jpg)

Depositories Operating in Network Markets Schedule B

**SEPTEMBER 30, 2018** 

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| | | |
|:---|:---|:---|
| **MARKET** | **DEPOSITORY** | **TYPES OF SECURITIES** |
| **Albania** | Bank of Albania | Government debt |
| **Argentina** | Caja de Valores S.A. | Equities, government and corporate bonds, and corporate money market instruments |
| **Australia** | Austraclear Limited | Government securities, corporate bonds, and corporate money market instruments |
| **Austria** | OeKB Central Securities Depository GmbH | All securities listed on Wiener Börse AG, the Vienna Stock Exchange (as well as virtually all other Austrian securities) |
| **Bahrain** | Bahrain Clear Company | Equities |
| **Bangladesh** | Bangladesh Bank | Government securities |
|  | Central Depository Bangladesh Limited | Equities and corporate bonds |
| **Belgium** | Euroclear Belgium | Equities and most corporate bonds |
|  | National Bank of Belgium | Government securities, corporate bonds, and money market instruments |
| **Benin** | Dépositaire Central – Banque de Règlement | All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
|  | Banque Centrale des Etats d'Afrique de l'Ouest | Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| **Bermuda** | Bermuda Securities Depository | Equities, corporate bonds |

---

STATE STREET CORPORATION 1

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![LOGO](g26855dsp31.jpg)

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| | | |
|:---|:---|:---|
| **Federation of Bosnia and Herzegovina** | Registar vrijednosnih papira u Federaciji Bosne i Hercegovine, d.d. | Equities, corporate bonds, government securities, money market instruments |
| **Botswana** | Bank of Botswana | Government debt |
|  | Central Securities Depository Company of Botswana Ltd. | Equities and corporate bonds |
| **Brazil** | Brasil, Bolsa, Balcão S.A. (B3) [formerly known as Central de Custódia e de Liquidação Financeira de Títulos Privados (CETIP)] | Corporate debt and money market instruments |
|  | Brasil, Bolsa, Balcão S.A. (B3) [formerly known as BM&F BOVESPA Depository Services] | Equities and corporate bonds traded on-exchange |
|  | Sistema Especial de Liquidação e de Custódia (SELIC) | Government debt issued by the central bank and the National Treasury |
| **Bulgaria** | Bulgarian National Bank | Government securities |
|  | Central Depository AD | Eligible equities and corporate bonds |
| **Burkina Faso** | Dépositaire Central – Banque de Règlement | All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
|  | Banque Centrale des Etats d'Afrique de l'Ouest | Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| **Canada** | The Canadian Depository for Securities Limited | All book-entry eligible securities, including government securities, equities, corporate bonds, money market instruments, strip bonds, and asset-backed securities |
| **Chile** | Depósito Central de Valores S.A. | Government securities, equities, corporate bonds, mortgage-backed securities, and money market instruments |
| **People's Republic of China** | China Securities Depository and Clearing Corporation Limited, Shanghai and Shenzhen Branches | A shares, B shares, Treasury bonds, local government bonds, enterprise bonds, corporate bonds, open and closed-end funds, convertible bonds, and warrants |
|  | China Central Depository and Clearing Co., Ltd. | Bonds traded through the China Interbank Bond Market (CIBM), including Treasury bonds, local government bonds, policy bank bonds, central bank bills, medium-term notes, commercial paper, enterprise bonds, and commercial bank bonds |
|  | Shanghai Clearing House | Bonds traded through the China Interbank Bond Market (CIBM), including Treasury bonds, local government bonds, policy bank bonds, central bank bills, enterprise bonds, certain issues of medium-term notes, commercial paper, and commercial bank bonds |

---

Information Classification: Limited Access

STATE STREET CORPORATION 2

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![LOGO](g26855dsp31.jpg)

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| | | |
|:---|:---|:---|
| **Colombia** | Depósito Central de Valores | Securities issued by the central bank and the Republic of Colombia |
|  | Depósito Centralizado de Valores de Colombia S.A. (DECEVAL) | Equities, corporate bonds, money market instruments |
| **Costa Rica** | Interclear Central de Valores S.A. | Securities traded on Bolsa Nacional de Valores |
| **Croatia** | Središnje klirinško depozitarno društvo d.d. | Eligible equities, corporate bonds, government securities, and corporate money market instruments |
| **Cyprus** | Central Depository and Central Registry | Equities, corporate bonds, dematerialized government securities, corporate money market instruments |
| **Czech Republic** | Centrální depozitář cenných papírů, a.s. | All dematerialized equities, corporate debt, and government debt, excluding Treasury bills |
|  | Czech National Bank | Treasury bills |
| **Denmark** | VP Securities A/S | Equities, government securities, corporate bonds, corporate money market instruments, warrants |
| **Egypt** | Central Bank of Egypt | Treasury bills |
|  | Misr for Central Clearing, Depository and Registry S.A.E. | Eligible equities, corporate bonds, and Treasury bonds |
| **Estonia** | Nasdaq CSD SE | All registered equity and debt securities |
| **Finland** | Euroclear Finland | Equities, corporate bonds, government securities, money market instruments |
| **France** | Euroclear France | Government securities, equities, bonds, and money market instruments |
| **Republic of Georgia** | Georgian Central Securities Depository | Equities, corporate bonds, and money market instruments |
|  | National Bank of Georgia | Government securities |
| **Germany** | Clearstream Banking AG, Frankfurt | Equities, government securities, corporate bonds, money market instruments, warrants, investment funds, and index certificates |
| **Ghana** | Central Securities Depository (Ghana) Limited | Government securities and Bank of Ghana securities; equities and corporate bonds |
| **Greece** | Bank of Greece, System for Monitoring Transactions in Securities in Book-Entry Form | Government debt |
|  | Hellenic Central Securities Depository | Eligible listed equities, government debt, and corporate bonds |

---

STATE STREET CORPORATION 3

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![LOGO](g26855dsp31.jpg)

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| | | |
|:---|:---|:---|
| **Guinea-Bissau** | Dépositaire Central – Banque de Règlement | All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
|  | Banque Centrale des Etats d'Afrique de l'Ouest | Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| **Hong Kong** | Central Moneymarkets Unit | Government debt (i.e., exchange fund bills and notes issued by the HKMA), other private debt, and money market instruments |
|  | Hong Kong Securities Clearing Company Limited | Securities listed or traded on the Stock Exchange of Hong Kong Limited |
| **Hungary** | KELER Központi Értéktár Zrt. | Government securities, equities, corporate bonds, and investment fund notes |
| **Iceland** | Nasdaq verðbréfamiðstöð hf. | Government securities, equities, corporate bonds, and money market instruments |
| **India** | Central Depository Services (India) Limited | Eligible equities, debt securities, and money market instruments |
|  | National Securities Depository Limited | Eligible equities, debt securities, and money market instruments |
|  | Reserve Bank of India | Government securities |
| **Indonesia** | Bank Indonesia | Sertifikat Bank Indonesia (central bank certificates), Surat Utang Negara (government debt instruments), and Surat Perbendaharaan Negara (Treasury bills) |
|  | PT Kustodian Sentral Efek Indonesia | Equities, corporate bonds, and money market instruments |
| **Ireland** | Euroclear UK & Ireland Limited | GBP- and EUR-denominated money market instruments |
|  | Euroclear Bank S.A./N.V. | Government securities |
| **Israel** | Tel Aviv Stock Exchange Clearing House Ltd. (TASE Clearing House) | Government securities, equities, corporate bonds and trust fund units |
| **Italy** | Monte Titoli S.p.A. | Equities, corporate debt, government debt, money market instruments, and warrants |

---

Information Classification: Limited Access

STATE STREET CORPORATION 4

------

![LOGO](g26855dsp31.jpg)

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| | | |
|:---|:---|:---|
| **Ivory Coast** | Dépositaire Central – Banque de Règlement | All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
|  | Banque Centrale des Etats d'Afrique de l'Ouest | Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| **Japan** | Bank of Japan – Financial Network System | Government securities |
|  | Japan Securities Depository Center (JASDEC) Incorporated | Equities, corporate bonds, and corporate money market instruments |
| **Jordan** | Central Bank of Jordan | Treasury bills, government bonds, development bonds, and public entity bonds |
|  | Securities Depository Center | Equities and corporate bonds |
| **Kazakhstan** | Central Securities Depository | Government securities, equities, corporate bonds, and money market instruments |
| **Kenya** | Central Bank of Kenya | Treasury bills and Treasury bonds |
|  | Central Depository and Settlement Corporation Limited | Equities and corporate debt |
| **Republic of Korea** | Korea Securities Depository | Equities, government securities, corporate bonds and money market instruments |
| **Kuwait** | Kuwait Clearing Company KSC | Money market instruments, equities, and corporate bonds |
| **Latvia** | Nasdaq CSD SE | Equities, government securities, corporate bonds, and money market instruments |
| **Lithuania** | Nasdaq CSD SE | All securities available for public trading |
| **Malawi** | Reserve Bank of Malawi | Reserve Bank of Malawi bills and Treasury bills, and equities |
| **Malaysia** | Bank Negara Malaysia | Treasury bills, Bank Negara Malaysia bills, Malaysian government securities, private debt securities, and money market instruments |
|  | Bursa Malaysia Depository Sdn. Bhd. | Securities listed on Bursa Malaysia Securities Berhad |
| **Mali** | Dépositaire Central – Banque de Règlement | All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
|  | Banque Centrale des Etats d'Afrique de l'Ouest | Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |

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STATE STREET CORPORATION 5

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![LOGO](g26855dsp31.jpg)

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| | | |
|:---|:---|:---|
| **Mauritius** | Bank of Mauritius | Government debt (traded through primary dealers) |
|  | Central Depository and Settlement Co. Limited | Listed and unlisted equity and debt securities (corporate debt and T-bills traded on the exchange) |
| **Mexico** | S.D. Indeval, S.A. de C.V. | All securities |
| **Morocco** | Maroclear | Eligible listed equities, corporate and government debt, certificates of deposit, commercial paper |
| **Namibia** | Bank of Namibia | Treasury bills |
| **Netherlands** | Euroclear Nederland | Government securities, equities, corporate bonds, corporate money market instruments, and stripped government bonds |
| **New Zealand** | New Zealand Central Securities Depository Limited | Government securities, equities, corporate bonds, and money market instruments |
| **Niger** | Dépositaire Central – Banque de Règlement | All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
|  | Banque Centrale des Etats d'Afrique de l'Ouest | Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| **Nigeria** | Central Bank of Nigeria | Treasury bills and government bonds |
|  | Central Securities Clearing System Limited | Equities and corporate bonds traded on the Nigeria Stock Exchange |
| **Norway** | Verdipapirsentralen ASA | All listed securities |
| **Oman** | Muscat Clearing & Depository Company S.A.O.G. | Equities, corporate bonds, government debt |
| **Pakistan** | Central Depository Company of Pakistan Limited | Equities and corporate bonds |
|  | State Bank of Pakistan | Government securities |
| **Panama** | Central Latinoamericana de Valores,<br> S.A. (LatinClear) | Equities, government and corporate debt, commercial paper, short-term securities |
| **Peru** | CAVALI S.A. Institución de Compensación y Liquidación de Valores | All securities in book-entry form traded on the stock exchange |

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Information Classification: Limited Access

STATE STREET CORPORATION 6

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![LOGO](g26855dsp31.jpg)

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| | | |
|:---|:---|:---|
| **Philippines** | Philippine Depository & Trust Corporation | Eligible equities and debt |
|  | Registry of Scripless Securities (ROSS) of the Bureau of the Treasury | Government securities |
| **Poland** | Rejestr Papierów Wartościowych | Treasury bills |
|  | Krajowy Depozyt Papierów Wartościowych, S.A. | Equities, corporate bonds, corporate money market instruments, Treasury bonds, warrants, and futures contracts |
| **Portugal** | INTERBOLSA – Sociedad Gestora de Sistemas de Liquidação e de Sistemas Centralizados de Valores Mobiliários, S.A. | All local Portuguese instruments |
| **Qatar** | Qatar Central Securities Depository | Equities, government bonds and Treasury bills listed on the Qatar Exchange |
| **Romania** | National Bank of Romania | Treasury bills and bonds |
|  | S.C. Depozitarul Central S.A. | Bursa de Valori Bucuresti- (Bucharest Stock Exchange-) listed equities, corporate bonds, government bonds, and municipal bonds |
| **Russia** | National Settlement Depository | Eligible equities, Obligatsii Federal'nogo Zaima (OFZs), and corporate debt denominated in RUB |
| **Saudi Arabia** | Securities Depository Center Company | Equities, government securities, and Treasury bills |
| **Senegal** | Dépositaire Central – Banque de Règlement | All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
|  | Banque Centrale des Etats d'Afrique de l'Ouest | Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| **Serbia** | Central Securities Depository and Clearinghouse | All instruments |
| **Singapore** | Monetary Authority of Singapore | Government securities |
|  | The Central Depository (Pte.) Limited | Eligible listed equities and eligible private debt traded in Singapore |
| **Slovak Republic** | Centrálny depozitár cenných papierov SR, a.s. | All dematerialized securities |
| **Slovenia** | KDD – Centralna klirinško depotna družba d.d. | All publicly traded securities |

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STATE STREET CORPORATION 7

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![LOGO](g26855dsp31.jpg)

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| | | |
|:---|:---|:---|
| **South Africa** | Strate (Pty) Ltd. | Eligible equities, government securities, corporate bonds, money market instruments, and warrants |
| **Spain** | IBERCLEAR | Government securities, equities, warrants, money market instruments, and corporate bonds |
| **Sri Lanka** | Central Bank of Sri Lanka | Government securities |
|  | Central Depository System (Pvt) Limited | Equities and corporate bonds |
| **Republic of Srpska** | Central Registry of Securities in the Republic of Srpska JSC | Government securities, equities, and corporate and municipal bonds |
| **Swaziland** | Central Bank of Swaziland | Treasury bills and Treasury bonds |
| **Sweden** | Euroclear Sweden AB | Government securities, equities, bonds, money market instruments, derivatives, exchange traded funds, and warrants |
| **Switzerland** | SIX SIS AG | Government securities, equities, corporate bonds, money market instruments, derivatives, mutual funds, and warrants |
| **Taiwan - R.O.C.** | Central Bank of the Republic of China (Taiwan) | Government securities |
|  | Taiwan Depository and Clearing Corporation | Listed equities, short-term bills, and corporate bonds |
| **Tanzania** | CSD & Registry Company Limited | Equities and corporate bonds |
| **Thailand** | Thailand Securities Depository Company Limited | Government securities, equities and corporate bonds |
| **Togo** | Dépositaire Central – Banque de Règlement | All securities traded on Bourse Régionale des Valeurs Mobilières, the West African regional exchange, including securities from the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
|  | Banque Centrale des Etats d'Afrique de l'Ouest | Treasury bills and Treasury bonds issued by the following West African nations: Benin, Burkina Faso, Guinea-Bissau, the Ivory Coast, Mali, Niger, Senegal and Togo. |
| **Tunisia** | Tunisie Clearing | All eligible listed securities |
| **Turkey** | Central Bank of Turkey | Government securities |
|  | Central Registry Agency | Equities, corporate bonds, money market instruments, mutual fund certificates, exchange traded funds |
| **Uganda** | Bank of Uganda | Treasury bills and Treasury bonds |
|  | Securities Central Depository | Equities, corporate bonds |

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Information Classification: Limited Access

STATE STREET CORPORATION 8

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![LOGO](g26855dsp31.jpg)

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| | | |
|:---|:---|:---|
| **Ukraine** | National Depository of Ukraine | Equities, bonds, and money market instruments |
| **United Arab Emirates – Abu Dhabi** | Clearing, Settlement, Depository and Registry department of the Abu Dhabi Securities Exchange | Equities, government securities, and corporate debt |
| **United Arab Emirates – Dubai Financial Market** | Clearing, Settlement and Depository Division, a department of the Dubai Financial Market | Equities, government securities, and corporate debt listed on the DFM |
| **United Arab Emirates – Dubai International Financial Center** | Central Securities Depository, owned and operated by NASDAQ Dubai Limited | Equities, corporate bonds, and corporate money market instruments |
| **United Kingdom** | Euroclear UK & Ireland Limited | GBP- and EUR-denominated money market instruments |
| **Uruguay** | Banco Central del Uruguay | Government securities |
| **Vietnam** | Vietnam Securities Depository | Equities, government bonds, T-bills, corporate bonds, and public fund certificates |
| **Zambia** | Bank of Zambia | Treasury bills and Treasury bonds |
|  | LuSE Central Shares Depository Limited | Treasury bonds, corporate bonds, and equities |
| **Zimbabwe** | Chengetedzai Depository Company Limited | Equities and corporate bonds |
|  | Reserve Bank of Zimbabwe | Treasury bills and Treasury bonds |
| **TRANSNATIONAL DEPOSITORIES** | **TRANSNATIONAL DEPOSITORIES** | **TRANSNATIONAL DEPOSITORIES** |
| **Euroclear Bank S.A./N.V.** | **Euroclear Bank S.A./N.V.** | Domestic securities from more than 40 markets |
| **Clearstream Banking, S.A.** | **Clearstream Banking, S.A.** | Domestic securities from more than 50 markets |

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STATE STREET CORPORATION 9

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![LOGO](g26855g0115051816214.jpg)

**Global Custody Network Publications** 

Schedule C

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| | |
|:---|:---|
| **Publication / Type of Information**<br> (scheduled update frequency) | **Brief Description** |
| **The Guide to Custody in World Markets**<br> (regular <u>my.statestreet.com</u> updates) | An overview of settlement and safekeeping procedures, custody practices, and foreign investor considerations for the markets in which State Street offers custodial services. |
| **Global Custody Network Review** (updated annually on <u>my.statestreet.com</u>) | Information relating to Foreign Subcustodians in State Street's Global Custody Network. The Review stands as an integral part of the materials that State Street provides to its U.S. mutual fund clients to assist them in complying with SEC Rule 17f-5. The Review also gives insight into State Street's market expansion and Foreign Subcustodian selection processes, as well as the procedures and controls used to monitor the financial condition and performance of our Foreign Subcustodian banks. |

| **Global Legal Survey**<br> (updated annually on <u>my.statestreet.com</u>) | With respect to each market in which State Street offers custodial services, opinions relating to whether local law restricts: |
|  | (i) access of a fund's independent public accountants to books and records of a Foreign Subcustodian or Foreign Securities System, |
|  | (ii) a fund's ability to recover in the event of bankruptcy or insolvency of a Foreign Subcustodian or Foreign Securities System, |
|  | (iii) a fund's ability to recover in the event of a loss by a Foreign Subcustodian or Foreign Securities System, and |
|  | (iv) the ability of a foreign investor to convert cash and cash equivalents to U.S. dollars. |

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STATE STREET CORPORATION **1**

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![LOGO](g26855dsp33.jpg)

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| | |
|:---|:---|
| **Subcustodian Agreements**<br> (available on CD-ROM annually) | Copies of the contracts that State Street has entered into with each Foreign Subcustodian that maintains U.S. mutual fund assets in the markets in which State Street offers custodial services. |
| **Global Market Bulletin**<br> (daily or as necessary via email and on <u>my.statestreet.com</u>) | Information on changing settlement and custody conditions in markets where State Street offers custodial services. Includes changes in market and tax regulations, depository developments, dematerialization information, as well as other market changes that may impact State Street's clients. |
| **Foreign Custody Risk Advisories**<br> (provided as necessary and on <u>my.statestreet.com</u>) | For those markets where State Street offers custodial services that exhibit special risks or infrastructures impacting custody, State Street maintains market advisories to highlight those unique market factors which might impact our ability to offer recognized custody service levels. |
| **Foreign Custody Manager Material Change Notices**<br> (quarterly or as necessary and on my.statestreet.com) | Informational letters and accompanying materials, pursuant to our role as Foreign Custody Manager, confirming State Street's foreign custody arrangements, including a summary of material changes with Foreign Subcustodians that have occurred during the previous quarter. The notices also identify any material changes in the custodial risks associated with maintaining assets with Foreign Securities Depositories. |

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Please contact <u>GlobalMarketInformation@statestreet.com</u> with questions about this document.

The information contained in this document has been carefully researched and is believed to be reliable as of the publication date. Due to the complexities of the markets and changing conditions, however, State Street cannot guarantee that it is complete or accurate in every respect. This document should not be construed or used as a substitute for appropriate legal or investment counsel. Specific advice should be sought on matters relevant to the investment activities of the reader. This application contains proprietary information and is fully protected by relevant copyright laws worldwide.

Copyright 2017 State Street Corporation

<u>www.statestreet.com</u>

STATE STREET CORPORATION **2**

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**<u>REMOTE ACCESS SERVICES ADDENDUM</u>**

**<u>TO MASTER CUSTODIAN AGREEMENT</u>**

ADDENDUM to that certain Master Custodian Agreement (the "Custodian Agreement") by and among each management investment company identified on Appendix A thereto or made subject thereto pursuant to the terms thereof (each, a "Customer") and State Street Bank and Trust Company, including its subsidiaries and affiliates ("State Street").

State Street has developed and/or utilizes proprietary or third-party accounting and other systems in conjunction with the services that State Street provides to the Customer. In this regard, State Street maintains certain information in databases under its ownership and/or control that it makes available to its customers (the "Remote Access Services").

<u>The Services</u> 

State Street agrees to provide the Customer, and its designated investment advisors, consultants or other third parties who agree to abide by the terms of this Addendum ("Authorized Designees") with access to State Street proprietary and third-party systems as may be offered by State Street from time to time (each, a "System") on a remote basis.

<u>Security Procedures</u> 

The Customer agrees to comply, and to cause its Authorized Designees to comply, with remote access operating standards and procedures and with user identification or other password control requirements and other security devices and procedures as may be issued or required from time to time by State Street or its third-party vendors for use of the System and access to the Remote Access Services. The Customer is responsible for any use and/or misuse of the System and Remote Access Services by its Authorized Designees. The Customer agrees to advise State Street immediately in the event that it learns or has reason to believe that any person to whom it has given access to the System or the Remote Access Services has violated or intends to violate the terms of this Addendum and the Customer will cooperate with State Street in seeking injunctive or other equitable relief. The Customer agrees to discontinue use of the System and Remote Access Services, if requested, for any security reasons cited by State Street and State Street may restrict access of the System and Remote Access Services by the Customer or any Authorized Designee for security reasons or noncompliance with the terms of this Addendum at any time.

<u>Fees</u> 

Fees and charges for the use of the System and the Remote Access Services and related payment terms shall be as set forth in the fee schedule in effect from time to time between the parties. The Customer shall be responsible for any tariffs, duties or taxes imposed or levied by any government or governmental agency by reason of the transactions contemplated by this Addendum, including, without limitation, federal, state and local taxes, use, value added and personal property taxes (other than income, franchise or similar taxes which may be imposed or assessed against State Street). Any claimed exemption from such tariffs, duties or taxes shall be supported by proper documentary evidence delivered to State Street.

<u>Proprietary Information/Injunctive Relief</u> 

The System and Remote Access Services described herein and the databases, computer programs, screen formats, report formats, interactive design techniques, formulae, processes, systems, software, know- how, algorithms, programs, training aids, printed materials, methods, books, records, files, documentation and other information made available to the Customer by State Street as part of the Remote Access Services

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and through the use of the System and all copyrights, patents, trade secrets and other proprietary and intellectual property rights of State Street and third-party vendors related thereto are the exclusive, valuable and confidential proprietary property of State Street and its relevant licensors and third-party vendors (the "Proprietary Information"). The Customer agrees on behalf of itself and its Authorized Designees to keep the Proprietary Information confidential and to limit access to its employees and Authorized Designees (under a similar duty of confidentiality) who require access to the System for the purposes intended. The foregoing shall not apply to Proprietary Information in the public domain or required by law to be made public.

The Customer agrees to use the Remote Access Services only in connection with the proper purposes of this Addendum. The Customer will not, and will cause its employees and Authorized Designees not to, (i) permit any third party to use the System or the Remote Access Services, (ii) sell, rent, license or otherwise use the System or the Remote Access Services in the operation of a service bureau or for any purpose other than as expressly authorized under this Addendum, (iii) use the System or the Remote Access Services for any fund, trust or other investment vehicle without the prior written consent of State Street, or (iv) allow or cause any information transmitted from State Street's databases, including data from third-party sources, available through use of the System or the Remote Access Services, to be published, redistributed or retransmitted for other than use for or on behalf of the Customer, as State Street's customer.

The Customer agrees that neither it nor its Authorized Designees will modify the System in any way, enhance, copy or otherwise create derivative works based upon the System, nor will the Customer or its Authorized Designees reverse engineer, decompile or otherwise attempt to secure the source code for all or any part of the System.

The Customer acknowledges that the disclosure of any Proprietary Information, or of any information which at law or equity ought to remain confidential, will immediately give rise to continuing irreparable injury to State Street or its third-party licensors and vendors inadequately compensable in damages at law and that State Street shall be entitled to obtain immediate injunctive relief against the breach or threatened breach of any of the foregoing undertakings, in addition to any other legal remedies which may be available.

<u>Limited Warranties</u>

State Street represents and warrants that it is the owner of and/or has the right to grant access to the System and to provide the Remote Access Services contemplated herein. Because of the nature of computer information technology including, but not limited to the use of the Internet, and the necessity of relying upon third-party sources, and data and pricing information obtained from third parties, the System and Remote Access Services are provided "AS IS" without warranty express or implied including as to availability of the System, and the Customer and its Authorized Designees shall be solely responsible for the use of the System and Remote Access Services and investment decisions, results obtained, regulatory reports and statements produced using the Remote Access Services. State Street and its relevant licensors and third-party vendors will not be liable to the Customer or its Authorized Designees for any direct or indirect, special, incidental, punitive or consequential damages arising out of or in any way connected with the System or the Remote Access Services, nor shall any party be responsible for delays or nonperformance under this Addendum arising out of any cause or event beyond such party's control.

EXCEPT AS EXPRESSLY SET FORTH IN THIS ADDENDUM, STATE STREET, FOR ITSELF AND ITS RELEVANT LICENSORS AND THIRD-PARTY VENDORS EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES CONCERNING THE SYSTEM AND THE SERVICES TO BE RENDERED HEREUNDER, WHETHER EXPRESS OR IMPLIED INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTIBILITY OR FITNESS FOR A PARTICULAR PURPOSE.

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<u>Infringement</u> 

State Street will defend or, at its option, settle any claim or action brought against the Customer to the extent that it is based upon an assertion that access to or use of State Street proprietary systems by the Customer under this Addendum constitutes direct infringement of any United States patent or copyright or misappropriation of a trade secret, provided that the Customer notifies State Street promptly in writing of any such claim or proceeding, cooperates with State Street in the defense of such claim or proceeding and allows State Street sole control over such claim or proceeding. Should the State Street proprietary system or any part thereof become, or in State Street's opinion be likely to become, the subject of a claim of infringement or the like under any applicable patent, copyright or trade secret laws, State Street shall have the right, at State Street's sole option, to (i) procure for the Customer the right to continue using the State Street proprietary system, (ii) replace or modify the State Street proprietary system so that the State Street proprietary system becomes noninfringing, or (iii) terminate this Addendum without further obligation. This section constitutes the sole remedy to the Customer for the matters described in this section.

<u>Termination</u> 

Either party to the Custodian Agreement may terminate this Addendum (i) for any reason by giving the other party at least one-hundred and eighty (180) days prior written notice in the case of notice of termination by State Street to the Customer or thirty (30) days notice in the case of notice from the Customer to State Street of termination, or (ii) immediately for failure of the other party to comply with any material term and condition of the Addendum by giving the other party written notice of termination. This Addendum shall in any event terminate within ninety (90) days after the termination of any service agreement applicable to the Customer. The Customer's use of any third-party System is contingent upon its compliance with any terms of use of such system imposed by such third party and State Street's continued access to, and use of, such third-party system. In the event of termination, the Customer will return to State Street all copies of documentation and other confidential information in its possession or in the possession of its Authorized Designees and immediately cease access to the System and Remote Access Services. The foregoing provisions with respect to confidentiality and infringement will survive termination for a period of three (3) years.

<u>Miscellaneous</u> 

This Addendum constitutes the entire understanding of the parties to the Custodian Agreement with respect to access to the System and the Remote Access Services. This Addendum cannot be modified or altered except in a writing duly executed by each of State Street and the Customer and shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts.

By its execution of the Custodian Agreement, the Customer: (a) confirms to State Street that it informs all Authorized Designees of the terms of this Addendum; (b) accepts responsibility for its and its Authorized Designees' compliance with the terms of this Addendum; and (c) indemnifies and holds State Street harmless from and against any and all costs, expenses, losses, damages, charges, counsel fees, payments and liabilities arising from any failure of the Customer or any of its Authorized Designees to abide by the terms of this Addendum.

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**<u>LOAN SERVICES ADDENDUM</u>**

**<u>TO MASTER CUSTODIAN AGREEMENT</u>**

ADDENDUM to that certain Master Custodian Agreement (the "***Custodian Agreement***") by and among each fund (a "***Fund***") identified on Appendix A thereto or made subject thereto pursuant to the terms thereof and State Street Bank and Trust Company, including its subsidiaries and other affiliates (the "***Custodian***"). As used in this Addendum, the term "***Fund***", in relation to a Loan (as defined below), includes a Portfolio on whose behalf the Fund acts with respect to the Loan.

The following provisions will apply with respect to interests in commercial loans, including loan participations, whether the loans are bilateral or syndicated and whether any obligor is located in or outside of the United States (collectively, "***Loans***"), made or acquired by a Fund on behalf of one or more of its Portfolios.

SECTION 1. <u>PAYMENT CUSTODY</u>. If a Fund wishes the Custodian to receive payments directly with respect to a Loan for credit to the bank account maintained by the Custodian for the Fund under the Custodian Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Fund will cause the Custodian to be named as the Fund's nominee for payment purposes under the relevant financing documents, e.g., in the case of a syndicated loan, the administrative contact for the agent bank, and otherwise provide for the payment to the Custodian of the payments with respect to the Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Custodian will credit to the bank account maintained by the Custodian for the Fund under the Custodian Agreement any payment on or in respect of the Loan actually received by the Custodian and identified as relating to the Loan, but with any amount credited being conditional upon clearance and actual receipt by the Custodian of final payment.

SECTION 2. <u>MONITORING</u>. If a Fund wishes the Custodian to monitor payments on and forward notices relating to a Loan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Fund will deliver, or cause to be delivered, to the Custodian a schedule identifying the amount and due dates of the scheduled principal payments, the scheduled interest payment dates and related payment amount information, and such other information with respect to the Loan as the Custodian may reasonably require in order to perform its services hereunder (collectively, "***Loan Information***") and in such form and format as the Custodian may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Custodian will (i) if the amount of a principal, interest, fee or other payment with respect to the Loan is not received by the Custodian on the date on which the amount is scheduled to be paid as reflected in the Loan Information, provide a report to the Fund that the payment has not been received and (ii) if the Custodian receives any consent solicitation, notice of default or similar notice from any syndication agent, lead or obligor on the Loan, undertake reasonable efforts to forward the notice to the Fund.

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SECTION 3. <u>EXCULPATION OF THE CUSTODIAN</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Payment Custody and Monitoring.* The Custodian will have no liability for any delay or failure by the Fund or any third party in providing Loan Information to the Custodian or for any inaccuracy or incompleteness of any Loan Information. The Custodian will have no obligation to verify, investigate, recalculate, update or otherwise confirm the accuracy or completeness of any Loan Information or other information or notices received by the Custodian in respect of the Loan. The Custodian will be entitled to (i) rely upon the Loan Information provided to it by or on behalf of the Fund or any other information or notices that the Custodian may receive from time to time from any syndication agent, lead or obligor or any similar party with respect to the Loan and (ii) update its records on the basis of such information or notices as may from time to time be received by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Any Service*. The Custodian will have no obligation to (i) determine whether any necessary steps have been taken or requirements have been met for the Fund to have acquired good or record title to a Loan, (ii) ensure that the Fund's acquisition of the Loan has been authorized by the Fund, (iii) collect past due payments on the Loan, preserve any rights against prior parties, exercise any right or perform any obligation in connection with the Loan (including taking any action in connection with any consent solicitation, notice of default or similar notice received from any syndication agent, lead or obligor on the Loan) or otherwise take any other action to enforce the payment obligations of any obligor on the Loan, (iv) become itself the record title holder of the Loan or (v) make any advance of its own funds with respect to the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Miscellaneous.* The Custodian will not be considered to have been or be charged with knowledge of the sale of a Loan by the Fund, unless and except to the extent that the Custodian shall have received written notice of the sale from the Fund and the proceeds of the sale have been received by the Custodian for credit to the bank account maintained by the Custodian for the Fund under the Custodian Agreement. If any question arises as to the Custodian's duties under this Addendum, the Custodian may request instructions from the Fund and will be entitled at all times to refrain from taking any action unless it has received Proper Instructions from the Fund. The Custodian will in all events have no liability, risk or cost for any action taken or omitted with respect to the Loan pursuant to Proper Instructions. The Custodian will have no responsibilities or duties whatsoever with respect to the Loan except as are expressly set forth in this Addendum.

## Ex-99.(K)(1)

Exhibit (k)(1)

**AMENDED AND RESTATED SERVICE AGREEMENT** 

**THIS AGREEMENT** (the "Agreement") is dated as of this 19<sup>th</sup> day of July, 2023, by and between the trusts listed in Appendix A (the "Funds") and Manulife Investment Management Private Markets (US) LLC ("John Hancock").

**WHEREAS**, each Fund desires to retain John Hancock to provide certain services to the Fund as described below; and John Hancock is willing to provide such services in the manner and on the terms hereinafter set forth;

**NOW, THEREFORE**, each Fund and John Hancock hereby agree as follows:

**1. <u>Services</u>**. Subject to the general supervision of the Boards of Trustees of the Funds (the "Boards of Trustees"), John Hancock will provide to the Funds the services set forth below as are reasonably necessary for the operation of the Funds ("Services"). The Services, to the extent not required to be performed by John Hancock pursuant to an investment advisory agreement with respect to a Fund, include, but are not limited to:

A. Legal services as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Maintenance of each Fund's registration statement and federal and state registration, as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Preparation of certain notices and proxy materials furnished to shareholders of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Preparation of periodic reports of each Fund to regulatory authorities, including Form N-CEN;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Preparation of materials in connection with meetings of the Board of Trustees including minutes of the meeting
and all Board Committee meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Administration of the meetings of the Board of Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Preparation of written contracts, distribution plans, compliance procedures, corporate and trust documents and
other legal documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Research advice and consultation about certain legal, regulatory and compliance issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Supervision, coordination and evaluation of certain services provided by outside counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Responses to subpoenas and appropriate information requests for shareholder records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Assist with managing regulatory exams and inquires on behalf of the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Management of litigation regarding the Funds.

B. Tax Services as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Arranging for, or participating in, the preparation and filing of all required tax returns for the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Review of required Fund distributions for excise, fiscal year-end and
calendar year-end;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Review of "complex" securities purchased by the Funds;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Preparation of tax information that is included in a Fund's Form 1099-DIV and distributed to third party intermediaries, as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Preparation of financial statement tax adjustments and disclosures for the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Monitoring regulatory compliance with applicable IRS rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Preparation of tax provisions for excise, fiscal year-end and calendar
year end;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Analysis and consultation regarding certain tax matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Oversight of tax services provided by auditing firms such as Ernst & Young; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Review of final distributions relating to Fund mergers.

C. Treasury Services as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Review of each Fund's net asset value on an intermittent basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Assessment and review of internal controls for the Funds at the custodian bank and perform custodian and fund
accounting agent oversight;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Review of cash and securities reconciliations and aged exception items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Review monthly custodian Operations Report and conduct periodic onsite risk reviews;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Monthly review of Statement of Condition/Trial Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Analysis and disposition of NAV errors including support for reimbursement of losses and reprocessing of fund
shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Support for Fund dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Coordination and administration of Dividend Committee meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Development of Accounting Policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Review Fund prospectuses, as necessary.

D. Valuation as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Development and maintenance of Board approved pricing policies and procedures for the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Review of Fund market risk, such as suspended securities, significant events, price discrepancies and stale
prices, including development of reports to identify market risk (as necessary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Development and maintenance of controls relating to valuation of Fund securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Preparation of reports relating to the valuation risks including fair valuation of securities as prescribed in
Board approved policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Conducting Pricing Committee meetings as needed and assist in the determination of fair valuation of
securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Due Diligence of pricing vendors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Prepare materials for Pricing Committee meetings, including quarterly reviews of selected asset classes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Monitor for significant events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Document fair value decisions.

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E. Financial Reporting as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Preparation of financial data or reports required by the Securities and Exchange Commission or other regulatory
authorities including the preparation of monthly, quarterly, semi-annual and annual reports for the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Preparation of Form N-CSR, Form N-Q, Form N-CEN, Form N-PORT, Form N-PX and CFTC reporting (as applicable) for the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Coordination of independent external audits for the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Administration and maintenance of the data management system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Coordination and administration of CEO/CFO certification materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Coordination and administration of Accounting Policies Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Coordination and administration of Disclosure Controls & Procedures (DC&P) meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Maintain the Funds' US GAAP reporting policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Assist the Funds' Audit Committees in annual fee proposals and monitor auditor independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Administer and review the pre-approval process for the Funds'
auditors regarding non-audit services engagements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Review and on-going maintenance of Fund financial statement
disclosures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Provide confirmation support for external audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Perform financial reporting control assessments as needed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Respond to SEC required reviews on financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Coordination and preparation of Board materials for Fund Administration, including materials for the annual
Board meeting to review the Fund contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Coordinate Closed End Funds annual financial statements and Audit Committee approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Provide business analyst support for Fund Administration activities.

F. Performance as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Review of the investment performance of the Funds and preparation of reports relating to such performance, as
necessary.

G. Compliance as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Monitoring of post trade compliance by each Fund with applicable regulatory requirements, including the 1940
Act; the Securities Exchange Act of 1934, as amended; the Sarbanes-Oxley Act of 2002; Title V of the Gramm-Leach-Bliley Act (relating to the privacy of customer information); the Bank Secrecy Act (relating to money-laundering); and the Internal
Revenue Code of 1986, as amended, and the rules and regulations under each thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Review and processing of Fund litigation claims and settlements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Testing of policies and procedures as required under Rule 38a-1 under
the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Maintenance of Rule 38a-1 Fund Administration policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Develop Fund Board and ad-hoc reporting on compliance related matters;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Review of sub-adviser compliance materials (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Coordination with internal audit review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Managing regulatory exams and inquires on behalf of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Coordination and Supervision of Code of Ethics policies specifically covering MNPI and employee conduct related
matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Review of related fees and expenses shared with the Funds.

H. Service Provider Oversight (Vendor Management) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Assistance in the selection of service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Negotiation of existing service provider agreements including appropriate amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Monitoring the performance of and the quality of services provided by service providers under such agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Review and assess known relevant material compliance violations with service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Reporting periodically to the Board of Trustees on the service providers and the services provided to the
Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Responding to requests from regulators regarding the service providers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Development and review of Service Level Agreements, as needed.

I. Portfolio and Cash Management Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Coordinate and execute transactions relating to the Funds such as Fund mergers, Fund rebalancing and Fund asset
transfers (collectively, "Fund Events");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Review matters relating to Fund mergers, Fund launches and Fund liquidations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Administer the Fund Commission Recapture Program (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Review bank overdraft changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Administer transition management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Analyze merger related costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Monitor the cash management of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Administer and monitor the compliance with the Fund Line of Credit for Closed End funds, as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Monitor collateral relating to derivatives, financing arrangements, Fund investments and accounts supporting
bank lines of credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Prepare N-14 pro-forma merger
related information and financial statements for other Fund transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Oversight of securities lending (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Oversight of the Interfund Lending Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Review of security lending income received by the Funds; (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Review of commission recapture income received by the Funds (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Review of financing break even analysis for Closed End Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Review of contractual covenants and coordination of de-leveraging events; associated with closed-end Fund lines of credit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Provide advice and consultative services as required for Fund events such as fund liquidations.

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J. Expense Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Preparation of expense budget for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Calculation of expense information included in Fund registration statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Review of Fund expenses and authorization for disbursement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Supporting expense ratio disclosures for board materials; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Reviewing the calculation of the management fee.

In connection with its provision of the Services, John Hancock will

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Provide such staff and personnel as are reasonably necessary to perform the Services for the Funds. Without
limiting the generality of the foregoing, such staff and personnel shall be deemed to include officers of John Hancock and its affiliates, and persons employed or otherwise retained by John Hancock, to provide or assist in providing the Services to
the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Provide the Funds with all office facilities to perform the Services.

The Services do not include services performed and personnel provided pursuant to contracts with the Funds by third-party custodians, transfer agents and other service providers.

**2. <u>Compensation</u>**. In consideration for the Services provided to the Funds by John Hancock and its affiliates pursuant to this Agreement, each Fund will pay John Hancock such fee or other compensation as may be approved by the Board of Trustees from time to time and set forth in Appendix B hereto as the same may be amended from time to time. Any Services provided by a person or entity other than John Hancock and its affiliates, including, without limitation, services provided by attorneys not affiliated with John Hancock, are not covered under this Agreement and are an expense of the Funds.

**3. <u>No Partnership or Joint Venture</u>**. Each Fund and John Hancock are not partners of or joint ventures with each other, and nothing herein shall be construed so as to make any of the Funds and John Hancock partners or joint ventures or impose any liability as such on the Fund or John Hancock.

**4. <u>Limitation of Liability</u>**. John Hancock shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Funds in connection with the matters to which this Agreement relates, except losses resulting from willful misfeasance, bad faith or negligence by John Hancock in the performance of its duties or from reckless disregard by John Hancock of its obligations under this Agreement. Any person, even though also employed by John Hancock, who may be or become an employee of and paid by any of the Funds shall be deemed, when acting within the scope of his or her employment by the Fund, to be acting in such employment solely for the Funds and not as John Hancock's employee or agent.

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**5. <u>Duration and Termination of Agreement</u>**. This Agreement shall remain in effect until the second anniversary of the date on which it was executed, and from year to year thereafter, but only so long as such continuance is specifically approved at least annually by a majority of the Board of Trustees and a majority of the Trustees who are not interested persons (as defined in the 1940 Act) of any of the Funds or John Hancock. The Agreement may, on 60 days' written notice, be terminated at any time without the payment of any penalty by any of the Funds (by vote of a majority of the Trustees of the Fund) or by John Hancock.

**6. <u>Amendment</u>**. No provision of this Agreement may be amended, waived, discharged or terminated except by an instrument in writing signed by the party against which enforcement of the amendment, waiver, discharge or termination is sought.

**7. <u>Governing</u><u> </u><u>Law</u>**. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts without regard to the choice of law provisions thereof.

**8. <u>Miscellaneous</u>**. The captions in this Agreement are included for convenience of reference only and in no way define or limit any of the provisions of this Agreement or otherwise affect their construction or effect. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. A copy of the Declaration of Trust of each Fund which is organized as a Delaware statutory trust is on file with the Secretary of State of Delaware and provides that no Trustee, shareholder, officer, employee or agent of the Fund shall be subject to any personal liability in connection with Fund property or the affairs of the Fund, but that only the assets belonging to the Fund shall be liable.

(THE REMAINDER OF THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK)

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**IN WITNESS WHEREOF**, the undersigned have caused this Agreement to be executed by their duly authorized officers as of the date first written above.

**Manulife Investment Management Private Markets (US) LLC** 

---

| | |
|:---|:---|
| **/s/ Heidi Knapp** | **/s/ Heidi Knapp** |
| Name: | Heidi Knapp |
| Title: | Chief Operations Officer |
| **By all the Funds listed in Appendix A** | **By all the Funds listed in Appendix A** |
| **/s/ Ian Roke** | **/s/ Ian Roke** |
| Name: | Ian Roke |
| Title: | President |

---

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**Appendix A** 

**John Hancock GA Mortgage Trust** 

**John Hancock GA Senior Loan Trust** 

**Manulife Private Credit Fund** 

**Manulife GA Trust** 

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**Appendix B** 

**<u>Compensation</u>**

Each Fund listed in Appendix A shall reimburse John Hancock for its expenses associated with providing all such Services described in this Agreement, including (a) direct compensation and related personnel expenses, (b) direct expenses of office space, office equipment, utilities and miscellaneous office expenses ("Office Support"), (c) direct expenses of computer hardware and software (and the development thereof) used to support John Hancock in providing such Services and IT support relating to such computer hardware and software, (d) other reasonable direct expenses incurred by John Hancock in providing Services to the Funds including, without limitation, expenses related to services provided by third parties such as Charles River, GainsKeeper and Confluence, Bloomberg to John Hancock that are related to John Hancock's provision of Services to the Funds and (e) overhead expenses (including Manulife Financial Corporation ("Manulife") corporate overhead) related to Office Support and personnel who provide services to each Fund (the "Reimbursement"), provided that overhead expenses related to Office Support shall not exceed levels that are allocated ordinarily to other Manulife business units. John Hancock shall determine, subject to Board approval, the expenses to be reimbursed by each Fund; provided, however, that such expenses shall not exceed levels that are fair and reasonable in light of the usual and customary charges made by others for services of the same nature and quality. The Reimbursement shall be calculated monthly and paid quarterly in arrears.

## Ex-99.(K)(2)

Exhibit (k)(2)

**<u>TRANSFER AGENCY AND SERVICE AGREEMENT</u>**

This Transfer Agency and Service Agreement ("***Agreement***") dated as of December 18, 2018 and effective as of January 4, 2019, is by and between State Street Bank and Trust Company, a Massachusetts trust company having its principal office and place of business at One Lincoln Street, Boston, Massachusetts 02111 ("***State Street***" or the "***Transfer Agent***"), and each registered investment company identified on <u>Schedule A</u> hereto, each a Delaware statutory trust having its principal office and place of business at 197 Clarendon Street, Boston, MA 02116 (each, a "***Trust***").

WHEREAS, each Trust is a closed-end, non-diversified management investment company authorized to issue a single class of shares of beneficial interest ("***Shares***") to investors eligible to invest in the Trust.

WHEREAS, each Trust desires to appoint the Transfer Agent as its transfer agent, dividend disbursing agent, and agent in connection with certain other activities, and the Transfer Agent desires to accept such appointment;

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

1. <u>TERMS OF APPOINTMENT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 *Appointment*. Subject to the terms and conditions set forth in this Agreement, each Trust hereby employs
and appoints the Transfer Agent to act as, and the Transfer Agent agrees to act as, transfer agent for the Trust's authorized and issued Shares, dividend disbursing agent, and agent in connection with any accumulation or similar plans provided
to shareholders ("  ***Shareholders***") of the Trust and set out in the currently effective registration statement of the Trust (the "  ***Prospectus*** "), including without limitation any periodic investment
plan or periodic withdrawal program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 *Transfer Agency Services*. In accordance with procedures established from time to time by agreement
between each Trust and the Transfer Agent, the Transfer Agent shall provide the services set forth on <u>Schedule B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 *Additional Services*. In addition to, and neither *in lieu* of nor in contravention of the services
set forth in Section 1.2 above, the Transfer Agent shall perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Other Customary Services</u>. Perform certain customary services of a transfer agent and dividend disbursing
agent, including, but not limited to: maintaining Shareholder accounts, preparing Shareholder meeting lists, mailing Shareholder reports, as applicable, to current Shareholders, maintaining on behalf of each Trust such bank accounts as the Transfer
Agent shall deem necessary for the performance of its duties under this Agreement, withholding taxes on U.S. resident and non-resident alien accounts, preparing and filing U.S. Treasury Department Forms 1099
and other appropriate forms required with respect to dividends and distributions by federal authorities for all Shareholders, preparing and mailing confirmation forms and statements of account to Shareholders for all purchases and redemptions of
Shares and other confirmable transactions in Shareholder accounts, preparing and mailing activity statements for Shareholders, and providing Shareholder account information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Lost Shareholder Searches</u>. The Transfer Agent shall conduct lost Shareholder searches as required by
Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended (the "  ***1934 Act*** "). If a Shareholder remains lost after the completion of the mandatory Rule 17Ad-17 search, the Transfer Agent shall so notify the applicable Trust and such Trust shall, in such Trust's reasonable discretion, authorize and direct the Transfer Agent to escheat the assets in such lost
Shareholder's account to the U.S. state or territory in the shareholder's account registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Depository Trust</u> <u>& Clearing Corporation ("</u>  ***<u>DTCC</u>*** <u>")/National Securities Clearing</u> <u>Corporation ("</u>  ***<u>NSCC</u>*** <u>")</u>. If applicable, the Transfer Agent shall: (a) accept and effectuate the registration and
maintenance of accounts with DTCC/NSCC, and the purchase and redemption of Shares in such accounts, in accordance with instructions transmitted to and received by the Transfer Agent by transmission from DTCC or NSCC (acting on behalf of its
members); and (b) issue instructions to a Trust's banks for the settlement of transactions between the Trust and DTCC or NSCC (acting on behalf of its members and bank participants).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Performance of Certain Services by the Trust or Affiliates or Agents</u>. New procedures as to who shall
provide certain of these services described in this Section 1 may be established in writing from time to time by agreement between each Trust and the Transfer Agent. If agreed to in writing by the Trust and the Transfer Agent, the Transfer
Agent may at times perform only a portion of these services, and the Trust or its agent may perform these services on the Trust's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 *<u>Authorized Persons</u>* . Each Trust hereby agrees and acknowledges that the Transfer Agent may rely on
the current list of authorized persons, as provided or agreed to by the Trust and as may be amended from time to time, in receiving instructions to issue or redeem the Shares. Each Trust agrees and covenants for itself and each such authorized
person that any order, sale or transfer of, or transaction in the Shares received by it after the close of regular trading on the New York Stock Exchange shall be effectuated at the net asset value determined on the next business day or as otherwise
required pursuant to the Trust's then-effective Prospectus, and the Trust or such authorized person shall so instruct the Transfer Agent of the proper effective date of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 *<u>Trust Responsibilities</u>.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>State Transaction ("</u>  ***<u>Blue Sky</u>*** <u>") Reporting</u>. Each Trust shall be
solely responsible for its "blue sky" compliance and state registration requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Anti-Money Laundering and Client Screening</u>. With respect to each Trust's offering and sale of
Shares at any time, and for all subsequent transfers of such interests, the Trust or its delegate shall, directly or indirectly and to the extent required by law: (i) conduct know your customer/client identity due diligence with respect to
potential investors and transferees in the Shares and shall obtain and retain due diligence records for each investor and transferee; (ii) use its best efforts to ensure that each investor's and any transferee's funds used to
purchase Shares shall not be derived from, nor the product of, any criminal activity; (iii) if requested, provide periodic written verifications that such investors/transferees

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have been checked against the United States Department of the Treasury Office of Foreign Assets Control database for any non-compliance or exceptions; and (iv) perform its obligations under this Section in accordance with all applicable anti-money laundering laws and regulations. In the event that the Transfer Agent has received advice from counsel that access to underlying due diligence records pertaining to the investors/transferees is necessary for the Transfer Agent to comply with relevant anti-money laundering (or other applicable) laws or regulations, the Trust shall, upon receipt of written request from the Transfer Agent, provide the Transfer Agent copies of such due diligence records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Escheatment Laws</u>. Notwithstanding Section 1.3(ii) above, each Trust shall be solely responsible for
its compliance with the requirements of any applicable escheatment laws, including without limitation, the laws of any U. S. state or territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Tax Law</u>. The Transfer Agent shall have no responsibility or liability for any obligations now or
hereafter imposed on a Trust, the Shares, a Shareholder or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the tax laws of any country or of any state or political subdivision thereof. It shall be the
responsibility of each Trust to notify the Transfer Agent of the obligations imposed on the Trust, the Shares, a Shareholder or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the tax law of countries,
states and political subdivisions thereof, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Regulation GG</u>. Each Trust represents and warrants that it does not engage in an "Internet gambling
business," as such term is defined in Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) and covenants that it shall not engage in an Internet gambling business. In accordance with Regulation GG, each Trust is hereby notified
that "restricted transactions," as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any dealings with the Transfer Agent pursuant to this Agreement or otherwise between or among any party hereto.

2. <u>FEES AND EXPENSES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 *Fee Schedule*. For the performance by the Transfer Agent of services provided pursuant to this Agreement,
each Trust agrees to pay the Transfer Agent the fees and expenses set forth in a written fee schedule.

3. <u>REPRESENTATIONS AND WARRANTIES OF THE TRANSFER AGENT</u> 

The Transfer Agent represents and warrants to each Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 It is a trust company duly organized and existing under the laws of The Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 It is duly registered as a transfer agent under Section 17A(c)(2) of the 1934 Act, it will remain so
registered for the duration of this Agreement, and it will promptly notify the Trust in the event of any material change in its status as a registered transfer agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 It is duly qualified to carry on its business in The Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 It is empowered under applicable laws and by its organizational documents to enter into and perform the
services contemplated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 All requisite organizational proceedings have been taken to authorize it to enter into and perform this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 It is in compliance with all material federal and state laws, rules and regulations applicable to its transfer
agency business and the performance of its duties, obligations and services under this Agreement.

4. <u>REPRESENTATIONS AND WARRANTIES OF EACH TRUST</u> 

Each Trust represents and warrants to the Transfer Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Trust is a business trust duly organized, existing and in good standing under the laws of its jurisdiction
of organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Trust is empowered under applicable laws and by its organizational documents to enter into and perform this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 All proceedings required by the Trust's governing documents have been taken to authorize the Trust to
enter into, perform and receive services pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Trust is registered under the Investment Company Act of 1940, as amended (the "  ***1940 Act*** "), as a closed-end, non-diversified management investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Where information provided by the Trust or the Trust's investors includes information about an
identifiable individual ("  ***Personal Information*** "), the Trust represents and warrants that it has obtained all consents and approvals, as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing, use or disclosure of Personal Information, necessary to disclose such Personal Information to the Transfer Agent, and as required for the
Transfer Agent to use and disclose such Personal Information in connection with the performance of the services hereunder. The Trust acknowledges that the Transfer Agent may perform any of the services, and may use and disclose Personal Information
outside of the jurisdiction in which it was initially collected by the Trust, including the United States and that information relating to the Trust, including Personal Information of investors may be accessed by national security authorities, law
enforcement and courts. The Transfer Agent shall be kept indemnified by and be without liability to the Trust for any action taken or omitted by it in reliance upon this representation and warranty, provided that the Transfer Agent has met the duty
of care set forth in Section 6.1.

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5. <u>DATA ACCESS SERVICES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Each Trust acknowledges that the databases, computer programs, screen formats, report formats, interactive
design techniques, and documentation manuals furnished to the Trust by the Transfer Agent as part of the Trust's ability to access certain Trust-related data maintained by the Transfer Agent or another third party on databases under the
control and ownership of the Transfer Agent ("  ***Data Access Services***") constitute copyrighted, trade secret, or other proprietary information (collectively, "  ***Proprietary Information***") of substantial
value to the Transfer Agent or another third party. In no event shall Proprietary Information be deemed to be Shareholder information or the confidential information of the Trust. Each Trust agrees to treat all Proprietary Information as proprietary
to the Transfer Agent and further agrees that it shall not divulge any Proprietary Information to any person or organization except as may be provided hereunder. Without limiting the foregoing, each Trust agrees for itself and its officers and
trustees, and agents, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) use such programs and databases solely on the Trust's, or such agents' computers, or solely from
equipment at the location(s) agreed to between the Trust and the Transfer Agent, and solely in accordance with the Transfer Agent's applicable user documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) refrain from copying or duplicating in any way the Proprietary Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) refrain from obtaining unauthorized access to any portion of the Proprietary Information, and if such access is
inadvertently obtained, to inform the Transfer Agent in a timely manner of such fact and dispose of such information in accordance with the Transfer Agent's instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) refrain from causing or allowing Proprietary Information transmitted from the Transfer Agent's computers
to the Trust's, or such agents' computer to be retransmitted to any other computer facility or other location, except with the prior written consent of the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) allow the Trust or such agents to have access only to those authorized transactions agreed upon by the Trust
and the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) honor all reasonable written requests made by the Transfer Agent to protect at the Transfer Agent's
expense the rights of the Transfer Agent in Proprietary Information at common law, under federal copyright law and under other federal or state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Proprietary Information shall not include all or any portion of any of the foregoing items that are or become
publicly available without breach of this Agreement; that are released for general disclosure by a written release by the Transfer Agent; or that are already in the possession of the receiving party at the time of receipt without obligation of
confidentiality or breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 If the Trust notifies the Transfer Agent that any of the Data Access Services do not operate in material
compliance with the most recently issued user documentation for such services, the Transfer Agent shall endeavor in a timely manner to correct such failure. Organizations from which the Transfer Agent may obtain certain data included in the Data
Access Services are solely responsible for the contents of such data, and the Trust agrees to make no claim against the Transfer Agent arising out of the contents of such third-party data, including, but not limited to, the accuracy thereof. DATA
ACCESS SERVICES AND ALL COMPUTER PROGRAMS AND SOFTWARE SPECIFICATIONS USED IN CONNECTION THEREWITH ARE PROVIDED ON AN "AS IS, AS AVAILABLE" BASIS. THE TRANSFER AGENT EXPRESSLY DISCLAIMS ALL WARRANTIES EXCEPT THOSE EXPRESSLY STATED HEREIN
INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 If the transactions available to the Trust include the ability to originate electronic instructions to the
Transfer Agent in order to effect the transfer or movement of cash or Shares, Shareholder information or other information, then in such event the Transfer Agent shall be entitled to rely on the validity and authenticity of such instruction without
undertaking any further inquiry as long as such instruction is undertaken in conformity with security procedures established by the Transfer Agent from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Each party shall take reasonable efforts to advise its employees of their obligations pursuant to this Section.
The obligations of this Section shall survive any earlier termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Notwithstanding Section 5.1, each Trust is granted a non-exclusive, non-transferable and perpetual right to use reports generated in connection with such Trust's receipt of transfer agency services hereunder;
provided, however, that (i) such use is limited to the Trust's internal business purposes and (ii) such reports may not be re-distributed by the Trust except in the ordinary course of its
business to Shareholders, prospective Shareholders and other prospects, agents (including, without limitation, attorneys, accountants, and auditors) and other service providers and internal organizations for informational purposes.

6. <u>STANDARD OF CARE</u> <u>/ LIMITATION OF LIABILITY</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Transfer Agent shall at all times exercise reasonable care and diligence and act in good faith in its
performance of all the transfer agency and other services performed under this Agreement (the "  ***Standard of Care*** "), but assumes no responsibility and shall not be liable for loss or damage due to errors, including encoding
and payment processing errors, unless said errors are caused by its fraud, gross negligence, or willful misconduct or that of its employees or agents. The parties agree that any encoding or payment processing errors shall be governed by this
Standard of Care, and that Section 4-209 of the Uniform Commercial Code is superseded by this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 In any event, the Transfer Agent's cumulative liability for each calendar year (a "  ***Liability Period***") with respect to the Trust under this Agreement regardless of the form of action or legal theory shall be limited to its total annual compensation earned and fees payable hereunder during the preceding Compensation Period, as
defined herein, for any liability or loss suffered by the Trust including, but not limited to, any liability relating to qualification of the Trust as a regulated investment company or any liability relating to the Trust's compliance with any
federal or state tax or securities statute, regulation or ruling during such Liability Period. "  ***Compensation Period***" shall mean the calendar year ending immediately prior to each Liability Period in which the event(s)
giving rise to the Transfer Agent's liability for that period have occurred. Notwithstanding the foregoing, the Compensation Period for purposes of calculating the annual cumulative liability of the Transfer Agent for the Liability Period
commencing on the date of this Agreement and terminating on December 31, 2018 shall be the date of this Agreement through December 31, 2018, calculated on an annualized basis, and the Compensation Period for the Liability Period commencing
January 1, 2019 and terminating on December 31, 2019 shall be the date of this Agreement through December 31, 2018, calculated on an annualized basis. In no event shall the Transfer Agent be liable for special, incidental, indirect,
punitive or consequential damages, regardless of the form of action and even if the same were foreseeable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Notwithstanding any other provision set forth herein, in no event shall either party be liable for any special,
indirect, incidental, punitive or consequential damages, including lost profits, of any kind whatsoever (including, without limitation and except as otherwise set forth herein, attorneys' fees) under any provision of this Agreement or for any
such damages arising out of any act or failure to act hereunder, each of which is hereby excluded by agreement of the parties regardless of whether such damages were foreseeable or whether either party or any entity had been advised of the
possibility of such damages.

7. <u>INDEMNIFICATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 The Transfer Agent shall not be responsible for, and each Trust shall indemnify and hold the Transfer Agent
harmless from and against, any and all losses, damages, costs, charges, counsel fees (including the defense of any lawsuit in which the Transfer Agent or affiliate is a named party), payments, expenses and liability arising out of or attributable
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all actions of the Transfer Agent or its agents or subcontractors required to be taken pursuant to this
Agreement, provided that such actions are taken in good faith and without gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trust's material breach of any representation, warranty or covenant of the Trust hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trust's fraud, gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reliance upon, and any subsequent use of or action taken or omitted, by the Transfer Agent, or its agents or
subcontractors on: (a) any information, records, documents, data, stock certificates or services, which are received by the Transfer Agent or its agents or subcontractors by machine readable input, facsimile, CRT data entry, electronic
instructions or other similar means authorized by the Trust, and which have been prepared, maintained or performed by the Trust or any other person or firm on behalf of the Trust, including but not limited to any broker-dealer, third party
administrator or previous transfer agent; (b) any instructions or requests of the Trust or its officers, or the Trust's agents or subcontractors or their officers or employees; or (c) any instructions or opinions of legal counsel to
the Trust with respect to any matter arising in connection with the services to be performed by the Transfer Agent under this Agreement which are provided to the Transfer Agent after consultation with such legal counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the offer or sale of Shares in violation of any requirement under the federal or state securities laws or
regulations requiring that such Shares be registered, or in violation of any stop order or other determination or ruling by any federal or state agency with respect to the offer or sale of such Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the negotiation and processing of any checks, wires and ACH transmissions, including without limitation, for
deposit into, or credit to, the Trust's demand deposit accounts maintained by the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all actions relating to the transmission of Trust or Shareholder data through the NSCC clearing systems, if
applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any tax obligations under the tax laws of any country or of any state or political subdivision thereof,
including taxes, withholding and reporting requirements, claims for exemption and refund, additions for late payment, interest, penalties and other expenses (including legal expenses) that may be assessed, imposed or charged against the Transfer
Agent as transfer agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 At any time the Transfer Agent may apply to any officer of a Trust for instructions, and may consult with legal
counsel with respect to any matter arising in connection with the services to be performed by the Transfer Agent under this Agreement, and the Transfer Agent and its agents or subcontractors shall not be liable and shall be indemnified by each Trust
for any action taken or omitted by it in reliance upon such instructions or upon the opinion of such counsel. The Transfer Agent, its agents and subcontractors shall be protected and indemnified in acting upon any paper or document furnished by or
on behalf of a Trust, reasonably believed to be genuine and to have been signed by the proper person or persons, or upon any instruction, information, data, records or documents provided the Transfer Agent or its agents or subcontractors by machine
readable input, electronic data entry or other similar means authorized by the Trust, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Trust. The Transfer Agent, its
agents and subcontractors shall also be protected and indemnified in recognizing stock certificates which are reasonably believed to bear the proper manual or facsimile signatures of the officers of the Trust, and the proper countersignature of any
former transfer agent or former registrar, or of a co-transfer agent or co-registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 For the avoidance of doubt, the indemnification obligations of each Trust in this Agreement shall not apply to
any liability or expense to the extent caused by the fraud, gross negligence or willful misconduct of the Transfer Agent or its employees, agents or subcontractors. For the avoidance of doubt, the indemnification obligations of each Trust described
herein are several and not joint with any other Trust, and are solely as to services provided by the Transfer Agent with respect to such Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 In order that the indemnification provisions contained in this Section shall apply, upon the assertion of a
claim for which a Trust may be required to indemnify the Transfer Agent, the Transfer Agent shall notify the Trust of such assertion, and shall keep the Trust advised with respect to all material developments concerning such claim. The Trust shall
have the option to participate with the Transfer Agent in the defense of such claim or to defend against said claim in its own name. The Transfer Agent shall not enter into any settlement with respect to a claim pursuant to which the Trust may be
required to indemnify the Transfer Agent, without first obtaining with the Trust's prior written consent to such settlement, which shall not be unreasonably withheld, conditioned or delayed.

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8. <u>ADDITIONAL COVENANTS OF THE TRUST AND THE TRANSFER AGENT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 *Delivery of Documents*. Each Trust shall promptly furnish to the Transfer Agent the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A certificate of the Secretary of the Trust certifying the resolution of the Board of Trustees of the Trust
authorizing the appointment of the Transfer Agent and the execution and delivery of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A copy of the Declaration of Trust and By-Laws of the Trust and all
amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 *Certificates, Checks, Facsimile Signature Devices*. The Transfer Agent hereby agrees to establish and
maintain facilities and procedures for safekeeping of any stock certificates, check forms and facsimile signature imprinting devices; and for the preparation or use, and for keeping account of, such certificates, forms and devices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 *Records*. In compliance with the requirements of Rule 31a-3 under
the 1940 Act, the Transfer Agent agrees that all records which it maintains for the Trust shall at all times remain the property of the Trust, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the
termination of the Agreement or otherwise on written request except as otherwise provided in Section 11. The Transfer Agent further agrees that all records that it maintains for the Trust pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above.
Records may be surrendered in either written or machine-readable form, at the option of the Transfer Agent. In the event that the Transfer Agent is requested or authorized by the Trust, or required by subpoena, administrative order, court order or
other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Trust by state or federal regulatory agencies, to produce the records of the Trust or the Transfer Agent's
personnel as witnesses or deponents with respect to an action brought against or investigation of the Trust (or the Trust's investment manager in connection with the operation of the Trust), the Trust agrees to pay the Transfer Agent for the
Transfer Agent's time and expenses, as well as the fees and expenses of the Transfer Agent's counsel, incurred in such production.

9. <u>CONFIDENTIALITY AND USE OF DATA</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 All information provided under this Agreement by a party (the "  ***Disclosing Party***") to
the other party (the "  ***Receiving Party***") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to Section 9.2 below, all confidential information provided under this
Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving
Party's other obligations under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 9.2 below), including financial and operational management and reporting, risk management, legal and
regulatory compliance and client service management. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement,
(b) that is independently derived by the Receiving Party without the use of any information provided by the

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Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Transfer Agent or its Affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld*.* In the event of any disclosure of confidential information by a Receiving Party pursuant to clause (c) or (d) of the preceding sentence, (i) provided that the Receiving Party is not prohibited from providing notice to the Disclosing Party, the Receiving Party shall provide notice to the Disclosing Party, if reasonably practicable, prior to making such disclosure or, if not, then within a reasonably prompt period of time following such disclosure; and (ii) the Receiving Party shall continue to treat such information as confidential in accordance with this Section 9.1 with respect to any subsequent disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 (i) In connection with the provision of the services and the discharge of its other obligations under this
Agreement, the Transfer Agent (which term for purposes of this Section 9.2 includes each of its parent company, branches and affiliates ("Affiliates")) may collect and store information regarding each Trust and share such
information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Trust and the Transfer Agent
or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as expressly contemplated by this Agreement, nothing in this Section 9.2 shall limit the confidentiality and data-protection obligations of the Transfer Agent and its Affiliates under this Agreement and applicable law. The Transfer Agent shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 9.2 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 The Transfer Agent affirms that it has, and will continue to have throughout the term of this Agreement,
procedures in place that are reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable laws, rules and regulations.

10. <u>EFFECTIVE PERIOD AND TERMINATION</u> 

This Agreement shall remain in full force and effect for an initial term ending three years from the date hereof (the "***Initial Term***"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms (each, a "Renewal Term") unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, either party may terminate this Agreement: (i) in the event of the other party's material breach of a material provision of this Agreement that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 60 days' written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the

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happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction. Upon termination of this Agreement pursuant to this paragraph with respect to any Trust, the Trust shall pay Transfer Agent any compensation then due and shall reimburse Transfer Agent for its costs, expenses and disbursements then due as agreed upon from time to time in writing by the Trust and Transfer Agent.

Termination of this Agreement with respect to any one Trust shall in no way affect the rights and duties under this Agreement with respect to any other Trust.

11. <u>ADDITIONAL TRUSTS</u> 

In the event that any management investment company in addition to those listed on <u>Schedule A</u> desires to engage the Transfer Agent to render services as transfer agent under the terms hereof, it shall so notify the Transfer Agent in writing, and if the Transfer Agent agrees in writing to provide such services, such management investment company shall become a Trust hereunder.

12. <u>ASSIGNMENT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Except as provided in Section 14 below, neither this Agreement nor any rights or obligations hereunder may
be assigned by either party without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Except as explicitly stated elsewhere in this Agreement, nothing under this Agreement shall be construed to
give any rights or benefits in this Agreement to anyone other than the Transfer Agent and the Trusts, and the duties and responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Transfer Agent and the
Trusts. This Agreement shall inure to the benefit of, and be binding upon, the parties and their respective permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 This Agreement does not constitute an agreement for a partnership or joint venture between the Transfer Agent
and the Trust. Other than as provided in Section 14, neither party shall make any commitments with third parties that are binding on the other party without the other party's prior written consent.

13. <u>RESERVED</u>.

14. <u>MISCELLANEOUS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 *Amendment*. This Agreement may be amended or modified by a written agreement executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 *Massachusetts Law to Apply*. This Agreement shall be construed and the provisions hereof interpreted
under and in accordance with the laws of The Commonwealth of Massachusetts without giving effect to any conflict of laws rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 *Force Majeure*. The Transfer Agent shall take commercially reasonable steps to minimize service
interruptions in the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond the Transfer Agent's control. The Transfer Agent shall enter into and shall maintain in
effect at all times during the term of this Agreement with appropriate parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files and data with respect to
the Companies and (ii) emergency use of electronic data processing equipment as necessary to provide services under this Agreement. Upon reasonable request, the Transfer Agent shall discuss with each Trust any business continuity/disaster
recovery plan of the Transfer Agent and/or provide a high-level presentation summarizing such plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 *Data Protection*. State Street will implement and maintain a comprehensive written information security
program that contains appropriate security measures to safeguard the personal information of the Trust's shareholders, employees, directors and/or officers that the Transfer Agent receives, stores, maintains, processes or otherwise accesses in
connection with the provision of services hereunder. For these purposes, "personal information" shall mean (i) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) driver's license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or
password that would permit access to a person's account or (ii) any combination of the foregoing that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing "personal
information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 *Survival*. All provisions regarding indemnification, warranty, liability, and limits thereon, and
confidentiality and/or protections of proprietary rights and trade secrets shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 *Severability*. If any provision or provisions of this Agreement shall be held invalid, unlawful, or
unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 *Priorities Clause*. In the event of any conflict, discrepancy or ambiguity between the terms and
conditions contained in this Agreement and any schedules or attachments hereto, the terms and conditions contained in this Agreement shall take precedence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 *Waiver.* The failure of a party to insist upon strict adherence to any term of this Agreement on any
occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement or the failure of a party hereto to exercise or any delay in exercising any
right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies, and no single or partial exercise of any right or remedy under this Agreement shall prevent any further
exercise of the right or remedy or the exercise of any other right or remedy. Any waiver must be in writing signed by the waiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 *Entire Agreement*. This Agreement and any schedules, exhibits, attachments or amendments hereto
constitute the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 *Counterparts*. This Agreement may be executed in several counterparts, each of which shall be deemed to
be an original, and all such counterparts taken together shall constitute one and the same Agreement *.* Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF)
form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 *Reproduction of Documents*. This Agreement and all schedules, exhibits, attachments and amendments hereto
may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any
judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such
reproduction shall likewise be admissible in evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 *Notices*. Any notice instruction or other instrument required to be given hereunder will be in writing
and may be sent by hand, or overnight delivery by any recognized delivery service, to the parties at the following address or such other address as may be notified by any party from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to Transfer Agent, to:

State Street Bank and Trust Company

Transfer Agency

Attention: Compliance

One Heritage Drive Building

1 Heritage Drive

Mail Stop OHD0100

North Quincy MA 02171

With a copy to:

State Street Bank and Trust Company

Legal Division – Global Services Americas

One Lincoln Street

Boston, MA 02111

Attention: Senior Vice President and Senior Managing Counsel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to a Trust, to:

c/o John Hancock Life Insurance Company (U.S.A.)

197 Clarendon Street C-05

Boston, MA 02116

Attention: Heidi Knapp, Managing Director, Private Markets Operations

Telephone: (617) 572-6231

With a copy to:

c/o John Hancock Life Insurance Company (U.S.A.)

197 Clarendon Street C-03

Boston, MA 02116

Attention: David Pemstein, Senior Managing Director & Chief Counsel,

North American Investment Law

Telephone: (617) 572-1234

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13 *Interpretive and Other Provisions*. In connection with the operation of this Agreement, the Transfer
Agent and the Trusts, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or
additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of a Trust's governing documents. No
interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14 *Delegation*. The Transfer Agent shall retain the right to employ agents, subcontractors, consultants and
other third parties, including, without limitation, affiliates (each, a "Delegate" and collectively, the "Delegates") to provide or assist it in the provision of any part of the services stated herein or the discharge of any
other obligations or duties under this Agreement without the consent or approval of the Trust. The Transfer Agent shall be responsible for the acts and omissions of any such Delegate so employed as if the Transfer Agent had committed such acts and
omissions itself. The Transfer Agent shall be responsible for the compensation of its Delegates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.15 *Insurance*. The Transfer Agent will maintain, at all times during the term of this Agreement, insurance
of the types and in the amounts as the Transfer Agent shall, in its discretion, deem reasonable and appropriate taking into account the nature of its business, the associated risks and the cost and availability of insurance. The Transfer Agent
agrees to provide each Trust with certificates of its applicable insurance coverage, and shall provide an update at a Trust's written request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.17 *Reports*. Upon reasonable request, the Transfer Agent shall provide each Trust with a copy of the
Transfer Agent's Service Organization Control (SOC) 1 reports, or the successor report thereto, prepared in accordance with the requirements of AT section 801, Reporting on Controls at a Service Organization (formerly Statement on Standards
for Attestation Engagements (SSAE) No. 16). The Transfer Agent shall use commercially reasonable efforts to provide each Trust with such reports as a Trust may reasonably request or otherwise reasonably require to fulfill its duties under Rule 38a-1 of the 1940 Act or similar legal and regulatory requirements in the ordinary course of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.18 *Audit Rights*. Upon request of a Trust (which shall include reasonable advance notice), the Transfer
Agent shall allow the Trust and the Trust's auditors (including internal audit staff and external auditors) inspectors, regulators and other authorized representatives to perform periodic on-site audits
as may be reasonably required to examine the Transfer Agent's performance of the Services hereunder. Such audits shall be conducted at the Trust's expense (which shall include costs related to providing materials, copying, faxing,
retrieving stored materials, and similar expenses) and shall occur during the Transfer Agent's regular business hours and, except as otherwise agreed to by the parties or for regulatory audits, no more frequently than once a year. Audits will
be conducted with representatives of the Transfer Agent present at all times. The Company's representatives will comply with all standard safety, confidentiality and security procedures of the Transfer Agent. In connection with such audits,
the Trust's representatives shall not attempt to access, nor will they review, the records of any other clients of the Transfer Agent and the Trust shall conduct the visit/inspection in a manner that will not interfere with the Transfer
Agent's normal and customary conduct of its

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business activities, including the provision of services to the Companies and to other clients. The Transfer Agent shall have the right to immediately require the removal of any the Trust's representatives from its premises in the event that their actions, in the reasonable opinion of the Transfer Agent, jeopardize the information security of its systems and/or other client data or otherwise are disruptive to the business of the Transfer Agent. The Transfer Agent may require any persons seeking access to its facilities to provide reasonable evidence of their authority. The Transfer Agent may also reasonably require any of the Trust's representatives to execute a confidentiality agreement before granting such individuals access to its facilities. Nothing contained herein shall obligate the Transfer Agent to provide access to or otherwise disclose: (i) any information that is unrelated to the Transfer Agent or the Trusts and the provision of the services hereunder; (ii) any information that is treated as confidential under the Transfer Agent's corporate policies, including, without limitation, internal audit reports, compliance or risk management plans or reports, work papers and other reports and information relating to management functions; (iii) any other documents, reports or other information that the Transfer Agent is obligated to maintain in confidence by contract, by its regulators or otherwise as a matter of law, legal privilege or regulation; or (iv) access to the extent that such access would, in the Transfer Agent's reasonable opinion, compromise the security of its technology systems or the confidentiality of its customers.

*[Remainder of Page Intentionally Left Blank]* 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the day and year first above written.

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| | | |
|:---|:---|:---|
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| By: | /s/ Andrew Erickson | /s/ Andrew Erickson |
|  | Name: | Andrew Erickson |
|  | Title: | Executive Vice President |
| EACH REGISTERED INVESTMENT COMPANY IDENTIFIED ON SCHEDULE A HERETO | EACH REGISTERED INVESTMENT COMPANY IDENTIFIED ON SCHEDULE A HERETO | EACH REGISTERED INVESTMENT COMPANY IDENTIFIED ON SCHEDULE A HERETO |
| By: | /s/ E. David Pemstein | /s/ E. David Pemstein |
|  | Name: | E. David Pemstein |
|  | Title: | Sole Trustee |

---

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<u>Schedule A</u> 

<u>List of Trusts</u> 

---

| | |
|:---|:---|
| **TRUST NAME** | **FUND TYPE (SENIOR LOAN FUND, COMMERCIAL MORTGAGE FUND, OR PRIVATE DEBT FUND)** |
| JOHN HANCOCK GA MORTGAGE TRUST | COMMERCIAL MORTGAGE FUND |
| JOHN HANCOCK GA SENIOR LOAN TRUST | SENIOR LOAN FUND |
| JOHN HANCOCK GA PRIVATE PLACEMENT TRUST | PRIVATE DEBT FUND |
| MANULIFE GA TRUST | SENIOR LOAN FUND |

---

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Schedule B

<u>List of Services</u>

1. Maintenance of the Shareholder registry for each Trust, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Receive orders for the purchase of Shares from the Trust, and promptly deliver payment and appropriate
documentation thereof to the custodian of the Trust as identified by the Trust (the "  ***Custodian*** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pursuant to such purchase orders (withdrawals), issue (redeem) the appropriate number of Shares and book such
Share issuance (redemption) to the appropriate Shareholder account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Pursuant to capital calls, when applicable, hold any drawdown monies received in the appropriate account on
behalf of a Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Book such Share issuance to the appropriate Shareholder account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. With respect to the transactions in items (a) and (b) above, the Transfer Agent shall process transactions
received directly from broker-dealers or other intermediaries authorized by the Trust who shall thereby be deemed to be acting on behalf of the Trust;

2. Investor commitment and capital call queue tracking and management;

3. Calculate preliminary dividend/income distribution owed to Shareholders;

4. Calculate final dividend/income distribution owed to Shareholders.

## Ex-99.(K)(3)

Exhibit (k)(3)

**ADMINISTRATION AGREEMENT** 

This Administration Agreement ("Agreement") dated as of December 18, 2018 and effective as of January 4, 2019, is by and between State Street Bank and Trust Company, a Massachusetts trust company (the "Administrator"), and each registered management investment company identified on Schedule A hereto (each, a "Trust" and, together with the Administrator, the "Parties").

WHEREAS, each Trust is either an open-end management investment company currently comprised of one or more series or a closed-end management investment company (each, a "Fund" and collectively, the "Funds"), and each Trust is registered with the U.S. Securities and Exchange Commission ("SEC") by means of a registration statement ("Registration Statement") under the Investment Company Act of 1940, as amended (the "1940 Act") and, if applicable, the Securities Act of 1933, as amended (the "1933 Act");

WHEREAS, each Trust desires to retain the Administrator to furnish certain administrative services to the Trust, and the Administrator is willing to furnish such services, on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:

**1.** **APPOINTMENT OF ADMINISTRATOR** 

Each Trust hereby appoints the Administrator to act as administrator to the Trust for purposes of providing certain administrative services for the period and on the terms set forth in this Agreement. The Administrator accepts such appointment and agrees to render the services stated herein.

Each Trust will initially consist of the Funds listed in Schedule A to this Agreement. In the event a management investment company is established or a Trust establishes one or more additional Funds with respect to which it wishes to retain the Administrator to act as administrator hereunder, the management investment company or Trust shall notify the Administrator with reasonable advance notice in writing. Upon written acceptance by the Administrator, which the Administrator shall not unreasonably withhold or delay, such investment management company or Fund(s) shall become subject to the provisions of this Agreement to the same extent as the existing Trust(s) and Fund(s), except to the extent that such provisions (including those relating to the compensation and expenses payable) may be modified with respect to such Trust or Fund(s) in writing by the parties at the time of such addition.

**2.** **DELIVERY OF DOCUMENTS** 

Each Trust will promptly deliver to the Administrator copies of each of the following documents and all future amendments and supplements, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust's Declaration of Trust and By-laws ("Governing
Documents");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust's currently effective Registration Statement and each Prospectus and Statement of Additional
Information ("SAI") relating to the Fund(s) and all amendments and supplements thereto as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Copies of the resolutions of the Board of Trustees of the Trust (the "Board") certified by the
Trust's Secretary authorizing (1) the Trust to enter into this Agreement and (2) certain individuals ("Authorized Persons") on behalf of the Trust to (a) give instructions to the Administrator pursuant to this
Agreement and (b) sign checks and pay expenses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A copy of the investment advisory agreement between the Trust and its investment adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Such other certificates, documents or opinions which the Administrator may, in its reasonable discretion, deem
necessary or appropriate in the proper performance of its duties.

**3.** **REPRESENTATIONS AND WARRANTIES OF THE ADMINISTRATOR** 

The Administrator represents and warrants to each Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It is a Massachusetts trust company, duly organized and existing under the laws of The Commonwealth of
Massachusetts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. It has the requisite power and authority to carry on its business in The Commonwealth of Massachusetts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. No legal or administrative proceedings have been instituted or threatened which would materially impair the
Administrator's ability to perform its duties and obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Its entrance into this Agreement shall not cause a material breach or be in material conflict with any other
agreement or obligation of the Administrator or any law or regulation applicable to it.

**4.** **REPRESENTATIONS AND WARRANTIES OF THE TRUST** 

Each Trust represents and warrants to the Administrator that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It is a statutory trust, duly organized, existing and in good standing under the laws of its state of
formation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. It has the requisite power and authority under applicable laws and by its Declaration of Trust and By-laws to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. All proceedings required by the Trust's governing documents have been taken to authorize it to enter into
and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. It is an investment company properly registered with the SEC under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Registration Statement been filed and will be effective and remain effective during the term of this
Agreement. The Trust also warrants to the Administrator that as of the effective date of this Agreement, all necessary filings (if any) under the securities laws of the states in which the Trust offers or sells its shares have been made;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. No legal or administrative proceedings have been instituted or threatened which would impair the Trust's
ability to perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Its entrance into this Agreement will not cause a material breach or be in material conflict with any other
agreement or obligation of the Trust or any law or regulation applicable to it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Where information provided by the Trust or the Trust's Investors includes information about an
identifiable individual ("Personal Information"), the Trust represents and warrants that it has obtained all consents and approvals, as required by all applicable laws, regulations, by-laws and
ordinances that regulate the collection, processing, use or disclosure of Personal Information, necessary to disclose such Personal Information to the Administrator, and as required for the Administrator to use and disclose such Personal Information
in connection with the performance of the services hereunder. The Trust acknowledges that the Administrator may perform any of the services, and may use and disclose Personal Information outside of the jurisdiction in which it was initially
collected by the Trust, including the United States and that information relating to the Trust, including Personal Information may be accessed by national security authorities, law enforcement and courts. The Administrator shall be kept indemnified
by and be without liability to the Trust for any action taken or omitted by it in reliance upon this representation and warranty, provided that the Administrator has met the duty of care set forth in Section 8.

**5.** **ADMINISTRATION SERVICES** 

The Administrator shall provide the services as listed on Schedule B, subject to the authorization and direction of each Trust and, in each case where appropriate, the review and comment by the Trust's independent accountants and legal counsel and in accordance with procedures which may be established from time to time between the Trust and the Administrator.

The Administrator shall perform such other services for a Trust/Fund(s) that are mutually agreed to by the Parties from time to time, for which the Trust/Fund(s) will pay such fees as may be mutually agreed upon, including the Administrator's reasonable out-of-pocket expenses. The provision of such services shall be subject to the terms and conditions of this Agreement.

The Administrator shall provide the office facilities and the personnel determined by it to perform the services contemplated herein.

**6.** **COMPENSATION OF ADMINISTRATOR ; EXPENSE REIMBURSEMENT ; TRUST EXPENSES** 

The Administrator shall be entitled to reasonable compensation for its services and expenses, as agreed upon from time to time in writing between each Trust on behalf of each applicable Fund and the Administrator.

Each Trust agrees promptly to reimburse the Administrator for any equipment and supplies specially ordered by or for the Trust through the Administrator and for any other expenses not contemplated by this Agreement that the Administrator may incur on the Trust's behalf at the Trust's request or with the Trust's consent.

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Each Trust will bear all expenses that are incurred in its operation and not specifically assumed by the Administrator. For the avoidance of doubt, Trust expenses not assumed by the Administrator include, but are not limited to: organizational expenses; cost of services of independent accountants and outside legal and tax counsel (including such counsel's review of the Registration Statement, Form N-CSR, Form N-Q, Form N-PX, Form N-MFP, Form N-SAR, proxy materials, federal and state tax qualification as a regulated investment company and other notices, registrations, reports, filings and materials prepared by the Administrator under this Agreement); cost of any services contracted for by the Trust directly from parties other than the Administrator; cost of trading operations and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for the Trust; investment advisory fees; taxes, insurance premiums and other fees and expenses applicable to its operation; costs incidental to any meetings of shareholders including, but not limited to, legal and accounting fees, proxy filing fees and the costs of preparation (e.g., typesetting, XBRL-tagging, page changes and all other print vendor and EDGAR charges, collectively referred to herein as "Preparation"), printing, distribution and mailing of any proxy materials; costs incidental to Board meetings, including fees and expenses of Board members; the salary and expenses of any officer, director\trustee or employee of the Trust; costs of Preparation, printing, distribution and mailing, as applicable, of the Trust's Registration Statements and any amendments and supplements thereto and shareholder reports; cost of Preparation and filing of the Trust's tax returns, Form N-1A, Form N-2, Form N-PX, Form N-CSR, Form N-PORT and Form N-CEN , and all notices, registrations and amendments associated with applicable federal and state tax and securities laws; all applicable registration fees and filing fees required under federal and state securities laws; the cost of fidelity bond and D&O/E&O liability insurance; and the cost of independent pricing services used in computing the Fund(s)' net asset value.

**7.** **INSTRUCTIONS AND ADVICE** 

At any time, the Administrator may apply to any officer of a Trust or other Authorized Persons for instructions and may consult with legal counsel (who may be counsel for the Trust) or the independent accountants for the Trust, with respect to any matter arising in connection with the services to be performed by the Administrator under this Agreement. The Administrator shall be without liability for any action reasonably taken or omitted in accordance with the standard of care set forth in Section 8 pursuant to such advice.

Subject to Section 8 hereof, the Administrator shall not be liable, and shall be indemnified by each Trust, for any action taken or omitted by it in good faith in reliance upon any such instructions or advice or upon any paper or document believed by it to be genuine and to have been signed by the proper person or persons. The Administrator shall not be held to have notice of any change of authority of any person until receipt of written notice thereof from the Trust or Fund(s). Nothing in this section shall be construed as imposing upon the Administrator any obligation to seek such instructions or advice, or to act in accordance with such advice when received.

**8.** **LIMITATION OF LIABILITY AND INDEMNIFICATION** 

The Administrator shall be responsible for the performance only of such duties as are set forth in this Agreement and, except as otherwise provided under Section 14, shall have no responsibility for the actions or activities of any other party, including other service providers. The Administrator shall have no liability in respect of any loss, damage or expense suffered by any Trust insofar as such loss, damage or expense arises from the performance of the Administrator's duties hereunder in reliance upon records that were maintained for the Trust by entities other than the Administrator prior to the Administrator's appointment as administrator for the Trust. The Administrator shall have no liability for any error of judgment or mistake of law or for any loss or damage resulting from the performance or nonperformance of its duties hereunder unless caused by or resulting from the fraud, gross negligence or willful misconduct of the Administrator, its officers or employees. The Administrator shall not be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits, of any kind whatsoever (including,

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without limitation, attorneys' fees) under any provision of this Agreement or for any such damages arising out of any act or failure to act hereunder, each of which is hereby excluded by agreement of the parties regardless of whether such damages were foreseeable or whether either party or any entity had been advised of the possibility of such damages. In any event, the Administrator's cumulative liability for each calendar year (a "Liability Period") with respect to a Trust under this Agreement regardless of the form of action or legal theory shall be limited to its total annual compensation earned and fees payable hereunder during the preceding Compensation Period, as defined herein, for any liability or loss suffered by the Trust including, but not limited to, any liability relating to qualification of the Trust as a regulated investment company or any liability relating to the Trust's compliance with any federal or state tax or securities statute, regulation or ruling during such Liability Period. "Compensation Period" shall mean the calendar year ending immediately prior to each Liability Period in which the event(s) giving rise to the Administrator's liability for that period have occurred. Notwithstanding the foregoing, the Compensation Period for purposes of calculating the annual cumulative liability of the Administrator for the Liability Period commencing on the date of this Agreement and terminating on December 31, 2018 shall be the date of this Agreement through December 31, 2018, calculated on an annualized basis, and the Compensation Period for the Liability Period commencing January 1, 2019 and terminating on December 31, 2019 shall be the date of this Agreement through December 31, 2018, calculated on an annualized basis.

The Administrator shall not be responsible or liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control, including without limitation, work stoppage, power or other mechanical failure, computer virus, natural disaster, governmental action or communication disruption.

Each Trust shall indemnify and hold the Administrator and its directors, officers, employees and agents harmless from all loss, cost, damage and expense, including reasonable fees and expenses for counsel, incurred by the Administrator resulting from any claim, demand, action or suit in connection with the Administrator's acceptance of this Agreement, any action or omission by it in the performance of its duties hereunder, or as a result of acting upon any instructions reasonably believed by it to have been duly authorized by the Trust or upon reasonable reliance on information or records given or made by the Trust or its investment adviser, provided that this indemnification shall not apply to actions or omissions of the Administrator, its officers or employees in cases of its or their own fraud, gross negligence or willful misconduct.

In order that the indemnification provisions contained in this Section shall apply, upon the assertion of a claim for which a Trust may be required to indemnify the Administrator, the Administrator shall notify the Trust of such assertion, and shall keep the Trust advised with respect to all material developments concerning such claim. The Trust shall have the option to participate with the Administrator in the defense of such claim or to defend against said claim in its own name. The Administrator shall not enter into any settlement with respect to a claim pursuant to which the Trust may be required to indemnify the Administrator, without first obtaining with the Trust's prior written consent to such settlement, which shall not be unreasonably withheld, conditioned or delayed.

The limitation of liability and indemnification contained herein shall survive the termination of this Agreement.

**9.** **CONFIDENTIALITY** 

All information provided under this Agreement by or on behalf of a party (the "Disclosing Party") to the other party (the "Receiving Party") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to Section 10 below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by

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the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 10 below), including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Administrator or its Affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld. In the event of any disclosure of confidential information by a Receiving Party pursuant to clause (c) or (d) of the preceding sentence, (i) provided that the Receiving Party is not prohibited from providing notice to the Disclosing Party, the Receiving Party shall provide notice to the Disclosing Party, if reasonably practicable, prior to making such disclosure or, if not, then within a reasonably prompt period of time following such disclosure; and (ii) the Receiving Party shall continue to treat such information as confidential in accordance with this Section 9 with respect to any subsequent disclosure. A Receiving Party shall protect confidential information of a Disclosing Party at least to the same degree as the Receiving Party protects its own confidential information. All confidential information provided by a Disclosing Party shall remain the property of such Disclosing Party. All confidential information, together with any copies thereof, in whatever form, shall, upon the Disclosing Party's written request, be returned to the Disclosing Party or destroyed, at the Receiving Party's election; provided, that the Receiving Party shall be permitted to retain all or any portion of the confidential information, in accordance with the confidentiality obligations specified in this Agreement, to the extent required by applicable law or regulatory authority or to the extent required by the Receiving Party's internal policies and in accordance with its customary practices for backup and storage.

**10.** **USE OF DATA** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Administrator (which term for purposes of this Section 10 includes each of its parent company, branches and affiliates ("Affiliates")) may collect and store information regarding the Trust or Fund and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Trust and the Administrator or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

(b) Except as expressly contemplated by this Agreement, nothing in this Section 10 shall limit the confidentiality and data-protection obligations of the Administrator and its Affiliates under this Agreement and applicable law. The Administrator shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 10 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

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**11.** **COMPLIANCE WITH GOVERNMENTAL RULES AND REGULATIONS ; RECORDS** 

The Trust assumes full responsibility for complying with all securities, tax, commodities and other laws, rules and regulations applicable to it.

In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records which it maintains for the Trust shall at all times remain the property of the Trust, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request except as otherwise provided in Section 13. The Administrator further agrees that all records that it maintains for the Trust pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records may be surrendered in either written or machine-readable form, at the option of the Administrator. In the event that the Administrator is requested or authorized by the Trust, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Trust by state or federal regulatory agencies, to produce the records of the Trust or the Administrator's personnel as witnesses or deponents with respect to an action brought against or investigation of the Trust (or the Trust's investment manager in connection with the operation of the Trust), the Trust agrees to pay the Administrator for the Administrator's time and expenses, as well as the fees and expenses of the Administrator's counsel, incurred in such production.

**12.** **SERVICES NOT EXCLUSIVE** 

The services of the Administrator are not to be deemed exclusive, and the Administrator shall be free to render similar services to others. The Administrator shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized by the Trust from time to time, have no authority to act or represent the Trust in any way or otherwise be deemed an agent of the Trust.

**13.** **EFFECTIVE PERIOD AND TERMINATION** 

SECTION 13.1 <u>TERM</u>. This Agreement shall remain in full force and effect for an initial term ending three years from the date hereof (the "Initial Term"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the initial term or any renewal term, as the case may be. A written notice of non-renewal may be given as to a Trust or a Fund.

SECTION 13.2 <u>TERMINATION</u>. Either party may terminate this Agreement as to a Trust or a Fund: (a) in the event of the other party's material breach of a material provision of this Agreement that the other party has either failed to cure, or failed to establish a remedial plan to cure that is reasonably acceptable to the non-breaching party, within 60 days' written notice being given by the non-breaching party of the breach, or (b) in the event of the appointment of a conservator or receiver for the other party, the commencement by or against the other party of a bankruptcy or insolvency case or proceeding, or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction.

SECTION 13.3 <u>PAYMENTS OWING TO THE ADMINISTRATOR</u>. Upon termination of this Agreement pursuant to Section 13.1 or 13.2 with respect to any Trust or Fund, the applicable Trust shall pay to the Administrator any compensation then due and shall reimburse the Administrator for its other fees, expenses and charges then due as agreed upon from time to time in writing by the Fund and the Administrator.

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**14.** **DELEGATION** 

The Administrator shall retain the right to employ agents, subcontractors, consultants and other third parties, including, without limitation, affiliates (each, a "Delegate" and collectively, the "Delegates") to provide or assist it in the provision of any part of the services stated herein or the discharge of any other obligations or duties under this Agreement without the consent or approval of the Trust. The Administrator shall be responsible for the acts and omissions of any such Delegate so employed as if the Administrator had committed such acts and omissions itself. The Administrator shall be responsible for the compensation of its Delegates.

**15.** **INTERPRETIVE AND ADDITIONAL PROVISIONS** 

In connection with the operation of this Agreement, the Administrator and the Trust on behalf of each of the Funds, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of the Trust's Governing Documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of the Agreement.

**16.** **NOTICES** 

Any notice, instruction or other instrument required to be given hereunder will be in writing and may be sent by hand, or overnight delivery by any recognized delivery service, to the parties at the following address or such other address as may be notified by any party from time to time:

If to the Trust:

c/o John Hancock Life Insurance Company (U.S.A.)

197 Clarendon Street C-0305

Boston, MA 02116

Attention: Heidi Knapp, Managing Director, Private Markets Operations

Telephone: (617) 572-6231

With a copy to:

c/o John Hancock Life Insurance Company (U.S.A.)

197 Clarendon Street C-03

Boston, MA 02116

Attention: David Pemstein, Senior Managing Director & Chief Counsel, North American

Investment Law

Telephone: (617) 572-1234

If to the Administrator:

STATE STREET BANK AND TRUST COMPANY

Channel Center

One Iron Street

Attention: Mark Branigan, Vice President

Telephone: 617-662-0725

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with a copy to:

STATE STREET BANK AND TRUST COMPANY

Legal Division – Global Services Americas

One Lincoln Street

Boston, MA 02110

Attention: Senior Vice President and Senior Managing Counsel

**17.** **AMENDMENT** 

This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.

**18.** **ASSIGNMENT** 

This Agreement may not be assigned by either party without the written consent of the other party.

**19.** **SUCCESSORS** 

This Agreement shall be binding on and shall inure to the benefit of the Trust and the Administrator and their respective successors and permitted assigns.

**20.** **DATA PROTECTION** 

The Administrator will implement and maintain a written information security program that contains appropriate security measures generally consistent with industry standard practices aligned with a security framework appropriate for a large financial services company to safeguard the personal information of the Funds' shareholders, employees, directors and officers that the Administrator receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. The term, "personal information", as used in this Section, means (a) an individual's name (first initial and last name or first name and last name), address or telephone number plus (i) Social Security or other tax identification number, (ii) driver's license number, (iii) state identification card number, (iv) debit or credit card number, (v) financial account number or (vi) personal identification number or password that would permit access to a person's account, (b) any combination of any of the foregoing that would allow a person to log onto or access an individual's account, or (c) any other non-public personal information within the meaning of applicable law or regulation. "Personal information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public (except to the extent applicable law in a particular jurisdiction does not exclude such publicly available information from protection as personal information).

**21.** **ENTIRE AGREEMENT** 

This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes all previous representations, warranties or commitments regarding the services to be performed hereunder whether oral or in writing.

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**22.** **WAIVER** 

The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement or the failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies, and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise or any other right or remedy. Any waiver must be in writing signed by the waiving party.

**23.** **SEVERABILITY** 

If any provision or provisions of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

**24.** **GOVERNING LAW** 

This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of The Commonwealth of Massachusetts, without regard to its conflicts of laws rules.

**25.** **REPRODUCTION OF DOCUMENTS** 

This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, xerographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

**26.** **COUNTERPARTS** 

This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

**27.** **BUSINESS CONTINUITY /DISASTER RECOVERY** 

In the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond the Administrator's control, the Administrator shall take reasonable steps to minimize service interruptions. Specifically, Administrator shall implement reasonable procedures to prevent the loss of data and to recover from service interruptions caused by equipment failure or other circumstances with resumption of all substantial elements of services in a timeframe sufficient to meet business requirements. The Administrator shall enter into and shall maintain in effect at all times during the term of this Agreement with appropriate parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files and data with respect to each Trust; and (ii) emergency use of electronic data processing equipment to provide services under this Agreement. Upon reasonable request, the Administrator also shall discuss with senior management of each Trust any business continuity/disaster recovery plan of the Administrator and/or provide a high-level presentation summarizing such plan.

*[Remainder of page intentionally left blank.]* 

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the dale first written above.

**EACH OF THE MANAGEMENT INVESTMENT COMANIES AND SERIES SET FORTH ON SCHEDULE A HERETO** 

---

| | |
|:---|:---|
| By: | /s/ E. David Pemstein |
|  Name: E. David Pemstein | Name: E. David Pemstein |
|  Title: Sole Trustee | Title: Sole Trustee |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Andrew Erickson |
|  Name: Andrew Erickson | Name: Andrew Erickson |
|  Title: Executive Vice President | Title: Executive Vice President |

---

------

**ADMINISTRATION AGREEMENT** 

**SCHEDULE A** 

**Listing of Fund(s)** 

---

| | |
|:---|:---|
| **TRUST NAME** | **FUND TYPE (SENIOR LOAN FUND, COMMERCIAL MORTGAGE FUND, OR<br>PRIVATE DEBT FUND)** |
| JOHN HANCOCK GA MORTGAGE TRUST | COMMERCIAL MORTGAGE FUND |
| JOHN HANCOCK GA SENIOR LOAN TRUST | SENIOR LOAN FUND |
| JOHN HANCOCK GA PRIVATE PLACEMENT TRUST | PRIVATE DEBT FUND |
| MANULIFE GA TRUST | SENIOR LOAN FUND |

---

------

**ADMINISTRATION AGREEMENT** 

**SCHEDULE B** 

**LIST OF SERVICES** 

I. Fund Administration Treasury Services as described in Schedule B1 attached hereto;

------

**Schedule B1** 

**<u>Fund Administration Treasury Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Provide periodic testing of the Fund(s) with respect to compliance with the Internal Revenue Code's
mandatory qualification requirements, the requirements of the 1940 Act and limitations for the Fund(s) contained in the Registration Statement for the Fund(s) as may be mutually agreed upon, including monthly compliance reporting to the designated
officer(s) of the Trust as well as preparation of Board compliance materials;

B1-1

## Ex-99.(R)(1)

**John Hancock Code of Ethics** 

**January 1, 2008** 

**Revised April 01, 2024** 

**This is the Code of Ethics for the following:** 

**John Hancock Investment Management, LLC** 

**and** 

**John Hancock Variable Trust Advisers, LLC,** 

**(each, a "John Hancock Adviser")** 

**and** 

**John Hancock Investment Management** 

**Distributors, LLC** 

**John Hancock Distributors, LLC,** 

**each open-end fund, closed-end fund, and exchange traded** 

**fund advised by a John Hancock Adviser** 

**(the "John Hancock Affiliated Funds"),** 

**(together, called "John Hancock")** 

**<u>Introduction</u>** 

John Hancock is required by law to adopt a Code of Ethics. The purpose of a Code of Ethics is to ensure that companies and their Covered Persons comply with all applicable laws and to prevent abuses in the investment advisory business that can arise when conflicts of interest exist between the employees of an investment advisor and its clients. By adopting and enforcing a Code of Ethics, we strengthen the trust and confidence entrusted in us by demonstrating that at John Hancock, client interests come first.

The Code of Ethics ("the Code") that follows is a code of ethics, adopted by John Hancock, and also adopted by other affiliated Manulife registered investment advisers under its Global Wealth and Asset Management and General Account Investments divisions. The Code represents a balancing of important interests. On the one hand, as registered investment advisers, the John Hancock Advisers owe a duty of undivided loyalty to their clients and must avoid even the appearance of a conflict that might be perceived as abusing the trust they have placed in John Hancock. On the other hand, the John Hancock Advisers do not want to prevent conscientious professionals from investing for their own accounts where conflicts do not exist or that are immaterial to investment decisions affecting the John Hancock Advisers' clients.

------

When conflicting interests cannot be reconciled, the Code makes clear that, first and foremost, Covered Persons owe a fiduciary duty to John Hancock clients. In most cases, this means that the affected employee will be required to forego conflicting personal securities transactions. In some cases, personal investments will be permitted, but only in a manner, which, because of the circumstances and applicable controls, cannot reasonably be perceived as adversely affecting John Hancock client portfolios or taking unfair advantage of the relationship John Hancock employees have to John Hancock clients.

The Code contains specific rules prohibiting defined types of conflicts. Since every potential conflict cannot be anticipated by the Code, it also contains general provisions prohibiting conflict situations. In view of these general provisions, it is critical that any Covered Person who is in doubt about the applicability of the Code in a given situation seek a determination from Chief Compliance Officer (CCO), designee, or the Code Administrator about the propriety of the conduct in advance.

It is critical that the Code be strictly observed. Not only will adherence to the Code ensure that John Hancock renders the best possible service to its clients, but it will also help to ensure that no individual is liable for violations of law.

Adherence to this policy is a fundamental condition of employment at John Hancock. Every Covered Person is expected to adhere to the requirements of the Code despite any inconvenience that may be involved. Any Covered Person failing to do so may be subject to disciplinary action, including financial penalties and termination of employment as determined by the CCO, designee, or Ethics Oversight Committee.

**Sub-adviser Compliance** 

A sub-adviser to a John Hancock Affiliated Fund has a number of Code of Ethics responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sub-adviser must have adopted their own code of ethics in accordance
with Rule 204A-1(b) under the Advisers Act which has been approved by the Board of Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On a quarterly basis, each sub-adviser certifies compliance with their
Code of Ethics or reports material violations if such have occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each sub-advisor must report quarterly to the CCO (or designee), any material changes to its Code of Ethics.

**Adoption and Approval** 

The Board of a John Hancock Affiliated Fund, including a majority of the Fund's Independent Board Members, must approve the Code of Ethics of the Fund's adviser, sub-adviser 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.

Each material change to a Code of Ethics of a sub-adviser to a fund must be approved by the Board of the John Hancock Affiliated Fund, including a majority of the Fund's Independent Board Members, no later than six months after adoption of the material change.

The Board may only approve the Code if they determine that the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contains provisions reasonably necessary to prevent the subadviser's Access Persons (as defined in Rule
17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act) from engaging in any conduct prohibited by Rule 17j-1 and 204A-1;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requires the sub-adviser's Access Persons to make reports to at least the extent required in Rule 17j-1(d)
and Rule 204A-1(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requires the sub-adviser to institute appropriate procedures for review
of these reports by management or compliance personnel (as contemplated by Rule 17j-1(d)(3) and Rule 204 A- 1(a)(3));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provides for notification of the sub-adviser's Access Persons in
accordance with Rule 17j-1(d)(4) and Rule 204A-1(a)(5);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requires the sub-adviser's Access Persons who are Investment
Personnel to obtain the pre- clearances required by Rule 17j-1(e); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requires the sub-adviser's Access Persons to obtain the
pre-clearances required by Rule 204A- 1(c).

**Sub-adviser Reporting & Recordkeeping Requirements** 

Each sub-adviser must complete 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 annually during their 2<sup>nd</sup> quarter meeting (which is typically held in June).

**Reporting to the Board** 

No less frequently than annually, the Office of the CCO will furnish to the Board of Trustees a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• describes issues that arose during the previous year under the Code of Ethics or the related procedures,
including, but not limited to, information about material Code or procedure violations, as well as any sanctions imposed in response to the material violations, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certifies that each entity, including the sub-advisers have adopted
procedures reasonably necessary to prevent its Access Persons from violating its Code of Ethics,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any material changes to the Code are presented to the Trustees within six months for their approval.

------

![LOGO](g466944page008.jpg)

Global Wealth and Asset Management and General Account Investments Code of Ethics

------

![LOGO](g466944page009.jpg)

Every day we make individual choices which reflect on the collective reputation of the Manulife and John Hancock brands. Our global standards for business ethics and our well-regarded reputation for integrity differentiates our brands in the marketplace, and are critical factors to our past and future success. We are proud of Manulife's culture of doing business the right way and underscore the need to continue to conduct our business in this manner. To this end, Global Wealth and Asset Management and General Account Investments have adopted this code of ethics to promote compliance with applicable law, as well as to address certain potential and actual conflicts of interest which can arise between our personal interests and the interests of our Clients. This 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 and the duties we owe to our Clients. Paul Lorentz President & CEO, Global Wealth and Asset Management Scott Hartz Chief Investment Officer Manulife Financial Corporation

------

**Table of Contents** 

------

---

| | |
|:---|:---|
| **1. [Purpose](#jh_coe466944_1)** | 7 |
| **2. [Code Applicability](#jh_coe466944_2)** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 [GWAM AND GA ASSOCIATE](#jh_coe466944_3) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 [GWAM AND GA ACCESS PERSON ("ACCESS PERSON")](#jh_coe466944_4) | 9 |
| **3. [Access Classification Levels and Applicable Rules](#jh_coe466944_5)** | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 [ACCESS CLASSIFICATION LEVELS – SCHEMATIC](#jh_coe466944_6) | 11 |
| **4. [General Principles of Business Conduct](#jh_coe466944_7)** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 [GENERAL PRINCIPLES OF BUSINESS CONDUCT](#jh_coe466944_8) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 [PERSONAL TRADING CONFLICTS OF INTEREST](#jh_coe466944_9) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 [CONFIDENTIAL INVESTMENT INFORMATION](#jh_coe466944_10) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 [MNPI RELATED TO MANULIFE SECURITIES AND MANULIFE AFFILIATED FUNDS](#jh_coe466944_11) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 [FALSE RUMOURS](#jh_coe466944_12) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 [SUPERVISORY OVERSIGHT](#jh_coe466944_13) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 [SPECIAL REQUIREMENTS FOR REAL ASSETS](#jh_coe466944_14) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 [SHARED BUSINESS ENTERTAINMENT AND GIFTS](#jh_coe466944_15) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 [PAY TO PLAY](#jh_coe466944_16) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 [OUTSIDE BUSINESS ACTIVITIES](#jh_coe466944_17) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 [REPORTING VIOLATIONS OF THE CODE](#jh_coe466944_18) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 [INITIAL CODE CERTIFICATION](#jh_coe466944_19) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 [QUARTERLY CODE CERTIFICATION](#jh_coe466944_20) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 [ANNUAL CODE CERTIFICATION](#jh_coe466944_21) | 17 |
| **5. [Personal Trading Rules](#jh_coe466944_22)** | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 [NO LIABILITY FOR LOSSES](#jh_coe466944_23) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 [WHAT SECURITIES ARE SUBJECT TO THE PERSONAL TRADING RULES?](#jh_coe466944_24) | 18 |

---

Code of Ethics Rev. 04.01.2024 3

------

**Table of Contents** 

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 [REQUIREMENT TO REPORT SECURITIES ACCOUNTS](#jh_coe466944_25) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 [MANAGED ACCOUNTS](#jh_coe466944_26) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 [MANAGED ACCOUNT QUALIFICATION PROCESS](#jh_coe466944_27) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 [DUPLICATE TRANSACTION CONFIRMATIONS AND STATEMENTS](#jh_coe466944_28) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 [U.S.-BASED PREFERRED BROKERAGE ACCOUNT REQUIREMENT](#jh_coe466944_29) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 [INITIAL HOLDINGS REPORT AND CERTIFICATION](#jh_coe466944_30) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 [QUARTERLY TRANSACTIONS REPORT AND CERTIFICATION](#jh_coe466944_31) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 [REPORTING OF SECURITIES AS GIFTS, DONATIONS AND INHERITANCES](#jh_coe466944_32) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 [ANNUAL HOLDINGS REPORT AND CERTIFICATION](#jh_coe466944_33) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 [ACCESS PERSON'S RESPONSIBILITY REGARDING TRANSACTIONS AND HOLDINGS DATA](#jh_coe466944_34) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 [PRE-CLEARANCE APPROVAL REQUIREMENT](#jh_coe466944_35) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 [TERMS OF PRE-CLEARANCE](#jh_coe466944_36) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12.1 [SAME DAY APPROVAL WINDOW](#jh_coe466944_37) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12.2 [RESTRICTION ON SECURITIES UNDER ACTIVE CONSIDERATION](#jh_coe466944_38) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12.3 [LIMIT ORDERS AND SPECIAL ORDERS](#jh_coe466944_39) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12.5 [INITIAL PUBLIC OFFERINGS & INITIAL COIN OFFERINGS & PRIVATE PLACEMENTS](#jh_coe466944_40) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12.6 [INITIAL PUBLIC OFFERINGS, INITIAL COIN OFFERINGS & PRIVATE PLACEMENT APPROVALS](#jh_coe466944_41) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 [INVESTMENT CLUBS](#jh_coe466944_42) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 [OWNERSHIP BAN: SECURITIES OF JOHN HANCOCK FUNDS SUB-ADVISERS](#jh_coe466944_43) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 [RESTRICTIONS ON MANULIFE SECURITIES](#jh_coe466944_44) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15.1 [REQUIREMENT TO PRE-CLEAR SALES OF MFC SHARES IN THE GSOP PROGRAM](#jh_coe466944_45) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 [SHORT TERM PROFIT BAN ("60 DAY RULE")](#jh_coe466944_46) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 [SAME DAY FIRM TRADE RULE](#jh_coe466944_47) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17.1 [MARKET CAP SECURITIES EXCEPTION](#jh_coe466944_48) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 [EXCESSIVE TRADING IS DISCOURAGED](#jh_coe466944_49) | 28 |

---

4 Code of Ethics Rev. 04.01.2024

------

**Table of Contents** 

------

---

| | |
|:---|:---|
| **6. [Additional Personal Trading Rules for Front-Office Access Persons](#jh_coe466944_50)** | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 [15 DAY FIRM TRADE RULE](#jh_coe466944_51) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 [MARKET CAP SECURITIES EXCEPTION](#jh_coe466944_52) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 [DE MINIMIS TRADING EXCEPTION](#jh_coe466944_53) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 [INITIAL PUBLIC OFFERING BAN](#jh_coe466944_54) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 [ADDITIONAL RESTRICTIONS – HONG KONG-BASED ACCESS PERSONS ONLY](#jh_coe466944_55) | 30 |
| **7. [Additional Personal Trading Rules for MIM Public Markets Front-Office Access Persons](#jh_coe466944_56)** | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 [MIM PUBLIC MARKETS INVESTMENT TEAM HOLD UNTIL SOLD RULE](#jh_coe466944_57) | 31 |
| **8. [Administration of the Code](#jh_coe466944_58)** | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 [PENALTIES FOR CODE VIOLATIONS](#jh_coe466944_59) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 [EXEMPTIONS AND APPEALS](#jh_coe466944_60) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 [CODE AMENDMENTS](#jh_coe466944_61) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 [PRIVACY](#jh_coe466944_62) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 [CODE ADMINISTRATION](#jh_coe466944_63) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.1 [CONTACT](#jh_coe466944_64) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 [RECORDKEEPING](#jh_coe466944_65) | 34 |
|  **[Appendix A](#jh_coe466944_66)** | **35** |
|  [Definitions of Italicized Code of Ethics Terms](#jh_coe466944_67) | 35 |
|  **[Appendix B](#jh_coe466944_68)** | **41** |
|  [<sup>1</sup>Legal Entity Adoption of the Code](#jh_coe466944_69) | 41 |
|  **[Appendix C](#jh_coe466944_70)** | **43** |
|  [Securities Reporting & Pre-Clearance Summary Chart](#jh_coe466944_71) | 43 |

---

Code of Ethics Rev. 04.01.2024 5

------

![LOGO](g466944page016.jpg)

------

---

| | | |
|:---|:---|:---|
| **1. Purpose** | Global Wealth and Asset Management ("GWAM") and General Account Investments ("GA") and certain regulated entities listed in Appendix B (together the "*Firm*") have adopted this Code of Ethics (the "Code") to promote compliance with applicable law.1 | Global Wealth and Asset Management ("GWAM") and General Account Investments ("GA") and certain regulated entities listed in Appendix B (together the "*Firm*") have adopted this Code of Ethics (the "Code") to promote compliance with applicable law.1 |
|  | This Code is separate and distinct from the Manulife Code of Business Conduct and Ethics. It is a supplementary standard of business conduct for asset managers and their employees to prevent those abuses in the investment management business that can arise when certain conflicts of interest exist between an investment manager, including its personnel and affiliates, and accounts managed for its *Clients.* | By adopting and enforcing this Code, we strengthen the trust and confidence entrusted in us by demonstrating that at *Manulife, Client* interests come first. |

---

7.0 ------

 1 This Code has been designed to be applicable across GWAM and GA and certain regulated entities listed in Appendix B (together the "*Firm*"), however it is being implemented in a multi-phased, multi-year project. In the interim, *Associates* may be subject to another code of ethics. See Appendix B for the legal entities that have adopted this Code to date.<br>

8.0 ------

---

| | | |
|:---|:---|:---|
| **2. Code Applicability** | This Code is applicable to Associates of the Firm. Adherence to the General Principles of Business Conduct, and other provisions of this Code as applicable, are a condition of employment. | This Code is applicable to Associates of the Firm. Adherence to the General Principles of Business Conduct, and other provisions of this Code as applicable, are a condition of employment. |
|  | **2.1 GWAM AND GA ASSOCIATE** | **2.2 GWAM AND GA ACCESS PERSON ("ACCESS PERSON")** |
|  | *Associates are:* |  |
|  | (i) any partner, officer, director, or other person occupying a similar status or performing similar functions of the *Firm*<br>(ii) an employee of the *Firm*<br>(iii) any person who provides investment advice on behalf of the *Firm* and is subject to the supervision and control of the *Firm*<br>(iv) any person meeting the definition of *Access Person*<br>(v) an *Advisory Person of a Fund*<br>(vi) certain *Manulife Affiliate* persons who engage, directly or indirectly, in the *Firm's* investment advisory activities and<br>(vii) any other person who the *Code Administrator* deems an *Associate*. 2 | Additionally, *Associates* who have access to certain investment information and the investment decision-making process are further classified by the *Code Administrator* into one of three *Access Person* levels and therefore subject to the personal trading rules and obligations of their *Access Person* classification level. |

---

9.0 ------

 2 The *Code Administrator* may modify the requirements of this Code for those *Associates* whose covered status 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. In reliance on an SEC no-action letter, the *Code Administrator* may include in the definition of "*Associate*" any person of a *Manulife Affiliate* who is engaged, directly or indirectly in the *Firm's* investment advisory activities.<br>

10. `

------

**3.** **Access Classification Levels and Applicable Rules** 

*Associates* are categorized into one of the following Access Classification Levels for purposes of applying the rules in this Code:

---

| | | |
|:---|:---|:---|
| ACCESS<br>CLASSIFICATION<br>LEVELS | DEFINITION | APPLICABLE<br>SECTION(S) OF<br>RULES IN THIS<br>CODE |
| Non-*Access Person* | *Associates* (as defined in Section 2.1) who are not deemed to be an *Access Person*. | Section 4 |
| Regular *Access Person* | Any Associate who, in connection with their regular functions or duties: (i) has or may have access to non-public information regarding the purchase or sale of securities or non-public information regarding the portfolio holdings of Client or Firm accounts (ii) has or may have access to material, non-public Securities information (including material non-public information regarding affiliated mutual funds, ETFs, etc).<br>Examples: Sales, Marketing, Product, Client Service, IT, Finance, Operations, Legal, Compliance, Risk, Audit and certain related support staff. | Section 4<br>Section 5 |
| General Account/ *Manulife* Investment Management Private Markets ("MIM Private Markets") Front- Office *Access Person* | Any GA or MIM Private Markets *Associate* who, in connection with their regular functions or duties, makes or participates in/supports making recommendations regarding the purchase or sale of *Securities* for *Client* or *Firm* accounts, or provides direct administrative support to a General Account/MIM Private Markets *Associate* who makes or participates in/supports recommendations.<br>Examples: Portfolio Management, Analysts, Traders, Credit, ALM, Real Estate, Commercial Mortgages and certain related support staff | Section 4<br>Section 5<br>Section 6 |
| *Manulife* Investment Management Public Markets ("MIM Public Markets") Front-Office *Access Person* | Any MIM Public Markets *Associate* who, in connection with their regular functions or duties, makes or participates in/supports making recommendations regarding the purchase or sale of *Securities* for *Client* or *Firm* accounts, or provides direct administrative support to a MIM Public Markets *Associate* who makes or participates in/supports recommendations.<br>Examples: Portfolio Managers, Analysts, Traders and certain related support staff | Section 4<br>Section 5<br>Section 6<br>Section 7 |

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**3.1** **ACCESS CLASSIFICATION LEVELS – SCHEMATIC** 

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| | | | | |
|:---|:---|:---|:---|:---|
| ACCESS CLASSIFICATION<br> LEVELS | GENERAL PRINCIPLES OF<br> BUSINESS CONDUCT<br> (SECTION 4) | PERSONAL TRADING<br> RULES<br> (SECTION 5) | ADDITIONAL PERSONAL<br> TRADING RULES<br> (SECTION 6) | ADDITIONAL PERSONAL<br> TRADING RULES<br> (SECTION 7) |
| Non-*Access Person* | ![LOGO](g466944dsp21.jpg) |  |  |  |
| Regular *Access Person* | ![LOGO](g466944dsp21.jpg) | ![LOGO](g466944dsp21.jpg) |  |  |
| GA/MIM Private Markets Front-Office *Access Person* | ![LOGO](g466944dsp21.jpg) | ![LOGO](g466944dsp21.jpg) | ![LOGO](g466944dsp21.jpg) |  |
| MIM Public Markets Front- Office *Access Person* | ![LOGO](g466944dsp21.jpg) | ![LOGO](g466944dsp21.jpg) | ![LOGO](g466944dsp21.jpg) | ![LOGO](g466944dsp21.jpg) |

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| | |
|:---|:---|
| **4. General Principles of Business** | The rules in this Section are applicable to all Access Classification Levels: |
|  | • Non-*Access Person* |
|  | • Regular *Access Person* |
|  | • GA/MIM Private Markets Front-Office *Access Person* |
| *Applicable to All Access Classification Levels* | • MIM Public Markets Front-Office *Access Person.* |
| *Applicable to All Access Classification Levels* | <br> **4.1 GENERAL PRINCIPLES OF BUSINESS CONDUCT**<br>|
| *Applicable to All Access Classification Levels* | Adherence to the General Principles of Business Conduct and other provisions of this Code is a condition of employment. Additionally, while the Code contains specific restrictions and limitations designed to prevent certain defined types of conflicts, the *Firm* recognizes that not every potential conflict of interest can be anticipated by the Code. Therefore, it is critical that the Code's General Principles of Business Conduct be followed in the absence of a specific Code requirement or limitation. |
|  | Each *Associate* 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 the accounts we manage, or situations that have the potential to cause damage to Manulife or a *Manulife Affiliates' reputation*. To this end, each *Associate* must act with integrity, honesty and in an ethical manner. The following General Principles of Business Conduct govern the activities of our business and every *Associate:* |
|  | • We have a fiduciary duty to place the interests of our *Clients* first. Consistent with our fiduciary duty, we must also never (i) employ any device, scheme or artifice to |

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defraud a *Client* (ii) make any untrue statement of a material fact to the *Client* or an account we manage or omit to state a material fact necessary in order to make the statements made to a *Client*, in light of the circumstances under which they are made, not misleading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• All personal *Securities* transactions must be conducted consistent with the applicable provisions of the Code, and in such a manner as to avoid any actual or potential conflict of interest and any other abuse of
trust or responsibility.

• 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 the accounts we manage.

• We must treat as confidential any non-public or confidential information concerning the identity of *Security* holdings and financial circumstances of the *Firm* or our *Clients.* 

• We must comply with all applicable laws including applicable domestic and foreign *Securities Law* s.

**4.2 PERSONAL TRADING CONFLICTS OF INTEREST** 

The Code represents a balancing of important interests. On the one hand, we owe a duty of loyalty to our *Clients*, and we must avoid even the appearance of a conflict that might be perceived as abusing the trust *Clients* have placed in us. On the other hand, the *Firm* 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 our *Clients* or the accounts we manage.

When conflicting interests cannot be reconciled, the Code makes clear that,

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first and foremost, *Associates* owe a fiduciary duty to our *Clients*, and the accounts we manage. In most cases, this means that the affected *Associates* 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 *Client* portfolios or taking unfair advantage of the account relationship.

**4.3 CONFIDENTIAL INVESTMENT INFORMATION** 

Information acquired by *Associates* in connection with their duties for the *Firm* including information regarding actual or contemplated investment decisions, non-public portfolio composition, proprietary research, research recommendations, investment recommendations, or *Firm* or *Client* interests, is confidential and may not be used in any way that might be contrary to, or in conflict with the interests of the accounts we manage. Additionally, *Associates* are reminded that certain *Clients* have specifically required their relationship with us to be treated confidentially.

**4.4 MNPI RELATED TO MANULIFE SECURITIES AND MANULIFE AFFILIATED FUNDS** 

Material, non-public information ("MNPI") related to *Manulife Securities, Manulife Affiliated Mutual Funds, or Affiliated Regulated Closed-End Funds* acquired by *Associates* in connection with their duties for the *Firm* is confidential and may not be used for direct or indirect personal or family benefit including personal trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4.4.1 DISCLOSURE OF PORTFOLIO HOLDINGS PROCEDURES – JOHN HANCOCK FUNDS** 

The Boards of Directors/Trustees of all John Hancock Affiliated Funds advised by JHIM, LLC and/or JHVTA, LLC. have adopted procedures

designed to ensure non-public information regarding Fund portfolio holdings are not disclosed except in limited circumstances to any person, including affiliated persons, on a "need to know" basis (i.e., 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). Non-public information regarding Fund portfolio holdings is confidential and the intent of the procedures is to guard against selective disclosure of such information in a manner that would not be in the best interest of Fund shareholders. Please consult with the John Hancock Funds CCO for more information.

**4.5 FALSE RUMOURS** 

The *Securities Law*s 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, *Associates* may not communicate information regarding companies, *Securities*, or markets that they know to be false.

**4.6 SUPERVISORY OVERSIGHT** 

All *Associates* with managerial responsibility are responsible for the reasonable supervision of their staff to prevent and detect violations of this Code 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 *Securities Law*s and the Code.

**4.7 SPECIAL REQUIREMENTS FOR REAL ASSETS** 

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*Associates* are prohibited from knowingly engaging in for (direct or indirect) personal or family benefit any of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Employing, hiring, or contracting with vendors for the provision of goods or services to *Manulife* or *Manulife* -managed properties or businesses;

• Utilizing for personal purposes the paid or unpaid services of a *Manulife* or *Manulife* -managed property vendor (including the services of the vendor's employees);

• Purchasing or selling property adjacent to existing or proposed *Manulife* or *Manulife* -managed properties or businesses;

• Purchasing, selling, or transferring mineral or other land-related rights impacting existing or proposed *Manulife* or *Manulife* -managed properties or businesses;

• Leasing a real estate interest to or from a *Manulife* or *Manulife* - managed property; or

• Exploiting *Manulife* or *Manulife* - managed properties or assets (including rental space and equipment or supplies) for personal use.

**4.8 SHARED BUSINESS ENTERTAINMENT AND GIFTS** 

The *Firm* has adopted the "GLOBAL ENTERTAINMENT & GIFT POLICY." Although the *Firm* recognizes that the giving or receiving of shared business entertainment and modest

gifts is a customary way to strengthen business relationships, and with some restrictions, is a lawful and proper business practice, they have adopted the policy to:

• Protect *Associates* from being improperly influenced (or perceived to be improperly influenced) in the discharge of their responsibilities because of excessive or improper shared business entertainment or gifts
from a business partner or *Client*;

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• Ensure that the giving of shared business entertainment or gifts to business partners or *Clients* does not exclude the *Firm* from certain investment management and business opportunities; and

• Ensure that *Associates* do not engage in shared business entertainment or gift practices that constitute (or appear to constitute) a corrupt business practice, including bribery.

All *Associates* must abide by the specific standards and disclosure requirements of the "GLOBAL ENTERTAINMENT & GIFT POLICY."

Additionally, *Associates* are required to report their shared business entertainment and gift activity in *StarCompliance*, the Code of Ethics administrative system, as well as certify to their adherence to the "GLOBAL ENTERTAINMENT & GIFT POLICY" on a quarterly basis.

Certain associates may have additional requirements and/or restrictions regarding entertainment and gifts pursuant to specific legal entity policies in which they are covered associates, including Financial Industry Regulatory Authority ("FINRA") registered associates.

**4.9 PAY TO PLAY** 

The *Firm* has adopted the "PAY TO PLAY POLICY" to ensure that certain GWAM and GA legal entities (each a "U.S. Adviser") comply with applicable pay to play laws and are not disqualified from pursuing new government *Client* opportunities (including public pension fund *Clients*), or from receiving advisory compensation from existing government *Clients*.

The Policy outlines its applicability to certain U.S. Advisers and *Associates* of those U.S. Advisers that must comply with the specific standards and requirements of the policy.

Additionally, *Associates* are required to pre-clear and report their political contributions and certify to their adherence to the "PAY TO PLAY POLICY" in *StarCompliance* on a quarterly and annual basis.

**4.10 OUTSIDE BUSINESS ACTIVITIES** 

The *Firm* has established a reporting and pre-clearance process to identify and address certain actual or potential conflicts of interest related to an *Associate*'s outside business activities.

*Associates* are required to pre-clear and disclose in *StarCompliance* their outside employment positions, board or officer positions with a business or charitable organization, positions with portfolio companies or other portfolio advisory positions, positions on loan or creditor committees, positions with government or quasi-government bodies, and board or officer positions with industry or professional organizations (including any positions of influence that conflict with your role at the firm). This includes activities on both a paid and unpaid basis.

Additionally, *Associates* are required to certify that they have disclosed all outside business activities in *StarCompliance* on a quarterly and annual basis.

**4.11 REPORTING VIOLATIONS OF THE CODE** 

*Associates* who know or have reason to believe that the Code has been or may be violated must bring such actual or potential violations to the immediate attention of the *Code Administrator* and/or the relevant *Chief Compliance Officer*.

*Associates* are encouraged to communicate with the *Code Administrator* and/or the relevant *Chief Compliance Officer*, if they have a doubt about a provision of the Code

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pertinent to a specific situation,

business practice or potential conflict of interest.

It is a violation of the Code for an *Associate* to deliberately fail to report a violation or deliberately withhold relevant or material information concerning a violation of the Code.

No person will be subject to penalty or reprisal for reporting in good faith suspected violations of the Code.

Additionally, unethical, unprofessional, illegal, fraudulent or other questionable behavior may also be anonymously reported by visiting the confidential Manulife Ethics Hotline at <u>www.ManulifeEthics.com</u>.

**4.12 INITIAL CODE CERTIFICATION** 

Within 10 calendar days after designation as an Access Person, each Associate is required to certify in StarCompliance their initial receipt of the Code including that they have read and understood the Code and agree to comply with the applicable provisions of the Code.

**4.13 QUARTERLY CODE CERTIFICATION** 

Each *Associate* is required to certify in *StarCompliance* on a quarterly basis that they are in compliance with the applicable provisions of the Code.

**4.14 ANNUAL CODE CERTIFICATION** 

Each *Associate*, on an annual basis, is required to certify in *StarCompliance* that they have

read and understood the Code, have complied with the applicable provisions of the Code (or have disclosed any failure to comply with the provisions of the Code to the *Code Administrator*) during the past year.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5. Personal Trading Rules**<br> *Applicable to All*<br> *Access Persons* | The rules in this Section are applicable to the following Access Classification Levels:<br>• Regular Access Person<br>• General Account/MIM Private Markets Front-Office Access Person<br>• MIM Public Markets Front-Office Access Person |
|  | **5.1 NO LIABILITY FOR LOSSES**<br>*Manulife and/or Clients* will not be liable for any losses incurred or profits avoided by any Access Person or Household Family Member resulting from the implementation or enforcement of the Code. The definition of a *Household Family Member* includes an Access Person's spouse, significant other, minor children or other family members who also share the same household with the Access Person. Access Persons must understand that their ability (as well as the ability of their *Household Family Members*) to buy and sell Securities may be limited by the Code and that trading activity by the *Firm*, Clients and/or other *Manulife Affiliates* may affect the timing of when an Access Person (as well as a *Household Family Member*) can buy or sell a particular *Security*. |
|  | **5.2 WHAT SECURITIES ARE SUBJECT TO THE PERSONAL TRADING RULES?**<br>*Securities* in which the *Access Person* has a *Beneficial Interest* are subject to the Code's personal trading restrictions and requirements. An *Access* Person is deemed to have a *Beneficial Interest* in any Security where the *Access Person* controls or can directly or indirectly profit or share in the profit derived from a |

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transaction in a Security. An Access Person is presumed to have a *Beneficial Interest* in the following *Securities*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• *Securities* owned by an *Access Person* in their name;

• *Securities* owned by *Household Family Members*;

• *Securities* owned by an *Access Person* indirectly through an account or investment vehicle for their benefit, such as an IRA/RRSP/ RESP/ISA/SIPP, family trust, or family partnership;

• *Securities* in which the *Access Person* has a joint ownership interest, such as *Securities* owned in a joint brokerage account; and

• *Securities* over which the *Access Person* has discretion or gives advice (other than for a *Firm* or *Client* account). This includes Securities owned by trusts, private foundations, or other
charitable accounts for which the *Access Person* has investment discretion.

**5.3 REQUIREMENT TO REPORT SECURITIES ACCOUNTS** 

*Access Persons* are required to report the name of the broker, dealer, bank, or other entity with which the *Access Person* maintains an account in which any *Securities* are or can be held for the *Access Person*'s *Beneficial Interest* (including accounts of *Household Family Members*).

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*Access Persons* are required to report all *Securities* accounts within 10 calendar days of initially being designated an *Access Person*. After this initial report of *Securities* accounts, any *Securities* 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 (whichever comes first).

The following is a non-exhaustive list of commonly reported *Securities* Accounts:

• Brokerage Accounts

• *Mutual Fund* Only Accounts

• Custodial *Securities* Accounts

• *Manulife* GSOP Plan Accounts

• Certain 529 Plans (plans affiliated with or plans with investment options managed by *Manulife* or a *Manulife* -affiliated entity)

• IRA Accounts

• Stock Purchase Plans

• Transfer Agent Accounts

• Variable Life or Annuity Insurance Policies with underlying *Affiliated Mutual Fund* investment options

• *Manulife* Loan Program *Mutual Fund* Account

• John Hancock Unified 401k Plan/ *Manulife* RPS

• Registered Savings Plan (RRSP/ RESP/TFSA)

• Uncertified Book Entry *Securities* 

• Physical possession of certified Securities

• Employee Stock Option Account

• U.K. Individual Savings Account (ISA)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• U.K. Self Invested Pension Plan (SIPP)

As an *Access Person*, you are also required to inform any broker/dealer when you open a new account that you are employed by a financial institution and also whether you are registered with a broker/dealer. As an *Access Person*, you should refrain from undertaking personal investment transactions with the same individual *employee* at a broker-dealer firm with whom you conduct business with on behalf of the firm

**5.3.1 MANAGED ACCOUNTS** 

As outlined in Section 5.3 above, the requirement to report accounts in which any *Securities* are or can be held for the *Access Person's Beneficial Interest* includes Managed Accounts (accounts where a professional money manager is charged with sole discretionary authority over the account). However, *Securities* transactions in Managed Accounts may be exempt from Section 5.11:

Pre-Clearance Approval Requirement (below) provided the *Code Administrator* qualifies the account to be a Managed Account.

**5.3.2 MANAGED ACCOUNT QUALIFICATION PROCESS** 

The *Code Administrator* may qualify an account to be a Managed Account provided the *Access Person* furnishes a copy of the client Advisory Agreement for the Managed Account. The *Code Administrator* will review the agreement to determine if the account qualifies to be a Managed Account. Once the *Code Administrator* approves an account to be a Managed Account, any *Securities* transactions in the Managed Account are exempt from Section 5.11: Pre-Clearance Approval Requirement.

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**5.4 DUPLICATE TRANSACTION CONFIRMATIONS AND STATEMENTS** 

*Access Persons* must arrange for the *Code Administrator* to receive duplicate copies of trade confirmations of *Reportable Securities* transactions and periodic account statements for any *Reportable Securities* accounts in which the *Access Person* has a *Beneficial Interest* in, if the account holds, or has the ability to hold, *Reportable Securities*. This requirement also applies to the *Securities* confirmations and statements of *Household Family Members*.3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5.5 U.S.-BASED PREFERRED BROKERAGE ACCOUNT REQUIREMENT** 

U.S.-based *Access Persons* are required to maintain all *Reportable Securities* accounts (including the *Reportable Securities* accounts of *Household Family Members*) at one of the *firm's Preferred Brokers* unless the account has been qualified by the *Code Administrator* as an *Exempt Securities Account*. A current list of the *Firm's Preferred Brokers* can be found on *StarCompliance* or by contacting the *Code Administrator*.

Upon designation as an *Access Person*, a person has 45 calendar days to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) transfer all assets to a *Preferred Broker* and close the non-compliant account or (ii) qualify any non- compliant *Securities* account as an *Exempt Securities Account*.

**5.6 INITIAL HOLDINGS REPORT AND CERTIFICATION** 

After reporting all *Reportable Securities* accounts (as outlined in Section 5.3) *Access Persons* must file an Initial Holdings Report. This Initial Holdings Report is due within 10 calendar days after the person became an *Access Person* 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 *Access Person*.

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|:---|:---|
| 3 | The *Code Administrator* may rely on the operating groups of *Manulife*/John Hancock for administration of trading activity limitations and monitoring of market timing policies for *Manulife Affiliated Mutual Funds*. To the extent the *Code Administrator* has ready access to *Securities* transaction and holdings information, the *Code Administrator* is not required to obtain duplicate paper confirmations or statements for such accounts.  |

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An *Access Person* is required to submit with their Initial Holdings Report a certification that they have disclosed or reported all required *Reportable Securities* holdings and all *Reportable Securities* accounts in which they have a *Beneficial Interest* (including *Household Family Member* accounts).

The Initial Holdings Report must include: (i) the title and type of each *Reportable Security* in which the *Access Person* has any *Beneficial Interest,* (ii) the exchange ticker symbol or CUSIP number and the number of shares or principal amount of each *Reportable Security* (each as applicable), (iii) the name of any broker, dealer, bank, or other entity with which the *Access Person* maintains an account in which any *Reportable Securities* are or can be held for the *Access Person*'s direct or indirect *Beneficial Interest*, and (iv) the date the report is submitted by the *Access Person*.

**5.7 QUARTERLY TRANSACTIONS REPORT AND CERTIFICATION** 

*Access Persons* must file a Quarterly Transaction Report that discloses certain information about each *Reportable Security* transaction in which they have (or as a result of the transaction acquired) a *Beneficial Interest* (including transactions for *Household Family Members*) during the quarter covered by the Quarterly Transaction Report.

Each *Access Person*'s Quarterly Transaction Report is due within 30 calendar days after the end of each calendar quarter. Each *Access Person*'s 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, *Access Persons* are required to certify to the accuracy of the listing of *Securities* accounts displayed in *StarCompliance*.

The Quarterly Transaction report must include: (i) the date of the transaction ("trade date"), (ii) the title of the *Reportable Security*, (iii) the exchange ticker symbol or CUSIP number, the interest rate and maturity date, the number of shares or principal amount of each *Reportable Security*, 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 *Access Person*.

**5.8 REPORTING OF SECURITIES AS GIFTS, DONATIONS AND INHERITANCES** 

An *Access Person*'s gift or donation of a *Pre-Clearable Security* is considered a "sale" event (this includes gifts or donations by *Household Family Members*) and therefore is subject to pre-clearance approval prior to making the gift or donation. Refer to Section 5.11: Pre-Clearance Approval Requirement. Additionally, any approved gift or donation event of a *Reportable Security* must be accurately reflected in the next Quarterly Transaction Report (Refer to Section 5.7).

The receipt of a gift or inheritance of *Reportable Securities* should be promptly reported to the *Code Administrator* to ensure the new holding is accurately accounted for. However, the receipt of a gift or inheritance is not subject to pre- clearance.

**5.9 ANNUAL HOLDINGS REPORT AND CERTIFICATION** 

*Access Persons* must file an Annual Holdings Report.

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The 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 reported. Each *Access Person* must submit each Annual Holdings Report with a certification that they have reported all required *Reportable Securities* holdings and *Securities* accounts for which the *Access Person* holds a *Beneficial Interest* (including the applicable holdings and accounts of *Household Family Members*).

The Annual Holdings Report must include: (i) the title and type of each *Reportable Security* in which the *Access Person* has any *Beneficial Interest*, (ii) the exchange ticker symbol or CUSIP number and the number of shares or principal amount of each *Reportable Security* (each as applicable), (iii) the name of any broker, dealer, bank, or other entity with which the *Access Person* maintains an account in which any *Reportable Securities* are or can be held for the *Access Person*'s direct or indirect *Beneficial Interest*, and (iv) the date the report is submitted by the *Access Person*.

**5.10 ACCESS PERSON'S RESPONSIBILITY REGARDING TRANSACTIONS AND HOLDINGS DATA** 

As a convenience to *Access Persons*, the *Code Administrator* works with certain brokers to obtain *Securities* transactions and holdings data to pre-populate Quarterly Transaction and Annual Holdings Reports in *StarCompliance* (where available). However, the pre-populated data may contain omissions or inaccuracies. It is each *Access Person*'s responsibility to contact the *Code Administrator* to correct any inaccurate transactions or holdings data prior to submitting a report or certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**5.11 PRE-CLEARANCE APPROVAL REQUIREMENT** 

*Access Persons* may not purchase, sell or otherwise acquire or dispose of any *Security* in which they have (or because of such transaction will establish) a *Beneficial Interest* without obtaining advance pre-clearance approval for such transaction from *StarCompliance* (or the *Code Administrator*) unless the *Security* transaction is exempt from the Code's pre-clearance requirement. Remember, *Access Persons* are required to obtain pre-clearance approval for all *Securities* transactions of persons who qualify as a *Household Family Member* of the *Access Person* unless the *Security* transaction is exempt from the Code's pre-clearance requirement.

Refer to APPENDIX C for a list of *Securities* and *Securities* transactions exempt from the pre-clearance requirement.

**5.12 TERMS OF PRE-CLEARANCE** 

During the pre-clearance process, *Access Persons* will be required to attest to the following terms of pre- clearance:

**5.12.1 SAME DAY APPROVAL WINDOW** 

The pre-clearance approval is valid only for the same day it is granted.

**5.12.2 RESTRICTION ON SECURITIES UNDER ACTIVE CONSIDERATION** 

Access Persons may not purchase, sell or otherwise dispose of any Security in which the Access Person has (or because of such transaction will establish) Beneficial Interest if the Access Person at the time of the transaction has actual knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• the *Security* (or a related *Security*) is under *Active Consideration for Purchase or Sale* by or on behalf of the *Firm* or any *Client* account;

• the *Security* is on an MNPI Restricted Trading List; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• the *Access Person* is in possession of material non- public information regarding the *Security*.

**5.12.3 LIMIT ORDERS AND SPECIAL ORDERS** 

Due to the same-day approval window outlined in Section 5.12.1, multi-day special orders such as "good until cancelled orders" or "limit orders" are prohibited. "Day orders" (i.e., orders that automatically expire at the end of the trading day session) are allowed, however the onus is on the *Access Person* to check the status of day orders at the end of the trading day to ensure any orders that have not been executed are cancelled. If a trade order is left open beyond the same-day pre-clearance window, any resulting executed trade will constitute a Code violation.

**5.12.4 MIM PUBLIC MARKETS INVESTMENT TEAM HOLD UNTIL SOLD RULE** 

Please note this term of pre- clearance is **<u>only</u>** applicable to the following Classification Level: **MIM Public Markets Front-Office Access Persons.**

Refer to Section 7.1 – MIM Public Markets *Investment Team* Hold Until Sold Rule.

As outlined in Section 7.1, MIM Public Markets Front-Office Access Persons associated with an *Investment Team* (including Household Family Members) are not permitted to sell a holding if the same holding is held in a *Client* account managed by the MIM Public Markets Front-Office Access Person's *Investment Team*.

**5.12.5 INITIAL PUBLIC OFFERINGS & INITIAL COIN OFFERINGS & PRIVATE PLACEMENTS** 

As outlined in Section 5.11, Access Persons must obtain advance pre- clearance approval for transactions of reportable Securities. This includes Initial Public Offerings, Initial Coin Offerings, and Private Placements.

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Please note that the following Classification Levels may not participate in Initial Public Offerings (Refer to Section 6.2 – Initial Public Offering Ban):

• General Account/MIM Private Markets Front-Office *Access Person* 

• MIM Public Markets Front-Office *Access Person*.

**5.12.6 INITIAL PUBLIC OFFERINGS, INITIAL COIN OFFERINGS & PRIVATE PLACEMENT APPROVALS** 

As part of the pre-clearance process, pre-clearance requests for Initial Public Offerings, Initial Coin Offerings and Private Placements will be subject to the approval of the relevant Chief Investment Officer or designee.

Pre-clearance approvals for Initial Public Offerings, Initial Coin Offerings and Private Placements are valid for the duration of the subscription period.

**5.13 INVESTMENT CLUBS** 

*Access Persons* (including *Household Family Members*) are prohibited from participating or holding an interest in any *Investment Club*.

**5.14 OWNERSHIP BAN: SECURITIES OF JOHN HANCOCK FUNDS SUB-ADVISERS** 

Please note: This ownership ban is <u>only</u> applicable to the following Classification Level: **Regular Access Persons.**

Regular Access Persons are prohibited from owning securities of any sub-adviser of a John Hancock Affiliated Fund advised by JHIM, LLC and/or JHVTA, LLC.

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**5.15 RESTRICTIONS ON MANULIFE SECURITIES** 

The Corporate Law Department has a Policy entitled: Manulife Financial Corporation ("MFC"): Insider Trading & Reporting Policy. This Policy prohibits *Manulife* employees from speculating in MFC *Securities*. Speculation includes the purchase or sale of MFC *Securities* with the

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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. The Policy also outlines requirements for *Manulife* employees that are deemed to be "Reporting Insiders" and/or "Designated Employees." Questions related to this Policy and whether you have been deemed a "Reporting Insider" and/or "Designated Employees" should be directed to the Corporate Law Department or to the General Counsel.

Notwithstanding the above, *Access Persons* are subject to pre-clearance requirements for transactions in MFC *Securities*, just like any other *Security* (refer to Section 5.11: Pre-Clearance Approval Requirement).

**5.15.1 REQUIREMENT TO PRE-CLEAR SALES OF MFC SHARES IN THE GSOP PROGRAM** 

*Access Persons* <u>are</u> required to pre-clear sales of MFC Shares in the MFC Global Share Ownership Program (GSOP).

Refer to Section 5.11: Pre-Clearance Approval Requirement.

*Access Persons* are <u>not</u> required to pre- clear purchases of MFC Shares in the MFC GSOP.

**5.16 SHORT TERM PROFIT BAN ("60 DAY RULE")** 

*Access Persons* (including *Household Family Members*) cannot directly or indirectly profit from a discretionary purchase and sale of the *same Pre- Clearable Security* within 60 calendar days. However, Pre-Clearable *Securities* whose issuer's market capitalization is $5 Billion USD or more at the time of the transaction are exempt from the 60 Day Rule.

A voluntary transaction related to a derivative *Security* (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.

The following *Securities* activities are exempt from the 60-Day Rule:

![LOGO](g466944dsp37.jpg)

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• All money market fund transactions

• *Automatic Investment Plan* transactions (including payroll deduction purchases)

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• Dividend reinvestment purchase transactions

• Issuer *Pro Rata Discretionary Transactions* 

• Involuntary issuer transactions (i.e. 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)

• Automatic purchases into a default investment option by a retirement plan

• Other involuntary purchase or sales activity not at the direction of the *Access Person* or the *Access Person* 's *Household Family Member*.

Conversely, giving gifts and donations of *Securities* are considered "Sales" and are not exempt from the 60-Day Rule.

The *Code Administrator* in consultation with the relevant *Chief Compliance Officer* may approve waivers to the 60 Day Rule.

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![LOGO](g466944dsp39.jpg)

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**5.17 SAME DAY FIRM TRADE RULE** 

*Access Persons* (and *Household Family Members*) may not purchase, sell or otherwise acquire or dispose of any *Pre-Clearable Security* in which they have (or as a result of such transaction will establish) a *Beneficial Interest* if that same or Related *Pre-Clearable Security* traded in a *Client* or *Firm* account on the same day the *Access Person* (or *Household Family Member*) transacts unless (1) the *Access Person* has no actual knowledge that the same or Related *Pre-Clearable Security* is under *Active Consideration for Purchase or Sale* by an account and (2) the transaction can satisfy the following exception:

**5.17.1 MARKET CAP SECURITIES EXCEPTION** 

May permit the transaction if the *Access Person's* pre-clearance request is in the *Securities* of an issuer whose market capitalization is at least $5B USD or more.

If a *Client* or *Firm* account trades in a *Pre-Clearable Security* during the pre-clearance window and an *Access Person* successfully obtained pre-clearance approval of a trade, the *Access Person* may still be required to demonstrate that they did not know that the same or Related *Pre-Clearable Security* was under *Active Consideration for Purchase* or *Sale* for an account at the time of the personal trade. *Access Persons* failing to demonstrate to the *firm* "no knowledge" when requested may be required to sell any *Security* purchased and/or disgorge any profits realized as a result of a transaction being found by the *Firm* to have violated the Same Day Firm Trade Rule.

Please note that the following Access Person Classification Levels are subject to a stricter Firm Trade Rule. (Refer to Section 6.1 - 15 Day Firm Trade Rule.):

• General Account/MIM Private Markets Front-Office *Access Person* 

• MIM Public Markets Front-Office *Access Person*.

**5.18 EXCESSIVE TRADING IS DISCOURAGED** 

While active personal trading may not in and of itself raise issues under the *Securities Law*s, a high volume of personal trading by an *Access Person* can be time consuming and can increase the possibility of actual or apparent conflicts with portfolio transactions. Accordingly, high levels of discretionary personal trading activity by an *Access Person* is strongly discouraged and will be subjected to enhanced scrutiny including reporting to the *Ethics Oversight Committee*. Additionally, limitations may be imposed on the number of *Pre-Clearable Securities* pre-clearance requests permitted during a given period for *Access Persons*.

**5.19 INFORMATION BARRIERS** 

The *Firm* has adopted the "INFORMATION BARRIER POLICY" to establish, maintain, and enforce information barriers reasonably designed to meet its business needs and satisfy its contractual and regulatory obligations. In addition, the policy establishes safeguards and controls to ensure the integrity of these information barriers and prevent the improper transfer or sharing of sensitive information between business units.

*Access Persons* must comply with the specific standards and requirements of the "INFORMATION BARRIER POLICY".

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|:---|:---|:---|
| **6. Additional Personal Trading Rules for Front-Office Access Persons** | The rules in this Section are applicable to the following Access Classification Levels: | The rules in this Section are applicable to the following Access Classification Levels: |
| **6. Additional Personal Trading Rules for Front-Office Access Persons** | • General Account/MIM Private Markets Front-Office *Access Person* | • General Account/MIM Private Markets Front-Office *Access Person* |
| **6. Additional Personal Trading Rules for Front-Office Access Persons** | • MIM Public Markets Front-Office *Access Person.* | • MIM Public Markets Front-Office *Access Person.* |
| **6. Additional Personal Trading Rules for Front-Office Access Persons** | **6.1 15 DAY FIRM TRADE RULE** | shares. |
| <br> *Applicable to all General Account/MIM Private Markets Front-Office Access Persons and all MIM Public Markets Front-Office Access Persons* | Front-Office *Access Persons* (and *Household Family Members*) may not purchase, sell or otherwise acquire or dispose of any *Pre-Clearable Security* in which they have (or as a result of such transaction will establish) a *Beneficial Interest* if that same or Related *Pre-Clearable Security* traded in a *Client* or *Firm* account 7 calendar days before such a transaction (or will trade in a *Client* or *Firm* account 7 days following such a transaction) unless (1) the Front-Office *Access Person* has no actual knowledge that the same or Related | If a *Client* or *Firm* account trades in a *Pre-Clearable Security* during the pre-clearance window and a Front-Office *Access Person* successfully obtained pre-clearance approval of a trade, the Front-Office *Access Person* may still be required to demonstrate that they did not know that the same or Related *Pre-Clearable Security* was under Active Consideration for |
|  | *Pre-Clearable Security* is under *Active Consideration for Purchase or Sale* by an account and (2) the transaction can satisfy one of the following exceptions: |  |
|  | **6.1.1 MARKET CAP SECURITIES EXCEPTION** |  |
|  | May permit the transaction if the Front- Office Access Person's pre-clearance request is in the Securities of an issuer whose market capitalization is at least $5B USD or more. |  |
|  | **6.1.2 DE MINIMIS TRADING EXCEPTION** |  |
|  | May permit the transaction if all of the Front-Office *Access Person's* aggregate total same-day pre-clearance requests for the same or Related *Pre-Clearable Security* have a transaction market value of less than $25,000 USD and (in the case of equities) the same day transactions in the *Pre-Clearable Security* total no more than 500 equity |  |

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*Purchase* or *Sale* for an account at the time of the personal trade. Front-Office *Access Persons* failing to demonstrate to the Firm "no knowledge" when requested may be required to sell any *Security* purchased and/or disgorge any profits realized as a result of a transaction being found by the *Firm* to have violated the 15 Day Firm Trade Rule.

**6.2 INITIAL PUBLIC OFFERING BAN** 

Front-Office *Access Persons* may not directly or indirectly acquire a *Beneficial Interest* in a *Security* through an *Initial Public Offering* (IPO). Consequently Front-Office *Access Persons* (including *Household Family Members*) must wait to purchase newly-issued IPO *Securities* until the next business (trading) day following the offering date of the IPO.

**6.3 ADDITIONAL RESTRICTIONS – HONG KONG-BASED ACCESS PERSONS ONLY** 

*Access Persons* who are employees or *supporting staff* of SFC-licensed entities in Hong Kong must comply with the requirements in the "*Staff Ethics*" section of the *Fund Manager* Code of Conduct issued by the SFC.

Hong Kong-based Front-office *Access Persons* (and their Household Family Members) are prohibited from: (i) short selling any *Security*, (ii) delay in the settlement of personal transactions beyond the normal settlement time for the relevant market and (iii) cross trades between *Access Persons* and *Client accounts*. MPF Accounts held by Hong-Kong-based *Access Persons* are excluded from the commonly reported *Securities* Accounts listed in Section 5.3 of the Code, and domestic helpers are not regarded as *Household Family Members*.

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|:---|:---|
| **7. Additional Personal Trading Rules for MIM Public Markets Front-Office Access Persons**<br>*Applicable to all MIM Public Markets Front-Office Access Persons* | The rules in this Section are applicable to the following Access Classification Levels:<br>• MIM Public Markets Front-Office *Access Person*.<br>**7.1 MIM PUBLIC MARKETS INVESTMENT TEAM HOLD UNTIL SOLD RULE**<br>MIM Public Markets Front-Office *Access Persons* associated with an *Investment Team* (including *Household Family Members*) are not permitted to sell a *Pre- Clearable Security* holding in which they have a *Beneficial Interest* if (i) the same *Security* is held in a *Client* account managed by the MIM Public Markets Front-Office *Access Person's Investment Team* and (ii) the MIM Public Markets Front- Office *Access Person* (or *Household Family Member*) purchased the *Security* after the date of the Code's initial adoption or the date the person was named to the relevant *Investment Team* (whichever date is later). |

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| **8. Administration of the Code** | **8.1 PENALTIES FOR CODE VIOLATIONS**<br>Penalties for violating the *Securities Law*s can be severe, both for the individuals involved and their employers. A person can be subject to penalties even if they did not personally benefit from the violation. Penalties may include civil injunctions, payment of profits made or losses avoided ("disgorgement"), jail sentences, fines for the person committing the violation, and fines for the employer or other controlling person.<br>In addition, any violation of the Code is subject to the imposition of sanctions by the *Firm* as may be deemed appropriate under the circumstances by the *Firm*. These sanctions could include, without limitation, bans on personal trading (including *Household Family Member* trading), disgorgement of trading profits, and personnel action, including termination of employment, where appropriate.<br>**8.2 EXEMPTIONS AND APPEALS**<br>In cases of hardship, exemptions from Code provisions may be granted by the *Code Administrator*, in consultation with the relevant *Chief Compliance Officer*, where warranted by applicable facts and circumstances, if permitted by law, and if the *Code Administrator* and/or *Ethics Oversight Committee* determines an exemption would be in accordance with the spirit of the General Principles of the Code and the *Securities Law*s. *Associates* and *Access Persons* may direct their request for an exemption to the *Code Administrator* or the relevant *Chief Compliance Officer*. The *Code Administrator* and/ or *Ethics Oversight Committee* is also authorized to modify the personal trading provisions of this Code where local law would prohibit the application of a specific provision.<br>If an *Associate* or *Access Person* believes that a Code-related request for exemption has been incorrectly denied by the *Code Administrator* and/or *Ethics Oversight Committee*, or that a Code-related action is not warranted, they may make a written appeal of the |

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decision or action within 30-days of the decision or action to the *Ethics Oversight Committee*. The *Code Administrator* will arrange an appropriate forum or communication for the consideration of appeals.

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**8.3 CODE AMENDMENTS** 

The *Code Administrator*, in consultation with the relevant *Chief Compliance Officer*, is permitted to approve non-material amendments to the Code and the *Ethics Oversight Committee* (or relevant Board, if applicable) is responsible for approving any material amendments.

For certain *Affiliated Mutual Fund* and *Affiliated Registered Closed-End Fund Clients*, the respective Board of Trustees must approve any material changes to the Code within 6 months of the adoption of the material change in accordance with the requirements of SEC Rule 17j-1 under the Investment Company Act of 1940.

**8.4 PRIVACY** 

All confidential information received by the *Code Administrator* or Code service providers is kept confidential and will only be disclosed to others as required to administer this Code, or to report violations to the *Ethics Oversight Committee*, management, regulators, or other legal authority.

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![LOGO](g466944dsp47.jpg)

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**8.5 CODE ADMINISTRATION** 

The *Firm's* relevant *Chief Compliance Officers*, together with the *Code Administrator*, maintain responsibility for establishing policies and procedures for the administration of the Code; monitoring and testing for Code compliance; ensuring Code training is provided to *Associates* and *Access Persons* (to include an initial training upon being deemed an Access Person and an annual training thereafter); granting exemptions to any provision of the Code, on an individual or class basis; and considering and recommending material amendments to the Code to the *Ethics Oversight Committee* (or relevant Board, if applicable).

The *Ethics Oversight Committee* (or relevant Board, if applicable) retains the ultimate discretion as to the interpretation the Code's provisions in any given situation, rendering material sanctions for violations of the Code, and rendering final judgments on any *Associate*'s or *Access Person*'s appeal of any decision or ordinary sanction imposed by the *Code Administrator*.

**8.5.1 CONTACT** 

The *Code Administrator* can be contacted at The Code of Ethics, Global Center of Expertise - <u>INVDIVCodeofEthics@manulife.com</u>

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**8.6 RECORDKEEPING** 

The *Code Administrator* maintains or causes to be maintained, the following records: (1) a copy of the Code or any predecessor code of ethics which has been in effect during the most recent 7-year period; (2) a record of any violation of the Code, or any predecessor code of ethics, and of any action taken as a result of such violation in the 7-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 7-year period who were required to make reports pursuant to the Code (or any predecessor Code) and the person(s) who were responsible for reviewing these reports; (4) copies of all acknowledgements of each person's receipt of the Code, Initial and Annual Holdings Reports, Quarterly Transaction Reports, and duplicate brokerage confirmations and *Securities* account statements (as applicable) filed during the most recent 7-year period; and (5) a record of the approval of, and rationale supporting, the acquisition of *Securities* by *Access Persons* in an *Initial Public Offering* or *Limited Offering* for at least 7 years after the end of the fiscal year in which the approval is granted.

Code records will be maintained for the first 2 years in an office of the *Firm* (in paper or accessible electronically) and in an easily accessible place for the time period as required by any applicable regulations thereafter.

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**Appendix A** 

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**Definitions of Italicized Code of Ethics Terms** 

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| Access Person | *Access Persons* are any *Associate* who, in connection with their regular functions or duties: (i) has regular access to non-public information regarding the purchase or sale of *securities* or non-public information regarding the portfolio holdings of *Client* or *Firm* accounts, (ii) has a job function that relates to the making (or participating in making) of recommendations regarding the purchase or sale of *Securities* for *Firm* or *Client* accounts, or (iii) regularly has or may have access to material, non-public *securities* information. See Section 3: Access Classification Levels<br> and Applicable Rules. |
| Active Consideration for Purchase or Sale | A *Security* is under *Active Consideration for Purchase or Sale* once an analyst wishes to recommend or a portfolio manager forms a specific intent to purchase or sell a *Security* for a *Client* or *Firm* account. |
| Advisory Person of a Fund | An *Advisory Person of a Fund* is (i) any "*Access Person*" of the *Fund* (as defined by SEC Rule 17j- 1), (i) any director, officer, general partner, or employee of a *Fund* or its investment adviser (or of any company in a control relationship to the *Fund* or its investment adviser who, in connection with their regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of "covered *securities*" (as defined by SEC Rule 17j-1) by the *Fund*, or whose functions relate to the making of any recommendations with respect to such purchases or sales; or (iii) any natural person in a control relationship to the *Fund* or investment adviser who obtains information regarding recommendations made to the *Fund* with regard to the purchase or sale of covered *securities*. Note: *Advisory Persons of a Fund* that are also personnel of John Hancock Investment Management, LLC ("JHIM LLC") are covered under a separate joint *Fund* and JHIM LLC code of ethics. Additionally, *Advisory Persons of a Fund* that are also independent trustees of a *Fund* are covered under a separate *Fund* independent trustee code of ethics. |
| Affiliated Mutual Fund | Any *Mutual Fund* for which *Manulife* 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 *Manulife*. (e.g., *Manulife* or John Hancock *Mutual Funds*). |
| Affiliated Registered Closed-End Fund | Any U.S. registered *Closed-End Investment Company* or business development company for which *Manulife* serves as an investment adviser (or sub-adviser) (e.g., John Hancock GA Mortgage Trust, etc). |
| Associate | *Associates* are: (i) any partner, officer, director, or other person occupying a similar status or performing similar functions of the *Firm* (ii) an employee of the *Firm* (iii) any person who provides investment advice on behalf of the *Firm* and is subject to the supervision and control of the *Firm*<br> (iv) any person meeting the definition of *Access Person*; (v) an *Advisory Person of a Fund*; (vi) certain *Manulife Affiliate* persons who engage, directly or indirectly, in the *Firm's* investment advisory activities; and (vii) any other person who the *Code Administrator* deems an *Associate*.<br> See Section 3.1. |
| Automatic Investment Plan | 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. |

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| Beneficial Interest | An *Access Person* is deemed to have a *Beneficial Interest* in any transaction in which the *Access Person* controls or has the opportunity to directly or indirectly profit or share in the profit derived from the *Securities* transacted. An *Access Person* is presumed to have a *Beneficial Interest* in the following *Securities* and related transaction activities: (1) *Securities* owned by an *Access Person* in their name; (ii) *Securities* (and *Securities* accounts) owned by *Household Family Members*; (iii) *Securities* owned by an *Access Person* indirectly through an account or investment vehicle for their benefit, such as an IRA/RRSP/RESP/ISA/SIPP, family trust or family partnership; (iv) *Securities* owned in which the *Access Person* has a joint ownership interest, such as *Securities* owned in a joint brokerage account; and (v) *Securities* over which the *Access Person* has discretion or gives advice (other than *Firm* or *Client* accounts) and includes *Securities* owned by trusts, private foundations or other charitable accounts for which the *Access Person* has investment discretion. *Beneficial Interest* is interpreted in the same manner under the Code as it would be under Rule 16a-1(a)(2) under the U.S. *Securities* Exchange Act of 1934. |
| Chief Compliance Officer | The term *Chief Compliance Officer* refers to the *Chief Compliance Officer* of each applicable entity adopting this Code. |
| Client | For purposes of this Code, the term "*Client*" means the specific person or entity that has an investment advisory or investment sub-advisory services agreement (or supervised investment delegation affiliate arrangement) with a specific entity adopting this Code. The term "*Client*" also includes a Fund. |
| Closed-End Investment Company | A *Closed-Fund Investment Company* is a registered investment company that issues a fixed number of shares and is usually traded on a major stock exchange. In contrast, an open- end investment company (i.e., *mutual fund*) continuously offers new shares to the public and repurchases shares at net asset value. Note: Many REITs are *Closed-End Investment Companies*. |
| Code Administrator | *Code Administrator* refers to the person (or persons) primarily responsible for the day-to-day administration of the Code. The Code Administrator can be contacted at The Code of Ethics, Global Center of Expertise - <u>INVDIVCodeofEthics@manulife.com</u>. |
| Cryptocurrencies | A *cryptocurrency* (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. *Cryptocurrencies* use decentralized control as opposed to centralized digital currency and central banking systems. The decentralized control of each *cryptocurrency* works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database. |
| Direct Obligations of the Government of the<br> U.S. or U.K. | 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. It is important to note that Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac) *Securities* are not Direct Obligations of the Government of the United States. Direct Obligations of the U.K. refers to the following list of *Securities* 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's Bonus Bonds, Fixed Rate Savings Bonds, Income Bonds, and Pensioners Guaranteed Income Bonds. Refer to M&G Investment Management Ltd. SEC No-Action Letter (Sept. 10, 2002). |
| Ethics Oversight Committee | The *Ethics Oversight Committee* is an ad hoc or standing compliance committee composed of *Code Administrator* personnel, relevant *Chief Compliance Officers* and certain senior management. |

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| Exchange-Traded Fund (ETF) | An *Exchange-Traded Fund* (ETF) is an investment fund traded on stock exchanges. An ETF holds assets such as stocks, commodities or bonds. Most ETF's track an index, such as a stock index or bond index. ETF transactions require annual and quarterly reporting, as well as advance pre- clearance approval. Refer to APPENDIX C for further information on reporting ETF transactions and holdings. |

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| Exempt Securities Accounts | With written approval from the *Code Administrator*, U.S.-based *Access Persons* (and *Household Family Members*) subject to the *Preferred Broker* Requirement of Section 5.5 are permitted to maintain a *Securities* account with an entity other than with a *Preferred Broker*, if the *Securities* account can meet one of the following exemptions: (i) it contains only *Securities* that can't be transferred; (ii) it exists solely for products or services that one of the *Preferred Brokers* cannot provide; (iii) it exists solely because your spouse's or significant other'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) employee<br> sponsored phantom stock or option plan; (viii) 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; (ix) it is a *Mutual Fund* only account; (x) it is required by a trust agreement; (xi) it is *associate*d with an estate of which the *Access Person* is the executor, but not a beneficiary, and involvement with the account is temporary; (xii) transferring the account would be inconsistent with other applicable rules; or (xii) other exception approved by<br> the *Code Administrator*. |
| Firm | Global Wealth and Asset Management ("GWAM") and General Account Investments ("GA") business groups and the entities listed in Appendix B of this Code. |
| Fund(s) | *Fund* (or collectively Funds) means the John Hancock GA Mortgage Trust, Manulife Private Credit Fund, and John Hancock GA Senior Loan Trust. |
| High Quality Short Term Debt Instrument | Any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized rating organization (e.g., S&P, Moody's, Fitch, A.M. Best). |
| Household Family Member | An *Access Person*'s spouse, "significant other," minor children, or other family member who also shares the same household with the *Access Person*. An *Access Person*'s "significant other" is defined as a person who (i) shares the same household with the *Access Person*; (ii) shares living expenses with the *Access Person*; and (iii) is in a committed personal relationship with the *Access Person* and there is an intention to remain in the relationship indefinitely.<br>The *Code Administrator*, after reviewing all the pertinent facts and circumstances, may determine, if not prohibited by applicable law, that an indirect *Beneficial Interest* over *Securities* held by members of the *Access Person*'s *Household Family Members* does not exist or is too remote for purposes of the Code's requirements. |
| Initial Coin Offering | An *Initial Coin Offering* (ICO) is the *cryptocurrency* industry's equivalent to an *Initial Public Offering* (IPO) (see IPO definition below). ICOs act as a way to raise funds, where a company looking to raise money to create a new coin, app, or service launches an ICO. Interested investors can buy into the offering and receive a new *cryptocurrency* token issued by the company. This token may have some utility in using the product or service the company is offering, or it may just represent a stake in the company or project. |
| Initial Public Offering | An offering of *Securities* 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). |
| Investment Club | A group of people who pool their assets in order to make joint decisions (typically a vote) on which *Securities* to buy, hold or sell. |

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| Investment Team | An individual *Investment Team* describes the grouping of analysts and portfolio managers who make or participate in making recommendations regarding the purchase or sale of *securities* for designated *Client* accounts. The *Code Administrator* or CCO may also assign certain traders to specific *Investment Teams* if the trader regularly participates in the *Security* recommendation process with the analysts or portfolio managers. |
| Limited Offering | A *Securities* 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 Security* (e.g., private investment *funds*, "hedge *funds*," limited partnerships, etc.) |
| Manulife | *Manulife* Financial Corporation. |
| Manulife Affiliate | All persons or entities controlled by *Manulife*. |
| Mutual Fund | (a) Any U.S. registered open-end investment management company (i.e., *mutual fund*); or<br>(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*'s net asset value<br> in a manner consistent with principles and rules adopted under the Investment Company Act of 1940, and (iv) absence of a secondary market. Refer to SEC No-Action Letter, Manufacturers<br> Adviser Corp., Sept. 10, 2002. |
| No Direct or Indirect Control Over Account | Purchases, sales or dispositions of *Securities* over which a person has no direct or indirect influence or control (e.g., a "blind trust" or certain managed accounts which the *Access Person* has obtained from the *Code Administrator* a written exemption). |
| Pre-Clearable Security | All *Securities* except those *Securities* listed on APPENDIX C of the Code as exempt from the pre- clearance requirements of the Code. |
| Preferred Brokers | A current list of *Preferred Brokers* can be found on *StarCompliance* or by contacting the *Code Administrator*. Refer to Section 5.5 for further information regarding the U.S.-Based *Preferred Broker*age Account requirements. |
| Private Placement | *Private Placement* (or non-public offering) is a funding round of *Securities* which are not sold through a public offering, but rather through a private offering, mostly to a small number of chosen investors. |
| Pro Rata Discretionary Transactions | Purchases or other acquisitions or dispositions of *Securities* resulting from the discretionary exercise of rights acquired from an issuer as part of a pro rata distribution to all holders of a class of *Securities* of the issuer. (e.g., discretionary participation in takeovers, rights & tender/ exchange offerings). |
| Reportable Security | All *Securities* except those *Securities* listed as exempt from the Initial and Annual Holdings Report and Quarterly Transaction Report requirements on APPENDIX C of the Code. |
| Same (or Related) Pre- Clearable Security | For an equity *Security*, the *Same Pre-Clearable Security* would include all other equity *securities* of the same issuer or, other instrument whose value is derived from the value of the issuer's equity *Securities*. For a debt *Security*, the *Same Pre-Clearable Security* 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's debt. |

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39.0 ------

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| | |
|:---|:---|
| Security (Securities) | A "*security*" 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. Examples include but are not limited to: 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 "*security*" (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 "*security*", 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 *Security* also includes any warrant for, option in, or "*security*" or other instrument immediately convertible into or whose value is derived from that "*security*" and any instrument or right which is equivalent to that "*security*." The definition of *Security* applies regardless of the registration status or domicile of registration of the *Security* (i.e., the term *Security* includes both *private placements*/ limited partnership interests and publicly-traded *securities* as well as domestic and foreign *Securities*). For purposes of this Code, the definition of *Securities* also includes other instruments and interests labeled as reportable on APPENDIX C of this Code. |
| Securities Laws | The *Securities Law*s include various domestic and foreign *securities*-related laws, statutes and rules/regulations that govern the *Firm's* investment management activities and includes: Ontario *Securities* Act, U.K. Financial Services Authority regulations, the *Securities* and Futures Ordinance of Hong Kong, *Securities* and Futures Act (Singapore), the *Securities* Act of 1933 (U.S.), the *Securities* Exchange Act of 1934 (U.S.), the Sarbanes-Oxley Act of 2002 (U.S.), the Investment Company Act of 1940 (U.S.), the Investment Advisers Act of 1940 (U.S.), Title V of the Gramm- Leach-Bliley Act (U.S.), and the Bank Secrecy Act (U.S.) (as it applies to *funds* and investment advisers). |
| StarCompliance | The web-based reporting and certification system used by the *Firm* to facilitate compliance with certain reporting and pre-clearance obligations imposed under the Code (a.k.a., Star). The *Code Administrator* may approve alternate reporting methods if deemed appropriate. |

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40.0 ------

**Appendix B** 

------

**<sup>1</sup>Legal Entity Adoption of the Code** 

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| | | |
|:---|:---|:---|
| LEGAL ENTITY: | JURISDICTION/<br>COUNTRY | INITIAL ADOPTION<br>DATE |
| Hancock Natural Resource Group, Inc. | U.S. | April 6, 2020 |
| John Hancock GA Mortgage Trust | U.S. | April 6, 2020 |
| John Hancock GA Senior Loan Trust | U.S. | April 6, 2020 |
| Manulife Asset Management and Trust Corporation | Philippines | April 6, 2020 |
| Manulife Data Services Inc. | Barbados | April 6, 2020 |
| Manulife General Account Investments (HK) Limited | Hong Kong | April 6, 2020 |
| Manulife Investment Management (Hong Kong) Limited | Hong Kong | April 6, 2020 |
| Manulife General Account Investments (Singapore) Pte. Ltd. | Singapore | April 6, 2020 |
| Manulife Investment Management (Singapore) Pte. Ltd | Singapore | April 6, 2020 |
| Manulife IM (Switzerland) LLC | Switzerland | April 6, 2020 |
| Manulife Investment (Shanghai) Limited Company | China | April 6, 2020 |
| Manulife Investment Management (Europe) Limited | U.K. | April 6, 2020 |
| Manulife Investment Management (Ireland) Limited | Ireland | April 6, 2020 |
| Manulife Investment Management (North America) Limited | Canada | April 6, 2020 |
| Manulife Investment Management (US) LLC | U.S. | April 6, 2020 |
| Manulife Investment Management Distributors Inc. | Canada | April 6, 2020 |
| Manulife Investment Management Limited | Canada | April 6, 2020 |
| Manulife Investment Management Private Markets (Canada) Corp | Canada | April 6, 2020 |
| Manulife Investment Management Private Markets (US) LLC | U.S. | April 6, 2020 |
| Manulife Investment Management Private Markets Holdings (US) LLC | U.S. | April 6, 2020 |
| Manulife Overseas Investment Fund Management (Shanghai) Limited Company | China | April 6, 2020 |
| Manulife US Real Estate Management Pte, Ltd. (Definition of *Associate* only includes officers and employees of the entity). | Singapore | April 6, 2020 |
| The General Account Investments and the Manulife Investment Management Private Markets Groups of John Hancock Life Insurance Company (U.S.A.) | U.S. | April 6, 2020 |
| The General Account Investments and the Manulife Investment Management Private Markets Groups of The Manufacturers Life Insurance Company | Canada | April 6, 2020 |
| John Hancock Personal Financial Services, LLC | U.S | April 5, 2021 |
| Manulife Private Credit Fund | U.S | July 19, 2023 |
| Manulife John Hancock Brokerage Services LLC | U.S. | October 6, 2023 |
| John Hancock Investment Management, LLC | U.S | April 1, 2024 |
| John Hancock Variable Trust Advisers, LLC | U.S | April 1, 2024 |
| Each open-end fund, closed-end fund, and exchange traded fund advised by a John Hancock Funds Adviser (the "John Hancock Affiliated Funds") | U.S | April 1, 2024 |

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41.0 ------

John Hancock Investment Management Distributors, LLC John Hancock Distributors, LLC U.S. April 1, 2024

<sup>1</sup> This Code has been designed to be applicable across GWAM and GA and certain regulated entities listed in Appendix B (together the "*Firm*"), however it is being implemented in a multi-phased, multi-year project.

42.0 ------

**Appendix C** 

**Securities Reporting & Pre-Clearance Summary Chart** 

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| | | | |
|:---|:---|:---|:---|
| Only applicable to *Access Persons* in the following Access Classification Levels:<br>• Regular *Access Person*<br>• General Account/MIM Private Markets Front-Office *Access Person*<br>• MIM Public Markets Front-Office *Access Person*. | *Reportable Security?* **Initial and Annual Holdings**<br> **Reports** | *Reportable Security?* **Quarterly Transaction Reports** | Pre-Clearable Security? |
| Unless otherwise indicated on this chart, (i) all *Securities* positions must be reported initially and annually thereafter, (ii) all *Securities* transactions must receive advance pre-clearance approval, and (iii) all *Securities* transactions must be reported quarterly (italicized terms are defined in the Code). | Does the *Access Person* need to report the following types of *Securities* holdings? | Does the *Access Person* need to report transactions in the following types of *Securities*? | Does the *Access Person* need to obtain pre- clearance approval prior to transacting in the following types of *Securities*? |
| **Government** *Securities* | **Government** *Securities* | **Government** *Securities* | **Government** *Securities* |
| Direct Obligations of the Government of the U.S. or U.K. | No | No | No |
| State, Province or Municipal Bonds | Yes | Yes | Yes |
| Direct Obligations of the Governments of Canada, Japan, Germany, France or Italy | Yes | Yes | Yes |
| **Money Market Instruments/Commodities/Currency** | **Money Market Instruments/Commodities/Currency** | **Money Market Instruments/Commodities/Currency** | **Money Market Instruments/Commodities/Currency** |
| Bankers Acceptances | No | No | No |
| Bank Certificates of Deposit | No | No | No |
| Brokerage Certificates of Deposit | Yes | Yes | No |
| Commercial Paper | No | No | No |
| High Quality Short-Term Debt Instruments | No | No | No |
| Repurchase Agreements | No | No | No |
| Money Market *Funds* (including Money Market *Affiliated Mutual Funds*) | No | No | No |
| Physical Commodities and Options and Futures on Commodities (not commodity ETFs or closed-end *funds*) | No | No | No |
| Foreign and Domestic Currency Holdings/Transactions. This includes currency options (unless they are traded on a national securities exchange) and futures. | No | No | No |

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43.0 ------

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| | | | |
|:---|:---|:---|:---|
| *Cryptocurrencies* (only *Initial Coin Offerings* "ICO's" are reportable and pre-clearable) | No | No | No |
| Only applicable to *Access Persons* in the following Access Classification Levels:<br>• Regular *Access Person*<br>• General Account/MIM Private Markets Front-Office *Access Person*<br>• MIM Public Markets Front-Office *Access Person*. | *Reportable Security?* **Initial and Annual Holdings Reports** | *Reportable Security?* **Quarterly Transaction Reports** | Pre-Clearable<br> Security? |
| Unless otherwise indicated on this chart, (i) all *Securities* positions must be reported initially and annually thereafter, (ii) all *Securities* transactions must receive advance pre-clearance approval, and (iii) all *Securities* transactions must be reported quarterly (italicized terms are defined in the Code). | Does the *Access Person* need to report the following types of *Securities* holdings? | Does the *Access Person* need to report transactions in the following types of *Securities*? | Does the *Access Person* need to obtain pre- clearance approval prior to transacting in the following types of *Securities*? |
| **IPOs / ICOs,** *Private Placements* **/** *Limited Offerings* |  |  |  |
| IPOs & ICOs<br> (Note: IPO's are prohibited for the following Classification Levels: GA/ MIM Private Markets Front-Office *Access Persons* & MIM Public Markets Front-Office *Access Persons*) | Yes | Yes | Yes |
| Private Placements/Private Funds/Limited Offerings | Yes | Yes | Yes |
| **Issuer Event Transactions /** *Automatic Investment Plans* |  |  |  |
| Involuntary Issuer Transactions and Holdings (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) | Yes | Yes | No |
| Issuer *Pro Rata Discretionary Transactions*/Elections (purchases or other acquisitions or dispositions resulting from the discretionary exercise of rights acquired from an issuer as part of a pro rata distribution to all holders of a class of *Securities* of such issuer) (e.g., discretionary participation in takeovers, rights & tender/exchange offerings) | Yes | Yes | Yes. Pre-clearance approval for discretionary elections should be sought by manually phoning or emailing the *Code Administrator* directly. It is important to contact the *Code Administrator* to avoid having your request improperly denied. |

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44.0 ------

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| | | | |
|:---|:---|:---|:---|
| Automatic Investment Plans<br> (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)<br> (for *Mutual Funds* AIPs Refer to below) | Yes.<br> You must add up all of the Plan transactions for the year and reflect the activity on the Annual Holdings Report | No.<br> You do not need to report automatic (non-discretionary) Plan transactions on the Quarterly Transaction Report | No. However, transactions that override the automatic preset schedule (discretionary purchases /sales, discretionary changes in individual *security* selection) must be pre-cleared. Note: You do not need to pre-clear a change to your money contribution level into a Plan. |
| Only applicable to *Access Persons* in the following Access Classification Levels:<br>• Regular *Access Person*<br>• General Account/MIM Private Markets Front-Office *Access Person*<br>• MIM Public Markets Front-Office *Access Person*. | *Reportable Security?* **Initial and Annual Holdings Reports** | *Reportable Security?* **Quarterly Transaction Reports** | Pre-Clearable<br> Security? |
| Unless otherwise indicated on this chart, (i) all *Securities* positions must be reported initially and annually thereafter, (ii) all *Securities* transactions must receive advance pre-clearance approval, and (iii) all *Securities* transactions must be reported quarterly (italicized terms are defined in the Code). | Does the *Access Person* need to report the following types of *Securities* holdings? | Does the *Access Person* need to report transactions in the following types of *Securities*? | Does the *Access Person* need to obtain pre- clearance approval prior to transacting in the following<br> types of *Securities*? |
| **Issuer Event Transactions /** *Automatic Investment Plans* | **Issuer Event Transactions /** *Automatic Investment Plans* | **Issuer Event Transactions /** *Automatic Investment Plans* | **Issuer Event Transactions /** *Automatic Investment Plans* |
| Dividend Reinvestment Plan Automatic Transactions | Yes | No | No |
| Issuer Direct Stock Plan Automatic Transactions | Yes | No | No |
| Issuer Direct Stock Plan Non-Automatic Transactions (discretionary transactions) | Yes | Yes | Yes. A pre-cleared transaction instruction is valid until executed by the Plan. |
| **Investment Company** *Securities* | **Investment Company** *Securities* | **Investment Company** *Securities* | **Investment Company** *Securities* |
| *Closed-End Investment Companies* | Yes | Yes | Yes |
| Exchange Traded Funds (ETFs) and Exchange Traded Notes | Yes | Yes | Yes |
| Money Market Funds (including Money Market *Affiliated Mutual Funds*) | No | No | No |
| *Mutual Funds* (non-affiliated) | No | No | No |
| *Affiliated Mutual Funds* | Yes | Yes | No |

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45.0 ------

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| | | | |
|:---|:---|:---|:---|
| *Affiliated Mutual Funds* 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. | Yes | Yes, however do not report automatic transactions/ rebalances (in accordance with<br> a predetermined schedule/ allocation) on the Quarterly<br> Transaction Report | No |
| *Affiliated Mutual Funds* held through a variable (annuity or life) insurance product separate account/unit investment trust | Yes (report *Affiliated Mutual Fund* unit values) | Yes, however do not report automatic transactions/ rebalances (in accordance with<br> a predetermined schedule/ allocation) on the Quarterly<br> Transaction Report | No |
| Only applicable to *Access Persons* in the following Access Classification Levels:<br>• Regular *Access Person*<br>• General Account/Private Markets Front-Office *Access Person*<br>• MIM Public Markets Front-Office *Access Person*. | *Reportable Security?* **Initial and Annual Holdings Reports** | *Reportable Security?* **Quarterly Transaction Reports** | Pre-Clearable<br> Security? |
| Unless otherwise indicated on this chart, (i) all *Securities* positions must be reported initially and annually thereafter, (ii) all *Securities* transactions must receive advance pre-clearance approval, and (iii) all *Securities* transactions must be reported quarterly (italicized terms are defined in the Code). | Does the *Access Person* need to report the following types of *Securities* holdings? | Does the *Access Person* need to report transactions in the following types of *Securities*? | Does the *Access Person* need to obtain pre- clearance approval prior to transacting in the following types of *Securities*? |
| Employee Compensation Instruments | Employee Compensation Instruments | Employee Compensation Instruments | Employee Compensation Instruments |
| MFC Shares in the MFC Global Share Ownership Plan (GSOP) | Yes | Automated Purchases—No<br> Sales—Yes | Automated Purchases—No<br> Sales—Yes. A pre-cleared transaction<br> instruction is valid until executed by<br> the Plan. |
| MFC Restricted Share Units (RSU), Deferred Share Units (DSU), or Performance Share Units (PSU) | No | No | No |
| Options Acquired from MFC or Other Public Company Employer as Part of Employee Compensation (MFC Solium Account options) | Yes | Yes | No |
| Employer Phantom Stock/Phantom Option Interest (granted as compensation to employee, only employer can redeem interest and interest is non-transferable) | No | No | No |

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46.0 ------

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| | | | |
|:---|:---|:---|:---|
| Employer (non-MFC) Stock Grant (unvested grant of employer stock, vesting event, sales of vested shares) | Unvested and Vested Amounts— Yes | Grants—No Vesting Events —<br> No (however if upon vesting the shares are transferred to a brokerage account then yes) | Automatic Grants— No Automatic Vesting Event—No<br> **<u>Sale of Vested Shares:</u>**<br> Yes—if employee directs sale, No—if employer automatically sells vested without direction from employee) |

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47.0 ------

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| | | | |
|:---|:---|:---|:---|
| Only applicable to *Access Persons* in the following Access Classification Levels:<br>• Regular *Access Person*<br>• General Account/Private Markets Front-Office *Access Person*<br>• MIM Public Markets Front-Office *Access Person*. | *Reportable Security?* **Initial and Annual Holdings**<br> **Reports** | *Reportable Security?* **Quarterly Transaction Reports** | Pre-Clearable<br> Security? |
| Unless otherwise indicated on this chart, (i) all *Securities* positions must be reported initially and annually thereafter, (ii) all *Securities* transactions must receive advance pre-clearance approval, and (iii) all *Securities* transactions must be reported quarterly (italicized terms are defined in the Code). | Does the *Access Person* need to report the following types of *Securities* holdings? | Does the *Access Person* need to report transactions in the following types of *Securities*? | Does the *Access Person* need to obtain pre- clearance approval prior to transacting in the following types of *Securities*? |
| **Gifts / Blind Trusts / Managed Accounts** | **Gifts / Blind Trusts / Managed Accounts** | **Gifts / Blind Trusts / Managed Accounts** | **Gifts / Blind Trusts / Managed Accounts** |
| Gifts, Inheritances, or Donations of *Reportable Securities*<br> (received or given) | Yes | Yes | *Securities* Gifts & Inheritances Received—No *Securities* Given or Donated—Yes |
| *No Direct or Indirect Control Over Account* (*Securities* held in, purchased/sold for an account where a person does not have direct or indirect influence or investment/ proxy voting control, e.g., Blind Trusts, Certain Managed Accounts) | No | No | No\*<br>\*However, you must report initial and annual holdings in (as well as pre-clear and report quarterly transactions for) a Managed Account unless the *Access Person* has obtained a specific written pre-clearance or reporting exemption from the *Code*<br> *Administrator*. |

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48.0

## Ex-99.(R)(2)

**CODE OF ETHICS FOR THE INDEPENDENT TRUSTEES OF THE** 

**JOHN HANCOCK GA MORTGAGE TRUST** 

**JOHN HANCOCK GA SENIOR LOAN TRUST** 

**MANULIFE PRIVATE CREDIT FUND** 

**MANULIFE GA TRUST** 

The Board of Trustees (the "Board") of the John Hancock GA Mortgage Trust, John Hancock GA Senior Loan Trust, Manulife Private Credit Fund, and Manulife GA Trust (the "Companies") has adopted this Code of Ethics (this "Code"), exclusively with respect to Trustees who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the "1940 Act"), of the Companies (the "Independent Trustees" or "you"). This Code is intended to comply with the requirements of Rule 17j-1 under the 1940 Act insofar as they apply to the Independent Trustees. Section 59 of the 1940 Act makes these requirements applicable to Manulife Private Credit Fund.

The Board recognizes that officers of the Companies and Access Persons (with the exception of the Independent Trustees) are covered by a separate Code of Ethics adopted by the Board, which is applicable to Manulife Investment Management Private Markets (US) LLC (MIMPM (US)) and the General Account Investments and the Manulife Investment Management Private Markets Groups (MIM Private Markets) of John Hancock Life Insurance Company (U.S.A.), The Manufacturers Life Insurance Company, Manulife Investment Management Limited (MIML), John Hancock GA Mortgage Trust, John Hancock GA Private Placement Trust, John Hancock GA Senior Loan Trust, Manulife Private Credit Fund, and Manulife GA Trust. The Board, after considering the limited nature of access by the Independent Trustees to current information with respect to security transactions being effected or considered on behalf of the Companies, has adopted this Code specifically and separately to cover the Independent Trustees.

Please note that the policies described below apply to all accounts over which you have a beneficial interest. Normally, you will be deemed to have a beneficial interest in your personal accounts, those of a spouse, "significant other," minor children or family members sharing your household, as well as all accounts over which you have discretion or give advice.

If you have any questions regarding your responsibilities under this Code of Ethics, please contact Mercy Bishay at (617) 314-0805 or *mbishay@manulife.com.*

Set forth below are policies applicable to the Independent Trustees.

**I. Statements of Policy** 

**A. General Principles** 

It is unlawful for any Independent Trustee covered by this Code, directly or indirectly, in connection with his or her purchase or sale of a security held or to be acquired by the Companies, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employ any device, scheme or artifice to defraud the Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any untrue statement of a material fact to the Companies or omit to state a material fact necessary in order
to make the statements made to the Companies, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the
Companies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any manipulative practice with respect to the Companies.

The General Principles discussed above govern all conduct, whether or not the conduct is also covered by more specific standards and procedures in this Code. Failure to comply with this Code may result in disciplinary action as determined by the Board, including potentially removal from the Board in accordance with the terms of the charter documents of the Companies.

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**B. Transactions in Securities of Advisers and Subadvisers** 

As an Independent Trustee, you are prohibited from purchasing any security issued by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the controlling parent of HICM, the adviser of the Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any subadviser of the Companies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the controlling parent of a subadviser.

A complete list of these issuers can be found in Appendix A.

**C. Annual Certification** 

On an annual basis, you must provide a certification at a date designated by the Chief Compliance Officer of the Companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) you have read and understand this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) you acknowledge that you are subject to its requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) you have complied, to the best of your knowledge, with its requirements.

You are required to make this certification to demonstrate that you understand the importance of these policies and your responsibilities under the Code.

**D. Quarterly Transaction Reports** 

You will not generally be required to submit quarterly transaction reports. You will, however, be required to submit a quarterly transaction report if you knew (or, in the ordinary course of fulfilling your official duties as an Independent Trustee, should have known) that during the 15 calendar days immediately before or after you trade a security described in **Section II.A** of this Code, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the adviser or subadviser of the Companies purchased or sold the same security on behalf of the Companies, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the adviser or subadviser of the Companies actively considered the purchase or sale of the same security on
behalf of the Companies.

If these circumstances occur, it is your responsibility to contact the Chief Compliance Officer of the Companies and he or she will assist you with the requirements of the quarterly transaction report.

You must submit a quarterly transaction report within 30 calendar days after the end of a calendar quarter if required in the limited circumstances described above. This report must cover all transactions during the calendar quarter that are personal securities transactions, as described below in **Section II** of this Code.

If you are required to submit a quarterly transaction report, the report must include the following information about each transaction described above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction, the title, and as applicable, the exchange ticker symbol or CUSIP number, interest
rate and maturity date (if applicable), number of shares, and principal amount of each reportable security involved;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date that you submit the report.

With respect to any account in which you have traded securities for which you must submit a quarterly transaction report, the quarterly transaction report must also include the following account information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the broker, dealer or bank with whom you have established an account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the account number and account registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date that you submit the report.

**II. Personal Securities Transactions** 

A Personal Securities Transaction is a transaction in a security in which an Independent Trustee subject to this Code has a beneficial interest. Normally, this includes securities transactions in your personal accounts, 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. Accounts over which you have no direct or indirect influence or control are exempt. For discretionary accounts, this is defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Not being able to suggest that the trustee or third-party discretionary manager make any particular purchases
or sales of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not being able to direct the trustee or third-party discretionary manager to make any particular purchases or
sales of securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 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.

To prevent potential violations of this Code, you are strongly encouraged to request clarification for any transactions or accounts that are in question.

**A. Covered Personal Securities Transactions** 

Except as noted below, Personal Securities Transactions include transactions in all securities, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stocks or bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Traded Funds (ETFs) and Exchange Traded Notes (ETNs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Government securities that are not direct obligations of the U.S. government, such as Fannie Mae or municipal
securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of all closed-end funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of the Companies as well as any other open-end mutual funds,
including John Hancock Exchange-traded Fund Trust (the "John Hancock ETFs"), that are advised or sub-advised by John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC
(each, a "John Hancock Adviser") or by John Hancock or Manulife entities (other than money market funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options on securities, on indexes, and on currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited partnerships, IPOs, and Private Placements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Traded Funds formed as unit investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign unit trusts and foreign mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private investment funds and hedge funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures, investment contracts or any other instrument that is considered a "security" under the
Investment Company Act of 1940.

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**B. Exempt Personal Securities Transactions** 

Personal Securities Transactions do not include transactions in the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the U.S. government (e.g., treasury securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt
obligations, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of any open-end mutual funds, including exchange-traded funds,
that are not advised or sub-advised by a John Hancock Adviser or by John Hancock or Manulife entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by money market funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities in accounts over which you have no direct or indirect influence or control.

**C. Restrictions on Trading in Shares of the Underlying Investments of the Companies** 

1. <u>General</u>. Shares of the Companies can only be held by Manulife entities therefore, the Independent Trustees are precluded from investing in the Companies. However; the Independent Trustees may not buy or sell shares of underlying investments held by the Companies or tip others who then trade in these securities on the basis of material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Material Information</u>. Information is considered "material" if a reasonable investor would consider it important in making a decision to buy, sell or hold shares of the Companies. Positive or negative information may be "material."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Non-public Information</u>. Information is considered "non-public" if it has not been broadly and publicly disseminated for a sufficient period to be reflected in the price of the Companies. Information remains "non-public" until it has been "publicly disclosed," meaning that it has been broadly distributed to the public in a non-exclusionary manner, such as via a press release or inclusion of such information in a filing with the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Examples</u>. Inside Information may include instances where the Independent Trustees may be required to sign non-disclosure agreements ("NDAs") with public companies about potential private transactions in publicly traded companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Further Guidance</u>. If you are uncertain as to whether information is Inside Information, you should presume that the information is both material and non-public, and that it is Inside Information. In such cases, you should refrain from trading until you consult legal counsel or the Chief Compliance Officer for further guidance on information that may be deemed Inside Information.

2. <u>Transactional Information</u>. The Independent Trustees may not engage in transactions in securities of a company for which securities transactions are pending or in shares of the company's affiliated entities between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the date Independent Trustees receive information related to pending or proposed transactions for the
Companies, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) ten (10) calendar days after the transaction is consummated in the Companies or a decision is made not to
proceed with the proposed transactions provided that any material non-public information has been made publicly available.

3. <u>Other Restricted Periods</u>. The Chief Compliance Officer of the Companies may, from time to time, restrict the purchase of one or more funds, or other securities if he or she believes after consulting with counsel to the Companies that the Independent Trustees may have knowledge of Inside Information regarding such Companies. The Chief Compliance Officer will provide the Independent Trustees prior notice of any such restrictions.

**III. Administration of the Code of Ethics** 

**A. Review of Reports** 

The Chief Compliance Officer of the Companies shall review any reports delivered by an Independent Trustee pursuant to this Code. Any such review shall give special attention to evidence, if any, of conflicts or potential conflicts with the securities transactions of the Companies or violations or potential violations of the antifraud provisions of the federal securities law or this Code.

**B. Investigations of Potential Violations** 

The Chief Compliance Officer shall investigate any potential violation of the provisions of this Code. After completion of any such investigation, the Chief Compliance Officer shall determine whether a violation has occurred and, if so, make a report to the Board. The Board shall determine what action should be taken in response to a violation of this Code.

**C. Annual Reports** 

At least on an annual basis, the Chief Compliance Officer shall provide the Board with (i) a written report that describes issues that arose under this Code since the prior such report, including, but not limited to, information relating to material violations of this Code and any actions taken, and (ii) a certification that the Companies have adopted procedures reasonably necessary to prevent the Independent Trustees from violating this Code.

**D. Record Retention Requirements** 

The Chief Compliance Officer shall maintain the following records at the principal place of business for the Companies, and shall make these records available to the Securities and Exchange Commission at any time and from time to time for reasonable periodic, special or other examination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of this Code that is currently in effect, or at any time within the past five years was in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violation of this Code, and any action taken as a result of a violation, must be maintained in an
easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each quarterly transaction report made by an Independent Trustee under this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each annual report and certification described in Section III.C of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of all Independent Trustees, currently or within the past five years, who are subject to this Code, and
of individual(s) who are responsible for reviewing reports made under this Code.

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**E. Amendments** 

Any amendments to this Code must be approved by a majority of the Independent Trustees.

John Hancock GA Mortgage Trust, *Adopted, Effective January 14, 2019*

John Hancock GA Private Placement Trust

John Hancock GA Senior Loan Trust, *Adopted, Effective November 13, 2020*

Manulife Private Credit Fund, *Adopted, Effective July 19, 2023*

Manulife GA Trust, *Adopted, Effective December 17, 2025*

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**Appendix A** 

**MANULIFE FINANCIAL** 

**PUBLICLY ISSUED AND OUTSTANDING SECURITIES** 

**March 31, 2024** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **#** | **Security** | **Issue Date** | **Date: Par**<br> **Redemption/**<br> **Maturity** | **Ticker Symbol / ISIN/CUSIP #** |
| 1. | Manulife Financial Corporation Common shares | Sept 24/99 |  | MFC\*\*/ 56501R106 (SEDOL #2492519 UK & Ireland) |
| 2. | Manulife Financial Corporation 14 MM Non-Cumulative Class A Shares, Series 2 | Feb. 18/05 | Mar. 19/14<br> (**not redeemed**) | MFC.PR.B.\* / 56501R403 |
| 3. | Manulife Financial Corporation 12 MM Non-Cumulative Class A Shares, Series 3 | Jan. 3/06 | Mar. 19/15<br> (**not redeemed**) | MFC.PR.C.\* / 56501R502 |
| 4. | Manulife Financial Corporation 6,537,903 Non-Cumulative Rate Reset Class 1 Shares Series 3 | June 19, 2021 | June 19/26 and every 5 yrs. Thereafter | MFC.PR.F.\* / 56501R858 |
| 5. | Manulife Financial Corporation 1,462,097 Non-Cumulative Floating Rate Class 1 Shares Series 4 | June 19, 2021 | June 19/26 and every 5 yrs. Thereafter | MFC.PR.P.\* / 56501R841 |
| 6. | Manulife Financial Corporation 10 MM Non-Cumulative Rate Reset Class 1 Shares Series 9 | May 24/12 | Sept. 19/27 and every 5 yrs. Thereafter | MFC.PR.I.\* / 56501R783 |
| 7. | Manulife Financial Corporation 8 MM Non-Cumulative Rate Reset Class 1 Shares Series 11 | Dec. 4/12 | Mar 19/28 and every 5 yrs. Thereafter | MFC.PR.J.\* /56501R767 |
| 8. | Manulife Financial Corporation 8 MM Non-Cumulative Rate Reset Class 1 Shares Series 13 | June 21/13 | Sept. 19/28 and every 5 yrs. Thereafter | MFC.PR.K.\* /56501R742 |
| 9. | Manulife Financial Corporation 8 MM Non-Cumulative Rate Reset Class 1 Shares Series 15 | Feb. 25/14 | June 19/24 and every 5 yrs. Thereafter | MFC.PR.L.\* /56501R726 |
| 10. | Manulife Financial Corporation 14 MM Non-Cumulative Rate Reset Class 1 Shares Series 17 | Aug.15/14 | Dec. 19/24 and every 5 yrs. Thereafter | MFC.PR.M.\* /56501R692 |
| 11. | Manulife Financial Corporation 10 MM Non-Cumulative Rate Reset Class 1 Shares Series 19 | Dec. 3/14 | Mar. 19/25 and every 5 yrs. Thereafter | MFC.PR.N\* /56501R676 |
| 12. | Manulife Financial Corporation 10 MM Non-Cumulative Rate Reset Class 1 Shares Series 25 | Feb. 20/18 | June 19/28 and every 5 yrs. Thereafter | MFC.PR.Q\* /56501R619 |
| 13. | Manulife Financial Corporation 2,000,000 Non-Cumulative Fixed Rate Reset Class 1 Shares Series 27 issued to Limited Recourse Trustee, Computershare, re Limited Recourse Capital Notes Series 1 (also see item 28, below) | Feb. 19/21 | June 19/26 and every 5 yrs. Thereafter | CA56501R5859<br> (no ticker symbol – shares not listed) |

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| | | | | |
|:---|:---|:---|:---|:---|
| 14. | Manulife Financial Corporation 1,200,000 Non-Cumulative Fixed Rate Reset Class 1 Shares Series 28 issued to Limited Recourse Trustee, Computershare, re Limited Recourse Capital Notes Series 2 (also see item 29, below) | Nov. 12/21 | March 19/27 and every 5 yrs. Thereafter | CA56501R5776<br> (no ticker symbol shares not listed) |
| 15. | Manulife Financial Corporation 1,000,000 Non-Cumulative Fixed Rate Reset Class 1 Shares Series 29 issued to Limited Recourse Trustee, Computershare, re Limited Recourse Capital Notes Series 3 (also see item 30, below) | June 14/22 | June 19/27 and every 5 yrs. Thereafter | CA56501R5693<br> (no ticker symbol – shares not listed) |
| 16. | Manulife Financial Corporation U.S.$1B of 4.150%<br>Senior Notes due 2026 | Mar. 4/16 | Mar. 4/26 Maturity | CA56501RAC0 |
| 17. | Manulife Financial Corporation U.S.$750 MM of 5.375% Senior Notes due 2046 | Mar. 4/16 | Mar. 4/46 Maturity | CA56501RAD8 |
| 18. | Manulife Financial Corporation US$270 MM of 3.527% Senior Notes due December 2, 2026 (private placement) | Dec. 2/16 | Dec. 2/26 Maturity | XS1527568361 |
| 19. | Manulife Financial Corporation US$750 MM of 4.061% Subordinated Notes due February 24, 2032 | Feb. 24/17 | Optional redemption – Feb. 24/27 Maturity – Feb. 24/32 | 56501RAE6 |
| 20. | Manulife Financial Corporation $750 MM of 3.049% Subordinated Notes due August 20, 2029 | Aug. 18/17 | Optional redemption – Aug. 20/24 Maturity – Aug. 20/29 | CA56501RAF34 |
| 21. | Manulife Financial Corporation S$500 MM of 3.00% Subordinated Notes due Nov. 21, 2029 (Singapore) | Nov. 21/17 | Optional redemption – Nov 21/24 Maturity – Nov 21/29 | XS1717080524 |
| 22. | Manulife Financial Corporation $600 MM of 3.317% Subordinated Debentures due May 9, 2028 | May 9/18 | Optional redemption – May 9/23 Maturity - May 9/28 | CA56501RAG17 |
| 23. | Manulife Financial Corporation $1B of 2.237% Subordinated Debentures due May 12, 2030 | May 12/20 | Optional redemption – May 12/25 Maturity – May 12/30 | CA56501RAH99 |
| 24. | Manulife Financial Corporation $1B of 2.818% Subordinated Debentures due May 13, 2035 | May 12/20 | Optional redemption – May 13/30 Maturity – May 13/35 | CA56501RAJ55 |
| 25. | Manulife Financial Corporation US$500 MM of 2.484%<br>Senior Notes due May 19, 2027 | May 19/20 | Maturity – May 19/27 | US56501RAK23 |
| 26. | Manulife Financial Corporation US$200 MM of 2.396%<br>Senior Notes (private placement) | June 1/20 | Maturity – June 1/27 | XS2180882107 |
| 27. | Manulife Financial Corporation US$1,155,000,000 of 3.050% Senior Notes due August 27, 2060 (Taiwan) | Aug. 27/20 | Optional redemption – Aug 27/25 and thereafter every Aug. 27 Maturity – Aug. 27/60 | XS2219004137 |

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CONFIDENTIAL 2

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| | | | | |
|:---|:---|:---|:---|:---|
| 28. | Manulife Financial Corporation C$2B of 3.375% Limited Recourse Capital Notes Series 1 (Subordinated Indebtedness) due June 19, 2081 (also see Class 1 Shares Series 27, item #13, above) | Feb. 19/21 | Optional redemption – June 19/26 and thereafter every 5 years to June 19/76 Maturity – June 19/81 | CA56501RAL02 |
| 29. | Manulife Financial Corporation C$1.2B of 4.10% Limited Recourse Capital Notes Series 2 (Subordinated Indebtedness) due March 19, 2082 (also see Class 1 Shares Series 28, item #14, above) | Nov. 12/21 | Optional redemption – March 19/27 and thereafter every 5 years to March 19/77 Maturity – March 19/2082 | CA56501RAM84 |
| 30. | Manulife Financial Corporation C$1B of 7.117% Limited Recourse Capital Notes Series 3 (Subordinated Indebtedness) due June 19, 2082 (also see Class 1 Shares Series 29, item #15, above) | June 16/22 | Optional redemption – June 19/27 and thereafter every 5 years to June 19/77 Maturity – June 19/2082 | CA56501RAP16 |
| 31. | Manulife Financial Corporation US$750 MM of 3.703%<br>Senior Notes due March 16, 2032 | Mar. 16/22 | Maturity – Mar. 16/32 | US56501RAN61 |
| 32. | Manulife Financial Corporation C$1.2B of 5.409% Fixed/Floating Subordinated Debentures due March 10, 2033 | Mar. 10/23 | Optional - Mar. 10/28 Maturity – Mar. 10/33 | 56501RAQ9 / CA56501RAQ98 |
| 33. | John Hancock Life Insurance Company (USA) U.S.$450 MM of 7.375% Surplus Notes due February 15, 2024 | Feb. 25/94 | Maturity – Feb. 15/24 | 41020VAA9 |
| 34. | John Hancock Life Insurance Company (U.S.A.)<br> US$236 MM of 4.8% - 6.0% SignatureNotes due various<br>dates to March 2032 | Oct. 2002 to<br> Apr. 2007 | Maturity – various dates to March 2032 | 41 CUSIPs<br> (see below\*\*\*) |
| 35. | Manulife Finance (Delaware), L.P. $650 MM of 5.059% Subordinated Debentures | Dec. 14/06 | Optional Dec. 15/36 Maturity Dec. 15/41 | 56502FAA9 |
| 36. | Manulife Holdings Berhad Ordinary Shares (approx. 58%) | Oct. 1/08 |  | 1058 – trading symbol on the<br> Bursa Malaysia |

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*\** *Trades on the Toronto Stock Exchange only* 

*\*\** *Trades on the Toronto Stock Exchange, New York Stock Exchange, Stock Exchange of Hong Kong and the Philippines Stock Exchange* 

\*\*\* 41013MAZ3, 41013MBG4, 41013MCP3, 41013MCX6, 41013MDN7, 41013MDX5, 41013MEG1, 41013MER7, 41013MFJ4, 41013MFT2, 41013MGD6, 41013MGP9, 41013MHA1, 41013MHM5, 41013MHY9, 41013MJK7, 41013MJW1, 41013MKH2, 41013MKU3, 41013MLF5, 41013MLS7, 41013MMD9, 41013MMQ0, 41013MNB2, 41013MNN6, 41013MNZ9, 41013MPZ7, 41013MQG8, 41013MQP8, 41013MRD4, 41013MRL6, 41013MTJ9, 41013MTT7, 41013MUD0, 41013MUN8, 41013MUX6, 41013MVG2, 41013MVR8, 41013N4H8, 41013N4L9, 41013N4P0 

CONFIDENTIAL

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**Code of Ethics Certification** 

**For the Independent Trustees of the Companies**<sup>1</sup>

**In accordance with the Code of Ethics' Annual Certification requirement, please review the Code of Ethics and certify by signing below. Please return the signed certificate by [ ] to:** 

Compliance Department,

197 Clarendon Street, Boston, Massachusetts 02116

Attn: Mercy Bishay, Chief Compliance Officer

If you have any questions, please contact Mercy Bishay at (617) 314-0805 or *mbishay@manulife.com.*

**<u>Annual Certification of the Code of Ethics for the Companies</u>:** 

**A.** I certify that I have received, read and understood the Code of Ethics applicable to the Independent
Trustees of the Companies effective [ ]; and

**B.** I certify that, to the best of my knowledge, I have been in compliance with the policies applicable to
me under the Code of Ethics, during the period since the Code became applicable to me or the past 12 months, whichever is shorter.

<br> Signature Date Print Name

<sup>1</sup> The "Companies" refers to John Hancock GA Mortgage Trust, John Hancock GA Senior Loan Trust, Manulife Private Credit Fund, and Manulife GA Trust.

CONFIDENTIAL